Retail

Federal Realty to Redevelop 174,000 SF Bala Cynwyd Shopping Center in Metro Philadelphia

by Taylor Williams April 18, 2022

BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) will redevelop Bala Cynwyd Shopping Center, a 174,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Bala Cynwyd. The $8 million project will include upgrading façade aesthetics, creating common and tenant-designated outdoor dining and gathering areas and improving pedestrian and vehicular circulation. Additionally, up to 80 outdoor seats and eight curbside pickup spaces will be added. Completion is slated for summer 2023. Current tenants at the 23-acre center include ACME Markets, Michaels, Five Guys and Honeygrow. All tenants will remain open during construction.

April 18, 2022

Acquisitions California Retail Western

Marcus & Millichap Brokers $1.7M Sale of Mobil-Occupied Gas Station Property in Blythe, California

by Amy Works April 18, 2022

BLYTHE, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 1900 E. Hobsonway in Blythe. A private investor sold the asset to an individual/personal trust for $1.7 million. A Mobil gas station and convenience store occupies the 2,816-square-foot retail property. Bruce Haulley of Marcus & Millichap’s Palm Springs office represented the buyer and seller in the deal.

April 18, 2022

Acquisitions Florida Retail Southeast

Continental Realty Sells Shopping Center in Metro Orlando for $9.4M

by Julia Sanders April 15, 2022

CLERMONT, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Glenbrook Commons, a 64,707-square-foot, fitness-anchored shopping center in Clermont. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller in the transaction. Winter Park, Fla.-based CrossMarc Services acquired the property for $9.4 million. Originally constructed in 2009, Glenbrook Commons was 98.4 percent leased at the time of sale. Fitness CF anchors the center, which is also home to US Taekwondo, China Gourmet, Gametime Barber Shop, The Cat Garden, Clermont Family Dentistry and Suncoast Premier Medical. There were three additional undeveloped pads included in the transaction that can be developed for future retail uses. Located at 1714 US Highway 27 on a 15.6-acre site, the property is situated 34.3 miles from Orlando and 10 miles from Walt Disney World Resort.

April 15, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $2.1M Sale of Retail Building in Metro Richmond

by Julia Sanders April 15, 2022

MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of 11251 Hull Street Road, a 6,400-square-foot freestanding retail building in Midlothian. James Ashby IV of Cushman & Wakefield | Thalhimer represented the buyer, MB Ventures LLC. An entity doing business as KLS Hilltop LLC sold the property for $2.1 million. The property is fully leased by Safelite AutoGlass, a Columbus, Ohio-based provider of vehicle glass repair, replacement and calibration services. Safelite has more than 850 locations nationwide. Located at 11241 Hull St. Road, the property is situated 15.2 miles from downtown Richmond and 21.1 miles from Richmond International Airport.

April 15, 2022

Leasing Activity Retail Texas

Dick’s Sporting Goods Subleases 50,000 SF Retail Space in Frisco from Hobby Lobby

by Taylor Williams April 15, 2022

FRISCO, TEXAS — Dick’s Sporting Goods (NYSE: DKS) has agreed to sublease 50,000 square feet of retail space at 5550 Preston Road in Frisco from Oklahoma-based discount retailer Hobby Lobby. Evan Bloom of The Woodmont Co. represented Hobby Lobby in the sublease negotiations. Megan Trimble and Greg Bracchi of Edge Realty represented Dick’s Sporting Goods. New York-based REIT Kimco Realty Corp. owns the center in which the space is located.

April 15, 2022

Development Northeast Pennsylvania Retail

Federal Realty Underway on Redevelopment of 374,000 SF Shopping Center in Metro Philadelphia

by Taylor Williams April 15, 2022

BROOMALL, PA. — Federal Realty Investment Trust (NYSE: FRT) is underway on the second phase of the redevelopment of Lawrence Park Shopping Center, a 374,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Broomall. The project carries a total price tag of $30 million. Grocer ACME Markets currently anchors the 29-acre center, and other tenants include HomeGoods, T.J. Maxx and Mrs. Marty’s Deli. The redevelopment began last year with the delivery of a healthcare facility for Main Line Health. Phase II includes the addition of 32,000 square feet of retail space that is preleased to users such as P.J. Whelihan’s Pub + Restaurant, Kindercare and Crumbl Cookies. In addition, Federal Realty will upgrade the center’s landscaping and outdoor seating and dining areas. All current tenants will remain open during construction.

April 15, 2022

Acquisitions Midwest Minnesota Retail

Arizona Partners Acquires 279,343 SF Shopping Center in Suburban Minneapolis

by Kristin Harlow April 15, 2022

MAPLEWOOD, MINN. — Arizona Partners has acquired Birch Run Station in the Minneapolis suburb of Maplewood. The purchase price was undisclosed. The 279,343-square-foot shopping center is home to tenants such as Burlington, Jo-Ann and Dollar Tree. CBRE represented the seller, Voya Investment Management.

April 15, 2022

Acquisitions California Retail Western

Anchor Point Capital Negotiates $16.9M Sale of Pacific Plaza Shopping Center in Torrance, California

by Amy Works April 15, 2022

TORRANCE, CALIF. — Anchor Point Capital has arranged the sale of Pacific Plaza, a multi-tenant retail center located at 2382, 2390 and 2396 Crenshaw Blvd. in Torrance. A private family fund acquired the property from an undisclosed seller for $16.9 million. Woori Bank, Subway and The UPS Store are tenants at the 28,000-square-foot property. Eric Vu of Newport Beach-based Anchor Point Capital handled the transaction.

April 15, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $5.2M Acquisition Financing for Grocery Outlet-Occupied Property in Bishop, California

by Amy Works April 15, 2022

BISHOP, CALIF. — Marcus & Millichap Capital Corp. has secured $5.2 million in acquisition financing for a retail building located at 1320 N. Main St. in Bishop. Grocery Outlet occupies the 20,000-square-foot, single-tenant property, which was built in 2019. Richard Knorr of Marcus & Millichap Capital Corp. arranged the 10-year fixed-rate loan, which has a 60 percent loan-to-value ratio and a 3.25 percent interest rate. The name of the borrower was not released.

April 15, 2022

Arizona Development Mixed-Use Multifamily Restaurant Retail Student Housing Western

Joint Venture Breaks Ground on 1 MSF Central Station Mixed-Use Development in Downtown Phoenix

by Amy Works April 14, 2022

PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …

April 14, 2022

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