Retail

Coro Realty Sells Cross Country Plaza Shopping Center in Columbus, Georgia for $42.6M

by Julia Sanders March 17, 2022

COLUMBUS, GA. — Atlanta-based Coro Realty has sold Cross Country Plaza, a 314,000-square-foot retail center in Columbus, for $42.6 million. The buyer was an affiliate of Hackney Real Estate Partners. Transwestern’s Southeast Investment Services Group represented Coro Realty in the transaction. Anchored by Publix, Cross Country Plaza was 90 percent occupied at the time of sale. Other tenants include T.J. Maxx, Burlington, Goodwill, Chipotle, Chuck E Cheese’s, Mattress Firm and 2nd & Charles. Located on Macon Road off Interstate 185, the property is 10.9 miles from Fort Benning, which is the third largest employer in Georgia. The property is also 42.6 miles from Auburn University. Built in 1956, the property was renovated in 2000 and then again in 2012.

March 17, 2022

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $4.3M Sale of Retail Center in Metro Milwaukee

by Kristin Harlow March 17, 2022

WEST ALLIS, WIS. — Colliers has arranged the $4.3 million sale of a 14,079-square-foot retail center in the Milwaukee suburb of West Allis. The recently built property sits at the corner of South 108th Street and West Oklahoma Avenue. Some of the tenants at the fully leased center include HuHot, Tropical Smoothie, Elements Massage and AT&T. Adam Connor, Josh Minkin and Heather Dorfler of the Colliers Wisconsin investment services team represented the seller, a Milwaukee-based private developer. The private buyer is also based in Wisconsin.

March 17, 2022

Development Loans Maryland Mixed-Use Retail Southeast

PCCP Provides $83.9M Loan to WRS for Metro D.C. Mall Acquisition, Renovation

by Julia Sanders March 16, 2022

GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.

March 16, 2022

Acquisitions North Carolina Retail Southeast

Irgang Group Acquires 196,462 SF Shopping Center in Metro Charlotte

by Julia Sanders March 16, 2022

MONROE, N.C. — Nyack, N.Y-based Irgang Group has acquired Poplin Place, a 196,462-square-foot regional shopping center in Monroe, about 21.3 miles south of Charlotte. Ben Bruner of the Bruner Group represented Irgang Group in the transaction. Thomas Kolarczyk, Danny Finkle and Eric Williams of JLL Capital Markets represented the seller, Big V Property Group. The sales price was not disclosed. Built in 2005, Poplin Place is fully occupied by an anchor tenant lineup that includes T.J. Maxx, Ross Dress for Less, PetSmart, Burlington, Big Lots and pOpshelf. Poplin Place’s other tenants include Boot Barn, Rack Room Shoes, Kay Jewelers and Claire’s. Additionally, the center’s former Dress Barn space was divided to accommodate Bath & Body Works and Spectrum. Located on 30.2 acres at 2901 W US Highway 74, Poplin Place is located 28 miles from Charlotte Douglas International Airport and 28 miles from the University of North Carolina at Charlotte. Target shadow-anchors the shopping center.

March 16, 2022

Georgia Retail Southeast

Walmart Plans to Open Tech Hub in Atlanta

by Julia Sanders March 16, 2022

ATLANTA — Walmart has plans to open the Walmart Global Tech hub in Atlanta in order to accelerate its digital capabilities. The Arkansas-based retailer says it selected Atlanta because of the city’s growing tech presence in the United States, its connection to Walmart and the strong talent base in the area. The location of Walmart’s new offices was not disclosed. The Walmart Global Tech hub will develop and manage cloud, data, enterprise architecture, DevOps, infrastructure and security functions to support stores and customer experience. Most of the new positions will be for data scientists and software engineers, as well as cybersecurity professionals, architects, developers, data engineers, technical program managers and product managers. Along with Atlanta, Walmart plans to build 15 other Walmart Global Tech hubs, including in Toronto, Austin, Dallas, Silicon Valley, Seattle and Charlotte. Globally, the Walmart Global Tech hub includes more than 20,000 associates, with plans to hire over 5,000 more tech workers in the next year.

March 16, 2022

Acquisitions Retail Texas

SRS Real Estate Arranges $6M Sale of Retail Building in Midland

by Taylor Williams March 16, 2022

MIDLAND, TEXAS — Dallas-based brokerage firm SRS Real Estate Partners has arranged the $6 million sale of a 94,579-square-foot retail building in the West Texas city of Midland that is occupied by Kohls and Crunch Fitness. Both tenants operate on long-term, triple-net leases. The building was originally constructed in 2005 and is situated within a 250,000-square-foot shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin-Williams and Jack in the Box. Britt Raymond and Kyle Fant of SRS represented the seller, a Texas-based developer, in the transaction. Jake Bordelon of Marcus & Millichap represented the buyer, a California-based private investor.

March 16, 2022

Acquisitions Office Retail Texas

Stockdale Investment Group Acquires 85,000 SF Office, Retail Property in Dallas

by Taylor Williams March 16, 2022

DALLAS — Locally based firm Stockdale Investment Group has acquired Knox Park Village, an 85,000-square-foot office and retail property located in the Knox-Henderson area of Dallas. The two-acre property comprises roughly 59,000 square feet of office space and 26,000 square feet of retail space that is designed to accommodate about 30 tenants. Current retail users include Pei Wei Asian Diner, T-Mobile, Mattress Firm and Fadi’s Mediterranean Grill. The seller and sales price were not disclosed.

March 16, 2022

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $8M Sale of Retail Center in Hammond, Indiana

by Kristin Harlow March 16, 2022

HAMMOND, IND. — Marcus & Millichap has brokered the $8 million sale of a 55,010-square-foot retail center in Hammond, about 25 miles south of Chicago. Dollar Tree and Ross Dress for Less anchor the property, which was constructed in 2016 and is located at 1105 5th Ave. Additional tenants at the fully leased center include Rainbow and Sadoni Beauty Supply. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, Luke Brands. Friedman Real Estate represented the buyer, Canyon Park Capital.

March 16, 2022

Leasing Activity New York Northeast Retail

Bed Bath & Beyond Renews 42,000 SF Lease in Bohemia, New York

by Taylor Williams March 16, 2022

BOHEMIA, N.Y. — Bed Bath & Beyond has renewed its 42,000-square-foot lease at Sayville Plaza, a shopping center located in the Long Island community of Bohemia. Other tenants at Sayville Plaza include Northwell Health, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill and Sprint. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations.

March 16, 2022

Acquisitions Midwest Minnesota Retail

JLL Arranges Sale of Galleria Edina Shopping Mall in Suburban Minneapolis

by Kristin Harlow March 15, 2022

EDINA, MINN. — JLL Capital Markets has arranged the sale of Galleria Edina in the Minneapolis suburb of Edina. The sales price was $150 million, according to Twin Cities Business. The 398,585-square-foot shopping mall is 99 percent leased to tenants such as Louis Vuitton, Tiffany & Co., Lululemon, Peloton, Tory Burch, Pottery Barn, Bluemercury, Warby Parker, Coach, Shinola and more. Danny Finkle, Barry Brown, Dave Monahan, Amy Sands, Cameron Pittman, Matt Hazelton and Cory Villaume of JLL represented the undisclosed seller. Local investor group 70th Street Properties LLC was the buyer. Park State Bank provided acquisition financing.

March 15, 2022

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