TEXAS CITY, TEXAS — Locally based investment and brokerage firm NewQuest Properties has arranged the sale of the 130,525-square-foot Tradewinds Shopping Center, located southeast of Houston in Texas City. At the time of sale, the property, which sits on 11.5 acres, was roughly 40 percent leased to tenants such as DD’s Discount, Family Dollar, Texas First Bank and Little Caesars. David Luther of NewQuest represented the seller, a limited partnership, in the transaction. Dakota Workman, also with NewQuest, represented the buyer, an entity doing business as 2020 Harwin 59 Shopping Center Ltd.
SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.
SALT LAKE CITY — Matthews Real Estate Investment Services has arranged the all-cash sale of a retail property located at 1545-1555 W. 2100 South in Salt Lake City. The property traded for $7.7 million, or $462.24 per square feet. Sunbelt Rentals, an equipment and tool rental company, occupies the 16,658-square-foot facility. Ahstead Group owns Sunbelt, which is the second largest equipment rental company in the United States and has more than 1,150 locations nationwide. Isaac Wulff and Alexander Harrold of Matthews represented the seller in the transaction. The names of the seller and buyer were not released.
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Retail Development Program Lessons Apply Across Property Types
Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …
ST. LOUIS — Lawyers Realty Co. has arranged the sale of Kohn’s Kosher Meat, Grocer and Deli in St. Louis for an undisclosed price. Lawyers Realty brokers David Wright and Zach Williams represented the sellers, the Kohn family, in their sale of the business and real estate. The site, located at 10405 Old Olive Street, measures 10,450 square feet and has been home to Kohn’s since 1997. The Kosher market began operating in 1963 when Holocaust survivors Simon and Bobbie Kohn started the business, which was most recently run by their children, Lenny Kohn and Rosemary Kohn Cooper. The next generation was not interested in taking over the business. Lawyers Realty implemented a nationwide strategy in marketing both the business and the real estate. The business and property were jointly acquired by a local investor and a group of investors from the East Coast. As a result, the business will continue to operate and serve the St. Louis community.
PLYMOUTH, MICH. — Domino’s Pizza has signed a lease to occupy 1,667 square feet near the southwest quadrant of Ann Arbor Road and Main Street in Plymouth. The new Domino’s location will partially replace a former AT&T store, which has been vacant for 150 days and is currently being redeveloped into a two-tenant retail building. The store is slated to open in approximately six months. Michael Murphy and Tjader Gerdom of Gerdom Realty and Investment, a commercial real estate agency based in Northville, Mich., represented Domino’s in the transaction. Gregory Mallory of Armada Real Estate, based in West Bloomfield, Mich., represented the landlord.
FORT MYERS, FLA. — Marcus & Millichap has arranged the sale of Market Square, a 65,688-square-foot shopping center in Fort Myers, for $13.2 million. Jim Shiebler, James Medefind and James Garner of Marcus & Millichap represented the undisclosed seller and procured the buyer, a New Jersey-based private investor. Located on 14.9 acres at 13741 S. Tamiami Trail, the center is 1.5 miles from Florida Southwestern State College. Tenants at the property, which was built between 2004 and 2006, include Michaels, World Market, Petco, Dollar Tree and Barnes & Noble.
MILTON, GA. — Savi Provisions, an Atlanta-based boutique grocer, has opened a new location at Crapapple Market in Milton, roughly 30 miles north of Atlanta. Located at 12630 Crabapple Road, the store opened on Saturday, Dec. 10 and features the main grocery store (3,644 square feet) and a liquor market (983 square feet). Founded in 2009, Savi offers prepared foods such as sandwiches and salads in addition to organic groceries, wine, spirits and coffee.
VICTORIA, TEXAS — Dallas-based investment firm Dunhill Partners has acquired Northcross Shopping Center, a 206,284-square-foot retail property in Victoria, about 100 miles north of Corpus Christi. At the time of sale, the center was 91 percent leased to tenants such as Ashley Furniture, Office Depot, Tuesday Morning, Dollar General and Dollar Tree. Adam Howells, George Cushing, Matthew Barge and Cole Sutter of JLL represented the undisclosed, Dallas-based seller in the transaction.
RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sales of two adjacent single-tenant retail properties that. Private investors acquired the properties in separate deals for a combined total of $4.2 million. Greg Bedell of Progressive Real Estate Partners represented the Los Angeles-based seller for both transactions. The transactions are: The $2.1 million, or $920 per square foot, sale of 3940 University Avenue. Plant Power, a fast-casual drive-thru restaurant with patio, occupies the 2,250-square-foot building. The $2.1 million, or $614 per square foot, sale of 3980 University Avenue. Richie’s Hot Chicken and Carlo’s Tijuana Tacos are tenants at the 3,500-square-foot building.