Retail

Philadelphia Shopping Centers Present Opportunities to Revamp, Unlock Value

by Taylor Williams September 12, 2022

By Kari Glinski, vice president of asset management, Federal Realty Investment Trust Philadelphia is known for many things, from being the City of Brotherly Love to a city rich in history, art, culture and food. As a result, the region is desirable for many residents and visitors and has been recognized in real estate circles for its housing and retail development opportunities. Throughout the pandemic, greater Philadelphia has lent itself to commuters, residents, tourists and hybrid employers by providing convenient access to other East Coast cities, vast amenities and outdoor recreation spaces, as well as unique dining, entertainment and shopping experiences. Recognizing the need to continue catering to the remote employees, shopping center owners and developers see ample opportunity across the region, specifically within the inner suburbs. In these locations, there is a great mix of diversity, mature employment bases and irreplaceable real estate where developers can continually create long-term value through blended opportunities. Federal Realty has been reinvesting in the greater Philadelphia and Southern New Jersey region for the past decade, strategically transforming our portfolio. Our company focuses on the ownership, operation and redevelopment of high-quality, retail-focused properties, with a mission to deliver long-term, sustainable growth through investing in …

September 12, 2022

Acquisitions Delaware New Hampshire New Jersey Northeast Property Type Retail Top Stories

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2M

by John Nelson September 12, 2022

JERSEY CITY, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana Mall in Newark, Del.; The Mall in Columbia in Columbia, Md.; Westfield Annapolis in Annapolis, Md.; Fair Oaks Mall in Fairfax, Va.; Springfield Town Center in Springfield, Va.; Pheasant Lane Mall in Nashua, N.H.; and Dulles Town Centre in Sterling, Va. The assets traded at a blended implied cap rate of 7.28 percent across three all-cash deals. Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of the trust, and an affiliate of Newmark represented the seller in these transactions. “We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JCPenney post-reorganization,” says Neil Aaronson, principal executive officer of the …

September 12, 2022

Illinois Leasing Activity Midwest Retail

The Back Room Music Venue Signs 6,000 SF Retail Lease in Chicago’s Fulton Market

by Kristin Harlow September 9, 2022

CHICAGO — The Back Room, an entertainment destination and live music venue, has signed a 6,000-square-foot retail lease at 318 N. Carpenter St. in Chicago’s Fulton Market district. The Back Room, which has been a part of Chicago’s music scene for 50 years, is relocating from 1007 N. Rush St. The new property is an eight-story, 95,445-square-foot office building with ground-level retail space that is situated directly across the street from Google’s Chicago headquarters. James Schutter, Larry Kling and Nick Garlick of Newmark represented the building owner, a joint venture between Murphy Real Estate Services and Creek Lane Capital.

September 9, 2022

Acquisitions Kansas Midwest Retail

Blue West Capital Negotiates Sale of 22,800 SF Retail Property in Wichita, Kansas

by Kristin Harlow September 9, 2022

WICHITA, KAN. — Blue West Capital has negotiated the sale of Killarney Center, a 22,800-square-foot retail property in Wichita. Located at 3101 N. Rock Road, the center is home to Golftec, T-Mobile, Oh Yeah China Bistro, Oreck Clean Home and The Health Connection. The sale also included a Scooters Coffee ground lease. Shawn Dickmann and Carly Kelly of Blue West Capital represented the buyer, an out-of-state, private real estate investment company. The seller and sales price were not released.

September 9, 2022

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Brokers $2.8M Sale of Starbucks-Occupied Building in Piqua, Ohio

by Kristin Harlow September 9, 2022

PIQUA, OHIO — The Cooper Commercial Investment Group has brokered the $2.8 million sale of a newly built retail property occupied by Starbucks in Piqua, about 27 miles north of Dayton. The net leased building is situated near the Miami Valley Crossing shopping center. Starbucks has a 10-year lease with 10 percent rental increases every five years. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. The Missouri-based buyer purchased the property at the full ask price, representing a cap rate of 4.7 percent.

September 9, 2022

Loans Mixed-Use Multifamily Oregon Restaurant Retail Western

Dwight Capital Provides $17.5M HUD Loan for Everett Street Lofts in Portland

by Amy Works September 9, 2022

PORTLAND, ORE. — Dwight Capital has provided a $17.5 million HUD 223(f) loan for Everett Street Lofts, a mixed-used development in Portland. Josh Sasouness of Dwight Capital originated the transaction, and Lake Oswego-based McBride Capital was the correspondent. Built in 2021, the property features 117 apartments and three ground-floor retail spaces. Community amenities include a dog wash station, keyless security access system, indoor bicycle storage and in-unit washers/dryers. Mikiko Mochi Donuts and Concrete Treehouse Salon occupy the retail space.

September 9, 2022

Loans Retail Texas

Schelin Uldricks Arranges $10.4M Loan for Refinancing of San Antonio Shopping Center

by Taylor Williams September 9, 2022

SAN ANTONIO — Schelin Uldricks & Co., a California-based financial intermediary and advisory firm, has arranged a $10.4 million loan for the refinancing of Olmos Creek Shopping Center, a 102,254-square-foot retail property in San Antonio. Built in phases between 1996 and 2004, the center is leased to a mix of tenants in the fitness, food-and-beverage, entertainment and discount retail sectors. A California-based debt fund provided the funds. The borrower was not disclosed.

September 9, 2022

Development Mixed-Use Multifamily North Carolina Retail Southeast

Portman Unveils Plans for 2161 Hawkins Mixed-Use Project in Charlotte’s South End

by John Nelson September 9, 2022

CHARLOTTE, N.C. — Portman has unveiled plans for 2161 Hawkins, a transit-oriented, mixed-use development in Charlotte’s South End. In addition to 370 apartments, the 24-story property will feature 18,700 square feet of ground-floor retail space and a plaza and greenspace that will connect 2161 Hawkins to The Line, Portman’s Class A office tower that opened earlier this year. The two towers will also be connected via a fourth-floor sky bridge. The Atlanta-based company will break ground on the 1.5-acre site for 2161 Hawkins in October, with delivery slated for third-quarter 2024. Planned community amenities include concierge service, a rooftop pool, coworking spaces, game room, climbing wall and indoor/outdoor fitness centers. Committed tenants for 2161 Hawkins’ retail space include the popular Sycamore Brewery, local restaurateur Dressler’s new concept Chapter 6, neighborhood market Savi Provisions and fitness concept GritBox Fitness. Foundry Commercial is handling leasing the retail component for 2161 Hawkins.

September 9, 2022

Acquisitions Florida Retail Southeast

SRS Negotiates $9.5M Sale of Shopping Center in New Smyrna Beach, Florida

by John Nelson September 9, 2022

NEW SMYRNA BEACH, FLA. — SRS Real Estate Partners’ Investment Properties Group has negotiated the sale of New Smyrna Shopping Center, a 101,728-square-foot retail center located along US Highway 1 in New Smyrna Beach. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented both the buyer, an entity doing business as Emerald Eagles LP, and the seller, an entity doing business as RCC New Smyrna Beach Shopping Center LLC, in the $9.5 million transaction. Built in 1963 and renovated in 1995 and 2006, New Smyrna Shopping Center was 98.2 percent leased at the time of sale to tenants including Planet Fitness, AMC Theatres and Dollar General. The AMC is the only movie theater in New Smyrna Beach, according to SRS.

September 9, 2022

Leasing Activity Massachusetts Northeast Retail

KeyPoint Partners Negotiates 21,842 SF Retail Lease in Woburn, Massachusetts

by Taylor Williams September 9, 2022

WOBURN, MASS. — Locally based brokerage and advisory firm KeyPoint Partners has negotiated a 21,842-square-foot retail lease at Main Street Shopping Center in Woburn, a northern suburb of Boston. The tenant, Ski Haus, a retailer of outdoor patio furniture and winter sports equipment, will backfill a space previously occupied by AC Moore at the grocery-anchored center. Don Mace of KeyPoint Partners represented the undisclosed landlord in the lease negotiations.

September 9, 2022

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