HUDSON, MASS. — Brokerage firm Horvath & Tremblay has arranged the $21.9 million sale of Center at Hudson, an 84,605-square-foot shopping center located about 30 miles west of Boston. The grocery-anchored center consists of a freestanding, 58,266-square-foot Stop & Shop, which has operated out of that location since 1990 and recently extended its lease, and 26,339 square feet of inline space. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.35 percent.
Retail is not dead. In fact, coming out of COVID-19, retail is arguably the strongest that it’s been in many years. According to S&P Global Market Intelligence data, in 2022 we saw a 13-year low in retail companies filing for bankruptcy. Here in Baltimore, we’re seeing extremely low vacancy rates and steady demand, which in turn, is cultivating a competitive environment. However, despite the challenges that retail has faced over the past several years, its resilience is where we continue to find plenty of reasons to be optimistic. A look back In March 2020, the phones stopped ringing and businesses shuttered for what was anticipated to be a few short weeks. We soon came to find that was not the case. Retail did struggle, significantly in some cases. Restaurants, service-based businesses, soft goods, fitness, entertainment and experiential concepts amongst many others, whether large corporate-owned or mom-and-pop users, struggled to stay afloat. And many did fail. Space came back on the market and concepts dwindled at an uncanny pace. But the so-called “retail apocalypse” — a common phrase that was originally coined because of the increased popularity of e-commerce — was, again, proved to be hyperbole. Retailers sought ways to enhance …
DELRAY BEACH, FLA. — PEBB Enterprises has signed new retail leases totaling 27,099 square feet at Delray Landing, a shopping center the company is currently redeveloping in Delray Beach. Retro Fitness will occupy 17,299 square feet at the property, and Crown Wine will lease 4,100 square feet. Keke’s Breakfast Café and a dentist office will also open at the center, leasing 4,200 and 1,500 square feet, respectively. Sprouts Farmers Market anchors the property, which is also leased to Burger King and Taco Bell. PEBB acquired the shopping center, which is located at 5024-5070 W. Atlantic Ave., in June 2021 in a joint venture with Topvalco Inc. A grand reopening is scheduled for this summer.
MECHANICSVILLE, VA. — WEDGE Acquisitions LLC has purchased a 1.7-acre parcel in Mechanicsville for $690,000 for the development of a retail strip center. Upon completion, the property, located at 8527 Meadowbridge Road, will comprise 6,500 square feet. Dunkin’ will anchor the center. Nathan Shor of S.L. Nusbaum represented WEDG in the transaction, and Douglas Tice III, also with S.L. Nusbaum, represented the seller, Lisa G. Waitman.
HOUSTON — Three retailers have signed leases at Plazas at Midtown II, a shopping center in Houston. Dough Zone Dumpling House will open a 4,503-square-foot restaurant at the property, marking the brand’s first Texas location. Additionally, nightclub Clover has debuted an 1,848-square-foot venue, and Upscale Cleaners will open an 824-square-foot location. Fifth Corner is the landlord.
ORANGE, CALIF. — Watermarke Properties has acquired City Centre I, a 6.8-acre multifamily redevelopment project, for $22.5 million. The current property is a Class A, 150,161-square-foot office building suitable for multifamily or mixed-use conversion. Current zoning designations for the site allow for up to 60 units per acre. Primary use of the site’s ground floor is slated for retail. Newmark’s Kevin Shannon, Paul Jones, Ken White, Chris Benton, Anthony Muhlstein and Brandon White represented the undisclosed seller.
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.
BROOKFIELD, WIS. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the asset was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements and leasing efforts.
CHICAGO — Kiser Group has brokered the sale of 701 S State in Chicago’s Loop for $6 million. The building features 36 apartment units as well as a bar on the first floor. The residences are renovated studio apartments, all of which are occupied. Kiser Group’s Birk | Sklar team represented the seller, Nicholas Vranas, who had owned the building for over 40 years. A local restaurant operator purchased the asset. According to Kiser, the buyer was drawn to the property because of its 4 a.m. liquor license, which was transferred upon sale.
MOUNT PROSPECT, ILL. — Big Fish Hospitality has unveiled plans to open a new restaurant named The Prospect in suburban Chicago. The upscale eatery will be situated at 20West, a luxury apartment building located at 20 W. Northwest Highway in Mount Prospect. Big Fish expects to begin construction on the two-story restaurant this summer, with a soft opening planned for late fall and a grand opening toward the end of the year. Chef Mauro Berruti and General Manager Garrett Supples will lead The Prospect. Nicholas & Associates, which completed construction of 20West on behalf of developer Wingspan Development Group, will oversee the build-out of the restaurant space. The Prospect will be able to accommodate 90 to 100 people on the first floor and 50 to 75 people on the second level. A full bar will be situated on each level. The upstairs area will also serve as private event space.