Retail

Avison Young Brokers Sale of 9.1-Acre Site in Pueblo, Colorado for Mixed-Use Project

by Amy Works January 10, 2022

PUEBLO, COLO. — Avison Young has brokered the sale of 9.1 acres of vacant land located at the southwest quadrant of US Highway 50 and Interstate 25 in Pueblo. 610 RLLLP sold the property to Conifer, Colo.-based BEP Pueblo LLC, an affiliate of Blueline Equity Partners, for an undisclosed price. The buyer plans to develop of the land into a mixed-use project, including residential, hospitality and possibly retail space. Completion is slated for 2023. Rick Egitto of Avison Young’s Denver office represented the seller in the deal.

January 10, 2022

Acquisitions Net Lease Retail Texas

RealSource Negotiates Sale of 37,030 SF West Houston Retail Property Leased to LA Fitness

by Taylor Williams January 10, 2022

HOUSTON — California-based brokerage firm RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.

January 10, 2022

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 184,082 SF Shopping Center in Rochester, Pennsylvania

by Taylor Williams January 10, 2022

ROCHESTER, PA. — Marcus & Millichap has brokered the sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. The sales price was $12 million. Grocer Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, a partnership, in the transaction. Additional terms of sale were not disclosed.

January 10, 2022

Acquisitions Michigan Midwest Restaurant Retail

Boulder Group Negotiates $2.8M Sale of Chipotle-Occupied Property in Royal Oak, Michigan

by Kristin Harlow January 10, 2022

ROYAL OAK, MICH. — The Boulder Group has negotiated the $2.8 million sale of a single-tenant retail property net leased to Chipotle in Royal Oak, a northern suburb of Detroit. Newly constructed in 2021, the 2,400-square-foot building is located at 305 W. 11 Mile Road. Chipotle has a 12-year lease at the property. Randy Blankstein and Jimmy Goodman of Boulder Group represented the buyer, a West Coast-based private individual. A Midwest-based real estate investment firm was the seller.

January 10, 2022

Acquisitions Midwest Ohio Retail

Legion Capital Sells 11,185 SF Property Leased to Family Dollar in Cleveland

by Kristin Harlow January 10, 2022

CLEVELAND — Legion Capital has sold an 11,185-square-foot retail property leased to Family Dollar in Cleveland. The buyer and sales price were undisclosed. The building is located at 650 Northfield Road. Cale Powers of Trinity Real Estate Investment Services represented Legion, which purchased a different Family Dollar property in New Orleans. Family Dollar operates more than 8,000 stores across the U.S.

January 10, 2022

Acquisitions Retail Southeast Virginia

SRS Arranges $4M Sale of Two-Tenant Retail Property in Arlington, Virginia

by Julia Sanders January 10, 2022

ARLINGTON, VA. — SRS National Net Lease Group has arranged the $4 million sale of a two-tenant retail property in Arlington, about five miles southwest of Washington, D.C. Andrew Fallon and Rick Fernandez of SRS represented the seller, Chicago-based McCaffery Interests Inc. The undisclosed, Virginia-based private buyer purchased the property in a 1031 exchange. The sales price represented $1,286 per foot. Built in 1979, the 3,100-square-foot, two-story property is occupied by Wireless Rxx and Starbucks. The property is positioned on Clarendon Boulevard, across the street from a Whole Foods Market. The Starbucks has been at this location since the location was redeveloped into The Crossing Clarendon, a mixed-use destination featuring open-air retail, restaurants, residential and office buildings.

January 10, 2022

Acquisitions Louisiana Retail Southeast

Trinity REIS Brokers Sale of Family Dollar-Occupied Retail Property in New Orleans

by Julia Sanders January 10, 2022

NEW ORLEANS — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The sales price was not disclosed. The Family Dollar-occupied property spans 9,180 square feet. Located at 7437 Westbank Expressway, the property is situated about 10 miles from downtown New Orleans and 19.1 miles from the New Orleans Lakefront Airport.

January 10, 2022

Georgia Leasing Activity Retail Southeast

Fin & Feathers to Open 5,400 SF Restaurant in Midtown Atlanta

by Julia Sanders January 7, 2022

ATLANTA — Fin & Feathers, an American soul food restaurant owned by Damon Johnson, will open in a new 5,400-square-foot location at 1136 Crescent Ave. in Midtown Atlanta. The new location will be the restaurant’s fourth in metro Atlanta. Bryan Davis of Atlanta-based Ackerman & Co. represented Fin & Feathers in the transaction. Fin & Feathers will open in the space formerly occupied by Tin Lizzy’s Cantina. The restaurant is slated to open in February. The interior of the Midtown Atlanta location will be completely redesigned to fit the Fin & Feathers’ style, which usually has colorful recessed lighting, a welcoming bar, wood tables and chairs and wall artwork. Additionally, the new location will have an outdoor patio for dining. The first Fin & Feathers location opened at 360 Edgewood Ave. in downtown Atlanta. Other locations near Atlanta include 7430 Douglas Blvd. in Douglasville and Ga. Highway 85 in Riverdale.

January 7, 2022

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Negotiates $49.8M Sale of ITC Crossing South Shopping Center in Northern New Jersey

by Taylor Williams January 7, 2022

MOUNT OLIVE, N.J. — Locally based brokerage firm R.J. Brunelli & Co. has negotiated the $49.8 million sale of ITC Crossing South, a 373,612-square-foot shopping center located on 46 acres in Mount Olive, for $49.8 million. The property is home to retailers such as Lowe’s, Michaels, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonalds, Longhorn Steakhouse and Bed, Bath & Beyond. The buyer, California-based Black Lion Investment Group, plans to implement a capital improvement program.

January 7, 2022

Acquisitions Indiana Midwest 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

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