Retail

Auto Dealer Acquires 5.3 Acres in Fate, Texas for New Volkswagen Dealership

by Taylor Williams May 8, 2023

FATE, TEXAS — A limited liability company led by Christopher Zamora, whose family operates 20 car dealerships around the country, has acquired 5.3 acres in Fate, located in Rockwall County, for a new Volkswagen dealership. Thurston Witt of CBRE represented the buyer and seller, an entity doing business as Petro-Hunt LLC, in the disposition of the land. The facility will be the Zamora Family’s fourth Volkswagen dealership in the country and first in the Dallas-Fort Worth metroplex. Timelines for construction and opening were not released.

May 8, 2023

Florida Leasing Activity Retail Southeast

Five New Tenants Join Shops at Merrick Park in Metro Miami

by John Nelson May 8, 2023

CORAL GABLES, FLA. — Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second level. Female apparel retailer Shusha Boutique also recently opened on the third level. Built in 2002, Shops at Merrick Park spans more than 740,000 square feet and houses tenants including flagship Nordstrom and Neiman Marcus stores. New York-based Brookfield Properties owns the center.

May 8, 2023

Loans Retail Texas

MMCC Arranges $5M Acquisition Loan for Retail Property in McKinney, Texas

by Taylor Williams May 8, 2023

MCKINNEY, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million acquisition loan for an undisclosed retail property located in the northern Dallas suburb of McKinney. A medical clinic and dollar store anchor the property, which was built in 2020. Adam Pike of MMCC arranged the debt. The borrower and direct lender were not disclosed.

May 8, 2023

Acquisitions North Carolina Retail South Carolina Southeast

Benderson Purchases Two Trader Joe’s-Leased Retail Properties in the Carolinas

by John Nelson May 8, 2023

ASHEVILLE, N.C. AND COLUMBIA, S.C. — University Park, Fla.-based Benderson Development has purchased two single-tenant retail properties located at 120 Merrimon Ave. in Asheville and 4516 Forest Drive in Columbia. Both properties are leased to grocer Trader Joe’s. The seller for both stores is Los Angeles-based CIM Group. The sales price were not disclosed.

May 8, 2023

Delaware Leasing Activity Northeast Retail

Weis Markets to Open 64,000 SF Store at Bayberry Town Center in Middletown, Delaware

by Taylor Williams May 8, 2023

MIDDLETOWN, DEL. — Regional grocer Weis Markets will open a 64,000-square-foot store and serve as the anchor tenant at Bayberry Town Center, a 280,000-square-foot development in Middletown. The site is located within the 1,500-acre Village of Bayberry master-planned community and will also house 31,000 square feet of office space and multiple open green spaces, as well as 145 townhomes. Construction is slated to begin this fall and to be complete by 2025. Blenheim Group is the master developer of Village of Bayberry.

May 8, 2023

Leasing Activity Midwest Ohio Retail

Four Retailers to Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow May 8, 2023

COLUMBUS, OHIO — Four retailers are opening new locations at Easton Town Center in Columbus. Sustainable shoe company Allbirds is scheduled to open Thursday, May 11. Activewear retailer Alo Yoga is slated to open in June. FOUNT, a leather bag company, is debuting this spring. Jo Malone London, a British fragrance and lifestyle brand, is slated to join the tenant lineup this fall. Additionally, there are three restaurants that have recently opened at Easton Town Center. They include Ivan Kane’s Forty Deuce, Kona Grill and Weenie Wonder. Developed by The Georgetown Co., L Brands and Steiner + Associates, Easton Town Center is a lifestyle center that is part of the larger mixed-use destination known as Easton.

May 8, 2023

California Company News Retail Western

Nordstrom to Close Two Stores in San Francisco

by Jeff Shaw May 8, 2023

SAN FRANCISCO — Nordstrom Inc. will close two stores located near San Francisco’s downtown, reports the Washington Street Journal. Located on Market Street, the first store will close Jul. 1, with the Westfield San Francisco Centre mall location scheduled to close at the end of August. “We can better serve our customers there by focusing on our 16 nearby Nordstrom and Nordstrom Rack locations, as well as online,” says a representative for the company.

May 8, 2023

Leasing Activity Retail Texas

Hibbett Sports to Open 7,686 SF Store in Northwest Houston

by Taylor Williams May 5, 2023

HOUSTON — Athletics apparel and equipment retailer Hibbett Sports will open a 7,686-square-foot store at Northwest Crossing Shopping Center, a 181,239-square-foot regional power center in northwest Houston. The opening is scheduled for the fall. Jason Gaines of Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. Randy Moudry of Moudry Real Estate Advisors represented Hibbett Sports. Other tenants at the center include Target, Burlington and Marshalls.

May 5, 2023

California Development Leasing Activity Retail Western

Nordstrom Rack to Open Five New Stores in California

by John Nelson May 5, 2023

SEATTLE — Nordstrom Inc. has announced plans to open five new Nordstrom Rack stores in California. Scheduled to open in 2024 and 2025, the stores will be located in Davis, Elk Grove, Gilroy, Oceanside and San Mateo. Both the Davis and Gilroy stores will comprise 25,000 square feet, with the Oceanside and San Mateo stores totaling 31,000 and 36,000 square feet, respectively. Each of the stores will be situated within shopping centers, with the new locations bringing the total count of Nordstrom Rack stores to 68.

May 5, 2023

Acquisitions Illinois Midwest Retail

SRS Negotiates $2.8M Sale of US Bank-Occupied Property in Chicago’s Chinatown Neighborhood

by Kristin Harlow May 5, 2023

CHICAGO — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property occupied by US Bank in Chicago’s Chinatown neighborhood for $2.8 million. Constructed in 1991, the 5,400-square-foot building is located at 2131 S. China Place. US Bank has more than nine years remaining on its lease at the property, which is situated within Chinatown Square, a nearly 162,000-square-foot outdoor mall that offers authentic cuisines, stores and traditional artwork. Sean Lutz and Dan Elliot of SRS represented the seller, a California-based private investor. Zoe Zhu of Century 21 represented the buyer, a Chicago-based private investor. The transaction represented a cap rate of 4.6 percent.

May 5, 2023

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