Retail

Branch Signs Two Restaurants to Join Tenant Roster at Shopping Center Underway Near Pensacola

by John Nelson August 1, 2022

MILTON, FLA. — Branch Properties has signed two restaurants to join the tenant roster at Merganser Commons at Dogwood Estates, a 66,912-square-foot shopping center under construction in Milton, a Florida Panhandle city located about 24 miles east of Pensacola. The Atlanta-based developer plans to open the Publix-anchored center later this summer. The new eateries joining Merganser Commons include RibCrib, a fast-casual barbecue restaurant that will occupy 4,750 square feet, and Teriyaki Madness, an Asian concept. Both restaurants are operated by Panhandle Restaurant Group. The center is currently 92 percent preleased to tenants including Domino’s Pizza, Great Clips, Japanese restaurant Nikko Sushi, nail salon Grand Nail Lounge and ice cream shop Scoops Ice Cream and Sweets. A local medical provider will occupy a 7,500-square-foot outparcel at the center.

August 1, 2022

Acquisitions Northeast Pennsylvania Retail

Syndicated Equities Sells Pittsburgh Shopping Center for $32.5M

by Taylor Williams August 1, 2022

PITTSBURGH — Chicago-based investment firm Syndicated Equities has sold Plaza at the Pointe, a 149,973-square-foot shopping center in Pittsburgh. At the time of sale, the property was leased to tenants such as Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn and Bob’s Discount Furniture. The buyer was not disclosed. Syndicated Equities originally acquired the property in partnership with Chicago-based owner-operator M & J Wilkow in 2016 for $24.5 million.

August 1, 2022

Market Reports New York Northeast Northeast Market Reports Retail

New York City’s Retail Investment Market is Poised for Greater Activity

by Taylor Williams August 1, 2022

By Brent Glodowski, director, capital markets group, Avison Young Conditions are looking up for retail real estate investment in New York City. In one sense, “up” is the only way to go for a sector that has been bumping along the bottom of a trough. But with inflation tempering investors’ recent fascination with multifamily and industrial properties, retail also offers opportunities to acquire price-corrected assets when those other property types hover near cyclical peaks. Retail’s Head Start New York’s retail real estate market was already suffering from changing consumer tendencies when COVID-19 arrived and thrust many retailers and their landlords into a full-blown crisis. Even when government-ordered shutdowns eased, remote work policies drained office buildings of the customer bases that had supported swaths of restaurants, shops and entertainment businesses. Home-bound workers became a redistributed daytime population, shifting demand for meal delivery and other retail to new areas. Hundreds of small businesses went under, leaving vacant storefronts in their wake. Some retailers altered business plans to serve shifting customer bases that had developed new, pandemic-influenced consumption practices. Landlords with vacancies to fill turned to traditional strategies, such as relocating tenants from out-of-the-way spaces to fill their most visible storefronts. Property owners …

August 1, 2022

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 113,772 SF Shopping Center in Metro Austin

by Taylor Williams July 29, 2022

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.

July 29, 2022

Acquisitions Indiana Midwest Retail

Osborne Group Brokers $29M Sale of CarMax-Occupied Retail Property in Carmel, Indiana

by Kristin Harlow July 29, 2022

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.

July 29, 2022

Kansas Leasing Activity Midwest Retail

Marshalls to Open 25,000 SF Store in Pittsburg, Kansas

by Kristin Harlow July 29, 2022

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.

July 29, 2022

California Market Reports Retail Western Western Market Reports

Despite Economic Headwinds, Orange County’s Retail Market Fundamentals Remain Sound

by Jeff Shaw July 29, 2022

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 …

July 29, 2022

Acquisitions California Retail Western

Pine Tree Acquires Delta Shores Shopping Center in Sacramento for $122.5M

by Amy Works July 28, 2022

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.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

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.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

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.

July 28, 2022

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