Retail

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

Acquisitions California Retail Western

CBM1 Brokers $2.9M Sale of Retail Strip Center in Oxnard, California

by Amy Works July 1, 2022

OXNARD, CALIF. — CBM1 has facilitated the sale the of a retail strip center located at 3450-3460 Saviers Road in Oxnard. Rick Rivera of CBM1 represented the seller in the deal. The names of the buyer and seller were not released. Situated on a half-acre lot, the property features a 7,300-square-foot retail building with four tenant units. At the time of sale, the asset was 100 percent occupied. Tenants include Little Caesars, a market, laundromat and nail salon.

July 1, 2022

Acquisitions Illinois Midwest Retail

Baum Realty Arranges $3.8M Sale of Retail Center in Streamwood, Illinois

by Kristin Harlow July 1, 2022

STREAMWOOD, ILL. — Baum Realty Group LLC has arranged the sale of the Emerald Hills Shopping Center in the Chicago suburb of Streamwood for $3.8 million. The 20,604-square-foot property, located on South Sutton Road, is fully leased to local and national retailers. Patrick Forkin of Baum represented the seller, a family office. The center was encumbered by a CMBS loan, which the undisclosed buyer assumed at closing.

July 1, 2022

Market Reports New York Northeast Northeast Market Reports Retail

Luxury Retail Along Manhattan’s Madison Avenue Shifts from Rebounding to Thriving

by Taylor Williams July 1, 2022

By Joe Aquino, president, JAACRES When Barneys New York department store closed in 2020, we saw a dramatic relocation of luxury retail on Madison Avenue to the south, apparently with a common goal of establishing better proximity to East 57th Street. Prior to that event, many luxury brands enjoyed a shop within a shop at Barneys, plus another store on the corridor, usually further uptown. Prior to the COVID-19 pandemic, this stretch of Madison Avenue was so tight for space that we saw East 59th Street, a major side street, securing tenants like Dior, Bathing Ape and Balmain. During the pandemic’s lockdown phases, retail vacancy rose dramatically, even in the most desirable areas. Now, post-pandemic, we see spaces along Madison Avenue getting filled by new and established luxury retailers ready to make a statement. Here are some of the key transactions that have either been recently completed or are in progress: Givenchy just left its cozy quarters at 749 Madison Ave. at the southeast corner of 65th Street to take the southeast corner at 625 Madison Ave. Versace will open in Givenchy’s place this fall. Wolford, a maker of luxury seamless tights, took the Lalique store at 607 Madison Ave. …

July 1, 2022

Acquisitions Florida Mixed-Use Office Retail Southeast

Colliers Arranges $38.1M Sale of Grand Central at Kennedy Mixed-Use Development in Tampa

by John Nelson June 30, 2022

TAMPA, FLA. — Colliers has arranged the sale of 115,899 square feet of office and retail space within Grand Central at Kennedy in Tampa’s Channel District. An affiliate of Maryland-based Mosaic Realty Partners purchased the shops and offices for $38.1 million, which is the largest retail transaction in Tampa’s core districts in terms of sales price, according to Colliers. In addition to the 60,329 square feet of retail space and 55,570 square feet of office space, the transaction includes a transfer of interest in the management for the property’s two parking garages that comprise 862 spaces. Grande Central at Kennedy was developed in 2007 and four tenants — retailers CVS/pharmacy and Crunch Fitness and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corp.) — occupied 80 percent of the gross leasable space at the time of sale. Other tenants include Massage Envy and several bars and restaurants, including Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub. Grand Central at Kennedy also includes condos that were not part of the sale. Mike Milano, Nicholas Coccodrilli and Brandon Rapone of Colliers’ West Florida Retail Investment Team represented the seller, Mercury Advisors, the original developer of the …

June 30, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $12.3M Sale of Oak Ridge Plaza Shopping Center in Orlando

by John Nelson June 30, 2022

ORLANDO, FLA. — Marcus & Millichap has brokered sale of Oak Ridge Plaza, a 75,701-square-foot shopping center located at 2332 W. Oak Ridge Road in Orlando. Aloma International Properties Inc. purchased the property from an entity doing business as 2332 West Oak Ridge Road LLC for $12.3 million. Nick Ledvora of Marcus & Millichap’s Orlando office procured the buyer in the transaction. Oak Ridge Plaza was 97 percent leased at the time of sale to 19 tenants, including Family Dollar, Biomat USA, La Familia Pawn, United Temps and Boost Mobile.

June 30, 2022

Leasing Activity Midwest Restaurant Retail Wisconsin

Social Cantina to Open 4,800 SF Restaurant at The Mill at Ironworks Plaza in Wisconsin

by Kristin Harlow June 30, 2022

MISHAWAKA, WIS. — Social Cantina will open a 4,800-square-foot restaurant at The Mill at Ironworks Plaza, an apartment complex in downtown Mishawaka. The Mexican restaurant serves tequilas, fresh margaritas, craft beer and classic Mexican dishes. Finney Hospitality Group owns the restaurant brand. The Mill at Ironworks Plaza, completed in 2019, features 232 luxury apartment units with 13,000 square feet of retail space. Earlier this year, Sun King unveiled plans to open a 6,700-square-foot tap room at the property. Flaherty & Collins Properties, the property owner, is finalizing plans on a second phase that will bring an additional 230 luxury apartment units and riverfront retail space. Construction on Phase II is expected to begin in spring 2023.

June 30, 2022

California Loans Retail Western

JLL Arranges $68.9M Loan for Three-Building Retail Portfolio in Costa Mesa, Fullerton

by Amy Works June 30, 2022

COSTA MESA AND FULLERTON, CALIF. — JLL Capital Markets has arranged $68.9 million in financing for a three-building retail portfolio in Costa Mesa and Fullerton. Totaling 194,763 square feet, the properties are fully leased to a mix of investment grade credit-tenants and national retail tenants, including Sprouts Farmers Market, Rite Aid, Target and Ralphs. Greg Brown, John Marshall and Jordan Leake of JLL Capital Markets’ debt advisory team secured the 10-year, fixed-rate loans with a correspondent insurance company for the borrower, a private company. Two of the three properties are located along the 17th Street commercial corridor in Costa Mesa and the third property is located near the 91 Freeway and State Route 57 in Fullerton.

June 30, 2022

Newer Posts

Older Posts