WESTPORT, CONN. — Crate & Barrel has signed a 37,253-square-foot retail lease renewal in Westport, located in southern Connecticut’s Fairfield County. The furniture and home décor retailer will continue to occupy space at a 58,196-square-foot center at 1200 Post Road E. that was recently renovated. Adam Klimek and Jim Fagan of Cushman & Wakefield represented the landlord, an entity doing business as 1200 Post Road LLC, in the lease negotiations. The representative of the tenant was not disclosed.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property in Chicago’s River North neighborhood. The sales price was undisclosed. A newly renovated CVS store anchors the property. Additional tenants include aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.
VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.
DENVER — Westwood Financial has purchased The Shops at Walnut Creek, a community shopping center in Denver. InvenTrust Properties sold the asset for an undisclosed amount. At the time of sale, the 225,224-square-foot property was 94 percent occupied. Current tenants include TJ Maxx, HomeGoods, PetSmart, Michaels, Old Navy, Dollar Tree, Qdoba, Buffalo Wild Wings, Massage Envy, LensCrafters, Sephora and Lash Lounge. Brad Lyons of CBRE | National Retail Partners represented the seller in the deal.
LUTZ, FLA. — Birmingham, Ala.-based Fairway Investments has acquired Livingston Market Place, a 64,441-square-foot shopping center located in the northern Tampa suburb of Lutz. Situated on 32.8 acres at 2701-2801 E. County Line Road, the property is anchored by Publix. Other tenants at the center, which was completed in 2022 and fully leased at the time of sale, include Heartland Dental, Papa John’s, Prime Barber and 40 Thieves Irish Pub. Bryan Belk and John Tennant of Franklin Street arranged the sale on behalf of the seller/developer, a partnership between Tampa-based Dunphy Development and Atlanta-based Batson-Cook Development Co. The sales price was not disclosed.
MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.
NEW YORK CITY — Locally based investment firm Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.
NEPTUNE, N.J. — Hobby Lobby has signed a 58,952-square-foot retail lease at Neptune Plaza Shopping Center in coastal New Jersey. The Oklahoma-based retailer will backfill a space previously occupied by HomeGoods and Marshalls. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Michael Testa of Jeffrey Realty represented Hobby Lobby, which plans to open in 2024. Neptune Plaza, which totals 215,000 square feet, is now 99.3 percent leased.
By Cathy Jones, Founder and CEO, Sun Commercial The 2022 Las Vegas retail market can be characterized by a generally positive outlook and some strong trends, even in the face of market uncertainty. A few of these core trends are quite interesting. Market research shows significant upward trends in asking rents, decreases in vacancy and certain key indicators driving this process. When broken down further, we find that these trends are emphasized in certain geographic areas more than others. The Southwest Las Vegas Valley submarket is seeing the greatest change in growth and development, followed closely by Henderson/Southeast. As an example, 93,592 square feet of retail space was constructed in the third quarter alone in the Southwest and Henderson; 91.2 percent of this space was pre-leased. The current amount of net absorption in the total market is 1.3 million square feet year to date. Half of this annual total occurred in the Southwest and Southeast submarkets. These two markets saw an explosion of growth driven largely by the housing boom. As new developments are constructed and homes sold, retail developments expand to meet that growing demand. There is more compartmentalization, however, than in the past with more community-oriented unanchored strip centers dominating the …