Retail

Marcus & Millichap Brokers $44.7M Sale of Washington Plaza Shopping Center in Downtown Los Angeles

by Amy Works March 8, 2022

LOS ANGELES — Marcus & Millichap (NYSE: MMI) has arranged the sale of Washington Plaza, a grocery-anchored retail property located in downtown Los Angeles. Southern California-based Eagles Nest Property LLC sold the asset to Reliable Properties for $44.7 million. The 136,908-square-foot asset was fully occupied at the time of sale. Long-term tenants include 99 Cents Only and Rite Aid. Additional tenants include DaVita Dialysis, Ace Cash Express, Dunkin’, Baskin Robbins, WaBa Grill, El Pollo Loco, T-Mobile, Panda Express and Boost Mobile. Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 8, 2022

Acquisitions Arizona Development Restaurant Retail Western

BJ’s Restaurants Plans 7,600 SF Location in Goodyear, Arizona

by Amy Works March 8, 2022

GOODYEAR, ARIZ. — BJ’s Restaurants Inc. has purchased land to develop a BJ’s Restaurant & Brewhouse near Civic Square at GSQ, a new city hall, library and community gathering spot in Goodyear. Located on a three-acre site at the northeast corner of North 150th Drive and West McDowell Road, the family-friendly restaurant is slated to open in late 2022. Totaling more than 7,600 square feet, the new BJ’s interior will seat approximately 250 guests, with more seating at the patio and round bar. The restaurant plans to hire approximately 160 team members. BJ’s operates seven breweries in five states and offers 11 beers and ciders on tap.

March 8, 2022

Acquisitions North Carolina Retail Southeast

SRS Arranges $72.5M Sale of Shopping Center in Fayetteville, North Carolina

by Julia Sanders March 8, 2022

FAYETTEVILLE, N.C. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Freedom Town Center, a 350,838-square-foot shopping center in Fayetteville. The seller, an entity doing business as NC Fayetteville Skibo LLC, sold the property for $72.5 million to an undisclosed buyer. Kyle Stonis, Pierce Mayson and Boris Shilkrot of SRS’ Atlanta office represented the buyer in the transaction. Tyson Glasser of RealtyLink represented the seller. Built in 2017, Freedom Town Center was 99.7 percent leased at the time of sale to tenants including Field & Stream, Sprouts Farmers Market, HomeGoods, Hobby Lobby, Five Below, Dick’s Sporting Goods, buybuy Baby, Petco, Cost Plus World Market, Burkes Outlet and Designer Shoe Warehouse (DSW). Located at 2000 Skibo Road on 38.3 acres, the property is situated five miles from downtown Fayetteville and 8.3 miles from the Fayetteville Regional Airport.

March 8, 2022

Acquisitions Retail Texas

CTO Realty Growth Buys Metro Houston Shopping Center for $39.1M

by Taylor Williams March 8, 2022

HOUSTON — CTO Realty Growth (NYSE: CTO), a Florida-based REIT, has purchased Price Plaza Shopping Center, a 205,000-square-foot retail center in the western Houston suburb of Katy, for $39.1 million. The property sits on a 22.3-acre site along the Interstate 10/Katy Freeway corridor and was 95 percent leased at the time of sale, with Best Buy, Ross Dress for Less, dd’s DISCOUNTS and James Avery Artisan Jewelry serving as the anchor tenants. CTO Realty Growth acquired Price Plaza Shopping Center from an undisclosed seller via a 1031 exchange.

March 8, 2022

Acquisitions Development Midwest Mixed-Use Ohio Retail Top Stories

MarketSpace Capital, Park Harbor Capital Complete Purchase of Tri-County Mall Near Cincinnati, Plan $1B Redevelopment

by John Nelson March 8, 2022

SPRINGDALE, OHIO — MarketSpace Capital and Park Harbor Capital, two private real estate investment and development firms based in Texas, have officially closed on their purchase of Tri-County Mall, an enclosed, 1.3 million-square-foot regional shopping center in the Cincinnati suburb of Springdale. The co-developers plan to transform the mostly vacant mall into a $1 billion redevelopment project housing residences, offices, restaurants, shops, a school, entertainment venues and green space. The redevelopment received unanimous approval from the Springdale City Council about 10 weeks ago. MarketSpace and Park Harbor are set to begin construction later this year on Phase I, which will include 450 apartments, 40,000 square feet of retail space and restaurants and 110,000 square feet of recreational space, including a 38,000-square-foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a park. Several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original mall in the late 1950s, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing …

March 8, 2022

Acquisitions New Hampshire Northeast Retail

Horvath & Tremblay Negotiates $16.9M Sale of Retail Property in Merrimack, New Hampshire

by Taylor Williams March 7, 2022

MERRIMACK, N.H. — Boston-based brokerage firm Horvath & Tremblay has negotiated the $16.9 million sale of an 80,795-square-foot retail property in Merrimack, located near the Massachusetts-New Hampshire border. The three-building property was built on 14 acres in 2018. Altitudes, a trampoline and adventure park, anchors the center, and other tenants include Planet Fitness, Dollar General, Triangle Credit Union and Beer & Wine Nation. Bob Horvath and Todd Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 7, 2022

Development Indiana Leasing Activity Midwest Restaurant Retail

Caliber Collision, Starbucks to Open at Southtown Centre in Fort Wayne, Indiana

by Kristin Harlow March 7, 2022

FORT WAYNE, IND. — Caliber Collision and Starbucks have signed leases to open at Southtown Centre in Fort Wayne. Caliber Collision will open a store at 7851 Southtown Crossing, marking its second location in Fort Wayne. Starbucks will lease a 2,225-square-foot building set to be constructed later this year at 7800 S. Anthony Blvd. Barry Sturges, Neal Bowman and Phil Hagee of Sturges Property Group represented Caliber Collision. Sturges worked with the Fort Wayne Redevelopment Commission and the developer, The Elia Group, on the Starbucks deal.

March 7, 2022

Florida Leasing Activity Retail Southeast

Sprouts to Open 20,000 SF Grocery Store in Homestead, Florida

by Julia Sanders March 7, 2022

HOMESTEAD, FLA. — Sprouts Farmers Market, a Phoenix-based grocery chain, is opening a 20,000-square-foot store in Homestead on April 1. Located at 2631 NE. 10th Court, the store will be situated near other retailers and restaurants including T.J. Maxx, Planet Fitness, Menchie’s Frozen Yogurt, Ross Dress for Less, Olive Garden Italian and LongHorn Steakhouse. The store location is also about 31 miles south of Miami. Sprouts plans to hire 100 full and part-time employees at the Homestead store. Employment opportunities include department managers, assistant department managers, clerks, cashiers, courtesy clerks, backup receivers, administrative coordinators and scan coordinators. Sprouts offers competitive pay, team member discounts and career advancement opportunities. The grocer employs approximately 31,000 team members and operates more than 370 stores in 23 states nationwide.

March 7, 2022

Acquisitions Loans Retail Washington Western

IPA Arranges $23.4M Acquisition Loan for Park Place Retail Property in Tukwila, Washington

by Amy Works March 7, 2022

TUKWILA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip mall located at 17501 Southcenter Parkway in Tukwila. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate, for the undisclosed tenant. Built in 1996, the property features 153,454 square feet of retail space. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer and seller were not disclosed.

March 7, 2022

Acquisitions California Retail Western

Faris Lee Investments Brokers $14.1M Sale of La Paz Shopping Center in Laguna Niguel, California

by Amy Works March 7, 2022

LAGUNA NIGUEL, CALIF. — Faris Lee Investments has negotiated the sale of La Paz Shopping Center in the Orange County city of Laguna Niguel. Carson Cos. sold the asset to an Orange County-based private investor for $14.1 million. Scott DeYoung, Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and the buyer in the deal. Located at 460 S. Lake Ave., the property features 35,302 square feet of retail space. Current tenants include Walgreens and Wild Fork Foods, a meat and seafood market. The multi-tenant asset also had vacant suites at the time of sale.

March 7, 2022

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