Retail

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson August 25, 2022

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

August 25, 2022

Acquisitions Arkansas Retail Southeast

Mid-America Brokers Sale of 282,608 SF Shopping Center in Russellville, Arkansas

by John Nelson August 25, 2022

RUSSELLVILLE, ARK. — Mid-America Real Estate Corp. has brokered the sale of Valley Park Centre, a 282,608-square-foot regional shopping center in Russellville, a town within the Arkansas River Valley region. Dallas-based The Woodmont Cos. purchased the big-box retail center for an undisclosed price. Ben Wineman of Mid-America, along with Hank Kelley of Kelley Commercial Real Estate Partners, represented the seller, a joint venture between Atlanta-based RCG Ventures and an unnamed investment partner based in New York City. Valley Park Centre was 95 percent leased at the time of sale to tenants including T.J. Maxx, Ross Dress for Less, Belk, JC Penney, Shoe Carnival, Hibbett Sports, Hobby Lobby, PetSmart and Five Below.

August 25, 2022

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.8M Sale of La Pico Plaza Shopping Center in Whittier, California

by Amy Works August 25, 2022

WHITTIER, CALIF. — Progressive Real Estate Partners has arranged the sale of La Pico Plaza, a neighborhood shopping center located at 9150 Painter Ave. in Whittier. An Orange County-based private investor sold the asset to Desert Capital Ventures for $5.8 million. Circle K anchors the 20,939-square-foot retail center, which was fully leased to 14 tenants at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.

August 25, 2022

Healthcare Leasing Activity Massachusetts Northeast Retail

American Red Cross Signs 5,000 SF Retail Lease in Kingston, Massachusetts

by Taylor Williams August 25, 2022

KINGSTON, MASS. — The American Red Cross has signed a 5,000-square-foot retail lease at Summer Hill Plaza in Kingston, a grocery-anchored center located south of Boston in Plymouth County. Don Mace and Rob Grady of locally based advisory firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.

August 25, 2022

Acquisitions California Retail Top Stories Western

Unibail-Rodamco-Westfield Sells 1.5 MSF Regional Mall Near Los Angeles for $537.5M

by Katie Sloan August 25, 2022

ARCADIA, CALIF. — Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita, a 1.5 million-square-foot regional mall located roughly 15 miles northeast of Los Angeles in Arcadia, for $537.5 million. The transaction represents the largest price paid for a regional mall in the U.S. since 2018, according to Eastdil Secured, which acted as financial advisor to the seller. The buyer is an undisclosed real estate investor that owns other retail assets in Southern California. The acquisition was funded through a combination of equity and new debt, and reflects a sub-6 percent net initial yield and a 10.7 percent discount to the property’s latest appraisal price. The Class A regional mall was 96 percent leased at the time of sale to tenants including J.C. Penney, Macy’s, Nordstrom, Sephora, Free People, Kate Spade, Fabletics, Coach, lululemon, Michael Kors, Steve Madden, Victoria’s Secret, Zara and Abercrombie & Fitch, among others. The property is also home to AMC Theatres; entertainment concepts such as Bowlero, Luxy Karaoke and Dave & Buster’s; and restaurants including The Cheesecake Factory, Benihana, California Pizza Kitchen and Din Tai Fung. URW made headlines earlier this week with the announcement of redevelopment plans for Westfield Garden State Plaza, a 2.1 million-square-foot regional mall …

August 25, 2022

Acquisitions Louisiana Retail Southeast

JLL Brokers Sale of 244,768 SF Acadiana Square Shopping Center in Lafayette, Louisiana

by John Nelson August 24, 2022

LAFAYETTE, LA. — JLL has brokered the sale of Acadiana Square, a 244,768-square-foot shopping center located at 5700 Johnston St. in Lafayette. Jim Hamilton, Ryan West and Brad Buchanan of JLL represented the sellers, DRA Advisors and RCG Ventures, in the transaction. Property Commerce Dividend Fund acquired the center for an undisclosed price. Acadiana Square was 95 percent leased at the time of sale to tenants such as Burlington, Home Furniture Co. of Lafayette, T.J. Maxx, PetSmart, Office Depot and Party City. The previous ownership executed new leases or renewals totaling over 87,000 square feet at Acadiana Square in the past 18 months, according to JLL.

August 24, 2022

Acquisitions Midwest Nebraska Retail

Marcus & Millichap Arranges $4.6M Sale of Net Leased Retail Property in Omaha

by Kristin Harlow August 24, 2022

OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 65,413-square-foot retail property net leased to Family Fare Supermarket in Omaha for $4.6 million. The building is located at 5110 S. 108th St. Family Fare operates more than 80 locations across seven states. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

August 24, 2022

Illinois Leasing Activity Midwest Restaurant Retail

SVN Chicago Commercial Negotiates New Restaurant Lease for Lady May

by Kristin Harlow August 24, 2022

CHICAGO — SVN Chicago Commercial has negotiated a new lease for the former Beacon Tavern restaurant space in Chicago. Lady May, a Garrett Hospitality Group concept, will occupy the space beginning late this year. Lady May is an eatery and cocktail parlor that serves southern coastal fare. Leslie Karr and Lorile Herlihy of SVN Chicago Commercial negotiated the 10-year lease. The 6,700-square-foot property will also include an outpost of Sushi|Bar.

August 24, 2022

Acquisitions New Mexico Retail Western

Newmark Negotiates Sale of Ashley HomeStore-Occupied Retail Building in Farmington, New Mexico

by Amy Works August 23, 2022

FARMINGTON, N.M. — Newmark has brokered the sale of a single-tenant retail building located at 5200 E. Main St. in Farmington. Johnston Real Estate Farmington sold the asset to an undisclosed public REIT for $6.5 million. Matt Berres, Samer Khalil and Karick Brown of Newmark’s Net Lease Capital Markets group, along with John Ransom of Colliers, represented the seller in the deal. Ashley HomeStore occupies the property on a long-term, passive double net-lease basis. The retail furniture store has more than 2,000 locations in 60 countries.

August 23, 2022

District of Columbia Loans Mixed-Use Office Retail Southeast

Grosvenor Obtains $82.1M Refinancing Loan for Mixed-Use Building in D.C.

by John Nelson August 23, 2022

WASHINGTON, D.C. — Grosvenor has obtained an $82.1 million loan to refinance 1500 K Street, a 262,190-square-foot mixed-use building in Washington, D.C. Eastdil Secured arranged the loan through Helaba on behalf of Grosvenor. Built in 1928, 1500 K Street comprises offices and retail space. The property is situated near the McPherson Square Metro station and the White House, as well as Washington, D.C.’s downtown and East End districts. Grosvenor recently invested $20 million to renovate the property, including updates to the lobby, fitness center, tenant lounge, HVAC system, roof and rooftop lounge.

August 23, 2022

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