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AcquisitionsRetailSoutheastTennessee

JLL Brokers $19.5M Sale of Shopping Center in Chattanooga Suburb

by John Nelson

CLEVELAND, TENN. — JLL Capital Markets has brokered the sale of Cleveland Towne Center, a 148,203-square-foot shopping center located in the northeast Chattanooga suburb of Cleveland. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Wicker Park Capital Management LLC, in the $19.5 million transaction. Bodin Properties acquired the center, which was fully leased at the time of sale. Ross Dress for Less, Ashley Furniture, Old Navy, Books-A-Million and Electronic Express anchor the property, which is also shadow-anchored by Kohl’s and Target.

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AcquisitionsRestaurantSoutheastVirginia

Red Mountain Group Acquires Virginia Beach Restaurant for $1.6M

by John Nelson

VIRGINIA BEACH, VA. — Red Mountain Group Inc., a retail redevelopment firm based in Southern California, has purchased a 4,925-square-foot, single-tenant net-lease restaurant in Virginia Beach for $1.6 million. The restaurant is leased to Dirty Buffalo, a wing chain based in Virginia’s Hampton Roads region. The property is an outparcel to Target and has roughly seven years remaining on its lease. Matthew Mousavi of SRS Real Estate Partners represented Red Mountain Group in the transaction. The seller was not disclosed.

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2551-San-Ramon-Valley-Blvd-San-Ramon-CA
AcquisitionsCaliforniaMixed-UseOfficeRetailWestern

University Avenue Partners Acquires 51,149 SF Mixed-Use Property in San Ramon, California

by Amy Works

SAN RAMON, CALIF. — University Avenue Partners has purchased a mixed-use property located at 2551 San Ramon Valley Blvd. in San Ramon. Terms of the transaction were not released. At the time of sale, the 52,149-square-foot asset was 90 percent leased to a diverse mix of office and retail tenants. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction. Nicholas Bicardo of Newmark advised on the retail component of the sale.

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1800-Welton-St-Denver-CO
AcquisitionsColoradoNet LeaseRetailWestern

Marcus & Millichap Arranges $8M Sale of 7-Eleven-Occupied Building in Downtown Denver

by Amy Works

DENVER — Marcus & Millichap has brokered the sale of 1800 Welton, a net-leased retail property in downtown Denver. A Colorado-based partnership sold the asset to an undisclosed buyer for $8 million. 7-Eleven occupies the 3,293-square-foot building, which is on a 15,660-square-foot site. Drew Isaac of Marcus & Millichap represented the seller in the deal.

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AcquisitionsMidwestRetailWisconsin

Colliers Brokers Sale of Newly Constructed Retail Building in Greendale, Wisconsin

by Kristin Harlow

GREENDALE, WIS. — Colliers has brokered the sale of a newly constructed retail building on 76th Street in Greendale, a southern suburb of Milwaukee. The sales price was undisclosed. The property is fully leased to Summit Credit Union, AT&T, Crumbl Cookies and Tropical Smoothie Café. Adam Connor, Heather Dorfler and Josh Minkin of Colliers represented the undisclosed seller and procured the California-based buyer. A local credit union provided acquisition financing.

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Leasing ActivityMichiganMidwestRetail

Dog Groomer Leases 1,412 SF at Shopping Center in Waterford Township, Michigan

by Kristin Harlow

WATERFORD, MICH. — Tammy’s Four Paws Dog Grooming has leased 1,412 square feet at the Excalibur Square shopping center located on Highland Road in Waterford Township, about 38 miles north of Detroit. Michael Murphy of Gerdom Realty & Investment represented the tenant in the lease transaction. Petar Elieff of Iconic Real Estate represented the undisclosed landlord.

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FeaturesRetail

Closer to Consumers: Retailers Outline Their 2022 Successes, Strategy for 2023 in JLL Webinar

by Jeff Shaw

Though there has been no paucity of retail success even amidst current economic headwinds, participants in JLL’s recent webinar — “The Retail Reset: All Eyes on Retailers” — were clear: That success has been hard-earned. David Krueger, senior vice president of growth and development with Ulta Beauty Inc., distilled this sentiment into a few words during the webinar while discussing the company’s momentum going into 2023, saying that it “was not easy” and “is not going to get any easier for a while.” Retail growth in the face of a potentially recessionary environment, elevated costs to build and fierce competition for space is about getting closer to consumers — both literally and conceptually. Other participants from the retail sector included Jerald Estime, vice president of Americas Real Estate with Levi Strauss & Co.; Steve Rouman, senior vice president of real estate at RH; and Clary Groen, vice president of real estate for The Lovesac Co. Hosted by Naveen Jaggi and David Zoba of JLL, the webinar also featured presentations from Ryan Severino, chief economist of JLL, and Dana Telsey of Telsey Advisory Group, a research, trading, banking and consulting brokerage firm. Slowing, Not Collapsing No one can deny the strain …

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges Sales of Two Retail Centers in Suburban Chicago for $27.1M

by Kristin Harlow

ORLAND PARK AND ELGIN, ILL. — Marcus & Millichap has arranged the sales of two retail centers in suburban Chicago for a combined $27.1 million. Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Road in Orland Park sold for $17.6 million. The property consists of three single-tenant buildings and one multi-tenant building for a total of 20,732 square feet. Newly constructed on the site of a former Toys ‘R’ Us store, the buildings are fully occupied by national tenants such as BJ’s Brewhouse, Raising Cane’s and Smashburger. The 24,000-square-foot Galleria of Elgin sold for $9.5 million. The two-building property houses tenants such as Dairy Queen, Edward Jones Investments, Country Donuts, Maciano’s Pizza and Pastaria and Sammy’s Mexican Grill and Bar. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented both of the sellers. Buyer and seller information was not provided.

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AcquisitionsMidwestMissouriRetail

Block & Co. Purchases 100,000 SF Shoppes at Shoal Creek in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Block & Co. Inc. Realtors has purchased the Shoppes at Shoal Creek in Kansas City for an undisclosed price. Pine Tree Development sold the approximately 100,000-square-foot shopping center, which is fully leased to tenants such as Best Buy, Lukas Liquors, La-Z-Boy, Chipotle and America’s Best. Block & Co. originally developed the property in 2014 before selling it to Pine Tree. David Block of Block & Co. negotiated the transaction on behalf of the buyer and CBRE represented the seller.

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AcquisitionsNorth CarolinaRetailSoutheast

SRS Arranges Sale of Crossroads Shopping Center in Metro Charlotte

by John Nelson

STATESVILLE, N.C. — SRS Real Estate Partners’ Investment Property Group has brokered the sale of Crossroads Shopping Center, a 117,224-square-foot retail center located at 1000 Crossroads Drive in the Charlotte suburb of Statesville. River City Capital purchased the center for an undisclosed price. Situated on 14.1 acres and shadow-anchored by a Walmart Supercenter, Crossroads was leased at the time of sale to tenants including Big Lots, Burkes Outlet, Dollar Tree, American Deli, rue21, Shoe Dept., Bath & Body Works and GNC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.

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