NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.
NEW YORK CITY — Locally based investment firm Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.
NEPTUNE, N.J. — Hobby Lobby has signed a 58,952-square-foot retail lease at Neptune Plaza Shopping Center in coastal New Jersey. The Oklahoma-based retailer will backfill a space previously occupied by HomeGoods and Marshalls. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Michael Testa of Jeffrey Realty represented Hobby Lobby, which plans to open in 2024. Neptune Plaza, which totals 215,000 square feet, is now 99.3 percent leased.
By Cathy Jones, Founder and CEO, Sun Commercial The 2022 Las Vegas retail market can be characterized by a generally positive outlook and some strong trends, even in the face of market uncertainty. A few of these core trends are quite interesting. Market research shows significant upward trends in asking rents, decreases in vacancy and certain key indicators driving this process. When broken down further, we find that these trends are emphasized in certain geographic areas more than others. The Southwest Las Vegas Valley submarket is seeing the greatest change in growth and development, followed closely by Henderson/Southeast. As an example, 93,592 square feet of retail space was constructed in the third quarter alone in the Southwest and Henderson; 91.2 percent of this space was pre-leased. The current amount of net absorption in the total market is 1.3 million square feet year to date. Half of this annual total occurred in the Southwest and Southeast submarkets. These two markets saw an explosion of growth driven largely by the housing boom. As new developments are constructed and homes sold, retail developments expand to meet that growing demand. There is more compartmentalization, however, than in the past with more community-oriented unanchored strip centers dominating the …
PENSACOLA, FLA. — Cullinan Properties has acquired Tradewinds Shopping Center, a retail center located in Pensacola, for $25 million. Totaling 178,000 square feet, the property was 95 percent leased at the time of sale to tenants including T.J. Maxx/HomeGoods, Jo-Ann Fabrics and Shoe Station. The seller was not disclosed.
WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement compared with the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines the holiday season as Nov. 1 through Dec. 31, 2022. “We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” says Jack Kleinhenz, NRF’s chief economist. “The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.” According to the Washington, D.C.-based organization, retail sales were down 0.6 percent in December relative to November, but up 5 percent year-over-year. Overall growth for the year met NRF’s forecast, reaching 7 percent. On Wednesday, the United States Department of Commerce reported that retail sales, including automobile, …
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property, which is located at 3422 Freedom Drive. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc. Buyer information was not provided.
PINOLE, CALIF. — Balboa Retail Partners has purchased Pinole Square, a community shopping center at 1201-1577 Tara Hills Drive in Pinole. A private family sold the asset for an undisclosed price. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years.
PUYALLUP, WASH. — Los Angeles-based Hyperion Realty Capital, formerly known as Portal Investment Management, has purchased Meridian Place Shopping Center in Puyallup. Terms of the transaction were not released. Built in 1979, Meridian Place offers 127,429 square feet of retail space. Current tenants include Grocery Outlet and Michaels. Sean Tufts and Kevin Adatto of CPX handled the deal.
KATY, TEXAS — CarSquad, a sister brand of Florida-based preowned car dealership Off Lease Only, has opened a 21,000-square-foot lot at the northwest corner of I-10 and U.S. Highway 99 in the western Houston suburb of Katy. The dealership houses an array of cars, trucks, vans and sport utility vehicles and also features kiosks on the sales floor. CarSquad built the facility but leased the land from Smithco. CBRE negotiated the ground lease.