Retail

U.S. Realty Partners Buys 135,996 SF Lahaina Gateway Retail Center in Hawaii for $37.2M

by Amy Works December 21, 2022

LAHAINA, HAWAII — Westlake Village, Calif.-based U.S. Realty Partners has acquired Lahaina Gateway, a grocery-anchored shopping center in Lahaina, from an institutional investment firm for $37.2 million. Located at 325-355 Keawe St., Lahaina Gateway features 135,996 square feet of retail space. The sale process started with the center 77 percent occupied with negotiated leases that will bring the occupancy to 90 percent. Tenants include Foodland Farms, Ace Hardware, Ross Dress for Less, Vitamin Shoppe, Supercuts, Local Motion and Maui Powerhouse Gym. Bryan Ley, Gleb Lvovich, Geoff Tranchina and Keenan Sue of JLL Retail Capital Markets investment sales and advisory team represented the seller in the deal.

December 21, 2022

Loans New York Northeast Retail

ERG Commercial Arranges $5M Loan for Refinancing of Brooklyn Retail Property

by Taylor Williams December 21, 2022

NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged a $5 million loan for the refinancing of a 13,300-square-foot retail property in Brooklyn’s Bushwick neighborhood. The property at 29 Wyckoff Ave. was originally built as a warehouse in 1931, but the undisclosed borrower recently converted the structure into a retail property with five spaces. Ryan Lewis and Mary Guarino of ERG Commercial originated the loan, which carried a 4 percent fixed interest rate and a 25-year amortization schedule.

December 21, 2022

Leasing Activity New York Northeast Retail

Whole Foods to Open 42,000 SF Store in Manhattan’s Financial District on Jan. 11

by Taylor Williams December 21, 2022

NEW YORK CITY — Whole Foods Market will open a 42,000-square-foot store at 66 Broadway in Manhattan’s Financial District, on Wednesday, Jan 11. The store will feature full-service meat and seafood counters, a coffee bar, bakery, prepared foods section, a selection of more than 200 craft beers and a section devoted to cosmetics and body care products.

December 21, 2022

Acquisitions Retail Southeast Tennessee

Legacy Realty Group Brokers $200M Portfolio Sale of 146 Southeast Stores Leased to Dollar General

by John Nelson December 20, 2022

NEW HYDE PARK AND NEW YORK CITY, N.Y. — Legacy Realty Group Advisors LLC, a commercial real estate brokerage with offices in New York, has brokered the sale of 146 stores in the Southeast leased to Dollar General. The seller, a privately held real estate developer, sold the portfolio to the buyer, a net-lease REIT, for approximately $200 million. Both parties requested anonymity. Jacob Baruch and Daniel Baruch of Legacy Realty Group represented both the buyer and seller in the off-market transaction.

December 20, 2022

Acquisitions Arizona Retail Western

SRS Real Estate Brokers $22M Sale of Silverbell Plaza Retail Center in Tucson, Arizona

by Amy Works December 20, 2022

TUCSON, ARIZ. — SRS Real Estate Partners has arranged the sale of Silverbell Plaza, a shopping center located at 2480-2500 N. Silverbell Road and 2106-2180 W. Grant Road in Tucson. An Arizona-based private investor sold the asset to a Washington-based private investor in a 1031 exchange for $22 million. Situated on 8.4 acres, Silverbell Plaza features 97,540 square feet of retail space. At the time of sale, the property was 97 percent leased. Current tenants include Walgreens, Safeway, Anytime Fitness, Leslie’s Poolmart, PNC Bank, Wingstop, H&R Block and 14 other local, regional and national businesses. John Redfield and Alan Houston of SRS represented the seller, while Gary Gallelli Jr. and Adam Rainey of Gallelli Real Estate represented the buyer in the transaction.

December 20, 2022

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Negotiates $10.4M Sale of Chick-fil-A-Occupied Restaurant in Livermore, California

by Amy Works December 20, 2022

LIVERMORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant restaurant property located at 1754 N. Livermore Ave. in Livermore. Meridian sold the property to an Alameda County-based buyer in a 1031 exchange for $10.4 million. Chick-fil-A occupies the 4,821-square-foot, built-to-suit property on a 20-year initial net lease term. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.

December 20, 2022

Leasing Activity New Jersey Northeast Retail

FunCity Adventure Park to Open 36,500 SF Venue in Millville, New Jersey

by Taylor Williams December 20, 2022

MILLVILLE, N.J. — FunCity Adventure Park, an entertainment concept that features trampolines, laser tag, ropes courses, bumper cars and arcades, will open a 36,500-square-foot venue in the Southern New Jersey community of Millville. The center will be located within Union Lake Crossing, which is anchored by grocer ShopRite, Target and Kohl’s. According to New Jersey Stage, FunCity is backfilling a space formerly occupied by Dick’s Sporting Goods and is targeting a mid-2023 opening. Massachusetts-based advisory firm KeyPoint Partners represented FunCity in its site selection and lease negotiations.

December 20, 2022

Leasing Activity Midwest Ohio Retail

Easton Town Center in Columbus Welcomes 10 New Retailers, Restaurants

by Kristin Harlow December 20, 2022

COLUMBUS, OHIO — Shopping destination Easton Town Center has welcomed 10 new retailers and restaurants. Co-developed by L Brands, The Georgetown Co. and Steiner + Associates, Easton Town Center was recently expanded to include an additional 140,000 square feet of entertainment and retail space as well as 125,000 square feet of office space. Here are the highlights of the 10 new tenants: Parachute is a home décor company that operates more than 20 retail stores nationwide. Easton is the first Ohio store for the brand. Amazon Style has opened its second store in the U.S. following its first in Los Angeles. Shoppers can utilize the Amazon Shopping app during their in-store experience. FREEBIRD is a luxury handmade footwear brand known for its boots. This is the first store in Ohio for the brand. Bridal store Vow’d has also opened its first location in Ohio. Garage sells women’s apparel, particularly denim and cargo bottoms. Clean Origin, which exclusively sells lab-grown diamonds, has opened its first store in Ohio. Dos Hermanos has opened its first standalone location in Columbus. The Mexican restaurant also offers cooking classes. Pacas has opened its first brick-and-mortar location. The company sells alpaca fleece socks as well as …

December 20, 2022

Kansas Leasing Activity Midwest Retail

Goldfish Swim School, Blush Bootcamp Open at Lenexa Point Shopping Center in Kansas

by Kristin Harlow December 20, 2022

LENEXA, KAN. — Goldfish Swim School and Blush Bootcamp have opened at the Lenexa Point shopping center in Lenexa. Goldfish Swim School, which occupies 9,081 square feet, is an indoor swim instruction facility for children ages 4 months old to 12 years. The Lenexa location is the second in the Kansas City market for Goldfish Swim School, which operates more than 175 locations in North America. Blush Bootcamp occupies 4,928 square feet and is a women-only fitness center owned by Brian and Rita Haaraoja. This location is one of 25 in eight different states. An additional 13 sites are scheduled to open soon. Goldfish Swim School and Blush Bootcamp join Sprouts and Urban Air Adventure Park at the now fully leased shopping center owned by Copaken Brooks.

December 20, 2022

Development Florida Mixed-Use Multifamily Office Retail Southeast

Related, Rockpoint Start Construction of Mixed-Use Project in Miami’s Wynwood Neighborhood

by Jeff Shaw December 19, 2022

MIAMI — Related Group and Rockpoint have broken ground on WNWD21, a mixed-use project located in the Wynwood neighborhood of Miami. Upon completion, which is scheduled for the third quarter of 2024, the development will comprise two 12-story buildings with 304 apartments, 18,000 square feet of retail and 63,000 square feet of office space. Apartment units will feature studio, one-, two- and three-bedroom layouts, with amenities including a rooftop pool deck, health and wellness facilities, private theater and music room, resident-only dining, coworking space and an art collection. Cohen Freedman Encinosa & Associates Architects will act as architect for the project, with interior design by iddi Design. Beauchamp Construction Co. is the builder.

December 19, 2022

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