Retail

PMAT Sells Grocery-Anchored Center in Metro Orlando for $12.7M

by Julia Sanders October 12, 2021

KISSIMMEE, FLA. — PMAT Cos. has sold Columbia Promenade, a 65,853-square-foot, Publix-anchored shopping center in Kissimmee, for $12.7 million. Danny Finkle, Brad Peterson, Eric Williams, Whitaker Leonhardt and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed. Built in 2000, Columbia Promenade was 98.6 percent leased at the time of sale to tenants including H&R Block and MetroPCS. Situated on 9.7 acres at 1251 W. Columbia Ave., the property has frontage along John Young Parkway and is located about 24.1 miles from downtown Orlando and 11.9 miles from Walt Disney World Resort.

October 12, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers Sale of 64,736 SF Shopping Center in Jacksonville

by Julia Sanders October 11, 2021

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Marietta Square, a 64,736-square-foot grocery store-anchored shopping center in Jacksonville. The sales price was $5.8 million. Drew Kristol, Kirk Olson, Chad Atwood and Simon Grigoryan of Marcus & Millichap represented the seller, an entity affiliated with Miami-based Saglo Development Corp., and the buyer, a Jacksonville-based private investor. Built in 1991, Marietta Square is anchored by Rowe’s IGA Supermarket and fully leased to tenants such as Family Dollar and AutoZone. Located at 8299 W Beaver St., the property is situated about 9.5 miles from downtown Jacksonville and 29.1 miles from Jacksonville Beach.

October 11, 2021

Arizona Development Retail Western

Vestar to Develop $90M of Spec Retail Projects in Metro Phoenix

by Amy Works October 8, 2021

QUEEN CREEK AND PEORIA, ARIZ. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek roads. Vineyard Towne Center, also in Queen Creek, will feature 75,000 square feet of retail for the first phase of the 23-acre development. Located at the northwest corner of North Gantzel and West Combs roads. Construction is slated to begin in first-quarter 2022 with completion scheduled for year-end. The Shops at Lake Pleasant in Peoria will feature 90,000 square feet of retail space on 26 acres at the intersection of Happy Valley Road and Lake Pleasant Parkway. The development is slated to open in late 2022.

October 8, 2021

LA-Fitness-Marina-Pacifica-Long-Beach-CA

California Leasing Activity Retail Western

LA Fitness to Open New Location at Marina Pacifica in Long Beach

by Amy Works October 8, 2021

LONG BEACH, CALIF. — LA Fitness has leased 33,987 square feet of space, which Best Buy formerly occupied at Marina Pacifica Shopping Center in Long Beach. The gym location is scheduled open in early 2022. Other tenants at the 296,954-square-foot shopping center include AMC, Ralphs, Nordstrom Rack, Barnes & Noble, Buffalo Wild Wings, Starbucks Coffee and Ulta Beauty. The landlord, NewMark Merrill Cos., was represented in-house and by Beta Agency, while RealSource Group represented LA Fitness in the deal.

October 8, 2021

Acquisitions Georgia Retail Southeast

Connolly Acquires 28,000 SF Towne Lake Plaza in Metro Atlanta

by Julia Sanders October 8, 2021

WOODSTOCK, GA. — Connolly has acquired Towne Lake Plaza, a 28,000-square-foot shopping center in downtown Woodstock. Dallas-based Murchison Commercial Real Estate Inc. sold the center for $4.1 million. Built in 1990, Towne Lake Plaza is fully leased to tenants including J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique. Located 30 miles northwest of Atlanta, the center is situated on Towne Lake Parkway between Interstate 575 and Main Street. Credit Union Business Services provided acquisition financing for the transaction. The Retail Planning Corp. will manage the center. Connolly’s retail services division will oversee leasing at the property.

October 8, 2021

Acquisitions Retail Southeast Virginia

Newmark Brokers Sale of 25,760 SF Retail Property in Fredericksburg, Virginia

by Julia Sanders October 8, 2021

FREDERICKSBURG, VA. — Newmark has brokered the sale of a 25,760-square-foot retail property located at 1551 Carl D. Silver Parkway in Fredericksburg. Matt Berres, Mat Adler and Samer Khalil of Newmark represented the seller, a private Midwest-based investor. A private buyer from Los Angeles purchased the property for $3.1 million. Built in 1999, the single-tenant property is fully leased to Bassett Furniture and offers freeway visibility and ample parking. The store is located near other retailers including Ashley HomeStore, Lowe’s Home Improvement, Ethan Allen, Hobby Lobby, buybuy BABY and Total Wine & More.

October 8, 2021

Development Mixed-Use Multifamily Retail Southeast Tennessee Top Stories

Joint Venture Breaks Ground on $263M River North Mixed-Use Project in Nashville

by Julia Sanders October 8, 2021

NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …

October 8, 2021

Market Reports Northeast Northeast Market Reports Pennsylvania Restaurant Retail

Downtown Philly Retailers, Restaurants Wait Out Delta Variant

by Taylor Williams October 8, 2021

By Taylor Williams Relative to a year ago, life is much better right now for many retailers and restaurants in Philadelphia’s Center City district, but the recent surge of transmission of the Delta variant is keeping a key ingredient of the demand recipe at bay: office users. According to CBRE’s second-quarter report on the Philadelphia office market, the most current data available at the time of this writing, the marketwide vacancy rate was 18.9 percent at the end of that period. Specifically with regard to the downtown area, the largest office submarket by far in terms of inventory, vacancy stood at 14.7 percent at the end of the second quarter. Office metrics aside, as Philadelphia grappled with the novelty of COVID-19 in 2020, its merchants and food purveyors adapted, adjusting inventory levels, rolling out improvised outdoor seating areas and expanding takeout and curbside pick-up options. The colder months saw the introduction of igloos — enclosed, heated nooks for private dining — as well as larger, city-led efforts to clear major retail corridors for street-side experiences, known locally as “streateries.” The innovations saved many-a-retailer and restaurant and are likely here to continue through 2021 and beyond. Yet within the city’s most …

October 8, 2021

Acquisitions Development Retail Southeast Tennessee

Holladay Purchases Factory at Franklin in Metro Nashville for $56M, Plans to Expand Office Space

by Julia Sanders October 7, 2021

FRANKLIN, TENN. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex. Today, The Factory is a mixed-use destination with shops, restaurants, offices and entertainment venues located at 230 Franklin Road, about 21.5 miles from downtown Nashville. The Factory currently has restaurant tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams and Mojo’s Tacos. Other tenants include Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week. After the redevelopment project is complete, The Factory will have about 310,000 square feet of mixed-use space. Holladay and its partners …

October 7, 2021

Development Illinois Midwest Retail

Museum of Ice Cream to Open at The Shops at Tribune Tower in Chicago

by Kristin Harlow October 7, 2021

CHICAGO — The Museum of Ice Cream (MOIC) has signed a long-term lease to open a 13,544-square-foot location at The Shops at Tribune Tower in downtown Chicago. MOIC represents the first retail tenant at the newly redeveloped Tribune Tower. The retail portion spans 50,000 square feet and anchors the ground floor of the 36-story, 740,000-square-foot tower, which is located at 435 N. Michigan Ave. Owners CIM Group and Golub & Co. have transformed the property into 162 luxury condominiums and are now welcoming their first residents. The building originally opened in 1925. Plans for the Chicago MOIC include a Chicago Transit Authority-inspired L car named the Sprink-L; a giant dessert-themed putt putt course with a Chicago dog ice cream treat; and a café with outdoor seating. The opening is scheduled for spring 2022. Chicago joins New York City and Austin as the only U.S. cities with a permanent location for MOIC.

October 7, 2021

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