Retail

McHugh Construction Breaks Ground on FlyOver Flying Ride Attraction at Chicago’s Navy Pier

by Kristin Harlow January 25, 2023

CHICAGO — McHugh Construction has broken ground on a 48,000-square-foot space that will house FlyOver, a new flying ride attraction at Chicago’s Navy Pier. Expected to open in spring 2024, FlyOver replaces Navy Pier’s longtime IMAX theater, located near the Centennial Wheel on the west end of the pier. The attraction will provide guests with the feeling of flight as they hang suspended from moving seats with their feet dangling below. The ride will also feature films projected on a 65-foot wrap-around screen that will showcase Chicago as well as iconic landscapes from around the globe. The attraction will provide a multi-sensory experience, complete with mist, wind and scents. FlyOver, from global attractions and hospitality company Pursuit, will be the first ride of its kind in Chicago. The experience will be similar to FlyOver attractions in Las Vegas, Canada and Iceland. Chicago-based Epstein is the architect. Project costs are estimated at $13 million.

January 25, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $3.3M Sale of Retail Center in Fishers, Indiana

by Kristin Harlow January 25, 2023

FISHERS, IND. — The Klink Group of Marcus & Millichap has brokered the sale of Pine Creek Shoppes in the Indianapolis suburb of Fishers for $3.3 million. Constructed in 2000, the retail center is located at 8958 E. 96th St. Tenants include H&R Block, Nail Bar, Bailey & Wood Mortgage and Moon Face & Body Studio. Jordan Klink of the brokerage represented the seller, Vamoz LTD, a private investor based in New York. Matthew Ferguson and Pete Alveal of Premier Commercial procured the buyer, NOC Pine Creek LLC, an Indianapolis-based limited liability company.

January 25, 2023

Development Hospitality Mixed-Use Nevada Restaurant Retail Western

LRE & Cos. Reveals Plans for 13-Acre Fernley Promenade Mixed-Use Development in Fernley, Nevada

by Amy Works January 25, 2023

FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.

January 25, 2023

Acquisitions Healthcare New Jersey Northeast Retail

Marcus & Millichap Brokers $46M Sale of Commercial Portfolio in Ocean County, New Jersey

by Taylor Williams January 24, 2023

TOMS RIVER AND BRICK, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in Southern New Jersey’s Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private investor Edele Hovnanian, in the transaction. The team also procured the buyer, Horizon Equities. At the time of sale, the portfolio was leased to more than 100 tenants and had a collective occupancy rate of 70 percent.

January 24, 2023

Leasing Activity New Jersey Northeast Retail

SETS Hybrid Training Signs 3,000 SF Retail Lease in Old Bridge, New Jersey

by Taylor Williams January 24, 2023

OLD BRIDGE, N.J. — SETS Hybrid Training, a fitness concept that offers customizable strength and conditioning programs, has signed a 3,000-square-foot retail lease at Route 9 Plaza in the Central New Jersey community of Old Bridge. Kendal Hand-Freda of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Justin Goodman of Sitar Realty Co. represented the tenant. Other tenants at the 26,000-square-foot center include AutoZone and Tots & Blocks Academy.

January 24, 2023

Acquisitions Florida Retail Southeast

GBT Realty Sells Power Retail Center in Tallahassee for $34M

by John Nelson January 24, 2023

TALLAHASSEE, FLA. — GBT Realty Corp. has sold Governor’s Marketplace, a 243,000-square-foot power retail center located on a 34.7-acre site along Governor’s Square Boulevard in Tallahassee. The buyer, an undisclosed private investor, purchased the property for $34 million. Brad Peterson of JLL represented Brentwood, Tenn.-based GBT Realty in the transaction. The shopping center was 96 percent leased at the time of sale to tenants such as Marshalls, Michaels, Urban Air, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center had 10,000 square feet of space available at the time of sale. Also included in the sale was a nearly two-acre parcel at the southeast corner of Magnolia Avenue and Governor’s Square Boulevard that has two existing buildings on the site.

January 24, 2023

Acquisitions North Carolina Retail Southeast

SRS Brokers $2.2M Sale of Grocery-Anchored Shopping Center in Albemarle, North Carolina

by John Nelson January 24, 2023

ALBEMARLE, N.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.2 million sale of First Street Station, a 52,230-square-foot, grocery-anchored shopping center located at 801-819 N. First St. in Albemarle, about 40 miles east of Charlotte. Ed Laycox of SRS represented the seller, a North Carolina-based private investor, in the transaction. The buyer was a Charlotte-based private investor who was in a 1031 exchange and paid all-cash. Built in 1989 on a six-acre site, First Street Station was 91 percent leased at the time of sale to tenants including Harris Teeter, Roma Pizza and Napa Auto Parts, among others.

January 24, 2023

Acquisitions Arizona Retail Western

HJ Red Mountain Sells 69,270 SF Red Mountain Plaza Shopping Center in Mesa, Arizona

by Amy Works January 24, 2023

MESA, ARIZ. — HJ Red Mountain LLC, an entity formed by Jakosky Properties, has completed the disposition of Red Mountain Plaza, a retail center at the northwest corner of Power and McKellips roads in Mesa. Red Mountain Plaza, a Washington LLC, acquired the asset for $16.4 million. Situated on eight acres, Red Mountain Plaza offers 69,270 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Michaels and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield in Phoenix represented the seller in the deal.

January 24, 2023

Iowa Loans Midwest Northmarq Retail

Northmarq Arranges $2.6M Loan for Acquisition of KinderCare-Occupied Property in Des Moines

by Kristin Harlow January 24, 2023

DES MOINES, IOWA — Northmarq has arranged a $2.6 million loan for the acquisition of an 11,990-square-foot retail property occupied by KinderCare in Des Moines. The daycare facility, built in 2021, is located at 865 S. 51st St. Mike Padilla of Northmarq arranged the 10-year loan, which features a 30-year amortization schedule. A local bank provided the loan for the undisclosed borrower. Founded in 1969, KinderCare operates more than 1,500 centers across the country.

January 24, 2023

Acquisitions Midwest Ohio Retail

SRS Brokers $1.8M Sale of Retail Center in Parma, Ohio

by Kristin Harlow January 24, 2023

PARMA, OHIO — SRS Real Estate Partners has brokered the $1.8 million sale of Parma Shoppes, an 8,000-square-foot retail center in Parma, a suburb just south of Cleveland. Built in 2005 and located at 7406 Broadview Road, the property is 80 percent leased to Buffalo Wild Wings, Verizon, Domino’s and Bank of America. Patrick Nutt and William Wamble of SRS represented the seller, RPS Capital. A California-based private investor purchased the asset. The sales price represents a cap rate of 6.9 percent.

January 24, 2023

Newer Posts

Older Posts