Retail

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Newmark Directs $8.3M Sale of Lakeshore Village Marketplace in Moreno Valley

by Amy Works August 6, 2021

MORENO VALLEY, CALIF. — Newmark has arranged the sale of Lakeshore Village Marketplace, a neighborhood shopping center located in Moreno Valley. A Southern California-based private party acquired the retail property from an entity doing business as Lakeshore Plaza Holdings LLC for $8.3 million. Situated at 23575 Sunnymead Parkway, Lakeshore Village Marketplace features 80,000 square feet of retail space. The transaction also includes a 2.3-acre land parcel adjacent to the retail center. Lakeshore Village Marketplace has maintained a steady 87 percent occupancy rate to tenants including Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in the Box. Mario Alvarez Jr. and Pablo Rodriguez of Newmark represented the seller in the deal.

August 6, 2021

Acquisitions Michigan Midwest Retail

Friedman Real Estate Brokers Sale of Former Northland Mall in Southfield, Michigan

by Kristin Harlow August 6, 2021

SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of the former Northland Mall in Southfield, a northern suburb of Detroit. The sales price was $11.1 million, according to the Detroit Free Press. Friedman was hired in 2017 to act as the City of Southfield’s real estate consultant and broker to market the redevelopment site. Bloomfield Hills-based Contour Development was the buyer. Contour plans to build new residences, commercial space and amenities in a mixed-use project named Northland City Center. Contour’s plan includes an adaptive reuse of the former J.L. Hudson Co. department store building into Hudson City Market, a food, entertainment and home furnishings venue. Andrew Ledger of Friedman served as the primary point of contact for the assignment. The 1.4 million-square-foot mall opened in 1954 and closed in 2015. It was home to 100 stores. Friedman has also been retained by Contour to market Northland City Center for lease.

August 6, 2021

Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Retail

Low Interest Rates Spearhead Uptick in Retail Investment Throughout Boston

by Taylor Williams August 6, 2021

By Taylor Williams The business of trading retail properties is booming across the greater Boston area, and the combination of cheap capital, a desire to recoup lost business and potential changes in tax law are prompting buyers and sellers alike to transact at a frenetic pace. As is often the case in times of robust investment sales activity, low interest rates are the straw that stirs the drink. At its latest meeting in June, the Federal Reserve opted to hold the federal funds rate — the short-term rate by which lending between financial institutions is priced — at a target range of 0 to 0.25 percent. The Fed cut rates by 100 basis points to this target range in March 2020 in response to the COVID-19 outbreak and has kept them there ever since. A fiscal policy defined by record-low rates is persisting even in the face of inflation, which hit its highest mark in 13 years when the U.S. Consumer Price Index rose by 5.4 percent in June 2021 relative to June 2020. Economists have cited sustained injections of federal stimulus and relief money and elevated government spending in response to the pandemic as the key drivers of this …

August 6, 2021

Acquisitions Midwest Retail Wisconsin

IPA Brokers Sale of Two Shopping Centers in Kenosha for $43.5M

by Kristin Harlow August 5, 2021

KENOSHA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southport Plaza and Indian Trail Plaza in Kenosha for $43.5 million. A Florida-based private buyer purchased the two adjacent shopping centers, which total 407,367 square feet. Anchored by Kohl’s, Fresh Thyme and Hobby Lobby, the centers were 92 percent occupied at the time of sale. Southport Plaza was built in 1996 and Indian Trail Plaza was constructed in 2006. Both properties are located at the intersection of Green Bay Road and 75th Street. Craig Fuller, Scott Wiles, Erin Patton and Jared Shapiro of IPA represented the seller, a Chicago-based private equity firm. The team also represented the buyer, which secured permanent financing from a bank at a 76 percent loan-to-value ratio.

August 5, 2021

Acquisitions Midwest Ohio Retail

Cushman & Wakefield Arranges $38.8M Sale of Whole Foods-Anchored Shopping Center Near Cleveland

by Kristin Harlow August 4, 2021

UNIVERSITY HEIGHTS, OHIO — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS Pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan on behalf of the buyer, First National Realty Partners. Sentinel Investments provided the 10-year, fixed-rate loan.

August 4, 2021

Acquisitions Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $2.5M Sale of Raising Cane’s Ground Lease in Hamilton, Ohio

by Kristin Harlow August 4, 2021

HAMILTON, OHIO — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, represented the buyer.

August 4, 2021

Acquisitions New Mexico Retail Western

Hawkins Cos. Sells Retail Center in Rio Rancho, New Mexico to Gibson Medical Center for $4.7M

by Amy Works August 4, 2021

RIO RANCHO, N.M. — Hawkins Cos. has completed the disposition of Mesa Center, a retail property located in Rio Rancho. Gibson Medical Center acquired the asset for $4.7 million. At the time of sale, the 29,077-square-foot property was fully leased to 12 tenants. Perry Kesler of Real West Realty and Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark handled the transaction.

August 4, 2021

Development Retail Texas

NewQuest Breaks Ground on 300,000 SF Retail Project in Metro Houston

by Taylor Williams August 4, 2021

MISSOURI CITY, TEXAS — Houston-based development firm NewQuest Properties has broken ground on Phase II of Fort Bend Town Center, a project that will add 300,000 square feet of shopping, dining and entertainment space to the local supply of Missouri City, located southwest of Houston. A 12-screen Cinemark theater will anchor the 42-acre second phase, which is expected to come on line in the third quarter of 2023. NewQuest is also in the midst of negotiations with six potential junior anchor tenants for Phase II.

August 4, 2021

Acquisitions Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Rethink Community Buys Land in East Nashville, Plans to Develop Mixed-Use Project

by John Nelson August 4, 2021

NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.

August 4, 2021

Indiana Midwest Retail

Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Kristin Harlow August 3, 2021

INDIANAPOLIS — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” says David Simon, chairman, CEO and president. “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity. Based upon our results to date and expectations for the remainder of 2021, we are again increasing our full-year 2021 guidance and again raising our quarterly dividend.” Following the second-quarter earnings report, Simon’s stock price jumped to $129.79 per share Monday, Aug. 2, up from $126.53 per share on Friday, July 30.

August 3, 2021

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