Retail

Pacific Castle Management Sells Waterman Grove Plaza in Elk Grove, California for $17.2M

by Amy Works May 16, 2022

ELK GROVE, CALIF. — Pacific Castle Management has completed the disposition of Waterman Grove Plaza, a retail strip center located at 9304-9332 Elk Grove Road in Elk Grove. CenterSquare Investment Management acquired the property for $17.2 million. Situated on 4.2 acres, Waterman Grove Plaza features 44,090 square feet of retail space. At the time of sale, the property was 89.2 percent occupied. Current tenants include Pets to Go, Panda Express, Jamba Juice, Mountain Mike’s Pizza, 9Round, Subway and Envy Day Spa. Eric Kathrein, Gleb Lvovich, Bryan Ley and Warren McClean of JLL Retail Capital Markets represented the seller in the deal.

May 16, 2022

California Loans Retail Western

Partnership Receives Recapitalization for 605,000 SF SouthBay Pavilion Shopping Center in Carson, California

by Amy Works May 16, 2022

CARSON, CALIF. — Eastern Real Estate, Rockpoint and Atlas Capital Group have partnered to recapitalize SouthBay Pavilion in Carson. IKEA, Target and JCPenney anchor the 605,000-square-foot regional shopping center. The amount of the recapitalization was not disclosed. SouthBay Pavilion is 13 miles south of downtown Los Angeles and near the ports of Los Angeles and Long Beach, as well as Los Angeles International Airport. This is the second venture between Eastern, Atlas and Rockpoint in the Southern California area in the past year. In June 2021, the partners acquired Eagle Rock Plaza, a 446,000-square-foot retail property in Los Angeles.

May 16, 2022

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta Retail Market Stays Hot With Unique, Experiential Offerings Around Town

by John Nelson May 16, 2022

Atlanta continues its streak as a high-growth market for retail. Low vacancy rates have turned up the competition for quality spaces among tenants and rents have continued to climb. Competition and a landlord’s market have sparked new trends as developers further refine their approach to finding retailers that drive traffic and retailers search for fertile and readily available locations, including submarkets outside the intown submarkets. Northeastern and West Coast brands have followed the trend of people moving to the Southeast, landing locations in suburban and exurban submarkets often filled with high-income, educated populations. As cities like Newnan, Cumming, Roswell, Woodstock, Peachtree City and Alpharetta see population density continue to grow, retail and restaurants are following. Suburbs and exurbs are also attracting urban dwellers from Atlanta seeking a quieter, yet similarly amenitized lifestyle they may have experienced closer to attractions like the Atlanta BeltLine. During the pandemic, people also got used to staying close to home and are now reluctant to drive far to take care of day-to-day needs and enjoy amenities, giving a boost to Ga. Highway 400 corridor developments like Avalon and Halcyon, as well as Ashley Park in Newnan. Unique offerings Hot trends emerging in Atlanta are “eatertainment,” …

May 16, 2022

Development Mixed-Use Retail Southeast Virginia

Foulger-Pratt, Howard Hughes, Seritage Demolish Landmark Mall in Alexandria for 4 MSF Mixed-Use Project

by John Nelson May 13, 2022

ALEXANDRIA, VA. — Foulger-Pratt, The Howard Hughes Corp. and Seritage Growth Properties have broken ground on their 4 million-square-foot WestEnd Alexandria project with the demolition of Landmark Mall. Built in 1965 as an open-air shopping center, the 715,520-square-foot Landmark was converted to an enclosed shopping mall in 1990. The mall officially closed its doors in 2017 following Howard Hughes Corp.’s purchase of the former Macy’s store, but the Sears department store remained open until 2020. Last year the Sears owner, the City of Alexandria, signed Inova Health to a 99-year ground lease at the site where the health system is building a $1 billion hospital campus will span 11 acres. At full buildout, WestEnd Alexandria will span 52 acres and comprise 2,500 apartments, including 200 affordable housing units; parks and open space; approximately 125,000 square feet of medical office buildings; nearly 235,000 square feet of retail and restaurant uses; and a new facility for Alexandria Fire-EMS Station 208. Foulger-Pratt, Howard Hughes and Seritage plan to begin Phase I of WestEnd Alexandria in 2023 with the first residential buildings delivering in 2025.

May 13, 2022

Acquisitions Midwest Missouri Retail

Rainier Cos. Acquires 545,204 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow May 13, 2022

LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.

May 13, 2022

Acquisitions New Jersey Northeast Retail

IPA Brokers Sale of 109,828 SF Shopping Center in Union, New Jersey

by Taylor Williams May 13, 2022

UNION, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Greenleaf at Union, a 109,828-square-foot shopping center in Northern New Jersey. Built in 2017 and anchored by LA Fitness and Bob’s Discount Furniture, the property was fully leased at the time of sale. Other tenants include Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. Brad Nathanson and Steven Siegel of IPA represented the seller, Sun Equity Partners LLC, in the transaction. The duo also procured the buyer, Prestige Properties.

May 13, 2022

Colorado Loans Mixed-Use Multifamily Office Retail Western

Continuum, Clarion Receive $130M Refinancing for Market Station Mixed-Use Project in Denver

by Amy Works May 13, 2022

DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.

May 13, 2022

Acquisitions California Retail Western

Faris Lee Arranges $10.3M Sale of Shops at Crown Valley in Laguna Niguel, California

by Amy Works May 13, 2022

LAGUNA NIGUEL, CALIF. — Faris Lee Investments has brokered the $10.3 million sale of Shops at Crown Valley, a grocery- and pharmacy-anchored retail center in Laguna Niguel. A Los Angeles-based private family office sold the asset to a Riverside-based buyer. Located at 30262-30272 Crown Valley Parkway, Shops at Crown Valley features 23,315 square feet of retail space. Planet Fitness, Smart & Final, Rite Aid and The UPS Store are tenants at the fully occupied property. Sean Cox, Alex Moore, Chris DePierro, Matt Brooks and Joe Chichester of Faris Lee represented the seller and procured the buyer for the transaction.

May 13, 2022

Acquisitions Georgia Retail Southeast

IPA Brokers $23.2M Sale of Doraville Plaza Shopping Center in Metro Atlanta

by John Nelson May 12, 2022

DORAVILLE, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.2 million sale of Doraville Plaza, a 190,167-square-foot shopping center in Doraville. The Burlington-anchored center is situated along Buford Highway near the interchange with I-285. A locally based group of investors purchased the asset from an entity doing business as Doraville Plaza Investors LLC, including the assumption of existing CMBS debt. Zach Taylor of IPA, who represented the seller in the transaction, says Doraville Plaza has future redevelopment potential. “CMBS debt assumptions are difficult and typically shrink the buyer pool. However, rising interest rates and the demand for well-located retail assets centers like Doraville Plaza worked in our favor,” says Taylor. “The location and future redevelopment potential of the underlying real estate created a competitive bidding environment.”

May 12, 2022

Acquisitions Florida Retail Southeast

TSCG Brokers $10.4M Sale of Grocery-Anchored Shopping Center in Southwest Florida

by John Nelson May 12, 2022

BONITA SPRINGS, FLA. — TSCG has brokered the sale of Bay Landing, a grocery-anchored shopping center totaling nearly 63,000 square feet in the southwest Florida city of Bonita Springs. Illinois-based InvenTrust Properties purchased the property for approximately $10.4 million. Anthony Blanco led the TSCG team that included Mallory Silva and Nick Ureta in representing the seller, an affiliate of Barron Collier Cos. Built in 1998 along U.S. Highway 41, Bay Landing was fully leased at the time of sale to The Fresh Market and HomeGoods. The site is entitled for an additional 10,000 square feet of retail development, according to Blanco.

May 12, 2022

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