GEORGETOWN, TEXAS — Dallas-based brokerage firm Disney Investment Group (DIG) has negotiated the sale of Republic Square, a 113,772-square-foot shopping center located in the northern Austin suburb of Georgetown. At the time of sale, the center was roughly 93 percent leased to a roster of 31 tenants that includes Dollar Tree, Harbor Freight, Starbucks, Chipotle Mexican Grill and Pizza Hut. David Disney and Adam Crockett of DIG represented the seller, Dallas-based LRIC Properties, in the transaction and procured a California-based private partnership as the buyer.
CARMEL, IND. — Gallelli Real Estate’s The Osborne Group has brokered the $29 million sale of a retail property occupied by CarMax Auto Superstore in the Indianapolis suburb of Carmel. The two-building property spans 55,536 square feet and features a main showroom, customer receiving bay, service shop and auto cleaning area. Robb Osborne and Kannon Kuhn of Osborne Group, along with Alex Davenport of Colliers, marketed the property on behalf of the seller, an entity doing business as MAX 22 LLC. Osborne’s team procured the buyer, Realty Income Corp. Used car dealer CarMax operates more than 220 locations across the United States.
PITTSBURG, KAN. — Marshalls will open a 25,000-square-foot store at Pittsburg Town Center in Pittsburg, a city in Southeast Kansas. Other tenants at the property include Home Depot, Chili’s, Buffalo Wild Wings and UPS. David Block and Phil Peck of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of the undisclosed ownership group. Block & Co. also manages the property.
By John R. Read, Senior Vice President, CBRE National Retail Partners-West It’s critical to go back to the basics in times of ever-increasing uncertainty. It is not new news that we are currently seeing inflation at a 40-year high, significantly higher interest rates and weaker economic growth expectations, including more talks of a pending recession, which is driving uncertainty in the U.S. market. These factors require us to consider a market’s fundamentals. For attractive fundamentals, look no further than Orange County’s retail market. Orange County’s unemployment rate was 2.7 percent in April 2022, down from a revised 3.1 percent in March 2022, and below the year-ago estimate of 6.8 percent. With California’s unadjusted unemployment rate at 3.8 percent and the nation at 3.3 percent (for the same period), Orange County outperformed both metrics. The county’s leisure and hospitality sector added 6,200 jobs, with 74 percent of these added between March and April of 2022, the most job additions of any sector. Food services and drinking establishments provided most of the employment increase in the subsector, with 4,000 more jobs. Arts, entertainment and recreation also added 1,600 jobs. Orange County boasts about 1,246 arts, entertainment and recreation destinations, along with 7,993 accommodations and …
SACRAMENTO, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Current tenants include Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction. The sale represents Pine Tree’s second acquisition in the Sacramento MSA and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.
LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.
PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.
GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.
NEW YORK CITY — Locally based investment and advisory firm Vanbarton Group has sold a 23,339-square-foot retail assemblage in the Morrisania neighborhood of The Bronx for $22.7 million. The sites collectively span a full block and are located at 1031-1049 Westchester Ave. and 1057 Southern Blvd. Josh Neustadter and Jonathan Squires of Cushman & Wakefield represented Vanbarton Group in the transaction. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors represented the buyer.
ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 17,342-square-foot retail building in the Chicago suburb of Orland Park for $2.4 million. The property, located at 16124 S. La Grange Road, is fully leased to Children of America and Bear Paddle. Chad Firsel of Quantum brokered the sale. A Chicago-based private real estate investor group purchased the asset from a San Diego-based development company.