Retail

NAP, Nuveen Break Ground on Mixed-Use Redevelopment of Forum Peachtree Corners in Metro Atlanta

by John Nelson May 4, 2023

PEACHTREE CORNERS, GA. — North American Properties (NAP), a mixed-use developer and owner based in Cincinnati, has partnered with Nuveen Real Estate to begin the redevelopment of The Forum Peachtree Corners. The duo acquired the north-suburban Atlanta shopping center in March 2022 and are breaking ground on the project that will add a 125-room boutique hotel, 381 apartments, experiential retailers, eateries, structured parking and new public spaces to the site. In addition to these uses, the developers will implement concierge services and valet offerings to patrons. Prior to the groundbreaking, NAP and Nuveen rebranded the property (formerly known as The Forum on Peachtree Parkway) and invested in upgrades to maintenance, security and software, as well as rolled out an event calendar. The construction timeline was not disclosed, but the developers plan to deliver the redevelopment in phases, beginning with the retail- and pedestrian-focused upgrades.

May 4, 2023

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Sells 18,156 SF Retail Strip Center in Chattanooga, Tennessee

by John Nelson May 4, 2023

CHATTANOOGA, TENN. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located at the intersection of East Brainerd and Jenkins roads in Chattanooga. The buyer and sales price were not disclosed. The property’s tenant roster includes East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. The center includes a gas station and Food City grocery store that Ziff is not including in the sale.

May 4, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $6.4M Sale of Shopping Center in Canton, Ohio

by Kristin Harlow May 4, 2023

CANTON, OHIO — The Cooper Commercial Investment Group has brokered the $6.4 million sale of Hillsdale Shopping Center in Canton, about 20 miles south of Akron. The 78,010-square-foot property is 90 percent leased to tenants such as Siffrin, Hallmark, Inspire Performing Arts, Aunt Susie’s Cancer Wellness Center and Giddy’s 24/7 Fitness. Dan Cooper of Cooper Group represented the seller, a private West Coast-based investor. The undisclosed buyer purchased the asset at a cap rate of 7.98 percent and roughly 98 percent of the list price.

May 4, 2023

Acquisitions California Retail Western

Hanley Negotiates $1.9M Sale of Dutch Bros. Coffee-Leased Property in Beaumont, California

by Jeff Shaw May 4, 2023

BEAUMONT, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed, single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

May 4, 2023

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Multifamily, Mixed-Use Driving Evolution of Milwaukee Retail

by Kristin Harlow May 4, 2023

By Tony Colvin and Michael Fitzgerald, Mid-America Real Estate In the absence of significant new construction, the evolution of the retail real estate market in Milwaukee is largely being driven by the conversion and demolition of existing spaces. Some prominent places are being reimagined in creative ways that often include multifamily and other uses in addition to retail. HUB640 in downtown Milwaukee is a perfect example. A historic building formerly occupied by a Boston Store, the property is being transformed by North Wells Capital and Urban Innovations Management. The new mixed-use project will feature Kohl’s as the retail anchor tenant, loft apartments and office space occupied by Fiserv’s corporate headquarters. Other corporate office users, including Milwaukee Tool and Northwestern Mutual, also are betting on the central business district (CBD), with Milwaukee Tool relocating upwards of 1,200 employees, and Northwestern Mutual redeveloping and enlarging its headquarters. At the same time, new multifamily high-rises are remaking the architecture of Milwaukee including the river and lakefronts. The 25-story Ascent opened last year, and 333 North Water (31 stories) and Couture (44 stories) are on the horizon. Additionally, Iron District MKE is an 11-acre mixed-use sports and entertainment development slated to be phased in …

May 4, 2023

Development Leasing Activity Northeast Retail Vermont

Heidenberg Completes Redevelopment of Vermont Mall, Signs New Tenants

by Taylor Williams May 3, 2023

BERLIN, VT. — Heidenberg Properties has completed the redevelopment of Berlin Mall, located just south of the Vermont state capital, into a mixed-use development and signed two new tenants to leases totaling roughly 60,000 square feet. The redevelopment began last year with the opening of Chestnut Place, a 98-unit seniors housing complex. Five Below opened a store at the property in February, and Hobby Lobby backfilled the former J.C. Penney anchor space in April. Heidenberg has also obtained approval for the addition of 30 residential units as well as a standalone, drive-thru Starbucks, and rebranded the property as Central Vermont Marketplace.

May 3, 2023

Acquisitions New Jersey Northeast Retail

Astoria Realty Corp. Sells Northern New Jersey Retail Strip Center for $6.2M

by Taylor Williams May 3, 2023

TEANECK, N.J. — Astoria Realty Corp. has sold a 20,413-square-foot retail strip center located in the Northern New Jersey community of Teaneck for $6.2 million. The property at 1374-1400 Queen Anne Road was originally built in 1930 and renovated earlier this year. Glatt’s Express Supermarket serves as the anchor of the center, which was 93 percent leased at the time of sale. Karly Iacono of CBRE represented Astoria Realty Corp. in the transaction. The buyer was not disclosed.

May 3, 2023

Retail Texas Top Stories

Tuesday Morning Going Out of Business, Closing All Stores

by Kristin Harlow May 3, 2023

DALLAS — Dallas-based discount home goods retailer Tuesday Morning is going out of business and closing all of its stores. The company’s website lists a going-out-of-business sale where consumers can save up to 30 percent off all items. The retailer has about 200 stores remaining in 25 states. The news comes just one week after Bed Bath & Beyond’s announcement of its closure. Tuesday Morning struggled throughout the pandemic, filing for Chapter 11 bankruptcy protection in May 2020. At that time, the retailer shuttered about 230 of its 687 stores. Notably, the company does not have an e-commerce platform. Earlier this year, Tuesday Morning attempted to reorganize its finances and secured $12.5 million debtor-in-possession financing from Gordon Brothers. The financing was intended to reduce outstanding liabilities and continue transforming operations through the bankruptcy process. In late December 2022, the retailer voluntarily delisted from the Nasdaq capital market. At that time, the company’s stock price had plummeted to $1.54 per share. Tuesday Morning opened its first store in 1974. The retailer sells home textiles, home furnishings, housewares, food, toys and seasonal decor at prices generally below those found in boutique, specialty stores, department stores, catalogs and online retailers. — Kristin Harlow

May 3, 2023

Loans New York Northeast Retail

Axiom Capital Arranges $38.5M Acquisition Loan for Upstate New York Retail Center

by Taylor Williams May 2, 2023

CLIFTON PARK, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $38.5 million acquisition loan for a retail center located in the upstate New York community of Clifton Park. The unnamed center consists of six buildings on five parcels that collectively house 64 tenants. A consortium of banks provided the financing to the borrower. All parties involved in the transaction were locally based entities that requested anonymity.

May 2, 2023

Leasing Activity New York Northeast Retail

Five Below to Open 11,012 SF Store at Harriman Commons in Monroe, New York

by Taylor Williams May 2, 2023

MONROE, N.Y. — Five Below will open a 11,012-square-foot store at Harriman Commons, a 706,243-square-foot retail power center in Monroe, about 45 miles north of Manhattan. Jeff Howard of RIPCO Real Estate represented Five Below, which is backfilling a space formerly occupied by Ulta Beauty, in the lease negotiations. The landlord, RD Management, was self-represented. Following the execution of this lease and a 1,650-square-foot deal with Rightly Dental, Harriman Commons is 98 percent leased.

May 2, 2023

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