Retail

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450M in Existing US Locations

by Katie Sloan September 15, 2022

SEATTLE — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the United States. The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ hometown of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up stores and drive-thru-only and delivery-only locations. “When we think about our existing store portfolio and our investments, they must deliver in a few critical areas,” said John Culver, group president for North America and chief operating officer. “Reducing the level of complexity and making work easier for our partners; enabling stronger engagement and connection between our partners and the customers they serve; and delivering experiential convenience.” Starbucks also plans to expand its mobile order offerings via the company’s app, allowing customers to know when their order is ready and making the process of mobile ordering easier and more efficient during peak hours. Mobile ordering will also be extended to the …

September 15, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Korean Restaurant Signs 10,000 SF Lease in Neptune, New Jersey

by Taylor Williams September 14, 2022

NEPTUNE, N.J. — KPOT Korean BBQ & Hot Pot has signed a 10,000-square-foot restaurant lease at Neptune Plaza Shopping Center in coastal New Jersey. The restaurant now has 10 locations throughout the Tri-State area. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Stephan Miller of Welco Realty represented the tenant.

September 14, 2022

Acquisitions Indiana Midwest Retail

JLL Arranges $14.6M Sale of Retail Center in Muncie, Indiana

by Kristin Harlow September 14, 2022

MUNCIE, IND. — JLL Capital Markets has arranged the sale of Muncie Marketplace in Muncie for $14.6 million. Built in 2014, the 77,871-square-foot retail center is fully leased to seven national tenants, including Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Kay Jewelers and GameStop. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murray of JLL represented the seller, AlbaneseCormier Holdings LLC. War Chest Real Estate LLC was the buyer.

September 14, 2022

Acquisitions Georgia Retail Southeast

IPA Arranges $10.3M Sale of Mansell Oaks Shopping Center in Roswell, Georgia

by John Nelson September 14, 2022

ROSWELL, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $10.3 million sale of Mansell Oaks, a 43,190-square-foot shopping center in the north Atlanta suburb of Roswell. Zach Taylor of IPA represented the seller, an entity doing business as PLC Mansell LLC, in the transaction. Peachtree Industrial Partners LLLP is the buyer. Mansell Oaks’ tenant roster includes LongHorn Steakhouse, Bird Watcher Supply and Animal Emergency Center of North Fulton. “Well-located, unanchored retail strips with reasonable rents have become nearly as sought after as grocery anchored centers, and the cap rates are reflecting this demand,” says Taylor.

September 14, 2022

Acquisitions Alabama Loans Retail Southeast

Eastern Union Secures $7M Acquisition Financing for Shopping Center in Birmingham

by John Nelson September 14, 2022

BIRMINGHAM, ALA. — Eastern Union has secured $7 million in acquisition financing for Crestwood Festival Centre in Birmingham. Marc Tropp of Eastern Union arranged the financing on behalf of the buyer, CityWide Properties, which intends to invest $1.5 million in capital improvements at the 299,707-square-foot shopping center. The five-year loan includes a fixed interest rate of 4.6 percent with one year of interest-only payments. The investor purchased the property, which is shadow-anchored by The Home Depot, for $9.4 million. Built in 1989 on 41 acres, Crestwood Festival Centre comprises 44 retail suites and nearly 1,000 parking spaces. Notable tenants include Phoenix Theatres The Edge 12 Birmingham, Burlington, Mattress Warehouse and Dollar Tree.

September 14, 2022

Silver-Lake-Village-Bartlesville-Oklahoma

Acquisitions Oklahoma Retail Texas

Stan Johnson Co. Negotiates $15.3M Sale of Shopping Center in Bartlesville, Oklahoma

by Taylor Williams September 13, 2022

BARTLESVILLE, OKLA. — Locally based brokerage firm Stan Johnson Co. has negotiated the $15.3 million sale of Silver Lake Village, an 87,750-square-foot shopping center in Bartlesville, located north of Tulsa. The center was fully leased at the time of sale to 12 tenants, with T.J. Maxx, Ross Dress for Less, Petco and Ulta Beauty serving as the anchors. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, Tennessee-based GBT Realty Corp., in the transaction. The buyer was a Florida-based 1031 exchange investor that requested anonymity.

September 13, 2022

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $12.5M in Financing for Metro Boston Retail Property

by Taylor Williams September 13, 2022

BURLINGTON, MASS. — Locally based mortgage banking firm Fantini & Gorga has arranged $12.5 million in financing for One Wheeler Road, a 22,000-square-foot retail property located on the northern outskirts of Boston in Burlington. The undisclosed borrower will use the proceeds to redevelop One Wheeler Road and rebrand the property as Gateway Burlington. Casimir Groblewski and Colin Monahan of Fantini & Gorga placed the debt through a direct lender that also requested anonymity. Construction is underway and expected to be complete before the end of the year.

September 13, 2022

Acquisitions Hawaii Retail Western

SRS Brokers $5.5M Sale of Cost-U-Less-Occupied Retail Property in Hilo, Hawaii

by Amy Works September 13, 2022

HILO, HAWAII — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 715 Kinoole St. in Hilo. A mainland-based private investor acquired the asset from a Hawaii-based private investor for $5.5 million. Cost-U-Less, a warehouse-style retail chain store, occupies the 23,016-square-foot building, which was built in 2002. Nicholas Paulic, AJ Cordero, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the transaction.

September 13, 2022

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $12.9M Sale of Shopping Center in Appleton, Wisconsin

by Kristin Harlow September 13, 2022

APPLETON, WIS. — Colliers Wisconsin has brokered the sale of a 70,414-square-foot shopping center in Appleton for $12.9 million. The fully leased property is situated adjacent to the Fox River Mall near Highway 41. Some of the tenants include JoAnn Fabrics, Dollar Tree, Kirkland’s and Chili’s. Adam Connor, Mark Pucci and Heather Dorfler of Colliers represented the seller, an Appleton-based investor group. Prairie Hill Holdings, a Chicago-based private real estate investment firm, was the buyer.

September 13, 2022

Acquisitions Florida Retail Southeast

PEBB, Banyan Sell Mainstreet at Boynton Shopping Center in South Florida for $33M

by John Nelson September 13, 2022

BOYNTON BEACH, FLA. — PEBB Enterprises and joint venture partner Banyan Development have sold Mainstreet at Boynton, a grocery-anchored retail center in Boynton Beach that the companies delivered in 2021. The co-developers sold the 52,152-square-foot property to an entity doing business as West Parkway Realty LLC for $33 million. Danny Finkle and Eric Williams of JLL represented PEBB and Banyan in the sale, which does not include other components of the mixed-use Mainstreet development, such as its 158-unit Congregate Living Facility and numerous outparcels occupied by tenants including Wawa, Aspen Dental and Synovus Bank. Located at 6405 W. Boynton Beach Blvd. in South Florida’s Palm Beach County, Mainstreet at Boynton was fully leased at the time of sale to tenants including Sprouts Farmers Market, AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.

September 13, 2022

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