Retail

Marcus & Millichap Negotiates $4.8M Sale of Firestone-Occupied Property in Suburban Chicago

by Kristin Harlow July 22, 2022

NAPERVILLE, ILL. — Don McMinn of Marcus & Millichap has brokered the $4.8 million sale of a retail property constructed in 2021 and occupied by Firestone in the Chicago suburb of Naperville. The 6,116-square-foot property sold at list price to an out-of-state buyer completing a 1031 exchange. There were more than 14 years remaining on Firestone’s lease at the time of sale. “Quality net lease retail in good markets with rent increases remains a safe and attractive investment option in uncertain times,” says McMinn.

July 22, 2022

Company News New Jersey New York Northeast Retail

Toys ‘R’ Us, Macy’s Launch In-Store Partnership

by Taylor Williams July 22, 2022

NEW YORK CITY AND WAYNE, N.J. — Macy’s and New Jersey-based WHP Global, the parent company of Toys ‘R’ Us, have launched a partnership open in-store toy shops within the department store’s locations across the country, an agreement that was announced last year. Toys ‘R’ Us stores will range in size from 1,000 to 10,000 square feet and are set to open from late July through October 15. Each location will feature colorful fixtures, demonstration tables for customers to interact with toys and a “Geoffrey on a Bench” photo opportunity for families. The in-store shops may also grow by an additional 500 to 3,000 square feet during the holiday season.

July 22, 2022

Leasing Activity Northeast Pennsylvania Retail

PREIT Adds New Tenants to Three Philadelphia-Area Malls

by Taylor Williams July 22, 2022

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has added new tenants to three of its malls in the Philadelphia area. Rose & Remington, a lifestyle brand centered on mother-daughter shopping experiences, will open stores at Willow Grove Park, Capital City and Cherry Hill malls later this year. These stores will mark the retailer’s foray into greater Philadelphia. Fashion-forward jewelry concept Lovisa will also launch at Capital City Mall this fall. Lovisa opened its first store at PREIT’s Woodland Mall last year and has a third location at Springfield Town Center.

July 22, 2022

Acquisitions Florida Retail Southeast

SRS Arranges $13.9M Sale of Publix-Anchored Shopping Center in Arcadia, Florida

by John Nelson July 21, 2022

ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.

July 21, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Brokers $5.5M Sale of Planet Fitness-Occupied Property in Palmdale, California

by Amy Works July 21, 2022

LOS ANGELES — Stan Johnson Co. has arranged the sale of a fitness and sports facility located at 40014 10th St. West in Palmdale. A New York City-based private investor sold the asset to the tenant, Planet Fitness, for $5.5 million. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal.

July 21, 2022

Leasing Activity Midwest Ohio Retail

Gucci Opens First Ohio Store at Easton Town Center in Columbus

by Kristin Harlow July 21, 2022

COLUMBUS, OHIO — Gucci has opened its first Ohio store at Easton Town Center in Columbus. The boutique spans more than 5,000 square feet and showcases a wide collection of men’s and women’s small leather goods, handbags, luggage, jewelry, watches and eyewear. The Easton Town Center location features LED lighting, which is part of Gucci’s commitment to implement eco-friendly initiatives and energy-efficient technologies in its stores worldwide. Easton Town Center is a shopping, dining and entertainment destination with more than 240 shops, restaurants and entertainment spaces. L Brands, The Georgetown Co. and Steiner + Associates jointly developed the property.

July 21, 2022

Features Retail

Retail Design Adapts to New Technology, Consumer Behavior, Supply Chain Issues

by Katie Sloan July 21, 2022

It’s a challenging world right now. Inflation, rising interest rates, persistent supply chain lags and labor shortages are affecting the retail industry. That’s to say nothing of the always changing retail environment. But there are also consumers who are ready to put COVID behind them — who are looking for a reason to venture out, be entertained and spend some money (though maybe not as much money, thanks to inflation). You also have shopping center owners who are quite eager to give these consumers what they want. While architects and designers can’t remove problems like rates or inflation from an owner’s plate, they can help them navigate — and win — in this new market. How? By making sure every detail, dollar and person counts. Multifaceted Designers Strength in numbers is always appreciated when times are tricky. Frankie Campione, principal at CREATE Architecture Planning & Design in New York City, notes designers are collaborating more than ever to get the job done. This type of collaboration is particularly useful during the current materials shortage, he notes. “There doesn’t seem to be any way to know what shortage may affect any particular project,” Campione says. “There are two projects, both on Long …

July 21, 2022

Acquisitions Office Retail Texas

Venture Investment Partners Buys 83,256 SF Office, Retail Property in Richardson, Texas

by Taylor Williams July 20, 2022

RICHARDSON, TEXAS — Venture Investment Partners has purchased The Shire at CityLine, an 83,256-square-foot office and retail property located in the northeastern Dallas suburb of Richardson. The property was built on 6.2 acres between 2005 and 2006 and was 85 percent leased at the time of sale. Tenants include Sweeney Eye Associates, Dogtopia, Shire Pediatrics, North Texas Dermatology, Anaya’s Seafood, Republic Title, Modern Dental, Ameriprise, Re/Max and Gillespie’s Tavern. Adam Howells, Barry Brown, Jack Copher and Beth Copeland of JLL represented the seller, locally based investment firm Standridge Cos., in the transaction.

July 20, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Brokers $16.7M Sale of SanTan Gateway South Retail Center in Chandler, Arizona

by Amy Works July 20, 2022

CHANDLER, ARIZ. — Phoenix Commercial Advisors has arranged the sale of SanTan Gateway South, a grocery-anchored shopping center in Chandler. The asset traded for $16.7 million, or $294 per square foot. The names of the seller and buyer were not released. Situated on 6.8 acres at the intersection of Arizona Avenue and Loop 202 Freeway, the 56,852-square-foot property was 100 percent leased at the time of sale. Tenants include Starbucks Coffee, Patel Brothers, Bright Now! Dental and Orthodontics, and Bethel Church. John Schweikert, Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction.

July 20, 2022

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