WEST VALLEY, CALIF. — Red Mountain Group has completed the disposition of a four-tenant retail property located in West Valley. An undisclosed buyer acquired the asset for $2.1 million. At the time of sale, the 6,764-square-foot property was fully leased to Tellica Imaging, Allstate Insurance, Metro by T Mobile and a nail salon. Dave Lucas of CP Partners Commercial Real Estate represented the seller in the deal.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.
NEW YORK CITY — Urbanspace has opened a 10,000-square-foot food hall in Manhattan. Urbanspace Union Square is located on the ground floor of Zero Irving, a new mixed-use building by RAL Development. Vendors include Summer Salt, Twenty One Grains, Kid Brother Pizza, Pita Yeero, Plant Junkie, Goat Café, Bao by Kaya, Bobwhite Counter, Playa Bowls, Wafels & Dinges, Top Hops, Casa Toscana and GoFish. The venue marks the fifth New York City food hall by Urbanspace.
By Taylor Williams The New York City retail market is currently functioning like an episode of The Price Is Right. Developers, investors, brokers and operators are all trying to attach fair values to rents and sales prices for spaces of all sizes and submarkets. But after a tumultuous period marked by a global pandemic and record inflation, followed by a string of severe interest rate hikes, accurately assigning those numbers is easier said than done — at least in some submarkets. According to data from JLL, at the end of the third quarter, the average rent throughout New York City was $290 per square foot, down 5.3 percent year over year. That figure represents an improvement from the second quarter of 2022, when rents posted a 12 percent decline on a year-over-year basis. In addition, JLL’s data shows that 58 new leases were signed in the third quarter. While that figure marks a decline of 13 percent from the second quarter, it also constitutes an increase of 7.4 percent on a year-over-year basis. These numbers suggest that after retail leasing and sales completely stagnated in 2020 due to an unprecedented public health crisis, the market corrected sharply in 2021 and …
LOUISVILLE, KY. — Publix Super Markets has purchased land at the northwest corner of Flat Rock and Shelbyville roads in Louisville with plans to develop the market’s third Publix location. The Courier-Journal reports that the grocer purchased the site from an entity doing business as Shoppes at Gardiner Park LLC for more than $5.5 million. Plans call for a 48,387-square-foot store with a pharmacy and an adjacent Publix Liquors store that will offer beer, wine and spirits. The stores are anticipated to open in the second quarter of 2024. In addition to the three Louisville locations, the company has previously announced another location in Lexington, Ky. The Lakeland, Fla.-based grocer currently operates 1,315 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. Kentucky is the eighth state of operation for Publix.
STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.
KENNESAW, GA. — Franklin Street has brokered the $13 million sale of Town Center Commons, a 72,168-square-foot shopping center located at 725 Ernest W. Barrett Parkway in Kennesaw, a northwest suburb of Atlanta. Nashville-based 615 Ventures purchased the retail center from Ardent Cos. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. Town Center Commons is anchored by Public Lands, the first Southeast location of a new outdoors and sporting goods retail concept from Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice. The center, which is shadow-anchored by Dick’s Sporting Goods and Costco, was 96 percent leased at the time of sale.
SEATTLE — Affiliates of Low Tide Properties and Continental Properties have obtained $110 million in financing for Met Tower, a multifamily property located at 1942 Westlake Ave. in Seattle. Citibank provided the loan, which Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan of Cushman & Wakefield Equity, Debt & Structured team arranged. Built in 2001, Met Tower features 366 apartments in a mix of studio, one- and two-bedroom floor plans along with 10,139 square feet of retail space and an attached, eight-level parking garage.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos. Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale. The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger. Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.
OVERLAND PARK, KAN. — LANE4 Property Group has purchased Hawthorne Plaza, a 135,000-square-foot retail center located at the southwest corner of 119th St. and Roe Ave. in Overland Park, approximately 10 miles south of Kansas City. CBRE represented the seller, Dallas-based Invesco. Developed in 1990 and renovated in 2015, the property was 96 percent occupied at the time of sale. Tom O’Leary and Weston Buckley of LANE4 will handle leasing of the property. LANE4 will also provide in-house management of the center. The purchase price was not disclosed.