Retail

Edge Realty Partners Arranges Sale of 245,592 SF Shopping Center in Metro Austin

by Taylor Williams April 21, 2022

ROUND ROCK, TEXAS — Edge Realty Partners has arranged the sale of Round Rock Crossing, a 245,592-square-foot shopping center in the northern Austin suburb of Round Rock. Built in phases on 31.5 acres between 2004 and 2006, the eight-building property was 52 percent leased at the time of sale to 18 tenants. The roster includes Best Buy, Michael’s, Dollar Tree, Vitamin Shoppe, Five Guys and Salons by JC. Mart Martindale and Brandon Beeson of Edge Realty Partners represented the undisclosed seller in the transaction. The buyer, Los Angeles-based BH Properties, intends to execute a value-add program at Round Rock Crossing.

April 21, 2022

Acquisitions California Retail Western

Nella Holdings, Tower Investments Buy 371,114 SF Nut Tree Plaza in Vacaville, California

by Amy Works April 21, 2022

VACAVILLE, CALIF. — Nella Holdings and Tower Investments, two local family-owned companies, have acquired Nut Tree Plaza in Vacaville. A partnership managed by Dallas-based Dunhill Partners sold the asset for $124.5 million. Located at 1621 E. Monte Vista Ave, the 371,114-square-foot Nut Tree Plaza features 68 retail stores, 17 restaurants and outdoor attractions, including a kiddie train. Current tenants include Nordstrom Rack, ULTA Beauty, Best Buy, PetSmart, Five Below, Cost Plus World Market, HomeGoods, Old Navy, Buffalo Wild Wings, Michaels, Bevmo!, Panera Bread, Peet’s Coffee, See’s Candies, Jelly Belly Candy Store and Jamba Juice. At the time of sale, the property was 96 percent occupied. Dunhill Partners will provide property management services for the retail center. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Dallas-based Dunhill Partners, while DCA Partners facilitated the relationship between the buyers. Citibank and Wells Fargo financed the transaction.

April 21, 2022

Acquisitions Retail South Carolina Southeast

Continental Realty Corp. Purchases Shopping Center in Mount Pleasant, South Carolina for $17M

by Julia Sanders April 21, 2022

MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has purchased Sweetgrass Corner, a nearly 90,000-square-foot neighborhood shopping center in Mount Pleasant. New Market Properties, a subsidiary of Atlanta-based Preferred Apartment Communities Inc, sold the property for $17 million. The buyer purchased the property on behalf of Continental Realty Fund V L.P., and a co-investment vehicle related to Fund V, which are both managed by CRC. Built in 1999, Sweetgrass Corner features 13 tenants offering a mix of medical and personal care services, as well as sit-down and fast-casual restaurants. The site was formerly anchored by a BI-LO supermarket that was shuttered as part of a strategic decision by its parent company in 2019. Located at 1909 N Highway 17, the center is adjacent to Mount Pleasant Towne Centre, a 510,000-square-foot regional shopping venue acquired by CRC in 2020. The property is also situated on approximately 10 acres between North Highway 17 and Hungry Neck Boulevard.

April 21, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $7.7M Sale of Two Shopping Centers in South Georgia

by Julia Sanders April 21, 2022

HINESVILLE AND BRUNSWICK, GA. — Marcus & Millichap has arranged the sale of two shopping centers in South Georgia for the combined sales price of $7.7 million. The two properties include Veterans Square in Hinesville and Canal Crossing in Brunswick. Constructed in 2018, Veterans Square is located on West Oglethorpe Highway. The property was fully leased at the time of sale to three tenants: Krispy Kreme, Mad Vapes and McAlister’s Deli. Built in 2018, Canal Crossing is located adjacent to the Sam’s Club in Brunswick. The center was fully leased at the time of sale to four tenants: Five Guys, Tropical Smoothie, Great Clips and Fuse Frozen Yogurt. Harrison Creason, Andrew Margulies and Benjamin Kapinos of Marcus & Millichap represented the seller, a limited liability company. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing this transaction. The buyer was not disclosed.

April 21, 2022

Acquisitions Illinois Midwest Office Retail

SVN | Chicago Commercial Brokers $33.5M Sale of Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow April 21, 2022

CHICAGO — SVN | Chicago Commercial has brokered the sale of a portfolio of office and retail buildings in Chicago’s Fulton Market district for $33.5 million. The portfolio comprises four buildings totaling more than 76,000 square feet as well as deeded parking spaces that can hold up to 58 cars. Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas and Logan Parsons of SVN | Chicago Commercial’s Urban Team represented the seller. Buyer and seller information was not provided.

April 21, 2022

Acquisitions Development Midwest Ohio Retail

Sheetz Purchases Vacant Lot in Seville, Ohio for $1.2M

by Kristin Harlow April 21, 2022

SEVILLE, OHIO — Sheetz Inc., a gasoline station, convenience store and coffee shop chain owned by the Sheetz family, has purchased a vacant lot at 350 Center St. in Seville, about 40 miles south of Cleveland. The nearly 12-acre site sold for $1.2 million and will be custom-built for Sheetz. Jerry Fiume and Aaron Davis of SVN Summit Commercial Real Estate Advisors brokered the sale. The seller was undisclosed.

April 21, 2022

Content Partner Features Industrial Leasing Activity Lee & Associates Market Reports Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels April 21, 2022

Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …

April 21, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers Sale of 58,950 SF East Ridge Crossing Shopping Center in Chattanooga

by Julia Sanders April 20, 2022

CHATTANOOGA, TENN. — SRS Real Estate Partners has brokered the sale of East Ridge Crossing, a 58,950-square-foot, Food Lion-anchored shopping center in Chattanooga. Hancock White Columns Inc. purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Tyler Matthews of Austin Sumner Properties represented Hancock White Columns. Built in 1988 and renovated in 2021, East Ridge Crossing was 91 percent leased at the time of sale to national retailers, including e-commerce-resistant service providers. The property is situated about seven miles southeast of downtown Chattanooga and just west of Interstate 75.

April 20, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $11M Sale of Doral Park Centre in Metro Miami

by Julia Sanders April 20, 2022

DORAL, FLA. — Marcus & Millichap has arranged the sale of Doral Park Centre, a 13,925-square-foot retail strip center in Doral. The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that was fully leased at the time of sale to tenants including 5.11 Tactical Miami, PANNA New Latino Food, Ohana Sushi, 107 Beauty Bar & Spa and CKO Kickboxing. Located at 3887 NW 107th Ave., the property is situated 10 miles from Miami International Airport.

April 20, 2022

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 361,095 SF Exeter Commons Shopping Center in Reading, Pennsylvania

by Taylor Williams April 20, 2022

READING, PA. — JLL has negotiated the sale of Exeter Commons, a 361,095-square-foot shopping center in the Eastern Pennsylvania city of Reading. Grocer Giant Food and Lowe’s Home Improvement anchor Exeter Crossing, which was built in 2009 and was 99.5 percent leased at the time of sale. Other tenants include Ross Dress for Less, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. Wharton Realty Group purchased the center for an undisclosed price.

April 20, 2022

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