ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford, for an undisclosed price. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Chicago-based Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.
HENDERSON, NEV., AND MILLWOOD, WASH. — Faris Lee Investments has brokered the sales of two single-tenant grocery stores, totaling 106,254 square feet in Henderson and Millwood. The properties sold for a combined consideration of $22.4 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deal. Located in Henderson, the 58,254-square-foot property is an absolute triple-net lease to Albertsons with 14 years remaining on its lease. The second property, located in Millwood, is a 48,000-square-foot, freestanding Safeway, with 18 years remaining on its lease.
ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.
AUSTIN, TEXAS — AutoZone has signed a lease to open a 33,000-square-foot “mega hub store” at Southbridge Plaza in South Austin. The automotive retailer will operate its store, which will feature an expanded selection of parts and accessories, out of a 46,000-square-foot space that formerly housed an H-E-B grocery store. The remaining 13,000 square feet is leased to Hispanic grocer Casa Grande Supermercado. Cam Longmire and Gabe Sanchez of Weitzman represented the undisclosed landlord in the lease negotiations. Austin-based broker Edwin Williams represented AutoZone. Other tenants at Southbridge Plaza include Dollar Tree, Sherwin-Williams, Taco Bell, McDonald’s and Wingstop.
SHELTON, CONN. — Locally based REIT Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired Shelton Square, a 186,000-square-foot shopping center in Connecticut’s Fairfield County, for $33.6 million. Grocer Shop & Stop anchors the property with a 67,000-square-foot store and an additional 70,000-square-foot space that formerly housed a Bradlees department store. Other tenants at the center, which was 96.5 percent leased at the time of sale, include People’s United Bank, St. Vincent’s/Hartford Health, Burger King and Sport Clips. The seller was not disclosed.
AUSTIN, TEXAS — InvenTrust Properties, an Illinois-based REIT, has acquired two shopping centers in Austin for a combined price of $189.3 million. The Shops at Arbor Trails is a 357,000-square-foot center that was 99 percent leased at the time of sale to tenants including anchors Costco and Whole Foods Market. The other property is Escarpment Village, a 168,000-square-foot center anchored by Texas-based grocer H-E-B that was fully leased at the time of sale. The seller(s) was not disclosed.
ATLANTA — JLL Capital Markets has arranged the $38 million sale of 1010 Midtown, a 44,302-square-foot retail center located on Peachtree Street in Midtown Atlanta. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based The Ardent Cos., in the disposition of the property to Tampa-based East Coast Acquisitions. 1010 Midtown is located on the ground level of a 425-unit luxury condominium building that was not included in the sale. Completed in 2008, 1010 Midtown was 94 percent leased at the time of sale to tenants including Sugar Factory, RA Sushi Bar, Piedmont Healthcare, Silverlake Ramen, Better Homes and Gardens Real Estate, Panera Bread, Chipotle Mexican Grill and Sage Dental. Located at 1010 Peachtree St. NE, the property is situated less than one mile from Georgia Tech, 2.6 miles from Georgia State University, two miles from downtown Atlanta and less than one mile from Piedmont Park. The property is also 13.2 miles from Hartsfield-Jackson Atlanta International Airport.
DEARBORN, MICH. — KJ Commercial has brokered the sale of a 52,000-square-foot retail center in Dearborn for $10.5 million. Rite Aid and Goodwill anchor the fully leased property. Kevin Jappaya and David Jappaya of KJ Commercial represented the seller, the center’s original developer, as well as the buyer, a local real estate investor. The transaction marked the first time that the property traded hands.
By Taylor Williams The factors that have long enticed Texas retailers and restaurants to locate in mixed-use environments are back in full force, such that these users are once again willing to pay a premium for spaces built-in density and walkability. In some ways, this trend never really disappeared in Texas, one of the first states to reopen during the early months of COVID-19. Through measures passed in 2020 like sanctioning to-go alcohol sales and allowing businesses to stay open, albeit at reduced capacities, Texas has worked to minimize retail and restaurant closures and prevent large volumes of these spaces from being returned to markets. Neither has the state’s job and population growth slowed during the 22-month global health crisis, allowing developers across all asset classes to push forward. In addition, the newfound desire from consumers and businesses to work, shop and dine outdoors as much as possible has kept trains rolling on mixed-use projects, which inherently connect different uses through external features like trails, open streets, pocket parks and plazas. From a design standpoint, those connective features remain critically important, says Barry Hand, principal in the Dallas office of global architecture firm Gensler. “Pocket or linear parks are viewed …
SUMMERVILLE, S.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property in Summerville leased to Walmart Neighborhood Market. Richard Dorfman of SRS represented the 1031 exchange buyer, a private investor from California. The seller, an undisclosed investor based in Florida, sold the property for $14.5 million. Cushman & Wakefield represented the seller in the transaction. Built in 2016 on nearly seven acres at 1616 Central Ave., the store is situated at the signalized intersection of Orangeburg Road and Central Avenue. The property is located 22.6 miles from North Charleston and 26.7 miles from Charleston.
