LOS ANGELES — Kidder Mathews has arranged the sale of a 17,228-square-foot retail center located at 400-430 S. San Vicente Blvd. in Los Angeles. A Los Angeles-based private investor sold the asset to Oklahoma Rock Holdings and The Abraham Cos. for an undisclosed price. The buyers plan to build a mixed-use development with more than 100 multifamily units and ground-level retail and restaurant space on the 28,497-square-foot lot. Janet Neman of Kidder Mathews represented the buyer in the deal.
KISSIMMEE, FLA. — Franklin Street has brokered the sale of Southport Medical Center, a 37,454-square-foot, multi-tenant retail strip center in Kissimmee. Greg Matus, Adam Tiktin, Alex Lazo and Jonathan de Maa of Franklin Street represented the undisclosed seller in the transaction. Mark Shellabarger and Ari Ravi of CBRE represented the buyer, Stanley Properties, which acquired the property as part of a 1031 exchange. Southport Medical Center was fully occupied at the time of sale to Quest Diagnostics, IMA Medical Group, Cora Physical Health Services, Domino’s Pizza and a nail salon. All 10 tenants at Southport Medical Center have triple-net leases, many of which have over five years remaining on their terms. Built in phases between 2006 and 2012, the property has undergone significant capital improvements by some of the tenants over the years. Located at 3350 W. Southport Road on a 3.9-acre site, the property is situated 35.4 miles south of Orlando and 20.1 miles from Walt Disney World Resort.
BOLINGBROOK, ILL. — M&J Wilkow and Bixby Bridge Capital have acquired The Promenade Bolingbrook in the Chicago suburb of Bolingbrook. The seller and sales price were undisclosed. The open-air lifestyle center spans 779,000 square feet. Some of the tenants include Macy’s, Bass Pro Shops, Binny’s Beverage Depot, Ulta and DSW. The shopping center opened in 2007. M&J Wilkow and Bixby also own Outlets of Maui in Hawaii together.
BATTLE CREEK, MICH. — NAI Wisinski of West Michigan has arranged the sale of Minges Creek Plaza in Battle Creek for an undisclosed price. The 72,000-square-foot shopping center was fully leased at the time of sale to tenants such as Jo-Ann, Biggby Coffee, Xfinity, Supercuts, Tropical Smoothie Café, The UPS Store and LA Insurance. Jodi Milks of NAI Wisinski represented the seller, which purchased the center in 2013 following a foreclosure and made property improvements. NAI Wisinski will handle property management and leasing for the new owner.
ST. LOUIS — Marcus & Millichap has negotiated the sale of a Chipotle-occupied retail property in St. Louis for $3.1 million. The 2,415-square-foot building, located at 3547 Hampton Ave., features a “Chipotlane” drive-thru. Chipotle opened for business at the location in 2020. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. The buyer was not disclosed.
BOURNE, MASS. — Boston-based brokerage firm Horvath & Tremblay has negotiated the $6 million sale of Bourne Bridge Crossing, a 23,968-square-foot retail strip center located south of Boston in Barnstable County. Tenants at the three-acre property include PetSmart, Starbucks and Domino’s. Bob Horvath and Todd Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
As the pandemic recedes, unusual supply and demand trends have taken root in retail and industrial markets throughout the nation. Factors that caused upheaval even before the arrival of COVID — the changing face of retail due to e-commerce and the growing demand for industrial real estate — continue unabated two years past the pandemic lockdowns. Los Angeles County may act as a bellwether for the rest of the country in retail and industrial trends, especially in high-cost, high-density areas, where these two real estate types often compete for space. Bayard (By) Cartmell, senior director at Walker & Dunlop, Los Angeles, has extensive experience with commercial real estate in the Los Angeles area. He has seen unprecedented demand for industrial space and growing investor interest in retail cap rates in the Los Angeles area. Cartmell sat down with REBusinessOnline to talk about the outlook for industrial and retail in Los Angeles, their intersections and the sector trends he expects to see in the coming year. Los Angeles Industrial — High Demand REBusiness: What are you seeing in terms of demand for industrial space — particularly in Los Angeles? Cartmell: There is currently almost unlimited demand for industrial space, of any size, …
ADDISON, TEXAS — AMLI Residential and Stream Realty Partners have been named master developers for a $472 million, 18-acre, mixed-use development in Addison, roughly 15 miles north of Dallas. The Town of Addison has been acquiring land for the project since the inception of the DART Light Rail system in 1983 with plans for a transit-oriented development. The project is centered on a DART Silver Line station currently under construction near Addison Circle Park, a 10-acre, master-planned public park. DART has partnered with the Town of Addison through a ground-lease structure that allows for the inclusion of both the train and bus stations in the development. Phase I of the project is set to include: A six-story, Class A office building with 150,000 square feet of leasable space and 9,000 square feet of ground-floor retail; a 13-story luxury multifamily community with 9,000 square feet of ground-floor retail space; a seven-story luxury multifamily building with 5,000 square feet of ground-floor retail space; a 650-stall parking structure with ground-floor retail; and a 45,000-square-foot entertainment complex operated by The HUB, a Texas-based creator of entertainment and restaurant venues with an emphasis on daily events and festivals. Cushman & Wakefield has represented the Town …
OMAHA, NEB. — JLL Capital Markets has brokered the sale of One Pacific Place in Omaha for $34 million. Trader Joe’s anchors the 90,945-square-foot retail center, which is 93 percent leased. Other tenants include Talbots, Chico’s, Wheatfield’s, Dentistry for Health, Five Salon, Hand & Stone Massage & Facial Spa, Bath & Body Works, Eddie Bauer, Club Champion, Power Life, Nothing Bundt Cake and Andre’s. Completed in 1989, the property was last renovated in 2010. Amy Sands, Clinton Mitchell, Michael Nieder and Chris Gerard of JLL represented the seller, a joint venture between RED Development and BIG Shopping Centers. Lund Co. Investments Inc. was the buyer.
WEST BLOOMFIELD, MICH. — Tranquility Healing Spa has leased 2,000 square feet at a retail property located at 6765 Orchard Lake Road in West Bloomfield. The property, which is also occupied by Beyond Juice, is now fully leased. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Zeerco Development. Murphy and Gerdom also represented Zeerco in the sale of the building to a local investor. Jon Kouza of AQRE Advisors represented the buyer.
