Retail

JLL Negotiates Sale of 236,277 SF Red Lion Plaza Shopping Center in Philadelphia

by Taylor Williams November 23, 2021

PHILADELPHIA — JLL has negotiated the sale of Red Lion Plaza, a 236,277-square-foot shopping center in Philadelphia. Built in 1962 and expanded in 2021, the property was 97 percent leased at the time of sale. Tenants include Burlington, Ross Dress for Less, Pep Boys, Planet Fitness, Mattress Firm, Panera Bread, Aspen Dental and Tropical Smoothie Café. Jim Galbally, Chris Munley and Colin Behr of JLL represented the seller, a partnership between Finmarc Management Inc. and New York City-based KPR, in the deal. Michael Pagniucci of JLL arranged acquisition financing through a regional bank on behalf of the undisclosed buyer. The nonrecourse loan was structured with a 12-year term and a fixed interest rate.

November 23, 2021

Acquisitions Development Healthcare Mixed-Use Retail Southeast Top Stories Virginia

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson November 23, 2021

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

November 23, 2021

Illinois Leasing Activity Midwest Retail

Foxtrot to Open 1,739 SF Market at Chicago’s Tribune Tower

by Kristin Harlow November 22, 2021

CHICAGO — Foxtrot, a corner store, café and delivery market, has leased 1,739 square feet at The Shops at Tribune Tower in Chicago. Launched in 2013, Foxtrot offers grocery staples, sommelier-curated wine and locally sourced goods. The Chicago-based company currently operates 15 locations across Chicago, Washington, D.C., and Dallas. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story Tribune Tower, which is located at 435 N. Michigan Ave. Under the ownership of CIM Group and Golub & Co., the property has been transformed into 162 luxury condominium units. Foxtrot is slated to open in spring 2022.

November 22, 2021

Acquisitions California Healthcare Retail Western

La Maestra Family Clinic Buys Vacant Retail Center in El Cajon for Community Health Center Conversion

by Amy Works November 22, 2021

EL CAJON, CALIF. — La Maestra Family Clinic has purchased a multi-tenant retail center located at 1242-1248 E. Main St. in El Cajon. Main Street Trust sold the asset for $6.4 million. The buyer plans to convert the vacant, 22,694-square-foot retail center into a community health center. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Keith Edwards of Keller Williams Realty Metro represented the buyer in the deal.

November 22, 2021

Company News Retail Rhode Island Top Stories

CVS Health Plans to Close 900 Stores, Focus on Digital Strategy

by Julia Sanders November 19, 2021

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role at another one of the retailer’s locations, according to CNBC. As part of the plan to close many of its stores, CVS Health will create new store formats. The retailer released three models for its new store layouts including sites dedicated to offering primary care services; an enhanced version of HealthHub locations with products and services designed for everyday health and wellness needs; and traditional CVS pharmacy stores that provide prescription services and health, wellness, personal care and other retail offerings. CVS Health plans to build 1,000 HealthHub locations by the end of the year, CNBC reports. This model includes a wider range of medical products and medical services from …

November 19, 2021

Acquisitions Arizona Retail Western

SRS Real Estate Partners Brokers $65.8M Sale of Arcadia Crossing Retail Center in Phoenix

by Amy Works November 19, 2021

PHOENIX — SRS Real Estate Partners has arranged the sale of Arcadia Crossing, a grocery-anchored power center located at 44th Street and Thomas Road in Phoenix. A Phoenix-based family office sold the asset to a Denver-based family office for $65.8 million. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS represented the seller, while Pinnacle Real Estate Partners represented the buyer in the transaction. Situated on 44 acres, Arcadia Crossing features 453,457 square feet of retail space. At the time of sale, the property was 95 percent occupied. Tenants include Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, Costco, Ross Dress for Less, Petco and Five Below.

November 19, 2021

California Development Mixed-Use Multifamily Retail Western

Begonia Real Estate, C.W. Driver Break Ground on $36.8M Apartment Development in Temple City, California

by Amy Works November 19, 2021

TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver have broken ground on a four-story, mixed-use multifamily property located at 5570 Rosemead Blvd. in Temple City. With a total construction value of $36.8 million, the project will feature 74 market-rate apartments in a mix of one-, two- or three-bedroom layouts; 11,000 square feet of commercial space; and a subterranean parking garage. The top floor will include 24 penthouse suites and the first floor will feature three live-work units with storefronts or walk-in office with loft space above. Community amenities will include a two-story fitness center; community room; business center with flex seating and a private conference room; and a podium-level courtyard with fire pits, water features and barbecues. Additionally, each level will have a Zen retreat for residents needing a quiet, private space. Completion of the project is slated for June 2023. C.W. Driver is working with Creative Design Associates on the project.

November 19, 2021

Loans Mixed-Use Multifamily North Carolina Retail Southeast

Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

by Julia Sanders November 18, 2021

DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …

November 18, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $14.3M Sale of Shopping Center in Metro Orlando

by Julia Sanders November 18, 2021

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Kissimmee Korners, an 83,340-square-foot neighborhood center in Kissimmee, about 24.7 miles from Orlando. The seller, an entity doing business as Kissimmee Korners LLP, sold the property to an entity doing business as WWX2 LLC for $14.3 million. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. Houwen Zhou of Lokation Real Estate represented the buyer. Kissimmee Korners includes two one-story, multi-tenant retail buildings and one medical office/retail building. The multi-building center is 92.6 percent occupied and is anchored by Cano Health. Other tenants include Kissimmee Produce Market, T-Mobile, Florida Optical and Rent-A-Center. Renovated in 2006, the property is situated on 6.5 acres of land at the intersection of West Vine Street and North John Young Parkway. The property has 367 parking spaces.

November 18, 2021

Company News Features Heartland Feature Archive Hospitality Industrial Mixed-Use Multifamily Northeast Feature Archive Office Retail Southeast Feature Archive Texas & Oklahoma Feature Archive Western Feature Archive

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson November 18, 2021

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

November 18, 2021

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