MATAMORAS, PA. — Discount retailer T.J. Maxx has opened a 25,000-square-foot store at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. The representative of the tenant was not disclosed.
LAS VEGAS — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip. The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed. New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded restaurants. “Miracle Mile Shops has been a highly successful shopping and entertainment destination in Las Vegas for over 20 years, attracting locals, visitors and international tourists,” says Robert Buchanan, vice president and general manager of Miracle Mile Shops. “The renovations are coming at the ideal time as our city welcomes the return of domestic and international tourists.” The revitalized interior will include new flooring, lighting, ceilings, seating and a new sound system. The “rainstorm” attraction, a free daily show that features thunder, lightning, fog and rain, will also be enhanced. The renovation includes a redesign to Miracle Mile Shops’ exterior entrances on the Las Vegas Strip and Harmon Avenue, featuring …
By John Hickman, Managing Director, NewMark Merrill San Diego may be California’s second most populous county, but you wouldn’t know it by strolling through one of its many business districts. The county has grown up since its early days as a small military outpost, yet today its hundreds of communities and neighborhoods still impart a small-town feel. The retail real estate market reflects an intimate beach town vibe with a tightly knit brokerage and landlord community. Brokers and investors can cover the market with a limited footprint, while many retailers can achieve a major presence with a handful of locations. This is opposed to the dozens of locations they may require in other California markets, such as Los Angeles, Orange County and the Bay Area. And big, national brands aren’t the only retailers finding success — 98 percent of firms in San Diego are small businesses. Retailers in San Diego are open to taking chances on new concepts and structuring different types of leases. They’re also willing to pay slightly higher rent to gain access to the area’s strong demographics and limited supply of new shopping centers. This uniqueness provided resiliency during the pandemic and will contribute to a thriving …
COLORADO SPRINGS, COLO. — CBRE has facilitated the sale of Erindale Square, an open-air retail property in Colorado Springs. A New York City-based investor acquired the property from a Los Angeles-based investor for $12.1 million. Situated on 6.9 acres at 5881-5975 N. Academy Blvd., the 29-unit Erindale Square features 103,552 square feet of retail space. Current tenants include Fodor Billiards, Bill’s Bed and Appliances, Cutting Edge Realtors, HomeFix and The Door Christian Center. At the time of sale, Erindale Square was 90 percent leased, with 10,657 square feet still available. The property also features 0.55 acres of undeveloped land zoned for business. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE represented the seller in the transaction.
WOODLAND HILLS, CALIF. — Bolour Associates has purchased a retail property within Warner Center, a master-planned community in Woodland Hills, from Flamingo Investments for $9 million. Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented the buyer and seller in the deal. Located at 5780 Canoga Ave., the property features 10,400 square feet of retail space that supports the surrounding 800,000-square-foot LNR Warner Center office development. Bolour plans to modernize and reposition the asset to serve the demands of the area’s daytime office users and its growing residential base. Planned renovations include façade and exterior upgrades, new landscaping and signage, and expanded patio spaces to create an indoor/outdoor environment.
MESA, ARIZ. — Orion Investment Real Estate has arranged the sale of an auto repair shop property located at 8027 E. Main St. in Mesa. Faith Works Auto acquired the property for $1 million, or $194 per square foot. The buyer plans to expand its business to the new location, resulting in three locations in the East Valley. Nick Miner of Orion represented the buyer, while Aleta Ruark of Russ Lyons Realty represented the seller, Billy G Revocable Trust, in the deal.
AUGUSTA, GA. — Matthews Real Estate Investment Services has facilitated the sale of Village Plaza, a shopping center in Augusta. The property traded for $20.5 million. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.
PORT CHARLOTTE, FLA. — Plaza Advisors has arranged the sale of Murdock Carrousel Shopping Center, a retail property situated on US 41 in Port Charlotte. AGRE Murdock Owner LLC sold the asset to Murdock Owner LLC for an undisclosed price. Havertys, Office Depot, Five Guys, Aaron’s, Leslie’s Swimming Pool Supplies, Subway, Comcast Xfinity and HearUSA are tenants at the 139,478-square-foot property. At the time of sale, the shopping center was 83.4 percent occupied. Plaza Advisors represented the seller in the deal.
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Which Way is the Retail Pendulum Swinging?
Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …
CRAWFORDSVILLE, IND. — JLL Capital Markets has brokered the $18.5 million sale of Crawfordsville Square, a 273,249-square-foot shopping center in the Indianapolis suburb of Crawfordsville. Kroger is the anchor tenant at the property, which is 95 percent leased. Other tenants include Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Lamar Cos. Essential Growth Properties acquired the asset.