Retail

Stan Johnson Co. Negotiates $22.3M Sale of Retail Center in Terre Haute, Indiana

by Kristin Harlow January 7, 2022

TERRE HAUTE, IND. — Stan Johnson Co. has negotiated the $22.3 million sale of Honey Creek Marketplace in Terre Haute, about 80 miles southwest of Indianapolis. The 107,733-square-foot shopping center is located at 4428 S. U.S. Highway 41. The property, built in 2015, is fully leased to seven tenants. The anchor tenants are Fresh Thyme Farmers Market and Academy Sports + Outdoors. Mark Lovering of Stan Johnson represented the seller, a Texas-based developer. Christian Tremblay of Stan Johnson represented the buyer, a Wisconsin-based institutional investor.

January 7, 2022

Fallbrook-Mercantile-Center-Fallbrook-CA

Acquisitions California Retail Western

Gerrity Group Divests of Fallbrook Mercantile Center Near San Diego for $27.2M

by Amy Works January 6, 2022

FALLBROOK, CALIF. — Gerrity Group has completed the disposition of Fallbrook Mercantile Center, a 70,411-square-foot retail center in Fallbrook. A private investor acquired the asset for $27.2 million. Major Market anchors the property, which is situated on 6.5 acres at 713, 825, 833 and 835-855 S. Main Ave. At the time of sale, the property was 96.8 percent occupied. Other tenants include Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Group and Pho House and Grill. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

January 6, 2022

Acquisitions California Restaurant Retail Western

DJM, PGIM Real Estate Acquire Long Beach Exchange from Burham-Ward Properties

by Amy Works January 6, 2022

LONG BEACH, CALIF. — DJM, in partnership with PGIM Real Estate, has purchased Long Beach Exchange, an open-air lifestyle property in Long Beach, from Burnham-Ward Properties for an undisclosed price. Built in 2018, the 26-acre Long Beach Exchange features 246,500 square feet of retail space. Current tenants include Whole Foods Market, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta and Nordstrom Rack. Eastdil brokered the transaction.

January 6, 2022

Acquisitions California Retail Western

Ethan Conrad Properties Buys Sacramento-Area Shopping Center for $16.7M

by Amy Works January 6, 2022

CITRUS HEIGHTS, CALIF. — Citivest Commercial Investments has completed the disposition of four parcels of SummerHills Plaza, an approximately 135,000-square-foot, grocery-anchored shopping center in Citrus Heights. Ethan Conrad Properties acquired the parcels for $16.7 million, or $155 per square foot. Originally constructed in 1967 and refurbished in 2020, the property is occupied by Raley’s, Dollar Tree, Round Table Pizza and Dutch Bros. Coffee. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Edward Nelson and Wyatt Figeroa of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 6, 2022

Acquisitions Northeast Pennsylvania Retail

Legend Properties Arranges Sale of 168,000 SF Retail Property in Hazleton, Pennsylvania

by Taylor Williams January 6, 2022

HAZLETON, PA. — Metro Philadelphia-based brokerage firm Legend Properties Inc. has arranged the sale of Church Hill Mall, a 168,000-square-foot retail property in Hazleton, located roughly midway between Scranton and Allentown. The property sits on 14 acres and was 92 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Family Dollar and Firestone. James Smith of Legend Properties brokered the deal. The new ownership, an entity doing business as 1065 Church Street Properties LLC, plans to invest about $2 million in capital improvements and rebrand the property as Church Hill Commons.

January 6, 2022

Acquisitions Northeast Pennsylvania Retail

FNRP Acquires 141,451 SF Summerdale Plaza Shopping Center in Harrisburg

by Taylor Williams January 6, 2022

HARRISBURG, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Summerdale Plaza, a 141,451-square-foot shopping center in Harrisburg. At the time of sale, the property was 85 percent leased to a tenant roster that includes Rite Aid, AutoZone, Dollar Tree and Tractor Supply. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.

January 6, 2022

Market Reports Midwest Midwest Market Reports Missouri Retail

Kansas City Retail Market Continues to Evolve During COVID-19

by Kristin Harlow January 6, 2022

To the surprise of many in the Kansas City retail sector, the end of 2021 looked much different than most anticipated when 2021 began. As uncertainty buzzed through the retail world, the flurry of 2021’s real estate activity was a welcome surprise. Retailers who embraced technology and adapted to the changing circumstances of today’s world were able to reap the benefits 2021 offered. As consumers took advantage of post-lockdown freedoms, brick-and-mortar retailers experienced a surge in sales volume. Throughout 2021, many national retailers and local Kansas City owners reported volumes exceeding 2019 pre-COVID levels. It’s comforting to report that retail leasing and sales continue to be strong, and overall Kansas City remains consistent in attracting retail business during these uncertain times. One of the most recognizable transformations in retail is the way in which technology seamlessly connects e-commerce and brick-and-mortar stores. Consumers can now use technology to satisfy their desire for the contactless fulfillment of their order, browse local inventory at grocery and retail stores for immediate pickup and grocery shop without entering the store. This list will continue to grow as acceptance of the technology accelerates. Another noticeable retail alteration is the addition of drive-thrus as well as …

January 6, 2022

Acquisitions Retail Southeast Virginia

SRS Brokers $27M Sale of Whole Foods-Occupied Property in Alexandria, Virginia

by Julia Sanders January 5, 2022

ALEXANDRIA, VA. — SRS National Net Lease Group has brokered the $27 million sale of a Whole Foods Market-occupied retail property in Alexandria. The 42,243-square-foot Whole Foods is located within The Royalton, a 116-unit residential condominium property built in 2006. Andrew Fallon and Rick Fernandez of SRS, along with Joe Friedman of Edge Capital Markets, represented the undisclosed seller, a family trust based in Hawaii, in the transaction. Sarasota, Fla.-based Benderson Development Inc. was the buyer. Located at 1700 Duke St., the property is situated 8.2 miles from the new Amazon HQ2 in Arlington and about 10 miles from Washington D.C. Whole Foods has been a tenant at this location since 2007 and has about four years remaining on the initial lease term. Whole Foods is the only retail tenant at the property, which is fully occupied.

January 5, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $7.7M Sale of Retail Property in Olathe, Kansas

by Kristin Harlow January 5, 2022

OLATHE, KAN. — Marcus & Millichap has negotiated the $7.7 million sale of Shops of Sunnybrook in Olathe, about 20 miles southwest of Kansas City. The 38,273-square-foot retail property is located at 11120 S. Lone Elm Road. Tenants include Austin’s Bar & Grill, Prairie Liquors, Pour Coffehouse, Subway, Hotworx and Performance Rehab. Shops of Sunnybrook was 86 percent occupied at the time of sale. The sale included three acres of developable land. Zach Turner, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also secured the buyer, a Kansas City-based developer.

January 5, 2022

Acquisitions California Retail Western

Imperium Blue Purchases Chateau, Zalanta Retail Centers in South Lake Tahoe for $33M

by Amy Works January 5, 2022

SOUTH LAKE TAHOE, CALIF. — Florida-based Imperium Blue has acquired the Chateau and Zalanta retail centers in South Lake Tahoe for $33 million. Ready Capital sold the assets, which total 50,000 square feet of retail space. Tony Wood of KW Commercial Real Estate Services represented the seller, while Scott Campbell of SRS National Let Lease Group represented the buyer in the deal. The properties are part of a larger 20-acre development project that includes 400 residential condominiums and 100,000 square feet of retail space.

January 5, 2022

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