SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 13708 E. Indiana Ave. in Spokane Valley. A limited liability company sold the asset to a California-based 1031 exchange buyer for $8 million. Great Floors occupies the 46,000-square-foot property on a net-leased basis. This is the fourth Great Floors property to close in a series of five sale-leaseback transactions in Washington and Idaho. Clayton Brown, Christopher Edwards and Ruthanne Romero of Brown Retail Group in Marcus & Millichap’s Seattle office represented the seller in the deal.
By Ryan Sarbinoff, First Vice President, Regional Manager, Marcus & Millichap Retail metrics in the Valley have soundly improved after enduring some turbulence during the health crisis. Through the first nine months of 2021, net absorption totaled roughly 1.6 million square feet, putting the market on a trajectory to record its highest annual count since 2017. More than half of that absorption was logged between July and September, indicating that momentum is building. Phoenix retail market is in a much stronger position heading into 2022 Several factors are driving the uptick in retail space demand. Metro employment surpassed the pre- pandemic peak by August 2021, spearheading consumers’ ability to spend. At the same time, more seasonal residents are returning to the Valley after many chose not to travel in 2020, while tourism is also progressing. According to the City of Phoenix Aviation Department, passenger counts at local airports increased by 67 percent year-to-date through September relative to the same period last year. All these underlying forces benefit retail spending, and ultimately fuel tenant demand. Longer-term outlook is robust, piloted by growth trends Phoenix is expanding at a swift pace, with the metro’s favorable climate, quality of life and job availability attracting new residents. From the beginning of …
LENEXA, KAN. — Martin City Pizza and Taproom will open at the Hampton Building within Lenexa City Center in Kansas. The brewery and restaurant, which is slated to open in late spring or early summer, will span more than 6,000 square feet and feature an outdoor patio. Martin City has three other locations in Martin City, Lee’s Summit and Mission Farms. Copaken Brooks owns Lenexa City Center, which will consist of office, retail and residential space upon full buildout. Erin Johnston of Copaken Brooks represented ownership on an internal basis.
HILLSBORO, ORE. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.
BEVERLY HILLS, CALIF. — Gantry has secured $38 million in financing for the fee-simple interest in a parcel located at the corner of Rodeo Drive and Brighton Way in the Golden Triangle neighborhood of Beverly Hills. The fee-simple parcel is subject to a long-term ground lease with improvements consisting of an 18,380-square-foot high-street retail structure, which is occupied by Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.
DENVER — Monfort Cos. has completed the sale of 1946 Market Street, a retail building located in Denver’s LoDo neighborhood. Jim Blumenthal, a local real estate investor, acquired the asset for $24 million. Monfort Cos. and Riot Hospitality Group will continue to lease and operate Dierks Bentley’s Whiskey Row, which recently opened in the 22,000-square-foot property following a renovation of the original building, including a 6,000-square-foot addition. Whiskey Row opened in New Year’s Eve.
ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.
ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million. Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022. Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments. BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.
BOYNTON BEACH, FLA. — Atlanta-based SJC Ventures has signed a new lease with Whole Foods Market at Boynton Beach Marketplace, a 69,204-square-foot shopping center underway in Boynton Beach. Located at 7499 W Boynton Beach Blvd., Boynton Beach Marketplace is expected to house sit-down restaurants, fast-casual eateries, service establishments and boutique fitness options. The property is 11.4 miles away from Delray Beach and 15.1 miles from Boca Raton.
ELBERTON, GA. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Atlanta-based Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in August. Other tenants at the property include Cricket Wireless, LA Nails and World Finance. Located at 709 Elbert St., the property is prominently situated along the main traffic artery in the city of Elbert. The property is also near retailers and restaurants including Cobo Auto Sales, Elberton Animal Hospital, Dunkin’, Taco Bell, Woodson Florist & Vintages and Dollar General.