Retail

JLL Arranges Sale of Wegmans-Anchored Shopping Center in Metro Raleigh

by Julia Sanders March 31, 2022

CARY, N.C. — JLL Capital Markets has arranged the sale of Twin Lakes Center, a multi-tenant shopping center in Cary anchored by Wegmans. Thomas Kolarczyk and Ryan Eklund of JLL represented the seller, Leyland Alliance. Dallas-based L&B Realty Advisors acquired the property on behalf of an institutional client. The sales price was not disclosed. Built in 2020, Twin Lakes Center was fully leased at the time of sale to tenants including Hollywood Feed, Great Clips, Mezeh Mediterranean Grill, Premier Martial Arts, PM Pediatrics, Paris Nail Bar, Bul Box and Gulli Boys. Situated on 1.7 acres at 1125 Hatches Pond Lane, Twin Lakes Center is situated 16.1 miles from Raleigh and 14.1 miles from Durham.

March 31, 2022

Charleston-Plaza-Palo-Alto-Mountain-View-CA

Acquisitions California Retail Western

Nuveen Real Estate Sells Charleston Plaza Retail Center in Silicon Valley for $71.8M

by Amy Works March 31, 2022

PALO ALTO AND MOUNTAIN VIEW, CALIF. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the asset for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle. Will Connors, Daniel Renz and Michael Manas of the JLL Capital Markets team represented the seller and procured the buyer in the deal.

March 31, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates Sale of 69,755 SF The Shops at Dynamite Creek Near Phoenix

by Amy Works March 31, 2022

CAVE CREEK, ARIZ. — Phoenix Commercial Advisors has arranged the sale of The Shops at Dynamite Creek, a neighborhood retail center located at the entrance of Tatum Ranch master-planned community in Cave Creek. David Malin of Scottsdale Development Partners sold the asset to an undisclosed buyer for $21.9 million, or $315 per square foot. Located at 28242 N. Tatum Blvd., The Shops at Dynamite Creek features 69,755 square feet of retail space. At the time of sale, the property was 96 percent leased. Current tenants include Ace Hardware, RE/MAX, F45, State Farm Insurance, Honor Health and OrthoArizona. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction. Cameron Warren and Nick DeDona of Phoenix Commercial Advisors handled leasing at the property.

March 31, 2022

Conference Coverage Features Restaurant Retail

Unpredictability Lies at the Heart of Successful Experiential Retail, Say EEE Panelists

by Taylor Williams March 31, 2022

By Taylor Williams With the COVID-19 pandemic largely in society’s rearview mirror and warm weather months approaching, Americans are fired up to recoup lost time at their favorite restaurants, bars and entertainment venues. But the collision of this pent-up demand with 40-year inflationary highs means that many consumers are going to be more selective about where they eat, drink and source entertainment. To that end, meals, drinks, games and activities must offer a truly unique experience to justify consumer spending of their stretched dollars and to capture the Holy Grail of repeat spending/visits. That’s not to say that run-of-the-mill, traditional food and beverage (F&B) and entertainment concepts won’t rebound to some extent. But the concepts that deliver their offerings to customers in ways that are truly unique and memorable will be the ones that recognize the strongest sales growth and build the most enduring brand loyalties. Strategies, philosophies and exemplary practices that go into making this endeavor a reality were at the forefront of a panel discussion at the seventh-annual Entertainment Experience Evolution conference that took place in mid-March in Los Angeles. Hosted by Shopping Center Business, the flagship publication of Atlanta-based France Media Inc., the event drew more than …

March 31, 2022

Georgia Leasing Activity Retail Southeast

Fashion Retailer Joins Tenant Line-Up at Atlantic Station in Atlanta

by Julia Sanders March 30, 2022

ATLANTA — International fashion and leisure department retailer YOYOSO will open its first Atlanta store at Atlantic Station, a mixed-use destination in Atlanta’s West Midtown area that features over 30 stores and restaurants, entertainment, hotels and 700,000 square feet of Class A office space, including a new office tower anchored by Microsoft. Located at 260 18th St. NW, the 8,244-square-foot space will include both men’s and women’s apparel at affordable prices from over 600 suppliers across the globe. YOYOSO is set to open its doors this fall. YOYOSO was founded in 2014 by Huan MA in China and opened its first location in the United States in 2019 with a Miami Beach storefront. The fashion enterprise has since expanded to over 1,000 locations across 36 countries and over 380 cities. The Atlantic Station location will be open seven days a week, with grand opening plans to be announced soon. Atlantic Station has also welcomed other tenants recently to the property including Derek Automotive, an electric vehicle company. The landlord of Atlantic Station, Hines, also plans to add Rosé Bistro and Champagne Bar and Atlanta Breakfast Club later this year.

March 30, 2022

Acquisitions California Restaurant Retail Western

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

by Amy Works March 30, 2022

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.

March 30, 2022

Acquisitions Retail Texas

Vista Cos. Acquires 70,000 SF Montgomery Crossing Shopping Center in Conroe, Texas

by Taylor Williams March 30, 2022

CONROE, TEXAS — Locally based investment and management firm Vista Cos. has acquired Montgomery Crossing, a 70,000-square-foot retail center located about 45 miles north of Houston in Conroe. At the time of sale, the center was 70 percent leased to tenants such as Dollar Tree, The Toasted Yolk Café, Whataburger and Mattress Firm. Rob Kilcrease and Matt Berry of CBRE represented Vista Cos. in the deal. The seller was not disclosed. Veritex Bank provided acquisition financing to Vista Cos.

March 30, 2022

Acquisitions Michigan Midwest Retail

MKiezi Investments Acquires Oakland Mall in Troy, Michigan

by Kristin Harlow March 30, 2022

TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.

March 30, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers Sale of 262,847 SF Retail Property in Memphis

by Julia Sanders March 29, 2022

MEMPHIS, TENN. — SRS Real Estate Partners has brokered the sale of Cross Creek Shopping Center, a 262,847-square-foot retail property in Memphis. A New York-based entity doing business as Allied Development of Memphis LLC sold the property for an undisclosed price to Aspen Real Estate. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction, and Aspen was self-represented. Cross Creek is shadow-anchored by The Home Depot and features tenants including Ross Dress for Less, Conn’s HomePlus, dd’s Discounts and Five Below. Located at 3505-3619 Riverdale Road, the property is situated 18.8 miles from downtown Memphis.

March 29, 2022

Florida Loans Retail Southeast

Concord Summit Capital Secures $16M Refinancing for Shopping Center in Delray Beach, Florida

by Julia Sanders March 29, 2022

DELRAY BEACH, FLA. — Concord Summit Capital LLC has secured a $16 million loan for the refinancing of Bed Bath & Beyond Plaza, a shopping center in Delray Beach. The Florida-based sponsor, Berta Management, will use the bridge loan to construct a new Starbucks store, provide for capital improvements and pay off existing debt. Massachusetts-based Seven Hills Realty Trust provided the non-recourse loan. Justin Neelis and Daniel Rojo of Concord Summit Capital LLC sourced the financing on Berta Management’s behalf. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to a newly renovated Bed Bath & Beyond and a CVS/pharmacy, which was built in 2018. The property also features tenants including Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. The Starbucks will be built as an outparcel facing Atlantic Avenue. Site work is underway, and once construction is completed, the shopping center will total 86,043 square feet of leasable space. Built in 1981 at 14802 S. Military Trail, the shopping center is situated seven miles from Boca Raton and Boca Raton Airport.

March 29, 2022

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