Retail

First National Realty Partners Buys 304,935 SF Shopping Center in Cullman, Alabama

by John Nelson January 4, 2023

CULLMAN, ALA. — First National Realty Partners (FNRP) has purchased Cullman Shopping Center, a 304,935-square-foot retail development located in Cullman, an east Alabama city equidistant between Huntsville and Birmingham. Kyle Stonis of SRS Real Estate Partners represented the undisclosed seller in the transaction. The sales price was also not disclosed. Cullman Shopping Center’s tenant roster includes Publix, Belk, Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart, among others. Red Bank, N.J.-based FNRP entered the Alabama market in 2022 and now owns four shopping centers in the Yellowhammer State, including Brook Highland Plaza and Inverness Corners in Birmingham and Tannehill Promenade in Bessemer.

January 4, 2023

Florida Loans Retail Southeast

MMCC Arranges $10M Refinancing for Carolina Springs Plaza Shopping Center in South Florida

by John Nelson January 4, 2023

MARGATE, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule and 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

January 4, 2023

Market Reports Retail Texas Texas Market Reports

Is Your Mall or Shopping Center Ready for Redevelopment or Rehabilitation?

by Taylor Williams January 4, 2023

By Taylor Williams From small-scale refreshes of neighborhood shopping centers to massive conversions of regional malls, retail redevelopment has become a budding business as seismic forces like e-commerce and COVID-19 have fundamentally altered the ways in which Americans shop, dine and seek entertainment. Yet empirical and anecdotal evidence shows that people still love to frequent brick-and-mortar stores, restaurants and entertainment centers. According to data from Transwestern, at the end of the third quarter, Dallas-Fort Worth, Houston, Austin and San Antonio all had marketwide retail vacancy rates under 6 percent. Year-over-year vacancy contracted by anywhere from 80 to 130 basis points across the four major markets, all of which also experienced positive net absorption in the third quarter. While these Texas-specific numbers reflect a steady, sustained rebound for brick-and-mortar retail in the post-COVID era, preliminary data on holiday shopping indicates that e-commerce’s foothold on the market is getting stronger. According to Adobe Analytics, online sales during Black Friday topped $9.1 billion, a 2.3 percent increase over 2021. While that number should be judged against the fact that this year, the public health risk of shopping in physical stores was substantially reduced, it also represents a 21.7 percent increase over pre-pandemic online …

January 4, 2023

Acquisitions Florida Retail Southeast

Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Metro Miami for $70.5M

by John Nelson January 3, 2023

PINECREST, FLA. — Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls, HomeGoods, PetSmart, Old Navy, Party City, Five Below, Visionworks, CycleBar, Panera Bread and Miller’s Ale House. Kevin Sanz of Orion represented the buyers, and Eric Williams of JLL represented the seller, MetLife Investment Management, in the transaction. Goldman Sachs provided an undisclosed amount of acquisition financing to the joint venture.

January 3, 2023

Acquisitions Maryland Retail Southeast

Neuman Facilitates $5.7M Sale of Retail Center in Metro Baltimore

by John Nelson January 3, 2023

ARBUTUS, MD. — Neuman Commercial Group has arranged the sale of East Drive Shopping Center, a 65,155-square-foot retail center located in Arbutus, approximately eight miles outside of Baltimore. An affiliate of Bien/Paul Ventures sold the property to an undisclosed buyer for $5.7 million. The property was 72 percent occupied at the time of sale to tenants including Save‐A‐Lot, Dollar General, Pizza Boli’s and Cricket Wireless. Gil Neuman of Neuman represented the seller and procured the buyer in the transaction.

January 3, 2023

Leasing Activity Retail Texas

Enson Market to Open 100,000 SF Asian Grocery Store in North Houston

by Taylor Williams January 3, 2023

HOUSTON — Enson Market, an Asian grocery concept based in Cincinnati, will open a 100,000-square-foot store at 2224 FM 1960 Road in North Houston. The site is located within a 200,000-square-foot vacant shopping center. An affiliate of the company, an entity doing business as Pacific Square of FM LLC, purchased the center with plans to implement capital improvements and lease the remaining 100,000 square feet. Ryan Neyland of Davis Commercial Real Estate represented the seller, Copper Leaf LLC, in the transaction. Casey Ward of CRW Commercial represented the buyer.

January 3, 2023

Acquisitions Northeast Pennsylvania Retail

FNRP Acquires 289,000 SF Loyal Plaza Shopping Center in Williamsport, Pennsylvania

by Taylor Williams January 3, 2023

WILLIAMSPORT, PA. — New Jersey-based First National Realty Partners (FNRP) has acquired Loyal Plaza, a 289,000-square-foot shopping center in Williamsport, located in the northern-central part of the Keystone State. Anchored by a 67,000-square-foot Giant Food Store, the center was approximately 85 percent leased at the time of sale. Other tenants include Hobby Lobby, Planet Fitness, Rite Aid, Advance Auto Parts and BB&T. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.

January 3, 2023

Acquisitions Restaurant Retail Washington Western

CBRE Negotiates $23.7M Sale of Greentree Plaza in Everett, Washington

by Amy Works January 3, 2023

EVERETT, WASH. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at 305-505 SE Everett Mall Way in Everett. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza offers 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a Target store, which was not included in the sale. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.

January 3, 2023

Acquisitions California Restaurant Retail Western

Commercial Asset Advisors Brokers $2.5M Sale of Retail Building in Downtown San Diego

by Amy Works January 3, 2023

SAN DIEGO — Commercial Asset Advisors has arranged the sale of a retail property located at 1139-1143 6th Ave. in downtown San Diego. Aura Olive and Luis Lopez sold the asset to Anthem Real Estate Ventures for $2.5 million. Two restaurants and a convenience store occupy the 4,850-square-foot building on long-term leases. Gino Kalasho and Austin Fellows of Commercial Asset Advisors represented the seller in the deal.

January 3, 2023

Acquisitions Illinois Midwest Restaurant Retail

FCPT Purchases Buffalo Wild Wings Portfolio in Illinois for $14.3M

by Kristin Harlow January 3, 2023

ILLINOIS — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The restaurant has roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, Calif.-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.

January 3, 2023

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