Retail

Marcus & Millichap Brokers Sale of 13,847 SF Retail Property in Rio Rancho, New Mexico

by Amy Works April 19, 2024

RIO RANCHO, N.M. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 13,847-square-foot, single-tenant retail property in Rio Rancho. Natural Grocers occupies the building, which was built in 2020, on a 15-year, triple-net-lease basis, with 12 years remaining on the lease at the time of sale. Natural Grocers’ current portfolio includes 164 stores in 21 states. Don McMinn of Taylor McMinn Retail Group represented the undisclosed seller in the transaction. The price was also not disclosed. “Despite the surplus of net-lease inventory on the market and limited buyer pool, quality net-lease grocery inventory remains in short supply and high demand,” says McMinn.

April 19, 2024

Acquisitions North Carolina Retail Southeast Virginia

Graystone Negotiates $12M Sale of 7-Eleven Portfolio in North Carolina and Virginia

by John Nelson April 18, 2024

NEWPORT BEACH, CALIF. — Newport Beach-based Graystone Capital Advisors has negotiated the $12 million sale of a portfolio of 7-Eleven properties located throughout North Carolina and Virginia. A Texas-based developer sold the portfolio, which comprises seven newly constructed locations. 7-Eleven occupies the properties on 15-year leases. Shannon Bona and Julius Swolsky of Graystone represented the 1031-exchange buyer in the transaction.

April 18, 2024

Acquisitions Alabama Retail Southeast

SRS Arranges $6.6M Sale of Retail Property in Fultondale, Alabama Leased to Ashley Furniture

by John Nelson April 18, 2024

FULTONDALE, ALA. — SRS Real Estate Partners has arranged the $6.6 million sale of a single-tenant retail property located at 3321 Lowery Park in Fultondale, a suburb of Birmingham. The tenant, Ashley Furniture, purchased the store exercising its right of first refusal. Situated on four acres and built in 2007, the store serves as an outparcel to Promenade Fultondale, a shopping center anchored by Target. Matthew Mousavi and Patrick Luther of SRS Real Estate’s Newport Beach office, along with Martin Smith of the firm’s Birmingham office, represented the privately based seller in the transaction.

April 18, 2024

Acquisitions Retail Texas

Cravey Real Estate Negotiates Sale of 50,800 SF Shopping Center in Portland, Texas

by Taylor Williams April 18, 2024

PORTLAND, TEXAS — Locally based brokerage firm Cravey Real Estate Services has negotiated the sale of Esplanade at Northshore, a 50,800-square-foot shopping center in Portland, located just outside of Corpus Christi. The two-building center was constructed on 7.7 acres in 2011, with the undisclosed buyer acquiring the 37,800-square-foot Building A and the 13,000-square-foot Building B in December 2023 and March 2024, respectively. Lynann Pinkham of Cravey Real Estate Services represented the seller in the transaction.

April 18, 2024

Loans Michigan Midwest Retail

District Capital Arranges $10M Loan for Refinancing of Retail Center in Oakland County, Michigan

by Kristin Harlow April 18, 2024

OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.

April 18, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

by Amy Works April 18, 2024

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.

April 18, 2024

Leasing Activity Northeast Pennsylvania Restaurant Retail

Five Guys to Open 2,407 SF Restaurant in Center Valley, Pennsylvania

by Taylor Williams April 17, 2024

CENTER VALLEY, PA. — Five Guys Burgers & Fries will open a 2,407-square-foot restaurant at Promenade Saucon Valley in Center Valley, an unincorporated area located about 50 miles north of Philadelphia. The center was formerly known as The Promenade Shops at Saucon Valley. Scheduled to open this fall, the restaurant will be situated between the stores of European Wax Center and uBreakiFix. Five Guys’ portfolio currently includes more than 1,700 restaurants globally.

April 17, 2024

Development Nevada Restaurant Retail Western

Partners Capital, CNR Retail Unveil Plans for 100,000 SF Office-to-Retail Conversion in Las Vegas

by Amy Works April 17, 2024

LAS VEGAS — Partners Capital and CNR Retail have released plans to convert a 100,000-square-foot office complex, located at 2500-2550 Paseo Verde Parkway in Las Vegas’ Green Valley Ranch neighborhood, into an artisanal, food-driven, open-air lifestyle retail center. Dubbed The Cliff, the $30 million adaptive reuse development will offer 25 retail spaces, ranging from 1,800 square feet to 17,000 square feet; a central bar; a 26,000-square-foot covered outdoor dining lounge with communal meeting spaces; live performance area; fire pits; kiosks; and public art installations. The development team has also received approval of a tavern gaming license that would allow slot machines and small games of chance at one or more of the center’s pubs. The joint venture acquired the property in August 2023 for $17.2 million in an off-market transaction. Built in 2000, the property was 80 percent leased to office tenants at the time of sale. Pending final approval from the city, construction is scheduled to begin in October for completion in second-quarter 2025. AO Architects is serving as architect for the project.

April 17, 2024

Acquisitions California Retail Western

Pacific Petroleum Buys Main Street Village Retail Center in Corona, California for $7.8M

by Amy Works April 17, 2024

CORONA, CALIF. — Pacific Petroleum Inc. has acquired Main Street Village, a retail center in Corona, from LJZ Corona LLC for $7.8 million. Located at 135, 175 and 265 E. Ontario Ave. in the Inland Empire, Main Street Village features 20,000 square feet of retail space. Alan Krueger and Vanessa Haddad of CBRE represented the all-cash buyer and the seller in the deal.

April 17, 2024

California Development Multifamily Retail Western

CIM Group Opens 69-Unit The Jayne Apartment Building in Los Angeles’ West Adams Neighborhood

by Amy Works April 17, 2024

LOS ANGELES — CIM Group has opened The Jayne, a six-story multifamily building at 2555 S. Mansfield Ave. in Los Angeles’ West Adams neighborhood. The Jayne offers 69 apartments, with six units designated as affordable, and 5,453 square feet of ground-floor retail space. The building features studio and one-bedroom floorplans with in-unit laundry and contemporary design elements. Community amenities include outdoor gathering spaces, including a second-floor deck with seating and a sixth-floor deck with barbecue grills, lounge chairs and high-top tables and chairs. Other amenities include a fitness center, bike racks, storage and Amazon lockers.

April 17, 2024

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