Retail

Marcus & Millichap Brokers $10.3M Sale of Kings Valley Marketplace in Conifer, Colorado

by Amy Works July 11, 2022

CONIFER, COLO. — Marcus & Millichap has arranged the sale of Kings Valley Marketplace, a retail property in Conifer, approximately 30 miles southwest of Denver. A limited liability company sold the asset to a local investor/operator for $10.3 million. Located at 30403 Kings Valley Drive, Kings Valley Marketplace features 58,473 square feet of retail space. Current tenants include Kum & Go, Forest Service, Conexsmart and Kings Emporium. Together these tenants occupy 35,396 square feet, or 62 percent of the fully leased center. Barry Higgins of Marcus & Millichap’s Denver office represented the seller in the transaction.

July 11, 2022

Acquisitions California Net Lease Restaurant Retail Western

Orange County-Based Private Partnership Sells KFC-Occupied Property in Perris, California for $3.7M

by Amy Works July 11, 2022

PERRIS, CALIF. — An Orange County-based private partnership has completed the disposition of a restaurant property located at 2560 N. Perris Blvd. in Perris. A Riverside County-based local family office acquired the asset for $3.7 million, or $1,706.82 per square foot. KFC occupies the single-tenant, 2,200-square-foot building, which features a drive-thru, on a net-lease basis. The property was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment Group, along with Greg Bedell of Progressive Real Estate Partners, represented the seller, while Howard Rosenthal and Guy Excell of Hemet-based Rosenthal & Excell Commercial Real Estate represented the buyer in the deal.

July 11, 2022

Acquisitions Florida Retail Southeast

RK Centers Acquires Pineapple Commons Shopping Center in Stuart, Florida for $48.5M

by John Nelson July 11, 2022

STUART, FLA. — RK Centers has purchased Pineapple Commons, a 256,000-square-foot open-air shopping center located at 2502 N.W. Federal Highway in Stuart, a coastal city about 40 miles north of West Palm Beach. Kimco Realty sold the property to RK Centers for $48.5 million. Dennis Carson of CBRE represented Kimco in the transaction. Built in 2005, Pineapple Commons’ tenant roster includes City Furniture, Ashley Furniture, Best Buy, Ross Dress for Less, Ulta Beauty, PetSmart, Marshalls, Shoe Carnival, Starbucks, Chipotle and 15 other dining, service and specialty retail shops.

July 11, 2022

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $4.6M Sale of Starbucks-Occupied Building in Mojave, California

by Amy Works July 8, 2022

MOJAVE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new construction, single-tenant retail property located at 15652 Sierra Highway in Mojave. Phoenix-based Kaidence Group sold the asset to an Orange County-based private investor for $4.6 million. Starbucks Coffee occupies the 3,000-square-foot freestanding property that includes a café and drive-thru. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.

July 8, 2022

Acquisitions Illinois Midwest Retail

Inland Sells 29 CVS, Walgreens Properties Nationwide for $172.3M

by Kristin Harlow July 8, 2022

OAK BROOK, ILL. — Oak Brook-based Inland Private Capital Corp. (IPC) has sold 29 properties occupied by CVS and Walgreens across the country for $172.3 million. The separate transactions were completed over the course of five months. The sales included six CVS properties and 23 Walgreens assets totaling 398,040 square feet. IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of nine IPC 1031 investment programs.

July 8, 2022

Development Georgia Restaurant Retail Southeast

NAP Gains County Approval for Redevelopment of Avenue East Cobb Shopping Center in Metro Atlanta

by John Nelson July 8, 2022

MARIETTA, GA. — North American Properties (NAP) has gained unanimous approval from the Cobb County Board of Commissioners for its redevelopment plan of the Avenue East Cobb, an open-air shopping center located in the northeast Atlanta suburb of Marietta. Plans call for a portion of the central building near Kale Me Crazy to be demolished to make way for an 8,000-square-foot area called The Plaza that will be surrounded by restaurants with patios. The Plaza will feature a covered, raised stage for performances; an LED screen for broadcasting live events; and a deck with soft, flexible seating. Connected to The Plaza will be a 500-square-foot concierge building with optional valet that will be offered seasonally and during large-scale events. Two 2,500-square-foot, standalone retail and restaurant buildings will also be constructed adjacent to the concierge station. Additionally, NAP has secured new leases with Warby Parker, New York Butcher Shoppe and Tempur-Pedic, as well as a Kendra Scott pop-up and Vanilla Café. The Cincinnati-based developer will begin the permitting process immediately with plans to host a public groundbreaking celebration later this fall. NAP is partnering with PGIM Real Estate for the redevelopment of Avenue East Cobb, which Atlanta-based Cousins Properties opened in …

July 8, 2022

Seymour-Street-Redevelopment-Montclair-New-Jersey

Market Reports New Jersey Northeast Northeast Market Reports Retail

Healthy Leasing Activity, Absorption Prevail in Northern New Jersey Retail Market

by Taylor Williams July 8, 2022

By Brian Katz (CEO), Amy Staats (vice president), Jonathan Greenberg (director), Adam Caplan (director) and Hugh Scullin (vice president) of Katz & Associates The Northern New Jersey retail real estate market has been flourishing in the post-COVID-19 era. Inventory continues to shrink across the board, with exceptional demand for drive-thru locations and mid-size boxes. Furthermore, the modern, well-anchored neighborhood and power centers seldom have more than one or two small shop vacancies. Some categories in high demand include discount apparel, grocery, food, health and beauty, fitness and medical. Northern New Jersey specifically benefits from its critical mass and its ease of access to main roads and points of entry. Tenants that have been able to refocus and adapt have thrived in a market that already has a lot going for it. Simply put, the post-COVID bounce has been better than we could have imagined, and from a company standpoint, the pipeline of deals that are in the works or have closed has been among the strongest in our history. Leasing Activity Leasing activity is up. Market adjustments aside, leasing activity has pretty much returned to pre-pandemic levels. In some instances, it’s even easier to get deals across the finish line …

July 8, 2022

Acquisitions Florida Retail Southeast

Katz & Associates Arranges $10.6M Sale of Former HHGregg Store in Boca Raton, Florida

by John Nelson July 7, 2022

BOCA RATON, FLA. — Katz & Associates has arranged the $10.6 million sale of a former hhgregg store located at 20841 S. State Road 7 in Boca Raton. CIRE Equity, a commercial real estate investor with offices in Southern California and Phoenix, purchased the 41,250-square-foot store from an entity doing business as Pan York Glades LLC. Jon Cashion and Daniel Solomon of Katz & Associates represented the seller in the transaction. EoS Fitness, a retail fitness concept based in Phoenix, will backfill the store, which is situated adjacent to a Burlington and PetSmart.

July 7, 2022

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Lalani Ventures Inks Deal to Move Atlanta Brewing Co. to Underground Atlanta

by John Nelson July 7, 2022

ATLANTA — Lalani Ventures has signed Atlanta Brewing Co., a pioneer of the craft beer movement in the Southeast, to relocate from Atlanta’s West Midtown district to Underground Atlanta, a historic mixed-use redevelopment underway in south downtown Atlanta. The brewer was founded in 1993 with its first location off Williams Street in Midtown, before moving to its current location in 2007. The brewer will relocate again to Underground Atlanta and operate a new indoor/outdoor taproom, brewery and restaurant along Upper Alabama Street. The 8,600-square-foot location, which was once the Atlanta Visitors Center, is set to open before the end of the year and will feature a rotation of guest chefs, ping pong tables, a canning operation and roll-up garage doors. Additionally, the taproom will offer 20 beer selections and self-pouring taps throughout the space. Lalani Ventures has previously secured leases at Underground Atlanta with Fulton County’s Public Arts Future Lab, an artist residency funded by Microsoft; MARTA Artbound, MARTA’s public art program; Arts & Entertainment Atlanta; YELLE Beauty, a black woman-owned and operated beauty concept by Yandy Smith-Harris; Dancing Crepes, a new dining concept also by Smith-Harris; dolo’s pizza company, a pizza concept by Alyson Williams and Yusef Walker; and …

July 7, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 559,457 SF Glade Parks Town Center in Euless, Texas

by Taylor Williams July 7, 2022

EULESS, TEXAS — JLL has negotiated the sale of Glade Parks Town Center, a 559,457-square-foot retail power center located in the eastern Dallas suburb of Euless. Built in phases between 2014 and 2018, the property houses tenants such as Dick’s Sporting Goods, Total Wine & More, Cinepolis, Ulta Beauty, Belk, Michael’s, HomeGoods, EoS Fitness, First Watch, Hopdoddy, Daiso, Old Navy, Burlington, DSW and Massage Envy. Barry Brown, Chris Gerard, Ryan Shore, Greyson Fewin and Matthew Barge of JLL represented the seller, a joint venture led by Iron Point Partners, an investment firm with offices in Dallas and Washington, D.C., in the transaction. Charlotte-based Big V Property Group acquired the asset for an undisclosed price.

July 7, 2022

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