MILWAUKEE — Stan Johnson Co. has arranged the sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Milwaukee for $2.4 million. The building is located at 1216 S. 1st St. and was constructed in 2018. Blaise Bennett of Stan Johnson represented the seller, a Wisconsin-based developer. A Texas-based private equity group was the buyer. The sales price represents a cap rate of 5.1 percent, a new record for a Sherwin-Williams property in the Midwest, according to Stan Johnson.
NEW YORK CITY — Target will open a 90,000-square-foot store at Kings Plaza, an enclosed shopping center by California-based REIT Macerich (NYSE: MAC) in Brooklyn. Target will backfill a three-story anchor building previously occupied by J.C. Penney. An expected opening date was not released. Other retailers at Kings Plaza include Macy’s, Zara, Burlington, Primark and Michael Kors.
CHATHAM, N.J. — New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self-storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self-storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was not disclosed.
LITTLETON, COLO. — Blue West Capital has brokered the sale of Mineral Shops, a neighborhood retail center at 4760 W. Mineral Ave. in Littleton. Terms of the transaction were not released. Mineral Shops features 9,910 square feet of retail space and was 100 percent occupied at the time of sale. Tenants include Rita B Salon, Blush Nail Salon, King Liquor, Dunkin’ and Columbine Dentistry. Robert Edwards and Carly Kelly of Blue West Capital represented the buyer, a Texas-based private real estate investment company, and seller, a San Francisco-based private real estate investor, in the deal.
GILBERT, ARIZ. — Phoenix Commercial Advisors has negotiated the sale of Shops at Cooley Station, two hard-corner retail shop buildings located at 4049 E. Williams Field Road in Gilbert. The property traded for $10 million, or $628 per square foot. The names of the buyer and seller were not released. The 15,912-square-foot building was fully occupied at the time of sale. Current tenants include Pacific Dental, Wing Stop, F45, Little Caesars, Life Quest and My House. Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
POMONA, CALIF. — Progressive Real Estate Partners has brokered the purchase of a restaurant property located at 101 W. Foothill Blvd. in Pomona. A San Gabriel, Calif.-based private investor acquired the asset from an undisclosed seller for $2.7 million. Mike Lin of Progressive Real Estate Partners represented the buyer in the deal. Jack in the Box has occupied the property, which features a drive-thru lane, for more than 30 years. Originally built in 1976, the property underwent a major renovation in 2020 to reflect the current store branding.
NEW YORK CITY — Bathhouse, a provider of high-end spa services, has signed a 34,328-square-foot retail lease at 7 West 21st St. in Manhattan’s Flatiron District. The location within Friedland Properties’ 289,809-square-foot residential building will be the company’s first in Manhattan to accompany its space in Brooklyn’s Williamsburg area. Jason Pruger and Lucas Kooyman of Newmark represented Friedland Properties in the lease negotiations. Ross Eisenberg of RDE Advisors Inc. represented Bathhouse.
MINNEAPOLIS — Minneapolis-based NAI Legacy has acquired a portfolio of five retail properties for $20.5 million. Stablewood Properties was the seller. The assets include a CVS Pharmacy in Florida, a 7-Eleven in Colorado, a Sherwin-Williams in Missouri, an Advance Auto Parts in Florida and a Tractor Supply Co. in Pennsylvania. NAI Legacy will place the portfolio in a Delaware Statutory Trust, which often meets the demand for 1031 investors.
FAIRLAWN, OHIO — Marcus & Millichap has arranged the $7.8 million sale of a Walgreens-occupied property in Fairlawn, a northwest suburb of Akron. The 14,820-square-foot, net-leased building is located at 3009 W. Market St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
