Retail

JLL Arranges $24.9M Sale of Aldi-Anchored Retail Center in Metro Nashville

by Julia Sanders August 27, 2021

BRENTWOOD, TENN. — JLL has arranged the $24.9 million sale of Mallory Corners, an Aldi-anchored, 70,000-square-foot shopping center in the Nashville suburb of Brentwood. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, Longpoint Realty Partners, a Boston-based real estate private equity firm. Pine Tree, a Chicago-based retail specialized real estate company, represented the buyer, a state pension fund. Located on 6.5 acres at 1701 Mallory Lane, Mallory Corners is situated 16 miles from downtown Nashville. Built in 1995 and acquired by Longpoint Realty Partners in 2018, Mallory Corners is a fully leased center with a variety of tenants, including Barnes & Noble, Play it Again Sports, AAA, Hoover Paint Store and Brilliant Sky Toys & Books. The property is shadow anchored by Costco.

August 27, 2021

Development Illinois Midwest Retail

Illuminarium Experiences to Open 32,000 SF Venue at Chicago’s Navy Pier

by Kristin Harlow August 27, 2021

CHICAGO — Illuminarium Experiences, an experiential entertainment company, has unveiled plans to open an Illuminarium at Chicago’s Navy Pier. The 32,000-square-foot entertainment venue, which combines projections and soundscapes to create virtual reality-like exhibits, will be situated inside the former Crystal Gardens venue. This is the fourth Illuminarium location announced in the U.S., following Atlanta, Miami and Las Vegas. The company plans to add dozens of its immersive experience venues in major cities across the globe over the next five years. In Chicago, architecture firms Rockwell Group and Perkins & Will have begun the design of the new location. Illuminarium plans to invest more than $30 million in the redevelopment of Navy Pier. Construction is expected to begin in early to mid-2022, with completion slated for one year after. At Navy Pier, Illuminarium’s inaugural spectacle will be “Wild: a Safari Experience.” The concept showcases Africa’s most exotic animals in their natural habitats via cinematic content shot by RadicalMedia. Following “Wild” will be “Spacewalk,” a journey through the solar system. Viewers will experience what it’s like to walk on the surface of the moon and Mars. Additionally, guests will enjoy The Bar at Illuminarium, designed and developed by the LAB at Rockwell …

August 27, 2021

Acquisitions Colorado Net Lease Retail Western

NAI Shames Makovsky Brokers $3.1M Sale of 7-Eleven-Occupied Property in Berthoud, Colorado

by Amy Works August 27, 2021

BERTHOUD, COLO. — NAI Shames Makovsky has arranged the sale of a retail property located at 1111 Mountain Ave. in Berthoud, a small town near Fort Collins. 1111 Mountain Ave LLC sold the asset to 655 South Boulder LLC for $3.1 million. 7-Eleven occupies the 4,067-square-foot building on a triple-net-lease basis. Paul Cattin and Samuel Cohen of NAI Shames Makovsky represented the seller, while Robert Edwards of Blue West Capital represented the buyer in the deal.

August 27, 2021

California Market Reports Retail Western Western Market Reports

Outlook is Bright as Orange County Retail Continues to Heal

by Jeff Shaw August 27, 2021

By Terrison Quinn, Managing Principal, SRS Real Estate Partners Despite a recent uptick in vacancy from 4.07 percent to 4.5 percent and a softening of rents from $32.99 to $32.55 per square foot, Orange County remains Southern California’s tightest retail market. And retail investors remain bullish for good reasons. Theaters, gyms and other uses shuttered by the pandemic have reopened to greater-than-expected customer demand. In fact, several health club chains have reported they are back to pre-COVID membership numbers. A multitude of entertainment groups and theaters are also communicating positive messages about demand and expressing an interest in expanding. Theater operators have generally said their limitation is more related to content than demand. The reopening success is even more obvious in categories like grocery stores and drive-thru restaurants. This is apparent in nearly every Orange County city as parking lots are visibly impacted and cars continue to spill out of fast food drive-thru lanes. Most notably, Amazon Fresh is aggressively opening new stores, while fast feeders like Raising Cane’s, Chick-fil-A and Starbucks can’t seem to open new stores fast enough. Sit-down restaurants have also experienced a resurgence in demand with many national and regional groups setting record same-store sales. Clearly, …

August 27, 2021

Acquisitions California Retail Western

Paragon Commercial, Canyon Partners Acquire Village Center in Fountain Valley for $14.8M

by Amy Works August 26, 2021

FOUNTAIN VALLEY, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Village Center, a multi-tenant shopping center located in Fountain Valley. An undisclosed seller sold the asset for $14.8 million. Originally built in 1965 and owned by the same family until this purchase, Village Center features 92,386 square feet of retail space. Current tenants include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Additionally, Sprouts Farmer’s Market is slated to join the roster as an anchor tenant. The ownership plans to implement an extensive capital improvement program that will update and modernize the shopping center, which has not been significantly updated in more than 50 years. This acquisition marks the eighth investment completed by Paragon through its joint venture with Canyon Catalyst Fund.

August 26, 2021

Acquisitions California Retail Western

Longtime Owner Sells Marina Center in Long Beach, California for $16.2M

by Amy Works August 26, 2021

LONG BEACH, CALIF. — Tourmaline Capital has purchased Marina Center, a retail strip center located at 6200-6252 Pacific Coast Highway in Long Beach. A private investor, who owned the asset for more than 23 years, sold the property for $16.2 million. The 32,757-square-foot property was 84 percent leased at the time of sale. Current tenants include Ortho Mattress, Belmont Shore Veterinary Hospital, Subway, Image Rx, Audio Concepts, Lavender Nails, Golden State Tanning, Honey’s Cleaners, Enrique’s Mexican Restaurant and First Bank. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

August 26, 2021

Acquisitions California Net Lease Retail Western

Kidder Mathews Brokers $3.1M Sale of Net-Leased Retail Property in Costa Mesa, California

by Amy Works August 26, 2021

COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of a net-leased retail property located at 400 E. 17th St. in Costa Mesa. A Newport Beach-based investor sold the asset to Massachusetts-based Henley Enterprises (dba Valvoline) for $3.1 million, or $3,454 per square foot. Since 2000, Valvoline has occupied the 902-square-foot building. The property was triple-net leased to the tenant, which is now the owner-operator. Michael Walseth of Kidder Mathews Walseth Net Leased group represented the seller, while the buyer was self-represented in the transaction.

August 26, 2021

Leasing Activity Retail Texas

Weitzman Negotiates Three Leases at Retail Center in Metro Houston

by Taylor Williams August 26, 2021

CYPRESS, TEXAS — Weitzman has negotiated a trio of leases at Fry Springs Plaza, a 14,112-square-foot neighborhood retail center in the northwestern Houston suburb of Cypress. Cavity Patrol Pediatric Dentistry leased 2,275 square feet; Bastion Martial Arts signed a deal for 2,830 square feet; and Oasis Nail Bar committed to 2,100 square feet. Kyle Knight with Weitzman handled negotiations as the leasing agent for Fry Springs Plaza.

August 26, 2021

Acquisitions Connecticut Northeast Restaurant Retail

Horvath & Tremblay Arranges $4.5M Sale of Retail Center in Norwich, Connecticut

by Taylor Williams August 26, 2021

NORWICH, CONN. — Boston-based national retail brokerage firm Horvath & Tremblay has arranged the $4.5 million sale of Chipotle Plaza, a 6,466-square-foot retail center in Norwich, located in the southern coastal part of the state. Tenants include Chipotle Mexican Grill, Supercuts, T-Mobile and You Break I Fix. Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.

August 26, 2021

Acquisitions Georgia Retail Southeast

Hanley Negotiates $20.1M Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

BUFORD, GA. — Hanley Investment Group has arranged the sale of Holland Point, a 68,187-square-foot, Publix-anchored neighborhood shopping center in Buford. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Norco, Calif. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group, which sold the property for $20.1 million. Located on a 16-acre site at 4108 Hamilton Mill Road, Holland Point was built in 2020 at the intersection of Hamilton Mill and Bogan roads near Interstate 985. Publix takes up 48,387 square feet at Holland Point and includes a drive-thru pharmacy. The fully leased property’s other tenants include Great Clips, Buford Smile Dental Care, Mathnasium of Buford, City Nail & Spa, Bravos Cantina Grill, Nagoya Restaurant, Johnny’s New York Style Pizza and Express Vets. Hanley Investment Group recently worked with the buyer to acquire two other grocery-anchored shopping centers in the Atlanta metro area, including Alpharetta Commons, a 94,500-square-foot, Publix-anchored shopping center in Alpharetta, and Cofer Crossing, a 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker.

August 26, 2021

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