Retail

Continental Realty Corp. Acquires Two Retail Centers in Michigan for $34M

by Kristin Harlow October 7, 2021

TROY, MICH. — Continental Realty Corp. (CRC) has acquired Oakland Plaza and Oakland Square, two shopping centers totaling nearly 392,000 square feet in Troy. The combined purchase price was $34 million. Together, the properties were 87 percent leased at the time of acquisition. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness. Amy Sands and Clinton Mitchell of JLL represented the undisclosed seller. This was the first acquisition for CRC’s Opportunistic Retail Fund, a private equity fund formed this year to acquire value-add retail properties throughout the country. Completed in 1979 and renovated in 1994 and 2014, Oakland Plaza consists of three buildings and three outparcels comprising 171,518 square feet. It is 71 percent leased to 16 tenants. Delivered in 1986 with additional construction completed in 1997, the three-building Oakland Square spans 220,226 square feet. The asset is fully leased to seven tenants. Baltimore-based CRC now owns and manages more than 5 million square feet of commercial space across nine states.

October 7, 2021

Acquisitions California Net Lease Retail Western

Stanford Hotels Group Sells Walgreens-Occupied Retail Building in Huntington Beach for $11.3M

by Amy Works October 7, 2021

HUNTINGTON BEACH, CALIF. — Stanford Hotels Groups has completed the sale of a single-tenant retail property located at 19001 Brookhurst St. in Huntington Beach. A private 1031 exchange investor acquired the asset for $11.3 million. Walgreens occupies the 11,838-square-foot building on a triple-net, long-term lease. The tenant has occupied the property, which sits on 1.3 acres, since it was constructed in 2007. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the buyer in the transaction.

October 7, 2021

58132-Twentynine-Palms-Hwy-Yucca-Valley-CA

Acquisitions California Retail Western

Progressive Real Estate Brokers $2M Sale of Multi-Tenant Retail Pad in Yucca Valley, California

by Amy Works October 7, 2021

YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail pad located at 58132 Twentynine Palms Highway in Yucca Valley. The asset traded for $2 million in a 1031 exchange transaction. Tenants at the 6,518-square-foot property include Gamestop, Verizon Wireless and Metro PCS. The building is an outparcel to a 212,000-square-foot shopping center that is anchored by Stater Bros. Greg Bedell of Progressive Real Estate represented the seller, while Victor Buendia, also of Progressive Real Estate, represented the buyer in the transaction.

October 7, 2021

Development Hospitality Midwest Mixed-Use Multifamily Ohio Retail Top Stories

Main Street Community Capital Unveils $1.3B Mixed-Use Destination Plans in Metro Cincinnati

by Katie Sloan October 7, 2021

MIDDLETOWN, OHIO — Main Street Community Capital has unveiled plans for Hollywoodland, a 50-acre mixed-use development along the Great Miami River in Middletown. The city, which boasted a population of about 50,000 residents as of the 2020 census, is located 25 miles southwest of Dayton and 30 miles northeast of Cincinnati. Development costs for the project are estimated at $1.3 billion. The Middletown City Council met for over six hours this week to discuss the project with the public. The official vote on approving or denying the development is scheduled for Oct. 21. If approved, Hollywoodland would be a public-private partnership between the city and Main Street Community Capital. If approved, the development would include: A luxury hotel with an attached, publicly owned convention center, rooftop bar and themed restaurants; a family-oriented hotel with a water park; the adaptive redevelopment of an existing First National Bank building into a boutique hotel; an indoor entertainment and concert venue; an indoor amusement park; 3,000 deck-based parking spaces; luxury, mid-rise multifamily units and condominiums; a pre- and post-production motion picture studio with sound stages and support offices; restaurants, bars, brew-pubs and cafes; a comedy club; and lifestyle, convenience and recreational retail space. The project …

October 7, 2021

Acquisitions Retail Texas

NewQuest Properties Acquires 116,404 SF Shopping Center in San Antonio

by Taylor Williams October 6, 2021

SAN ANTONIO — Houston-based NewQuest Properties has acquired a 116,404-square-foot shopping center located at 6001 NW Loop 410 in northwest San Antonio. Built on 12.7 acres in 1994, HQ Shopping Center was fully leased at the time of sale to tenants such as Best Buy, Ross Dress for Less, Bed Bath & Beyond and Petco. CBRE represented the undisclosed seller in the transaction.

October 6, 2021

Development Illinois Midwest Retail

Summit Design + Build Completes Four-Story Gym, Retail Project Near Chicago’s Wrigley Field

by Kristin Harlow October 6, 2021

CHICAGO — Summit Design + Build has completed construction of 1111 W. Addison in Chicago’s Wrigleyville neighborhood. The four-story, 59,000-square-foot project features retail space on the ground floor and a fitness and bouldering center on the second through fourth floors. The 41,895-square-foot climbing gym is home to Movement Wrigleyville, a climbing, yoga and fitness center. Hirsch/MPG Architecture + Planning was the project architect and Clausen Management Services was the owner’s representative.

October 6, 2021

Florida Leasing Activity Retail Southeast

Three Retailers Sign Leases at $4B Miami Worldcenter Development in Downtown Miami

by Julia Sanders October 5, 2021

MIAMI — Three retailers have signed leases to join the tenant lineup at Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway in downtown Miami. The three retailers are Sephora, a beauty and make-up retailer; Lucid Motors, an electric car company; and Bowlero, an entertainment retailer that offers bowling, interactive arcades and dining. The retailers, which are taking a combined 60,000 square feet, will open at Miami Worldcenter in 2022. CIM Group and Miami-based The Comras Co. are leading retail leasing on behalf of Miami Worldcenter Associates, the master developer of Miami Worldcenter. Sephora will occupy more than 6,000 square feet at the World Square Plaza, a 20,000-square-foot public plaza and park that will run along Miami Worldcenter’s 7th Street Promenade. Lucid Motors plans on taking about 23,000 square feet and developing a multi-use facility. The retailer will have a Lucid Studio, which will allow customers to experience the brand and its lineup of luxury electric vehicles. The location will also serve as a service facility and a delivery center. The facility will be located along 1st Avenue and 10th Street. Bowlero will occupy more than 31,000 square feet within Miami Worldcenter’s 78,000-square-foot “Jewel Box” retail building. The venue will …

October 5, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Brokers $3.3M Sale of Thomson Plaza Shopping Center Near Augusta, Georgia

by Julia Sanders October 5, 2021

THOMSON, GA. — Stan Johnson Co. has brokered the sale of Thomson Plaza, a 96,495-square-foot retail center located at 308-324 W. Hill St. in Thomson, about 33 miles west of Augusta. Doug Clyburn and Julie Clyburn of Stan Johnson Co. represented the seller, an entity doing business as Thomson Plaza LLLP, which had owned the grocery-anchored property for over 49 years. A private 1031 exchange buyer from Statham, Ga., purchased the shopping center for approximately $3.3 million. Thomson Plaza is a KJ’s Market-anchored community center situated on more than 10.5 acres. The retail center was 98 percent leased at the time of sale to 13 tenants including Bealls Outlet, Family Dollar, Aaron’s and Subway. Built in 1972, the property had renovations done in 1990.

October 5, 2021

Acquisitions Office Retail Southeast Virginia

Kroger Sells Former Regional Headquarters Office in Roanoke for $3.1M

by Julia Sanders October 5, 2021

ROANOKE, VA. — Kroger LP I has sold its former regional headquarters located at 3631 Peters Creek Road in Roanoke. Fenton Childers and Austin Newman of S.L. Nusbaum Realty Co. represented Kroger in the transaction. The buyer, Roanoke-based The Branch Group Inc., purchased the property for $3.1 million. Steve Zegarski and Jason Fountain of Waldvogel Commercial Properties Inc. represented the buyer. Built in 1983, the 58,690-square-foot, two-story office building sits on 9.5 acres and functioned as Krogers regional headquarters for the Mid-Atlantic division. Kroger occupied the property until 2020.

October 5, 2021

Acquisitions Illinois Midwest Retail

Whole Foods-Anchored Retail Center in Suburban Chicago Sells for $67.2M

by Kristin Harlow October 5, 2021

EVERGREEN PARK, ILL. — Evergreen Plaza, a recently redeveloped, 255,249-square-foot retail center in the Chicago suburb of Evergreen Park, has sold for $67.2 million. The sale represents the largest single-asset retail sales transaction in the Chicago area this year, according to JLL, which brokered the sale. Anchored by Whole Foods Market, Evergreen Plaza is also home to TJ Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. The property is 94 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, a partnership between funds managed by affiliates of Fortress Investment Group LLC and Lormax Stern. LBX Investments acquired the asset. Christopher Knight and Gregg Shapiro of JLL arranged a 10-year, fixed-rate acquisition loan in the amount of $45.4 million through Angel Oak Commercial Lending.

October 5, 2021

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