Retail

Continental Realty Corp. Sells Shopping Center in Metro Baltimore for $11.9M

by Julia Sanders April 26, 2022

DUNDALK, MD. — Baltimore-based Continental Realty Corp. (CRC) has sold Merritt Manor Shopping Center, an 88,332-square-foot, fitness-anchored retail center in Dundalk. Columbia, Md.-based Abrams Development Group purchased the property for $11.9 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. Merritt Manor was 96 percent leased at the time of sale to tenants including Gold’s Gym, Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. CRC completed renovations on the property, including upgrading the center’s exterior facade, enhancing all landscaping elements and upgrading the center’s signage. Located at 1119-1211 Merritt Blvd., the property is 9.9 miles from Baltimore and 18.7 miles from Baltimore/Washington International Thurgood Marshall Airport.

April 26, 2022

Acquisitions Alaska Industrial Retail Western

Time Equities Acquires Retail, Warehouse Portfolio in Anchorage for $44M

by Amy Works April 26, 2022

ANCHORAGE, ALASKA — Time Equities Inc. has purchased Midtown Mall and 5900 Old Seward Highway in Anchorage from Seritage Growth Properties for a $44 million. Totaling 252,663 square feet, the deals mark Time Equities’ entry to Alaska. Midtown Mall is a 164,664-square-foot, grocery-anchored shopping center. At the time of sale, the property was 81 percent leased. Current tenants include Carr’s Grocery Store, Guitar Center, Nordstrom Rack and Planet Fitness. Situated on 7.8 acres, 5900 Old Seward Highway is a 98,087-square-foot former Sears warehouse building, which is currently vacant. Ami Ziff, Jonathan Kim and Grant Scott provided in-house representation for Time Equities, while Dino Christophilis of CBRE represented the seller in the deal.

April 26, 2022

Acquisitions Retail Texas

Stan Johnson Co. Arranges $25M Sale of Metro Dallas Shopping Center

by Taylor Williams April 26, 2022

CARROLLTON, TEXAS — Stan Johnson Co. has arranged the $25 million sale of Northcrest Village, a 136,061-square-foot shopping center in the northern Dallas metro of Carrollton. Anchored by German discount grocer Aldi and Ace Hardware, Northcrest Village was 85 percent leased at the time of sale. Other tenants include Subway, O’Reilly Auto Parts, The UPS Store, Little Caesars Pizza and State Farm Insurance. Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Co. represented the seller, an Oklahoma-based developer, in the transaction. A Texas-based private investor purchased the asset via a 1031 exchange. Both parties involved in the deal requested anonymity.

April 26, 2022

Leasing Activity Michigan Midwest Retail

Three New Retail Tenants Sign Leases at Green Oak Village Place in Brighton, Michigan

by Kristin Harlow April 26, 2022

BRIGHTON, MICH. — Three new retail tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all slated to open this summer. Athleta will occupy 4,400 square feet. Part of the Gap Inc. portfolio, Athleta is an athletic retailer that sells women’s apparel and operates more than 220 stores across the United States and Canada. F45 will occupy 2,838 square feet. The “F” stands for functional and the 45 represents the 45-minute length of each workout session. There are more than 1,750 F45 studios worldwide. US Mattress, which operates 27 locations across Michigan, will lease 3,000 square feet. Green Oak Village Place, a neighborhood town center, is home to more than 50 retailers and restaurants. A joint venture between REDICO and Lormax Stern Development Co. developed the property.

April 26, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Acquisitions Georgia Retail Southeast

First National Realty Acquires 170,000 SF Grocery-Anchored Shopping Center in Savannah

by Julia Sanders April 25, 2022

SAVANNAH, GA. — Red Bank, N.J.-based First National Realty Partners LLC has acquired McAlpin Square, a 170,000-square-foot shopping center in Savannah. David Rivers of Palomar Group represented the undisclosed seller in the transaction. The sales price was not disclosed. Opened in 1980, McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center. Kroger operates a branded onsite fuel center as well. McAlpin Square’s other retailers include Big Lots, Goodwill, the US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s Pizza and GameStop. Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah.

April 25, 2022

Acquisitions Industrial Retail Self-Storage Texas

DealPoint Merrill Sells Self-Storage Facility, Goodwill Store in Benbrook, Texas for $20M

by Taylor Williams April 25, 2022

BENBROOK, TEXAS — California-based investment firm DealPoint Merrill has sold a 982-unit self-storage facility in Benbrook, a southwestern suburb of Fort Worth, for $20 million. The two-story property spans 112,000 square feet and includes a 10,036-square-foot Goodwill store. The self-storage facility features entirely climate-controlled space. The buyer was not disclosed.

April 25, 2022

Acquisitions Northeast Retail Vermont

Big V Property Group Acquires 47,837 SF Retail Village in Stratton, Vermont

by Taylor Williams April 25, 2022

STRATTON, VT. — Big V Property Group, a retail investment firm with five offices across the country, has acquired The Village at Stratton, a 47,837-square-foot retail village in the Vermont ski resort town of Stratton. The Village at Stratton was fully leased at the time of sale to a roster of 20 tenants. Big V acquired the property as part of a portfolio sale that included The Village at Snowshoe in West Virginia and The Village at Copper Mountain in Colorado. The seller was not disclosed.

April 25, 2022

Acquisitions Net Lease New York Northeast Retail

SRS Real Estate Arranges $8.7M Sale of Single-Tenant Retail Property in Middletown, New York

by Taylor Williams April 25, 2022

MIDDLETOWN, N.Y. — SRS Real Estate Partners has arranged the $8.7 million sale of a 14,564-square-foot, single-tenant retail property located in Middletown, about 75 miles north of New York City. The property was built on 1.1 acres in 2007 and is triple net leased to Walgreens on a long-term basis. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller in the transaction, and Josh Goldflam of Highcap Group represented the buyer. Both parties were New York-based private investors who requested anonymity.

April 25, 2022

Acquisitions Michigan Midwest Retail

Colliers Brokers Sale of 6,885 SF Commercial Building in Flint, Michigan

by Kristin Harlow April 25, 2022

FLINT, MICH. — The Jonna Group of Colliers has brokered the sale of a 6,885-square-foot commercial building in Flint for an undisclosed price. The property, built in 2019, is located at 5009 Miller Road. Tenants at the fully leased building include U.S. Army & Navy Career Center, Jersey Mike’s and Smoothie King. Simon Jonna of Colliers represented the seller, a Michigan-based private developer. The buyer was not disclosed.

April 25, 2022

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