Retail

Erindale-Square-Colorado-Springs-CO

COLORADO SPRINGS, COLO. — CBRE has facilitated the sale of Erindale Square, an open-air retail property in Colorado Springs. A New York City-based investor acquired the property from a Los Angeles-based investor for $12.1 million. Situated on 6.9 acres at 5881-5975 N. Academy Blvd., the 29-unit Erindale Square features 103,552 square feet of retail space. Current tenants include Fodor Billiards, Bill’s Bed and Appliances, Cutting Edge Realtors, HomeFix and The Door Christian Center. At the time of sale, Erindale Square was 90 percent leased, with 10,657 square feet still available. The property also features 0.55 acres of undeveloped land zoned for business. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE represented the seller in the transaction.

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5780-Canoga-Ave-Woodland-Hills-CA

WOODLAND HILLS, CALIF. — Bolour Associates has purchased a retail property within Warner Center, a master-planned community in Woodland Hills, from Flamingo Investments for $9 million. Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented the buyer and seller in the deal. Located at 5780 Canoga Ave., the property features 10,400 square feet of retail space that supports the surrounding 800,000-square-foot LNR Warner Center office development. Bolour plans to modernize and reposition the asset to serve the demands of the area’s daytime office users and its growing residential base. Planned renovations include façade and exterior upgrades, new landscaping and signage, and expanded patio spaces to create an indoor/outdoor environment.

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8027-E-Main-St-Mesa-AZ

MESA, ARIZ. — Orion Investment Real Estate has arranged the sale of an auto repair shop property located at 8027 E. Main St. in Mesa. Faith Works Auto acquired the property for $1 million, or $194 per square foot. The buyer plans to expand its business to the new location, resulting in three locations in the East Valley. Nick Miner of Orion represented the buyer, while Aleta Ruark of Russ Lyons Realty represented the seller, Billy G Revocable Trust, in the deal.

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Village-Plaza-Augusta-GA

AUGUSTA, GA. — Matthews Real Estate Investment Services has facilitated the sale of Village Plaza, a shopping center in Augusta. The property traded for $20.5 million. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.

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PORT CHARLOTTE, FLA. — Plaza Advisors has arranged the sale of Murdock Carrousel Shopping Center, a retail property situated on US 41 in Port Charlotte. AGRE Murdock Owner LLC sold the asset to Murdock Owner LLC for an undisclosed price. Havertys, Office Depot, Five Guys, Aaron’s, Leslie’s Swimming Pool Supplies, Subway, Comcast Xfinity and HearUSA are tenants at the 139,478-square-foot property. At the time of sale, the shopping center was 83.4 percent occupied. Plaza Advisors represented the seller in the deal.

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Michael Jacobs NAI Retail Challenges

Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …

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CRAWFORDSVILLE, IND. — JLL Capital Markets has brokered the $18.5 million sale of Crawfordsville Square, a 273,249-square-foot shopping center in the Indianapolis suburb of Crawfordsville. Kroger is the anchor tenant at the property, which is 95 percent leased. Other tenants include Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Lamar Cos. Essential Growth Properties acquired the asset.

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Gantry-Hawaii

HONOLULU — Gantry has secured $65 million in permanent financing to recapitalize a portfolio located on Oahu. The two financed properties are Hanua Logistics Center, a recently completed 226,850-square-foot Class A warehouse facility, and Honolulu Design Center, an 80,000-square-foot retail center. Murphy Osborne of Gantry’s San Francisco office arranged the funding on behalf of the borrower, a private investor. Bank of Hawaii provided the financing, which features a 15-year term, including a significant interest-only period transitioning to 30-year amortization.

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ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.

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Viewpoint-Restaurant-Estacada-OR

ESTACADA, ORE. — Norris & Stevens has arranged the sale of Viewpoint Restaurant, located at 20189 and 20195 S. Springwater Road in Estacada. Shadado Inc., doing business as Bent Shovel Brewing, purchased the property for an undisclosed price. Situated on 4.5 acres, the 10,000-square-foot restaurant features views of Mt. Hood, 32 parking spaces and access to Milo McIver State Park. Bent Shovel Brewing creates hand-crafted ales and lagers on a 10-barrel system along the Clackamas River in Oregon City. The Viewpoint Restaurant will remain a full-service restaurant, bar, beer garden and patio, as well as a small music venue. Tim Pfeiffer of Portland-based Norris & Stevens represented the buyer, while Mike Foley of First Commercial Real Estate represented the seller in the deal. The seller and price were not disclosed.

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