Retail

Progressive Real Estate, Newmark Broker $6.1 Sale of Bank of America-Occupied Property in Rancho Cucamonga

by Amy Works February 17, 2022

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Newmark have arranged the sale of a single-tenant retail building located at 8700 Baseline Road in Rancho Cucamonga. A private, Northern California-based investor acquired the property from WM Capital for $6.1 million. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark represented the seller in the transaction. Bank of America has occupied the 9,195-square-foot drive-thru property since 1976. The building is located within Country Village shopping center.

February 17, 2022

Leasing Activity Retail Texas

Northern Tool to Open 31,000 SF Store at Woodforest Shopping Center in Houston

by Taylor Williams February 17, 2022

HOUSTON — Northern Tool + Equipment has signed a lease to open a 31,000-square-foot store at Woodforest Shopping Center in East Houston. Shawn Ackerman and Jason Du of Henry S. Miller Brokerage represented the undisclosed landlord in the lease negotiations. Clay Mote of Retail Union and Jason Baker with Baker Katz represented Northern Tool.

February 17, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $7M Sale of Promenade Shopping Plaza in Valdosta, Georgia

by Julia Sanders February 17, 2022

VALDOSTA, GA. — Marcus & Millichap has brokered the $7 million sale of Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta. James Medefind, John Brigel, James Garner and Jim Shiebler of Marcus & Millichap represented the seller, an undisclosed limited liability company. Medefind of Marcus & Millichap represented the undisclosed buyer. Promenade Plaza was fully occupied at the time of sale to tenants including Shoe Carnival, Books-A-Million, Best Buy, Five Guys and Sleep Number. Located on 5.5 acres at 1705 Norman Drive, the property is situated adjacent to the Valdosta Mall, an indoor mall with tenants such as JC Penney, Belk and Envy Boutique. The property is also 2.5 miles from Valdosta State University and 20 miles north of the Georgia-Florida state line via Interstate 75.

February 17, 2022

Market Reports Michigan Midwest Midwest Market Reports Retail

Detroit Retail Market Running Strong as New Year Begins

by Kristin Harlow February 17, 2022

The “retail apocalypse” predicated on the pandemic never really materialized. Instead, we’ve seen retail do what it always does: evolve. Much as the rest of the country, metro Detroit’s retail real estate market has evolved and come back in a big way. Tenants on the move As vaccines were adopted and the economy allowed to reopen, the economic rubber band snapped back quickly and stronger than many of us could have predicted. Retailers were dusting off pre-pandemic expansion plans and back to signing leases in 2021. We saw new openings and new market searches from BJ’s Wholesale Club, Burlington, Carvana, Chick-fil-A, Chipotle, Starbucks, Crunch Fitness, Edge Fitness, Gabe’s, iFly, Jollibee, Meijer, Portillo’s, Ross, Shake Shack, Smoothie King, T.J. Maxx, Total Wine & More and Tropical Smoothie Café. 2021 also presented a big void in the Michigan furniture market following the bankruptcy of Art Van (which controlled 30 to 35 percent of the market). Numerous players including Gardner White Furniture, Ashley Furniture and Value City Furniture all quickly snapped up this real estate, immediately increasing their market share. Other categories that continue to seek space include car washes (which has to be one of the most active categories out there …

February 17, 2022

Acquisitions Illinois Midwest Northeast Northmarq Retail

Northmarq Arranges Sale of 138,000 SF Retail Center in Orland Hills, Illinois

by Kristin Harlow February 16, 2022

ORLAND HILLS, ILL. — Northmarq has arranged the sale of Orland Towne Center in Orland Hills, a southern suburb of Chicago. The 138,000-square-foot retail center is home to Aldi, Edge Fitness, Five Below, PetSmart and Duly Health and Care. In addition to brokering the sale, Northmarq’s Jeff Frankel also arranged a $14.6 million first mortgage loan on behalf of the buyer, Sperry Equities. A life insurance company provided the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.

February 16, 2022

Georgia Leasing Activity Retail Southeast

Five Restaurants, Retailers to Open at Crabapple Market Mixed-Use Development in Metro Atlanta

by Julia Sanders February 16, 2022

MILTON, GA. — Five retailers have released plans to join the tenant lineup at Crabapple Market, a mixed-use development currently under construction in Milton, about 31 miles north of downtown Atlanta. Courtney Brumbelow and Haley Hartman of Atlanta-based Ackerman Retail completed the leases on behalf of Crabapple Market. Opening this year, the new retailers include DUA Vietnamese, a Vietnamese restaurant; Roll On In Sushi Burritos & Bowls, a restaurant that offers a mix of tacos, bowls and donuts; Spiced Right Ribhouse, a barbecue restaurant; Buzzed Bull Creamery, an ice cream store; and Alumni Cookie Dough, a cookie dough restaurant. Previously, Ackerman Retail completed leases with Evimero Marketplace, featuring artisan-made gifts and home goods; Kitchens By Design Firm, offering a range of kitchen and other installations; Loveday Place, specializing in locally crafted artwork; Dinna Eckstein Designs – The Store, a home-design retailer providing furnishings and accessories; and Prescott Design, a full-service interior design studio. Six Bridges Brewing, The Nest Café and Savi Provisions also signed leases at Crabapple Market. There is currently one restaurant space available for lease. In addition to the lineup of restaurants and retailers, the mixed-use development is home to Class A office space, a stage for concerts …

February 16, 2022

Development Florida Leasing Activity Mixed-Use Retail Southeast

Sprouts Farmers Market Plans New Location in Miami’s Grove Central Development

by Julia Sanders February 16, 2022

MIAMI — Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story residential tower with 402 multifamily, workforce and co-living units; a new 1,250-space public parking garage; and a total of approximately 170,000 square feet of retail space. The project developer is a joint venture between Miami-based Terra and Coconut Grove-based Grass River Property. The project has been designed by Miami’s Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Situated at the intersection of US-1 and 27th Avenue, the project will connect to the adjacent Coconut Grove Metrorail station, Miami-Dade’s bus system, the City of Miami’s trolley network and The Underline, a 13-mile linear park running from South Miami-Dade to downtown Miami.

February 16, 2022

Acquisitions Retail Texas

Faris Lee Arranges $7M Sale of Retail Property Leased to Floor & Décor in McAllen, Texas

by Taylor Williams February 15, 2022

MCALLEN, TEXAS — Faris Lee Investments has arranged the $7 million sale of a 65,000-square-foot retail property in McAllen that is triple-net leased to Floor & Décor for a term of 55 years. The store, which will be the Atlanta-based home improvement retailer’s first in the Rio Grande Valley, is under construction and slated to open on March 3. Jeff Conover and Scott DeYoung of Faris Lee represented the Texas-based developer and seller in the transaction. The buyer was a Texas-based 1031 exchange investor. Both parties requested anonymity.

February 15, 2022

Acquisitions New Jersey Northeast Retail

Kislak Negotiates $7M Sale of Retail Property in Egg Harbor City, New Jersey

by Taylor Williams February 15, 2022

EGG HARBOR CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $7 million sale of a 5,585-square-foot retail property in Egg Harbor City, located in Atlantic County. The property is under construction and is preleased to convenience store operator Wawa for 20 years on a triple-net basis. Jason Pucci and Justin Lupo of Kislak represented the buyer, Kamson Corp., in the transaction. The seller was not disclosed.

February 15, 2022

Acquisitions Georgia Retail Southeast

RealSource Arranges $9.4M Sale of LA Fitness-Occupied Property in Metro Atlanta

by Julia Sanders February 15, 2022

LAWRENCEVILLE, GA. — RealSource Group has arranged the $9.4 million sale of a single-tenant property occupied by LA Fitness at Lawrenceville Town Center, a shopping center in the eastern Atlanta suburb of Lawrenceville. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, New York-based DLC Management. The undisclosed buyer was a private investor based in Dallas. Built in 2020, the LA Fitness building spans 34,000 square feet. The property’s co-tenants include a Kroger supermarket and fuel station, H&R Block, O’Reilly Auto Parts, Verizon Wireless, Aaron’s, Rainbow Shops, Ameris Bank, Coast Dental, Burger King, Tidal Wave Auto Spa, Kumon and Lawrenceville Health Center. Located at 600 Gwinnett Drive, the property is positioned at the signalized intersection of Grayson Highway and Gwinnett Drive. The property is also situated 3.2 miles from Georgia Gwinnett College, 42.7 miles from downtown Atlanta and 42.6 miles from Hartsfield-Jackson Atlanta International Airport.

February 15, 2022

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