HOMESTEAD, FLA. — Sprouts Farmers Market, a Phoenix-based grocery chain, is opening a 20,000-square-foot store in Homestead on April 1. Located at 2631 NE. 10th Court, the store will be situated near other retailers and restaurants including T.J. Maxx, Planet Fitness, Menchie’s Frozen Yogurt, Ross Dress for Less, Olive Garden Italian and LongHorn Steakhouse. The store location is also about 31 miles south of Miami. Sprouts plans to hire 100 full and part-time employees at the Homestead store. Employment opportunities include department managers, assistant department managers, clerks, cashiers, courtesy clerks, backup receivers, administrative coordinators and scan coordinators. Sprouts offers competitive pay, team member discounts and career advancement opportunities. The grocer employs approximately 31,000 team members and operates more than 370 stores in 23 states nationwide.
TUKWILA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip mall located at 17501 Southcenter Parkway in Tukwila. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate, for the undisclosed tenant. Built in 1996, the property features 153,454 square feet of retail space. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer and seller were not disclosed.
LAGUNA NIGUEL, CALIF. — Faris Lee Investments has negotiated the sale of La Paz Shopping Center in the Orange County city of Laguna Niguel. Carson Cos. sold the asset to an Orange County-based private investor for $14.1 million. Scott DeYoung, Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and the buyer in the deal. Located at 460 S. Lake Ave., the property features 35,302 square feet of retail space. Current tenants include Walgreens and Wild Fork Foods, a meat and seafood market. The multi-tenant asset also had vacant suites at the time of sale.
SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 13708 E. Indiana Ave. in Spokane Valley. A limited liability company sold the asset to a California-based 1031 exchange buyer for $8 million. Great Floors occupies the 46,000-square-foot property on a net-leased basis. This is the fourth Great Floors property to close in a series of five sale-leaseback transactions in Washington and Idaho. Clayton Brown, Christopher Edwards and Ruthanne Romero of Brown Retail Group in Marcus & Millichap’s Seattle office represented the seller in the deal.
By Ryan Sarbinoff, First Vice President, Regional Manager, Marcus & Millichap Retail metrics in the Valley have soundly improved after enduring some turbulence during the health crisis. Through the first nine months of 2021, net absorption totaled roughly 1.6 million square feet, putting the market on a trajectory to record its highest annual count since 2017. More than half of that absorption was logged between July and September, indicating that momentum is building. Phoenix retail market is in a much stronger position heading into 2022 Several factors are driving the uptick in retail space demand. Metro employment surpassed the pre- pandemic peak by August 2021, spearheading consumers’ ability to spend. At the same time, more seasonal residents are returning to the Valley after many chose not to travel in 2020, while tourism is also progressing. According to the City of Phoenix Aviation Department, passenger counts at local airports increased by 67 percent year-to-date through September relative to the same period last year. All these underlying forces benefit retail spending, and ultimately fuel tenant demand. Longer-term outlook is robust, piloted by growth trends Phoenix is expanding at a swift pace, with the metro’s favorable climate, quality of life and job availability attracting new residents. From the beginning of …
LENEXA, KAN. — Martin City Pizza and Taproom will open at the Hampton Building within Lenexa City Center in Kansas. The brewery and restaurant, which is slated to open in late spring or early summer, will span more than 6,000 square feet and feature an outdoor patio. Martin City has three other locations in Martin City, Lee’s Summit and Mission Farms. Copaken Brooks owns Lenexa City Center, which will consist of office, retail and residential space upon full buildout. Erin Johnston of Copaken Brooks represented ownership on an internal basis.
HILLSBORO, ORE. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.
BEVERLY HILLS, CALIF. — Gantry has secured $38 million in financing for the fee-simple interest in a parcel located at the corner of Rodeo Drive and Brighton Way in the Golden Triangle neighborhood of Beverly Hills. The fee-simple parcel is subject to a long-term ground lease with improvements consisting of an 18,380-square-foot high-street retail structure, which is occupied by Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.
DENVER — Monfort Cos. has completed the sale of 1946 Market Street, a retail building located in Denver’s LoDo neighborhood. Jim Blumenthal, a local real estate investor, acquired the asset for $24 million. Monfort Cos. and Riot Hospitality Group will continue to lease and operate Dierks Bentley’s Whiskey Row, which recently opened in the 22,000-square-foot property following a renovation of the original building, including a 6,000-square-foot addition. Whiskey Row opened in New Year’s Eve.
ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.