BATAVIA, ILL. AND JACKSONVILLE, FLA. — German discount grocer Aldi has entered into a definitive agreement to acquire Winn-Dixie and Harveys Supermarket as part of a larger divestiture of Jacksonville-based parent company Southeastern Grocers to various entities. Financial terms of the transaction were not disclosed. The Southeast-focused acquisition includes approximately 400 Winn-Dixie and Harveys locations across Alabama, Florida, Georgia, Louisiana and Mississippi. Aldi, which maintains its U.S. headquarters in Batavia, Ill., first established its presence in the Southeast in the mid-1990s and has since invested $2.5 billion in the region. Most recently, Aldi opened its 26th regional headquarters and distribution center in Loxley, Ala., to help support new stores in the region. The retailer plans to open 20 new locations in the area by the end of the year. Jason Hart, CEO of Aldi, says the acquisition supports Aldi’s long-term growth strategy across the country. The grocer plans to open 120 new stores this year to reach a total of more than 2,400 stores by year’s end. Aldi will evaluate which Winn-Dixie and Harveys locations will be converted into Aldi stores. The stores that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Deutsche Bank served …
Retail
MILPITAS, CALIF. — Gantry has secured a $14.2 million permanent loan to refinance a neighborhood retail center in Milpitas. The shopping center features 48,000 square feet of retail space. Andrew Mekjavich, Ben Johnson and Erinn Cooke of Gantry’s San Francisco production office secured the loan for the borrower, a private real estate entity. A regional bank provided the fixed-rate loan, which was structured to retire a debt facility that Gantry placed in 2018.
MORRIS TOWNSHIP, N.J. — A partnership between two New Jersey-based developers, Accurate and DeVimy Equities, has completed Morris Marketplace, a retail redevelopment project in Northern New Jersey. The project brings 140,000 square feet of shopping, dining and entertainment space to the former corporate campus of Palmolive-Colgate in Morris Township. Morris Marketplace also features pocket parks, splash pads, public seating areas and al fresco dining spaces. Approximately 30 tenants have committed to the project, with more than half now open and operating.
Atlantic Capital Partners Brokers $17.5M Sale of Kroger-Anchored Shopping Center in Cumming, Georgia
by John Nelson
CUMMING, GA. — Atlantic Capital Partners has brokered the $17.5 million sale of Sharon Greens, a Kroger-anchored shopping center located in Cumming, a northern suburb of Atlanta. Justin Smith, Fred Victor, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the institutional seller and secured the buyer, a joint venture between ShopOne Centers REIT Inc., Pantheon and an unnamed global institutional investment firm. Built in 2001, Sharon Greens spans 98,301 square feet and was 98 percent leased at the time of sale to 21 tenants, including Kroger, Chase Bank and Heartland Dental. The property is located at the intersection of Sharon Road and Peachtree Parkway.
AVE MARIA, FLA. — Barron Collier Cos. has broken ground on a new 21,000-square-foot retail strip center in Ave Maria, a master-planned community in Southwest Florida. Located at the corner of Ave Maria Boulevard and Anthem Parkway, the property will house NCH Immediate Care Center, Ace Hardware, Dunkin’, Ledo Pizza and Cold Stone Creamery. Barron Colliers plans to open the retail center in summer 2024. According to the Naples, Fla.-based developer, about 430 homes have been sold in the Ave Maria community so far this year.
AURORA, OHIO — The Staubach Co. Inc. has sold a retail property occupied by CVS Pharmacy in Aurora, a southeast suburb of Cleveland, for $5.4 million. The 10,125-square-foot building is located at 118 W. Garfield Road. Woody’s Columbus Properties LLC was the buyer.
ROUND LAKE, ILL. — Lee & Associates has brokered the $1.5 million sale of an 18,600-square-foot retail center in Round Lake, a far north suburb of Chicago. The renovated property, located across from Round Lake METRA station, is fully occupied by five tenants, including a banquet hall, barber shop, café, toddler indoor playground and martial arts studio. Rick Scardino of Lee & Associates represented the buyer, La Luz Bakery. Tyler Dechter of Baum Realty represented the seller, Mon Ami Realty LLC.
— By Gleb Lvovich, Managing Director, and Daniel Tyner, Senior Director, JLL Capital Markets — The commercial real estate market across all asset classes has seen a slowdown in transaction activity in 2023 compared to 2022 and 2021 largely due to the rapid increase in borrowing costs for investors. This might have impacted the commercial real estate sector as a whole, but shopping centers in Orange County are still buzzing with consumers as occupancy remains robust. Orange County has continuously proved to be one of the most sought-after markets to invest in retail due to its strong demographics, population growth and overall fundamentals. Investor Demand Shopping center performance in Orange County has been excellent over the past few years, and investors see this trend continuing for the foreseeable future. Low vacancy and strong tenant demand has allowed investors to experience significant rent growth at their properties. Orange County has experienced particularly strong grocer performance and expansion. Historically, shopping center transactions have been very limited in Orange County. This has further driven investor demand due to the lack of available investment opportunities. The few listings that exist generate significant interest. Recent examples include the sale of Ralph’s- and Rite Aid-anchored Brea …
Arizona State University, Catellus Start Construction of 275,000 SF Retail Portion of Novus Innovation Corridor in Tempe, Arizona
by Amy Works
TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. have started construction of Novus Place, the 275,000-square-foot retail and entertainment portion of Novus Innovation Corridor, a 4.5 million-square-foot mixed-use development in Tempe. Located adjacent to ASU’s Tempe campus, the multi-phase project is being developed through a public-private partnership between the university and development firm. Vestar will manage the retail portion of the development. Fox Restaurant Concepts (FRC) recently signed a lease to bring three food-and-beverage concepts — Flower Child, Blanco Taco Cocina + Cantina and North Italia — to the development, with the openings scheduled for next year. Additionally, Blue Sushi Sake Grill and Eureka! have signed leases for 6,021 and 4,290 square feet, respectively. Over Easy and Nautical Bowls also plan to open restaurants at the property, leasing 3,154 and 1,211 square feet, respectively, and tea concept The Alley will occupy 1,738 square feet.
NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of a 17,734-square-foot retail property on Staten Island that is net leased to Pep Boys. The automotive parts retailer has occupied the space at 1941 Forest Ave. for more than 15 years, and the property can support about 30,000 square feet of new development. Scott Plasky of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.