Retail

JLL Brokers $17.7M Sale of Derby Square Shopping Center in Grove City, Ohio

by Kristin Harlow December 1, 2021

GROVE CITY, OHIO — JLL Capital Markets has brokered the $17.7 million sale of Derby Square in Grove City, a southern suburb of Columbus. Giant Eagle anchors the 125,250-square-foot shopping center, which is 99 percent leased. Additional tenants include Once Upon a Child, Plato’s Closet, Novacare Rehabilitation, Salon Lofts, City Barbeque, Batteries + Bulbs, H&R Block and Allstate Insurance. Derby Square is situated on 12 acres along Stringtown Road. Amy Sands, Clinton Mitchell, Michael Nieder and Bill Poffenberger of JLL represented the seller, a joint venture between Madison International Realty and SITE Centers Corp. A Midwest-based private buyer acquired the asset.

December 1, 2021

Market Reports Restaurant Retail Texas Texas Market Reports

Restaurants Embody Trends That Define Houston Retail Market Post-Covid

by Taylor Williams December 1, 2021

By Jeff Tinsley, senior advisor, SVN | J. Beard Real Estate – Greater Houston As we reach the end of the calendar year, it’s become clear that 2021 has been a year of transition. Many new trends are emerging from the pandemic year of 2020 with regard to retail real estate. COVID-19-induced trends within shopping, dining and entertainment have given rise to a new generation of retailers to the Houston market. Many quick-service restaurants (QSRs) are looking to reduce store sizes for future locations and focus on streamlining their drive-thru, call in and pick-up order service. Some restaurant concepts are instilling the use of “ghost kitchens” and are aggressively looking to lease second-generation spaces in order to take advantage of the growing takeout and delivery demands. During the pandemic, one of the hardest-hit sectors was in the restaurant industry. Following months of minimized interaction between customers and proprietors due to dining room closures, we are now seeing a greater increase in pick-up and delivery requirements. Many restaurants are now using new technology and methods in terms of how service is offered, how food is prepared and how kitchen and service areas are designed. Furthermore, many food and …

December 1, 2021

Georgia Leasing Activity Retail Southeast

Several Retailers Join Tenant Lineup at Ponce City Market in Atlanta’s Old Fourth Ward

by Julia Sanders November 30, 2021

ATLANTA — Several new retailers have joined Ponce City Market, the mixed-use redevelopment of the former Sears Roebuck & Co. building in Atlanta’s Old Fourth Ward. Situated along the Atlanta BeltLine’s Eastside Trail, Ponce City Market comprises 259 residential flats, 643,000 square feet of Class A office space and 300,000 square feet of retail and restaurants. The new retailers include Nani’s Piri Piri Chicken, JJ’s Flower Shop, VIỆTVANA, Spicewalla Storefront and Umbrella Bar. Nani’s Piri Piri Chicken and JJ’s Flower Shop opened on Nov. 29, VIỆTVANA will open next month and Spicewalla Storefront and Umbrella Bar will open early next year. Nani’s Piri Piri Chicken is a restaurant that serves American-based cuisine and all-natural rotisserie chickens. In November 2020, the restaurant opened its first location in downtown Asheville at The Grove Arcade, a shopping center with dining and retail options. The Ponce City Market location will be its second location. JJ’s Flower Shop is a boutique flower shop owned by founder and florist Sarah Donjuan. The flower shop first opened at Ponce City Market in 2019, but in a smaller space at the Central Food Hall. The newer location will offer a larger space for the retailer. VIỆTVANA, a Vietnamese …

November 30, 2021

Illinois Leasing Activity Midwest Retail

DD’s Discounts to Open at Market Square Shopping Center in Bolingbrook, Illinois

by Kristin Harlow November 30, 2021

BOLINGBROOK, ILL. — DD’s Discounts, owned by Ross Stores Inc., has signed a lease to open and operate an 18,000-square-foot store at Market Square Shopping Center in the Chicago suburb of Bolingbrook. Other tenants at the property, located near I-55, include Walmart, Dollar Tree, Wintrust Bank and T-Mobile. Michael Horne of Newcastle Properties represented ownership on an internal basis. Andy Bulson of Mid-America Real Estate represented the tenant. Newcastle owns and operates 82 properties in 23 states.

November 30, 2021

Leasing Activity New Jersey Northeast Retail

Rita’s Ice Signs 1,973 SF Retail Lease in Flanders, New Jersey

by Taylor Williams November 30, 2021

FLANDERS, N.J. — Rita’s Ice, a Pennsylvania-based concept that specializes in custard and Italian ice, has signed a 1,973-square-foot retail lease at ITC Crossing South Shopping Center in Flanders, about 50 miles west of New York City. The tenant will backfill a space previously occupied by Amy Murphy Salon, which is relocating to a 5,000-square-foot space within the 514,903-square-foot center. The opening is scheduled for the first quarter of 2022. Danielle Brunelli of R.J. Brunelli & Co. represented the landlord in the lease negotiations.

November 30, 2021

Acquisitions Florida Mixed-Use Office Retail Southeast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders November 29, 2021

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

November 29, 2021

Development Industrial Retail Texas

Solo Brands Opens 430,000 SF Headquarters, Showroom in Grapevine, Texas

by Taylor Williams November 29, 2021

GRAPEVINE, TEXAS — Solo Brands, a provider of outdoor apparel and equipment, has opened a 430,000-square-foot headquarters office and showroom in Grapevine, located near Dallas-Fort Worth International Airport. Prologis developed the building as a spec project in 2020. ENTORS Design provided architectural services for the development. George Curry and Blake Rogers of JLL represented Solo Brands in its site selection and lease negotiations.

November 29, 2021

Acquisitions Arizona Retail Western

Marcus & Millichap Arranges $2.1M Sale of O’Reilly Auto Parts-Occupied Property in Phoenix

by Amy Works November 29, 2021

PHOENIX — Marcus & Millichap has brokered the sale of a retail building located at 5349 W. Baseline Road in Phoenix. A partnership sold the property to a limited liability company for $2.1 million. O’Reilly Auto Parts occupies the 7,000-square-foot property, which was built in 2006. The tenant recently executed its first five-year renewal option with 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

November 29, 2021

Acquisitions Midwest Retail Wisconsin

Matthews Brokers $10.7M Sale of Home Depot-Occupied Property in Racine, Wisconsin

by Kristin Harlow November 29, 2021

RACINE, WIS. — Matthews Real Estate Investment Services has brokered the $10.7 million sale of a Home Depot-occupied retail property in Racine. The asset is located at 2429 S. Green Bay Road near the High Ridge Shopping Center. Rob Goldberg and Ben Snyder of Matthews represented the seller, a national private investor. An unnamed REIT was the buyer.

November 29, 2021

Acquisitions Midwest Nebraska Restaurant Retail

Quantum Arranges $2.5M Sale of Restaurant Property in Lincoln, Nebraska

by Kristin Harlow November 29, 2021

LINCOLN, NEB. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant property occupied by Perkins Restaurant & Bakery in Lincoln for $2.5 million. The building is located at 7301 Husker Circle. Zack Hilgendorf of Quantum represented the buyer, an Iowa-based private investor. A local developer was the seller.

November 29, 2021

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