Retail

Small Businesses Make Big Strides in Phoenix’s Retail Market

by Jeff Shaw October 19, 2021

By Matt Harper, Senior Vice President of Retail, NAI Horizon Arizona relies heavily on a robust tourism industry. When COVID-19 hit, it was a massive blow to the hospitality and retail sectors. Coming out of the pandemic, however, the Metro Phoenix retail sector has shown great resiliency, especially mom and pops. Phoenix ended the fourth quarter of 2020 with a positive net absorption of 124,330 square feet of retail space. With negative net absorption in the second and third quarters of 2020 – the devastating months of the pandemic – Phoenix ended the year at negative 373,715 square feet. This was compared to an overall positive net absorption of more than 1.1 million square feet in 2019. Phoenix vacancy rose slightly in the second quarter of 2021 from the previous quarter, coming in at 7.7 percent and 7.5 percent, respectively. Net absorption for the second quarter was a negative 63,558 square feet, down from a strong first-quarter 2021 of 466,714 square feet. The average triple-net rental rate rose slightly to $15.81 per square foot. COVID-19 travel restrictions and stay-at-home orders attributed to the paltry second- and third-quarter 2020 numbers. Then those orders were lifted by Gov. Ducey, and the sun came …

October 19, 2021

Development Midwest Ohio Restaurant Retail

Center Square Leases 33,000 SF Warehouse in Columbus, Plans Redevelopment

by Kristin Harlow October 18, 2021

COLUMBUS, OHIO — Center Square, a company specializing in community events and entertainment centers, has leased a 33,000-square-foot warehouse at 225 Neilston St. in the historic Warehouse District of Columbus. The company plans to transform the building into The Kee, a community center with an indoor-outdoor event venue and a restaurant and bar. The landlord, Hackman Capital Partners, owns the majority of the real estate in the Warehouse District. Clayton Davis and Alex Ashworth of JLL represented both the landlord and the tenant in the lease transaction. Center Square plans to program events at the venue such as concerts, comedy shows, fitness classes, art exhibits and farmer’s markets. There will also be an onsite catering option for private parties, weddings and corporate events. The Kee is expected to open in July 2022.

October 18, 2021

Illinois Leasing Activity Midwest Restaurant Retail

Tatas Tacos, Hops & Scotch to Open at The Cooper in Chicago

by Kristin Harlow October 18, 2021

CHICAGO — Tatas Tacos and Hops & Scotch are the first retail tenants announced for The Cooper, a 29-story luxury apartment tower located at 720 S. Wells St. in Chicago’s Printers Row. Tatas Tacos will open its fourth Chicago restaurant, while Hops & Scotch, a new bottle shop concept from the owners behind South Loop Market, will open its first location. Tatas Tacos, which is slated to open in spring 2022, will occupy 5,643 square feet on the northern end of the tower. Hops & Scotch is scheduled to open later this year. The 1,286-square-foot store will offer a selection of beers, wines and spirits. Delivered in 2018, The Cooper is the first phase of Lendlease’s seven-acre Southbank development.

October 18, 2021

Florida Life Sciences Market Reports Retail Southeast Southeast Market Reports

Orlando Retail Market Experiencing Record Investor Demand and Pricing

by John Nelson October 18, 2021

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows. According to data from CoStar Group, the metro’s average rental rate of $15.84 per square foot in the second quarter is more than 7 percent higher than the pre-pandemic peak. And occupancy rates are 40 basis point higher than the pre-COVID-19 peak, currently standing at 96.4 percent. With escalating land prices and shortages in raw materials and labor, we anticipate overall construction costs will continue to increase, stalling deliveries and further advancing rental and occupancy rates. Last year, some retail owners (sellers) and investors (buyers) focused on asset management within their portfolios and reevaluated the perceived investment risk due to the pandemic, which caused a sharp dropoff in 2020 investment activity, despite an abundance of capital available to invest. After a couple quarters of fundamentals bottoming out, owners and investors had confidence in their …

October 18, 2021

Florida Hospitality Loans Mixed-Use Multifamily Retail Southeast Top Stories

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders October 15, 2021

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

October 15, 2021

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $3M Acquisition of Retail Property in Castle Rock, Colorado

by Amy Works October 15, 2021

CASTLE ROCK, COLO. — Marcus & Millichap has arranged the purchase of Encore Castle Rock, a retail building located at 20 Wilcox St. in Castle Rock. A private investor acquired the property for $3 million. Cory Gross of Marcus & Millichap’s Denver office represented the buyer in the deal. Well State Healthcare is a tenant at the 8,297-square-foot property. The buyer plans to open a coffee shop and fitness facility at the building, according to Marcus & Millichap.

October 15, 2021

Acquisitions Retail Texas

Weitzman Brokers Sale of 73,872 SF Retail Building in Mesquite, Texas

by Taylor Williams October 15, 2021

MESQUITE, TEXAS — Weitzman has brokered the sale of a 73,872-square-foot retail building located on a 9.2-acre site at 3677 W. Emporium Circle in the eastern Dallas suburb of Mesquite. The undisclosed buyer will use the freestanding building, which previously housed an Academy Sports + Outdoors, as a showroom and warehouse for wholesale nail salon supplies. Cameron Mai of Weitzman represented the buyer in the deal. Mason Bishop of Transwestern represented the seller, a Houston-based partnership.

October 15, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $12.6M Sale of Village Shoppes at Creekside in Metro Atlanta

by Julia Sanders October 15, 2021

LAWRENCEVILLE, GA. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The shopping center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta. The tenant roster at Village Shoppes at Creekside includes Badcock Furniture and Harbor Freight Tools. Taylor represented the seller, Lamar Cos., in the transaction. Azad Commercial Realty Services, a Houston-based private investor, purchased the property. “The demand for well-located retail centers is as high as it has ever been,” says Taylor. “The last three retail centers we have sold had money day one with pricing that exceeded the seller’s expectations. The increased demand, limited supply, low interest rates and the yield spread over other asset classes has created the best environment for selling retail in the past 20 years.”

October 15, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Negotiates Sale of 14,388 SF Shopping Center in Suwanee, Georgia

by Julia Sanders October 15, 2021

SUWANEE, GA. — Stan Johnson Co. has arranged the sale of Suwanee Celebration Village, a 14,388-square-foot shopping center in Suwanee. Jeff Enck, Brian Lane and Emery Shane of Stan Johnson Co. represented the seller, a locally based group of private investors. A McDonough, Ga.-based individual investor acquired the property for more than $5.1 million. Built in 2019, Suwanee Celebration Village is fully leased to seven tenants including Verizon Wireless and ATI Physical Therapy. More than half of the property’s tenants operate on 10-year leases. Located at 2780 West Village Drive, the center is situated about 34.4 miles north of downtown Atlanta in Gwinnett County.

October 15, 2021

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $3.3M Sale of PNC Bank Ground Lease in Metro Chicago

by Kristin Harlow October 15, 2021

SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.3 million sale of a PNC Bank ground lease in Saint Charles, about 40 miles west of Chicago. The 3,586-square-foot building is located at 3879 E. Main St. The property serves as an outparcel to a Target-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private, Midwest-based real estate investor. The Midwest-based buyer completed a 1031 exchange. PNC Bank, which has operated at the location since 2002, recently extended its lease through 2033.

October 15, 2021

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