Retail

Stiles Sells Publix-Anchored Retail Center in Charleston for $29M

by Julia Sanders December 17, 2021

CHARLESTON, S.C. — Fort Lauderdale, Fla.-based Stiles has sold Point Hope Commons, a 75,000-square-foot neighborhood shopping center in Charleston, to an undisclosed buyer for $29 million. Located at 1679 Clements Ferry Road, Point Hope Commons is situated about 20 miles from the College of Charleston, 13.6 miles from Charleston International Airport and 20 miles from the South Carolina Aquarium. The property was developed by Stiles in 2019. Anchored by Publix, the property was 92 percent leased at the time of sale to tenants including Roper St. Francis Healthcare, Heartland Dental and Cainhoy Veterinary Hospital. Point Hope Commons serves as the primary retail center for Cainhoy, a new mixed-use community that is planned to have up to 9,000 single-family homes and over 500 acres of retail, restaurants, multifamily and office projects. The property is under development and will be managed by the Daniel Island Development Co.

December 17, 2021

Acquisitions Alabama Retail Southeast

Stan Johnson Co. Arranges $3.2M Sale of Shopping Center in Enterprise, Alabama

by Julia Sanders December 17, 2021

ENTERPRISE, ALA. — Stan Johnson Co. has arranged the sale of a 54,500-square-foot shopping center located at 913 Rucker Blvd. in Enterprise. Brett Puckett of Stan Johnson Co. represented the seller, a Mississippi-based private investor, in the transaction. The buyer, an individual investor based in New Hampshire, acquired the property for $3.2 million. The shopping center is situated on nine acres about 6.4 miles from Enterprise Municipal Airport and nine miles west of Fort Rucker. Anchored by Planet Fitness, the shopping center was 78 percent occupied at the time of sale to seven additional tenants. The property was built in 1973.

December 17, 2021

Acquisitions New Hampshire Northeast Retail

Atlantic Capital Partners Brokers Sale of 133,924 SF Retail Center in Portsmouth, New Hampshire

by Taylor Williams December 17, 2021

PORTSMOUTH, N.H. — Atlantic Capital Partners has brokered the sale of Durgin Square, a 133,924-square-foot retail center in Portsmouth, located in southern New Hampshire. Durgin Square was originally built in 1995. A 41,980-square-foot Whole Foods Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include T.J. Maxx and HomeGoods. Justin Smith, Scott Black, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller and buyer in the off-market deal. Both parties requested anonymity.

December 17, 2021

Acquisitions California Retail Western

Lowe Acquires Sequoia Station Shopping Center in Redwood City from Regency Centers

by Amy Works December 17, 2021

REDWOOD CITY, CALIF. — Lowe has completed the purchase of Regency Centers’ portion of the Sequoia Station Shopping Center in downtown Redwood City. Terms of the transaction were not released. Lowe is in the process of seeking entitlements to redevelop the site into a modern mixed-use development as part of Redwood City’s proposed Transit District. The Regency portion of the property includes 103,000 square feet of retail space on 6.6 acres. Safeway and CVS/pharmacy anchor the property. Safeway will retain its current ownership within the shopping center and both Safeway and CVS/pharmacy will remain open and operating as the phased project is constructed.

December 17, 2021

Connecticut Loans Northeast Retail

Marcus & Millichap Capital Corp. Arranges $3.4M Acquisition Loan for Office, Retail Property in Wilton, Connecticut

by Taylor Williams December 17, 2021

WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.

December 17, 2021

Georgia Leasing Activity Retail Southeast

Four Restaurants to Join Tenant Lineup at Westside Paper Project in Atlanta’s West Midtown

by Julia Sanders December 16, 2021

ATLANTA — Four new restaurants will open at Westside Paper, an adaptive reuse project slated to open in the second quarter of 2022 in Atlanta’s West Midtown district. The four restaurant tenants include Pancake Social, Glide Pizza, Girl Diver and Boxcar Betty’s. Located at 950 West Marietta St., Westside Paper is a 15-plus acre mixed-use campus that formerly was an industrial campus. A joint venture between Third & Urban and FCP is developing the 245,000-square-foot adaptive reuse project that was formerly a 1950s-era warehouse facility. Pancake Social, an all-day brunch and coffeehouse restaurant, will open its second Atlanta location at Westside Paper in late spring 2022. The first Pancake Social opened in Atlanta’s Ponce City Market in March 2019. Glide Pizza will open its third location at Westside Paper next year. Girl Diver is an Asian seafood restaurant from Richard Tang, who also opened Char Korean Bar & Grill in Atlanta’s Inman Park neighborhood in 2016. Girl Diver’s new location at Westside Paper will be its second location. Lastly, Boxcar Betty’s is a fried chicken sandwich restaurant. With locations in Charleston, Chicago and Charlotte, the Westside Paper location will be its first location in Atlanta. Atlanta-based Bridger Properties is managing …

December 16, 2021

Acquisitions Nevada Retail Western

Brixton Capital Divests of Rainbow Plaza Shopping Center in Las Vegas for $63.7M

by Amy Works December 16, 2021

LAS VEGAS — Brixton Capital has completed the sale of Rainbow Plaza, a dual grocery-anchored shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. Located on the corner of Rainbow Avenue and Charleston Boulevard, Rainbow Plaza features 259,980 square feet of retail space. At the time of sale, the property was 94 percent occupied by credit, internet-resistant tenants, including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank. The weighted average tenture of Rainbow Plaza tenants exceeds 15 years with more than 37 percent of the existing tenants having been at the center for more than 25 years.

December 16, 2021

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $10.9M Sale of Grocery Outlet-Anchored Retail Center in San Gabriel, California

by Amy Works December 16, 2021

SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.

December 16, 2021

Market Reports New York Northeast Northeast Market Reports Restaurant Retail

Food & Beverage Leads New York City’s Retail Comeback

by Taylor Williams December 16, 2021

By Taylor Williams The fervent desire that many Americans have to make up for lost eating, drinking and socializing time has New York City’s food and beverage (F&B) market roaring back to life, prompting tenants to revisit growth plans, landlords to aggressively market their spaces and the brokers who represent the two sides to sharpen their pencils. In mid-August, New York City Mayor Bill de Blasio announced that residents wishing to eat or drink inside a restaurant or bar would have to show proof of receipt of at least one dose of a COVID-19 vaccine. Yet after two months of seeing this policy enforced, local brokers say the mandate has had a minimally adverse impact on business. Consequently, leasing activity, which began rebounding a year ago, is now accelerating in the F&B space. According to data from CBRE, F&B deals accounted for 30 percent of all new retail leases executed in New York City between March 2020 and August 2021. The company’s research team also identified 65 F&B leases throughout New York City in 2021 alone, representing about 33 percent of the total deal volume. Specifically within Manhattan, there were 24 leases executed for F&B concepts in the third quarter …

December 16, 2021

Development Georgia Leasing Activity Retail Southeast

Cotton Cos. Signs Cleaver & Cork to Join Highside Market Adaptive Reuse Project in Columbus, Georgia

by Julia Sanders December 15, 2021

COLUMBUS, GA. — Cotton Cos. has signed Cleaver & Cork, a butcher and artisan market, to an 1,800-square-foot lease at Highside Market, an adaptive reuse mixed-use development in Columbus. Cleaver & Cork will offer a selection of charcuterie, meats, seafood, artisan goods, local cheeses, as well as a variety of craft beer and wine. Cleaver & Cork currently has locations across Georgia in Sharpsburg, Newnan, Marietta and Alpharetta. Slated to open this summer, Highside Market will be a 55,000-square-foot mixed-use development featuring 20,000 square feet of restaurants, 20,000 square feet of retail, 15,000 square feet of office space, a greenspace and outdoor lounge areas. Cotton Cos. has already received tenant commitments for 26 percent of Highside Market’s available leases. Colliers is representing the locally based developer in the lease transactions.

December 15, 2021

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