Friday, November 22, 2024
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AcquisitionsFloridaRetailSoutheast

Wilder Acquires 65,417 SF Publix-Anchored Shopping Center in Sarasota

by John Nelson

SARASOTA, FLA. — Boston-based Wilder has purchased Shoppes at Palmers Ranch, a newly built shopping center in Sarasota totaling 65,417 square feet. WMG Development sold the Publix-anchored center to Wilder and two undisclosed, long-term investment partners for an undisclosed price. Brad Peterson of Colliers represented the seller in the transaction, while Donald Jennewein of Colliers arranged acquisition financing on behalf of Wilder. In addition to the Publix anchor and a Publix Liquors store, Shoppes at Palmers Ranch was fully leased at the time of sale to tenants including Dental Care at Palmer Ranch, Sherwin-Williams, Wellness Animal Hospital, Ann Volcano Nail Lounge and Fuji Sushi Steakhouse.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $14.3M Sale of Metro Tampa Store Leased to Lowe’s Home Improvement

by John Nelson

ODESSA, FLA. — SRS Real Estate Partners has brokered the $14.3 million ground lease sale of a newly built retail property in Odessa, a suburb of Tampa. Lowe’s Home Improvement occupies the 137,554-square-foot property on a 20-year absolute net ground lease. The freestanding store is situated on a nearly 12-acre site at 2317 Gunn Highway. Matthew Mousavi and Patrick Luther of SRS represented the California-based buyer, a private trust that paid for the store in all cash, in the transaction. Patrick Wagor of Atlantic Capital Partners represented the seller, a privately held development firm. Both parties requested anonymity.

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FeaturesRestaurantRetail

Security, Success, Stability: Crafting, Executing Restaurant Leases That Work

by Taylor Williams

By Brian G. Cafferty, partner at GoldMark Partners LLP A popular restaurant can be a significant draw to a shopping center. However, according to a study published by Ohio State University, approximately 60 percent of restaurants fail in their first year, and 80 percent fail before the end of their fifth year. These statistics underscore the importance of landlords being protected in the likely event of a restaurant tenant’s failure. A well-crafted restaurant lease should address the following key items to minimize a landlord’s liability: Secure More Than Just Rent To protect the landlord’s investment and minimize potential losses, the landlord should secure a security deposit of at least two months rent. Additionally, the tenant should grant the landlord a security interest in all of the tenant’s accounts receivables, equipment (including machinery, furniture, trade fixtures) and inventory under the Uniform Commercial Code (UCC).  Keeping the Kitchen (and Lease) Running Clean   The lease should require the tenant to contract with a third party for essential maintenance tasks, including grease removal, pest control and regular vent and hood cleaning. The frequency of the hood cleaning will depend on the type of restaurant, but quarterly cleaning is a good rule of thumb. …

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Market ReportsNorth CarolinaRestaurantRetailSoutheastSoutheast Market Reports

Store Closures Lead to ‘Right-Sizing’ as Vacancy Rates Tighten in Raleigh-Durham

by John Nelson

As someone who has closely observed retail trends in the Southeastern United States for decades, I’ve witnessed the inevitable ebb and flow of the industry. From periods of rapid expansion to challenging market corrections, and of course, global pandemics that disrupted every sector of real estate, it often feels as though I’ve ‘seen it all.’ Once again, I find myself watching the market adjust, particularly among big-box retailers, in high-growth areas like Raleigh. This ongoing shift signals both challenges and opportunities, reminding me of the resilience and adaptability required to thrive in this dynamic environment. When news broke in September that Big Lots Inc. had filed for Chapter 11 bankruptcy protection and that it would be closing more than 300 stores across the country, it wasn’t all that shocking, given the sheer number of Big Lots that one comes across just driving across their own towns. The Big Lots announcement follows similar moves by companies such as rue21, Express, The Body Shop, 99 Cents Only Stores, LL Flooring, Conn’s, and Red Lobster. Retailers like Rite Aid and Bed Bath & Beyond, which filed for bankruptcy last year, have closed hundreds of stores, causing vacancies in the retail real estate market. …

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AcquisitionsFloridaRetailSoutheast

Matthews Brokers Sale of 141,577 SF Crosswinds Shopping Center in St. Peterburg, Florida

by John Nelson

ST. PETERSBURG, FLA. — Matthews Real Estate Investment Services has brokered the sale of Crosswinds Shopping Center, a 141,577-square-foot retail center located in the Tampa suburb of St. Petersburg. Tenants at the property, which was fully leased at the time of sale, include Marshalls, Michaels, Bealls and Havertys. Wallace Enterprises and Crim & Associates acquired the center from an entity doing business as Crosswinds St. Pete LLC for an undisclosed price. Pierce Mayson, Kyle Stonis and Boris Shilkrot of Matthews represented the seller in the transaction.

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AcquisitionsDevelopmentRetailTexas

H-E-B Acquires Land in Mesquite, Texas for New Grocery Store

by Taylor Williams

MESQUITE, TEXAS — Texas-based H-E-B has acquired land in Mesquite, an eastern suburb of Dallas, for the development of a new grocery store. The multi-parcel assemblage is located at the intersection of I-20 and FM 741. Ryan Turner, David Davidson Jr. and Edward Bogel of Davidson Bogel Real Estate represented the undisclosed seller in the land deal. Ben Hines and Tim Henson of Venture Commercial represented H-E-B. Details on the size and construction timeline of the new store were not disclosed.

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AcquisitionsCaliforniaMultifamilyRetailWestern

EK Apartments Sells Nine-Property Multifamily, Retail Portfolio in Fontana, California for $25.5M

by Amy Works

FONTANA, CALIF. — EK Apartments has completed the disposition of a nine-property multifamily and retail portfolio in Fontana to undisclosed buyers for $25.5 million. The portfolio includes eight apartment buildings and a four-tenant retail center. The multifamily properties, which were constructed mostly in the 1980s, offer a total of 108 apartments with 70 percent below market rents. The 10,627-square-foot retail center is fully occupied by a mini mart, laundromat, restaurant and dessert shop. Douglas McCauley, David Covarrubias and Bruce Rajaee of Marcus & Millichap represented the seller and procured the buyers in the deal.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $2.4M Sale of Walgreens-Occupied Retail Property in Bluffton, Indiana

by Kristin Harlow

BLUFFTON, IND. — Marcus & Millichap has arranged the $2.4 million sale of a retail property occupied by Walgreens in Bluffton, about 25 miles south of Fort Wayne. Constructed in 20023, the building is located at 1975 N. Main St. There are approximately 4.5 years remaining on the triple-net lease. Jordan Klink and David Klink of Marcus & Millichap represented the seller, Eureka Limited Co., and procured the buyer, Valuecom22 LLC, an out-of-state 1031 exchange investor.

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Leasing ActivityNew YorkNortheastOfficeRetail

Staged To Sell Home to Open 23,856 SF Office, Showroom in Brooklyn

by Taylor Williams

NEW YORK CITY — Interior design firm Staged To Sell Home will open a 23,856-square-foot office and showroom in the Sunset Park area of Brooklyn. The lease term is seven years, and the space is located within Building 22 of Industry City, a 35-acre mixed-use development. Noah Jay of Compass represented the tenant in the lease negotiations. Brad Blum internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon & Co. A tentative opening date was not announced.

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Leasing ActivityNew YorkNortheastRetail

Michaels Opens 20,000 SF Store at Woodbury Shopping Center in Hicksville, New York

by Taylor Williams

HICKSVILLE, N.Y. — Michaels has opened a 20,000-square-foot store in Hicksville, located on Long Island. The arts and crafts and home décor retailer is backfilling a space previously occupied by T.J. Maxx at the newly renovated Woodbury Shopping Center. Robert Delavale of Breslin Realty represented the undisclosed landlord in the lease negotiations. RIPCO Real Estate represented Michaels.

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