Retail

Madison Marquette Sells 42-Acre Bayfair Center Regional Mall in San Leandro, California

by Amy Works July 7, 2022

SAN LEANDRO, CALIF. — An affiliate of Madison Marquette has completed the sale of Bayfair Center, a 42-acre regional mall at a BART subway station in San Leandro. B3 and GAW Capital Partners acquired the property for an undisclosed price. Located at 15555 E. 14th St., Bayfair Center was 91 percent leased at the time of sale. Current tenants include Target, Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Old Navy, 24 Hour Fitness and PetSmart. The property includes one main mall building and five outparcel buildings with a total of 816,771 leaseable square feet. The asset offers the ability to redevelop a large portion of the site into a life sciences and mixed-use campus. Nicholas Bicardo, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Cheyne Bloch of Newmark represented the seller in the transaction.

July 7, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Brokers $84.2M Sale of Three Metro Boston Shopping Centers

by Taylor Williams July 7, 2022

ABINGTON, KINGSTON AND ORLEANS, MASS. — Boston-based Atlantic Capital Partners, a division of Atlantic Retail, has arranged the $84.2 million sale of three shopping centers located on the southern outskirts of the state capital. The properties in Abington, Kingston and Orleans are all anchored by grocers and were collectively 97 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

July 7, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $2.9M Sale of MedMen-Leased Store in Pensacola, Florida

by John Nelson July 6, 2022

PENSACOLA, FLA. — Marcus & Millichap has brokered the $2.9 million sale of a store located at 5048 Bayou Blvd. in Pensacola leased to MedMen, a national medical marijuana retailer. The single-tenant, triple-net-leased property in Northwest Florida opened in 2019 and was the fifth medical marijuana dispensary in Escambia County at the time. The MedMen store is an outparcel to Cordova Mall, which is within walking distance of Pensacola State College. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Wolfe-Lipsky team, which has brokered the sale of 22 medical marijuana dispensaries in the past 18 months, represented the seller in the transaction. The buyer was not disclosed.

July 6, 2022

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers Sale of 250,193 SF Shopping Center in Syracuse

by Taylor Williams July 6, 2022

SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of Western Lights Shopping Center, a 250,193-square-foot retail property in Syracuse, for $18.2 million. Tenants at the center include Price Chopper, Valu Home Center, Dollar Tree, Rainbow Shops, Mavis Discount Tire, Supercuts and Subway. Joseph French Jr., Kodi Traver and Thomas Dalzell of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also secured the buyer.

July 6, 2022

Acquisitions Connecticut Northeast Retail

Vidal/Wettenstein Arranges $8.2M Sale of Spinelli Plaza Shopping Center in Stratford, Connecticut

by Taylor Williams July 6, 2022

STRATFORD, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the $8.2 million sale of Spinelli Plaza, a 58,200-square-foot shopping center in Stratford, located in southern Connecticut’s Fairfield County. Tenants at Spinelli Plaza include Chase Bank, Family Dollar and Starbucks. The Spinelli Family sold the center to an undisclosed 1031 exchange buyer. Bruce Wettenstein of Vidal/Wettenstein brokered the deal.

July 6, 2022

Leasing Activity Midwest Ohio Retail

Eidi Properties Achieves Full Occupancy at Crossroads Centre Shopping Center in Ohio

by Kristin Harlow July 6, 2022

ROSSFORD, OHIO — Eidi Properties has completed the lease-up of Crossroads Centre in Rossford, just south of Toledo. Ashley Furniture will occupy the remaining 42,305 square feet. Big Lots opened a 37,716-square-foot store in February. Eidi acquired the 470,225-square-foot shopping center in December 2018 when it was 77 percent occupied. The property is situated next to an Amazon distribution center.

July 6, 2022

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $6M Sale of Retail Center in Hales Corners, Wisconsin

by Kristin Harlow July 6, 2022

HALES CORNERS, WIS. — Marcus & Millichap has arranged the $6 million sale of a 37,219-square-foot retail center in Hales Corners, about 14 miles southwest of Milwaukee. Dollar Tree and Health Hut anchor the fully leased property, which is located at 5602 S. 108th St. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a private investor that completed a 1031 exchange. The property sold at the full asking price.

July 6, 2022

Acquisitions Nevada Retail Western

CBRE Arranges $7.9M Sale of Two-Property Retail Portfolio in Las Vegas

by Amy Works July 6, 2022

LAS VEGAS — CBRE has arranged the $7.9 million sale of two retail assets in Las Vegas. The portfolio spans 17,940 square feet and includes Flamingo Jones Plaza, a 10,712-square-foot, six-tenant retail pad located at the intersection of Flamingo Road and Jones Boulevard; and Tropicana Centre, a 7,228-square-foot, five-tenant retail pad located near the intersection of Tropicana Avenue and Jones Boulevard. Flamingo Jones Plaza was 78 percent leased at the time of sale to tenants including Subway, Marco’s Pizza, Robert James Salon, B&T Nails and Rapid Cash. Tropicana Centre was fully occupied at the time of sale by tenants including Del Taco, Ethiopian Spice, Planet Vegas Smoke Shop, Trenz Salon and Nail Pro & Training. Roy Fritz, Michael Hsu, Dylan Heroy, Arthur Flores, Mark Latimer, Jay Gomez and James Kaye of CBRE represented the seller, Farmers and Merchants Trust Co. Trustee, in the disposition of the properties to Rand & Miner LLC and Tropicana Centre 22 LLC.

July 6, 2022

Acquisitions California Retail Western

Festival Cos. Divests of Retail Property in Claremont, California for $4.1M

by Amy Works July 5, 2022

CLAREMONT, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail property located at 903-911 W. Foothill Blvd. in Claremont. The Festival Cos. sold the asset to a San Gabriel Valley-based private investor for $4.1 million. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, while Katherine Quach of Treeland Realty Group represented the buyer in the transaction. Unleashed by Petco and Wild Birds have been tenants at the 9,226-square-foot property since 2010/2011 and recently renewed their leases. Progressive also handled the lease-up of the final space to Almond Haus Café. The property features modern architecture and was fully remodeled in 2010, including a new façade and roof.

July 5, 2022

Features Heartland Feature Archive Restaurant Retail

Retail, Restaurant Industries Embrace Post-Pandemic Design Shifts

by Kristin Harlow July 5, 2022

By Kristin Hiller As the nation emerges on the other side of the pandemic, the retail and restaurant industries are tasked with adapting their store designs and business models to match consumer behavioral shifts. Shoppers and diners alike want to make purchases easily with multiple options for ordering and pickup. Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted the services of Minneapolis-based design consultancy Vertical Works Inc. in 2020 to create a new restaurant design. The result was Defy, a two-story concept with four drive-thru lanes situated below the restaurant kitchen. The 3,000-square-foot restaurant, which is located in the Minneapolis suburb of Brooklyn Park, recently opened. Josh Hanson, founder and CEO at Vertical Works and WORKSHOP, says his team set out to reimagine the drive-thru experience and create a concept that would solve many of the issues related to traditional drive-thrus. “By elevating kitchens and operations and adding multiple drive-thru lanes underneath, the Defy concept is able to increase efficiency and profitability within the same footprint and at the same cost as a traditional drive-thru,” he states. Defy customers will be able to place orders online via the Taco Bell app or traditionally …

July 5, 2022

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