Retail

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by John Nelson July 28, 2022

GAINESVILLE, FLA. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida.

July 28, 2022

Acquisitions New York Northeast Retail

Vanbarton Group Sells Retail Assemblage in The Bronx for $22.7M

by Taylor Williams July 27, 2022

NEW YORK CITY — Locally based investment and advisory firm Vanbarton Group has sold a 23,339-square-foot retail assemblage in the Morrisania neighborhood of The Bronx for $22.7 million. The sites collectively span a full block and are located at 1031-1049 Westchester Ave. and 1057 Southern Blvd. Josh Neustadter and Jonathan Squires of Cushman & Wakefield represented Vanbarton Group in the transaction. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors represented the buyer.

July 27, 2022

Acquisitions Illinois Midwest Retail

Quantum Negotiates $2.4M Sale of Retail Building in Orland Park, Illinois

by Kristin Harlow July 27, 2022

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 17,342-square-foot retail building in the Chicago suburb of Orland Park for $2.4 million. The property, located at 16124 S. La Grange Road, is fully leased to Children of America and Bear Paddle. Chad Firsel of Quantum brokered the sale. A Chicago-based private real estate investor group purchased the asset from a San Diego-based development company.

July 27, 2022

Development Midwest Ohio Retail

Oberer Realty to Build 10,000 SF Retail Project in Centerville, Ohio

by Kristin Harlow July 27, 2022

CENTERVILLE, OHIO — Oberer Realty Services Ltd. has unveiled plans to build the final retail portion of The Cornerstone of Centerville North in Centerville, a suburb of Dayton. The 10,000-square-foot development will be known as Shoppes at the Village of Cornerstone and will be situated adjacent to a Costco location as well as Cooper’s Hawk Restaurant & Winery. Oberer plans to break ground this fall and wrap up construction in the second quarter of 2023. The desired tenant mix will include restaurant and specialty retailers either not yet in the market or looking for expansion opportunities, according to Oberer.

July 27, 2022

Leasing Activity Retail Southeast Tennessee

Nordstrom Rack to Open 24,000 SF Store at Terrace at Hamilton Place in Chattanooga

by John Nelson July 27, 2022

CHATTANOOGA, TENN. — Nordstrom Inc. plans to open a new Nordstrom Rack store at The Terrace at Hamilton Place, an open-air shopping center located at the intersection of Shallowford Road and I-75 in Chattanooga. This will be the third Nordstrom Rack and fourth Nordstrom concept in Tennessee. Locally based CBL Properties owns and manages Hamilton Place, which houses retailers including Academy Sports + Outdoors, DSW, Ulta Beauty and Old Navy. CBL Properties plans to open the Nordstrom Rack store in spring 2023.

July 27, 2022

Acquisitions Florida Retail Southeast

Limestone, Orion Buy Millenia Plaza Retail Center in Orlando for $74.1M

by John Nelson July 26, 2022

ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.

July 26, 2022

Acquisitions Alabama Retail Southeast

First National Realty Acquires 242,000 SF Shopping Center in Birmingham

by John Nelson July 26, 2022

BIRMINGHAM, ALA. — Red Bank, N.J.-based First National Realty Partners has acquired Inverness Corners, a 242,000-square-foot retail center located in Birmingham, for an undisclosed price. A 54,000-square-foot Winn-Dixie and a 92,600-square-foot Kohl’s anchor the property. Additional tenants include Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise. Zach Taylor of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed seller in the transaction.

July 26, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Brokers $10.5M Sale of Retail Center in Lawrence, Kansas

by Kristin Harlow July 26, 2022

LAWRENCE, KAN. — Marcus & Millichap has brokered the sale of Lawrence Marketplace in Lawrence for $10.5 million. The 90,982-square-foot retail center is located at 2525 Iowa St. Anchor tenants at the fully occupied property include Planet Fitness and Office Depot. Zach Turner, Scott Wiles, Mark Ruble, Erin Patton, Craig Fuller and Chris Lind of Marcus & Millichap represented the seller, a Kansas-based limited liability company. The team also secured the buyer, a New York-based limited liability company.

July 26, 2022

Acquisitions Midwest Minnesota Retail

Upland Arranges $4.5M Sale of KinderCare-Occupied Property in Lakeville, Minnesota

by Kristin Harlow July 26, 2022

LAKEVILLE, MINN. — Upland Real Estate Group has arranged the $4.5 million sale of a retail property occupied by KinderCare Learning Center in the Minneapolis suburb of Lakeville. The building is part of Crossroads of Lakeville, a 127,070-square-foot shopping center anchored by Cub Foods. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland brokered the sale. A local buyer purchased the asset while completing a 1031 exchange. KinderCare operates more than 1,500 early childcare centers in 40 states.

July 26, 2022

Development Life Sciences Loans Mixed-Use Office Retail Washington Western

CBRE Secures $196.2M in Financing for Chapter Buildings Mixed-Use Development in Seattle’s University District

by Amy Works July 26, 2022

SEATTLE — CBRE has arranged joint-venture equity and $196.2 million in construction financing for Chapter Buildings I and II, two mixed-use buildings in Seattle’s University District. Seattle-based Touchstone, Atlanta-based Portman Holdings and Houston-based Lionstone Investments comprise the development team. Tom Pehl, Charles Safley, Todd Tydlaska of CBRE Capital Markets West Coast, along with James Scott and Brian Myers of CBRE Capital Advisors, arranged the equity. Brad Zampa, Mike Walker and Megan Woodring of CBRE Debt & Structured Finance arranged the financing. Construction of Building I commenced earlier in 2022 and construction of Building II will begin in late 2022, with expected delivery in 2024. Totaling more than 400,000 square feet, the Chapter Buildings will consist of two assets. Chapter Building I, located at 4530 12th Ave. NE, will rise 12 stories featuring 240,000 square feet of office space and 9,000 square feet of ground-floor retail. The 10-story Chapter Building II will feature 154,000 square feet of life sciences and research & development space above 4,000 square feet of retail space. Greg Inglin, David Abbott and Laura Ford of CBRE are marketing the buildings for lease.

July 26, 2022

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