Retail

Confluent Development Completes 127,000 SF Vectra Bank Corporate Center in Denver

by Amy Works February 13, 2023

DENVER — Confluent Development has completed Vectra Bank Corporate Center, a nine-story office building within Belleview Station in Denver. The 127,000-square-foot building brings together more than 200 employees from across the Denver metro area to serve Vectra Bank customers and facilitate the bank’s future growth. Vectra Bank Corporate Center features floors of office space and parking; a 4,300-square-foot conference center for employee training and hosting public events; and one floor of commercial retail space, including a Vectra Bank branch. Other features at the building include eight electric vehicle charging stations, bicycle storage, a greenspace with a large open-air patio on the sixth floor, café, grand fireplace and a lobby on the ninth floor. The project team included Open Studio Architectures, Weitz Co. and Provident Construction, as well as in-house entitlement experts at Confluent.

February 13, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.7M Sale of Retail Center in Franklin Park, Illinois

by Kristin Harlow February 13, 2023

FRANKLIN PARK, ILL. — Marcus & Millichap has negotiated the $4.7 million sale of a 42,111-square-foot retail center in the Chicago suburb of Franklin Park. Just Tires anchors the property and has operated out of the location since 1975. Mitchell Kiven, James Ziegler and Keith Zelenika of Marcus & Millichap represented the seller, an investment fund with several partners based primarily in Chicago. Kiven also procured the buyer, Jupiter Texas Group, a real estate syndicator based in Frisco, Texas. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The seller had purchased the property in foreclosure and spent three years stabilizing the asset.

February 13, 2023

Acquisitions Kansas Midwest Northmarq Restaurant Retail

Northmarq Brokers $1.2M Sale-Leaseback of Sonic-Occupied Property in Kansas

by Kristin Harlow February 13, 2023

COLUMBUS, KAN. — Northmarq has brokered the sale-leaseback of a Sonic-occupied restaurant property in Columbus, a city in Southeast Kansas. The sales price was $1.2 million. The 1,127-square-foot building is located at 228 W. Maple St. Matt Lipson of Northmarq represented the Missouri-based seller. Hamman Real Estate represented the buyer, a California-based individual investor.

February 13, 2023

Acquisitions California Retail Top Stories Western

Bridge Group Investments, Steerpoint Capital Acquire 1.3 MSF North County Mall in Escondido, California

by Kristin Harlow February 13, 2023

ESCONDIDO, CALIF. — Bridge Group Investments and Steerpoint Capital have acquired North County Mall in Escondido, about 30 miles north of San Diego. Unibail-Rodamco-Westfield (URW) was the seller, according to the Escondido Times-Advocate. The sales price was undisclosed. Situated on almost 83 acres, North County Mall totals nearly 1.3 million square feet. Tenants include Target, Macy’s, JC Penney, 24 Hour Fitness, Forever 21, H&M, Apple, Cheesecake Factory, BJ’s Restaurant and Brewhouse, Black Angus Steakhouse, On the Border and more. The mall opened in 1986. Although no plans were released for changes under the new ownership, a press release from the City of Escondido — which owns most of the land on which the mall rests — said the buyers “are eager to bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community.” The property is the fourth mall that Bridge Group Investments and affiliates have acquired in California over the past six months with support from Steerpoint Capital. Previous acquisitions include The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale and Northridge Mall in Salinas. Bridge Group Investments is the family office for the Mersho family, led by …

February 13, 2023

Acquisitions Georgia Retail Southeast

Coro Realty, Pope & Land Sell Three Metro Atlanta Shopping Centers Totaling 120,000 SF

by John Nelson February 10, 2023

ALPHARETTA, KENNESAW AND ROSWELL, GA. — Coro Realty and Pope & Land Enterprises have sold three shopping centers totaling 120,000 square feet in metro Atlanta in recent months. The joint venture acquired the properties as a portfolio in February 2020, purchasing them from Muntzing-Sattele. Most recently, the partnership completed the disposition of Brookside Station, a 23,500-square-foot retail center located on Old Milton Parkway in Alpharetta, a northeast suburb of Atlanta. Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the sellers in the transaction. The buyer was Last Mile Investments. In August 2022, Coro Realty and Pope & Land sold Town Center Oaks, a 52,000-square-foot shopping center in Kennesaw, roughly 30 miles northwest of Atlanta. Additionally, Mimms Enterprises acquired Mansell Oaks, a 43,000-square-foot property located in Roswell, from the partners in November 2022. Taylor represented Coro Realty and Pope & Land in all three transactions, which totaled more than $29 million. “In each sale, the sellers secured compelling cap rates and the buyers added well-located, north Atlanta centers with upside to their portfolios,” says Taylor. “It was a true win-win.”

February 10, 2023

Acquisitions Retail South Carolina Southeast

NAI Columbia Sells 40,883 SF Retail Center in Columbia, South Carolina

by John Nelson February 10, 2023

COLUMBIA, S.C. — NAI Columbia has sold a 40,883-square-foot retail center located at 3900 N. Main St. in Columbia’s NOMA District for an undisclosed price. Dubbed the “Ultra Hub,” a 30,000-square-foot O’Reilly Auto Parts store, warehouse and distribution center anchors the property. North Main Kidney Center and TitleMax are also tenants at the shopping center. NAI Columbia’s development team purchased the property, formerly home to a BI-LO grocery store, in December 2021 before making extensive renovations. Ben Kelly and Patrick Chambers of NAI Columbia brokered the sale to the undisclosed buyer.

February 10, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 116,992 SF Shopping Center in Countryside, Illinois

by Kristin Harlow February 10, 2023

COUNTRYSIDE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Salem Square in Countryside, a southwest suburb of Chicago. The sales price was undisclosed. The 116,992-square-foot shopping center is fully leased to tenants such as TJ Maxx, HomeGoods, Marshalls, ATI Physical Therapy, Famous Footwear, Mangia Mangia, Great Clips, Card Frenzy and Magic Nails. Rick Drogosz and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. A private real estate investment firm was the buyer.

February 10, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Negotiates $6.9M Sale of Retail Center in Blue Springs, Missouri

by Kristin Harlow February 10, 2023

BLUE SPRINGS, MO. — Marcus & Millichap has negotiated the $6.9 million sale of Copperleaf Village in Blue Springs, about 19 miles southeast of downtown Kansas City. The 32,978-square-foot retail center was 82 percent leased at the time of sale. Tenants consist of medical, dental, restaurant, convenience, fitness and insurance companies. The property was originally built in 1973 and renovated in 2006. Zach Turner, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also procured the buyer, an out-of-state limited liability company.

February 10, 2023

Indiana Leasing Activity Midwest Restaurant Retail

Tinker Coffee to Open at 360 Market Square in Downtown Indianapolis

by Kristin Harlow February 10, 2023

INDIANAPOLIS — Tinker Coffee Co. is opening a new location at 360 Market Square in downtown Indianapolis this spring. The 360 Market Square location will be Tinker’s fourth café, but its first standalone offering that is not in the airport or a food hall. Tinker currently maintains two locations in the Indianapolis International Airport and one in the AMP food hall, an artisan marketplace and food hall located in the 16 Tech Innovation District in downtown Indianapolis. The downtown café will be open seven days a week. Flaherty & Collins is the owner and developer behind 360 Market Square, an apartment building with an attached Whole Foods Market.

February 10, 2023

Acquisitions Retail Texas

Baker Katz Acquires 20,000 SF Retail Building in Metro Houston, Plans Repositioning

by Taylor Williams February 10, 2023

FRIENDSWOOD, TEXAS — Locally based brokerage and investment firm Baker Katz has acquired a 20,000-square-foot freestanding retail building in Friendswood, a southeastern suburb of Houston, with plans to reposition the asset. According to LoopNet Inc., the building at 18980 Gulf Freeway was originally built in 1980 as a pad structure for Baybrook Mall. Ben Brown negotiated the purchase for Baker Katz on an internal basis. The seller and sales price were not disclosed.

February 10, 2023

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