Retail

Greater Des Moines Retail Market Is on Track for Fast Recovery

by Kristin Harlow July 22, 2021

By Christopher Stafford, Cushman & Wakefield The Greater Des Moines retail market continues to emerge from the pandemic and is quickly regaining its footing from the closures and challenges experienced by many retailers, restaurants and businesses alike. Despite a few setbacks, occupancy rates and rents have generally held steady. Consumer spending is surging and according to a WalletHub study, Iowa’s COVID-19 recovery is the quickest in the nation, earning a total score of 75.25 out of a possible 100. The study compared all 50 states across three categories: COVID health; leisure and travel; and economy and labor market. Trends, observations A local real estate mogul recently made the analogy that the Des Moines retail market is currently much like a chessboard — lots of moving pieces and strategic repositioning by the current players. Greater Des Moines, like other Midwest cities, is experiencing a handful of post-pandemic retail trends that include: • Integrated retail approach (omnichannel): Bricks & mortar + online presence and ordering + apps + delivery/pickup. The presence of drive-thru and pickup services will shape the future of retail and are in high demand by restaurants and retailers. • Space transformation: Spaces once occupied by traditional retailers are now …

July 22, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $54.6M Sale of National Dollar General Store Portfolio

by Julia Sanders July 21, 2021

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the $54.6 million sale of a portfolio of 35 Dollar General-leased stores across 12 states. Don McMinn of Taylor McMinn represented the seller, CMK Properties, a privately held real estate investor and syndicator based in Brentwood, Tenn., in the sales transaction. The buyer was Realty Income, a net lease REIT based in San Diego. All the Dollar General leases were triple net lease and had around 10 years of term remaining. “This transaction illustrates the current peak demand for Dollar Generals in the market today from both private and institutional investors. Due to the limited supply these stores are trading at historic levels both individually and on a portfolio level,” says McMinn.

July 21, 2021

Acquisitions Retail Texas

KM Realty Investment Trust Buys 32,449 SF Shopping Center in San Antonio

by Taylor Williams July 21, 2021

SAN ANTONIO — KM Realty Investment Trust Inc., a Houston-based REIT, has acquired City Base Commons, a 32,449-square-foot shopping center that is located on a 7.5-acre site south of downtown San Antonio. Locally based firm GFR Development sold the asset for an undisclosed price. City Base Commons was 95 percent leased at the time of sale to tenants such as Credit Human, Kung Fu Tea, Jimmy John’s, McAlister’s Deli, Raising Cane’s and Smoothie King.

July 21, 2021

Acquisitions Midwest Minnesota Retail

Upland Negotiates $6.3M Sale of Hobby Lobby-Occupied Property in West St. Paul

by Kristin Harlow July 21, 2021

WEST ST. PAUL, MINN. — Upland Real Estate Group’s net lease team has negotiated the sale of a Hobby Lobby-occupied property in West St. Paul for $6.3 million. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. The property sold to a California-based buyer. Hobby Lobby’s portfolio consists of 900 stores in 46 states.

July 21, 2021

Acquisitions Midwest Nebraska Retail

Avison Young Brokers $4.5M Sale of Shopping Mall in Norfolk, Nebraska

by Kristin Harlow July 21, 2021

NORFOLK, NEB. — Avison Young has brokered the $4.5 million sale of Sunset Plaza Mall in Norfolk, a city in northeast Nebraska. The 232,347-square-foot shopping center is located at 1700 Market Lane. The property was lender-owned and was roughly 48 percent occupied at close of escrow. Built in 1968 and renovated in 1994, the mall sits on 31 acres and features a mix of 30 regional and national tenants, including JC Penney, Bath & Body Works, Famous Footwear and GNC. Chris Maling and David Maling of Avison Young represented the seller, Wells Fargo Bank, in the value-add transaction. The duo also procured the buyer, Tennessee-based LBD Properties LLC.

July 21, 2021

California Loans Office Retail Western

Ready Capital Closes $23.5M in Refinancing for Nine-Property Office/Retail Portfolio in Los Angeles

by Amy Works July 20, 2021

LOS ANGELES — Ready Capital has closed $23.5 million in refinancing for the renovation and lease-up of a nine-property retail and office portfolio located in the Frogtown, Echo Park and Glassell Park neighborhoods of Los Angeles. The undisclosed sponsor plans to complete capital improvements on each of the nine properties, increasing the rentable square footage and leasing up each asset. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and facilities to provide funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

July 20, 2021

Acquisitions Retail Utah Western

Faris Lee Negotiates $8.6M Sale of Garden Square Shopping Center in Midvale, Utah

by Amy Works July 20, 2021

MIDVALE, UTAH — Faris Lee Investments has arranged the sale of Garden Square, a neighborhood shopping center in Midvale. The asset traded hands for $8.6 million. The names of the buyer and seller were not released. Garden Square features a combination of low-rent-paying local and regional tenants, allowing for an acquisition well below replacement cost, high in-place yield and strong upside potential in a market with excellent economic fundamentals, according to Faris Lee. Nick D’Argenzio, Tom Chichester and Joe Chichester of Faris Lee Investments represented both sides in the transaction.

July 20, 2021

Company News Georgia Office Retail Southeast

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders July 20, 2021

ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.

July 20, 2021

Acquisitions Midwest Ohio Retail

JLL Brokers Sale of 474,000 SF Power Center in Suburban Cleveland

by Kristin Harlow July 20, 2021

FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the sale of Westgate Shopping Center in the Cleveland suburb of Fairview Park for an undisclosed price. The 474,000-square-foot power center is home to tenants such as Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s. The property also includes restaurants such as Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the shopping center was most recently renovated in 2014. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Co. was the buyer.

July 20, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates Sale of 114,867 SF Shopping Center in Indiana

by Kristin Harlow July 20, 2021

MICHIGAN CITY, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Lake Park Plaza in the northwest Indiana town of Michigan City. The sales price was undisclosed, but the listing price was $6.3 million. Anchored by Hobby Lobby, the 114,867-square-foot shopping center is also home to Joann, Citi Trends and a variety of other tenants. Built in 1992, Lake Park Plaza was 91 percent occupied at the time of sale. Eric Wohl and CJ Kiehler of Hanley, in association with Scott Reid & ParaSell Inc., represented the seller, Atlanta-based RCG Ventures. A private investment company located near Miami was the buyer.

July 20, 2021

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