SALINA, KAN. — Blue West Capital has arranged the $9 million sale of Sunset Plaza in Salina, a city in central Kansas. Dillons, a division of Kroger, anchors the 126,606-square-foot shopping center. The Dillons store was remodeled in 2019 and a fuel center was added in 2020. Originally constructed in 1960, Sunset Plaza was nearly fully leased at the time of sale. Robert Edwards, Zach Wright and Shawn Dickmann of Blue West Capital represented the seller, a Kansas-based private equity real estate company. The property sold at 97 percent of the asking price to a Denver-based buyer completing a 1031 exchange.
GAHANNA, OHIO — Marcus & Millichap has brokered the sale of an 8,464-square-foot retail property in the Columbus suburb of Gahanna for $3.7 million. The property, which was 85 percent leased at the time of sale, is home to City BBQ and WesBanco Bank. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private, out-of-state investors. The asset sold at 96 percent of the list price, which equates to a cap rate of 6.5 percent.
SIOUX CITY, IOWA — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons in Sioux City, a city in Northwest Iowa. The 202,880-square-foot shopping center is 95 percent leased. Aldi and Ross Dress for Less recently signed 10-year leases to open at the property. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl’s. Amy Sands, Clinton Mitchell, Michael Nieder and Marcus Pitts of JLL represented the seller, The RH Johnson Co. A Midwest-based private investor purchased the asset.
ADDISON, TEXAS — Locally based shopping center owner Northwood Retail has added five new tenants to Prestonwood Place, a 107,000-square-foot center located in the northern Dallas suburb of Addison. One Medical, a membership-based primary care practice, is now open, and Loro Asian Smokehouse & Bar will open later this year. Two other food-and-beverage concepts, Thai restaurant Asian Mint and fast-casual eatery Sweetgreen, are also slated to launch before year’s end. Buff City Soap will open its store in 2023.
MELISSA, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Melissa Village, a 32,116-square-foot shopping center located about 40 miles north of Dallas. Hudson Lambert of STRIVE represented the seller, a Dallas-based developer, in the transaction, and procured the buyer, a 1031 exchange investor. Both parties requested anonymity. Melissa Village was fully leased at the time of sale to tenants such as Smoothie King, Wingstop, Jersey Mike’s Subs and Jeremiah’s Italian Ice.
FLORENCE, ALA. — Newmark has brokered the sale of Cox Creek Shopping Center, a 142,044-square-foot retail center that spans 17.3 acres at 396-398 Cox Creek Parkway in Florence, a city in northwest Alabama along the Tennessee River. U.S. Properties Group sold the shopping center to United Properties Corp. for $24 million. Mark Joines and Drew Fleming of Newmark represented U.S. Properties Group in the transaction. Cox Creek was fully leased at the time of sale to Dick’s Sporting Goods, Field & Stream, Petco, Old Navy, Five Below and Ulta Beauty. The property sits directly across from the 675,000-square-foot Florence Mall and near major retailers including AMC Theatres, Walmart, Publix, The Home Depot, T.J. Maxx, Ross Dress for Less, Hobby Lobby, Kohl’s, Academy Sports + Outdoors, Dillard’s and Belk.
NEW YORK CITY — Lincoln Market will open a 10,621-square-foot grocery store at 501 Sixth Ave. in Greenwich Village, the grocer’s first location in Lower Manhattan and seventh overall. The opening is scheduled for the third quarter of 2023. Daniyel Cohen and Manu Wendum of Winick Realty Group represented the undisclosed landlord in the lease negotiations. Scott Sher of Katz & Associates represented the tenant.
SAN DIEGO — Hines, in partnership with USAA Real Estate, has started construction on the first phase of the 200-acre Riverwalk San Diego, a transit-oriented, mixed-use property in San Diego. The first phase will include 900 residential rental units, ranging from studios to townhomes, in five buildings along Friars Road; a neighborhood-serving retail space; village green; and traffic, sidewalk and bike lane improvements along Friars Road. Completion is slated for early 2025. The Riverwalk plan that was established through a partnership between Hines and the Levi-Cushman family landowners will transform Mission Valley West neighborhood, according to the development partnership.
SAN DIEGO — HIW Associates has selected Pacific Building Group as general contractor for Harbor Island West Marina, a project including the demolition and renovation of the current marina located at 2040 Harbor Island Drive in San Diego. Estimated to cost $16 million, the 16,000-square-foot project’s scope includes the construction of two new buildings: a two-story, 9,980-square-foot retail building connected to a two-story, 5,000-square-foot marina building. The project will also include an 800-square-foot boater restroom building and recreation areas featuring a pool, picnic area and site landscaping. The marina will be renovated to include its full-service fuel dock, deli, hot tub and 620 boat slips, as well as its sailing academy. Construction on the project is slated to begin in January 2024, with completion scheduled for January 2025. Orange-based firm AO is serving as architect for the project. HIW has owned and managed the marina since 1982,
By Dave Cheatham, President, Velocity Retail Group For decades, Arizona’s housing and commercial real estate industry have benefitted and fed the state’s robust gains as population grew. Even during the pandemic, Phoenix welcomed more than 140,000 new residents fleeing more expensive, crowded coastal cities for what many deemed an improved quality of life. As we know, retail follows housing. Phoenix’s housing market has restarted, and these new markets will need retail to serve them. It has taken 15 years for retail vacancy rates to return to pre-recession levels in Phoenix. In the second quarter of 2022, the direct vacancy rate for retail properties declined to 6.7 percent. West Phoenix, Northwest Phoenix and Scottsdale are currently the strongest submarkets, drawing residents to fast growing cities and towns. I see retail expanding as residential development at the edges of the city continue, and agricultural land is transformed into subdivisions. With inflation shrinking household budgets, consumers are making intentional choices on where they drive and what they buy. Those retailers who are large-space occupiers will continue to focus on delivering value and lower prices to their customers. Shopping center development has been anemic in Phoenix in the past decade, as those that lease big …