Retail

Greenberg Gibbons Acquires 112,497 SF Shopping Center in North Providence, Rhode Island

by Taylor Williams October 1, 2021

NORTH PROVIDENCE, R.I. — Maryland-based investment and development firm Greenberg Gibbons has acquired North Providence Marketplace, a 112,497-square-foot shopping center in Rhode Island. Grocer Shaw’s is the anchor tenant of the property, which was 82 percent leased at the time of sale to tenants such as Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Justin Smith, Chris Peterson, Bryan Anderson, Ben Starr, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented Greenberg Gibbons and the unnamed seller in the transaction. The sales price was not disclosed, but Greenberg Gibbons acquired the asset in conjunction with a 92,000-square-foot center in Maryland for a combined $34.6 million.

October 1, 2021

Acquisitions California Retail Western

JLL Capital Markets Negotiates $37.5M Sale of 187,851 SF Marketplace Beaumont in California

by Amy Works September 30, 2021

BEAUMONT, CALIF. — JLL Capital Markets has brokered the sale of Marketplace Beaumont, a shopping center situated on 51.7 acres at 1604, 1693 and 1642 E. Second St. in Beaumont. Completed in 2008, the 187,851-square-foot property was 91 percent occupied at the time of sale. Tenants include ALDI, Ross Dress for Less, Best Buy, Petco and Bed Bath & Beyond. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the buyer, while Aldon Cole and Pat Burger of JLL Debt Advisory team represented the seller, a private family trust that originally developed the center, in the deal. JLL worked with Brixton Capital to source the transaction and structure the existing financing.

September 30, 2021

Acquisitions California Retail Western

SRS Real Estate Arranges $6.7M Sale of Grocery Outlet-Occupied Property in Fairfield, California

by Amy Works September 30, 2021

FAIRFIELD, CALIF. — SRS Real Estate Partners has brokered the sale of a retail property located at 200 Travis Blvd. in Fairfield. A West Coast-based owner and operator of retail properties sold the asset to a Los Angeles-based private 1031 exchange investor for $6.7 million. Grocery Outlet occupies the 33,590-square-foot property, which was built in 1977 on 4.1 acres. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller and buyer in the deal.

September 30, 2021

Arkansas Company News Retail Southeast

Walmart Plans to Hire 150,000 Associates in Preparation for Holiday Season

by Julia Sanders September 30, 2021

BENTONVILLE, ARK. — Walmart, a Bentonville-based discount retailer, has released plans to hire approximately 150,000 new store associates, with most of the job positions being permanent and full-time. The retailer wants to hire new employees ahead of the holiday season to ensure its stores are highly staffed for the predicted busy months. This July, the discount retailer announced it will invest approximately $1 billion over the next five years to pay college tuition and books for employees via its education program called Live Better U. Walmart also offers an average hourly wage of $16.40, with some jobs at the stores paying as much as $34 an hour. Other benefits include on-the-job and classroom training, affordable health insurance, a 10 percent discount on general merchandise and food for associates, as well as paid time off, no-cost counseling, 401(k) and parental leave. This hiring news follows the announcement the retailer made at the beginning of September in which Walmart planned to hire 20,000 new supply-chain employees in order to keep up with the company’s recent revenue growth. The company saw an increase of 2.4 percent year-over-year in revenue in its fiscal second quarter of 2021, which ended on July 31. The company …

September 30, 2021

Michigan Midwest Retail

Kmart to Close Last Store in State of Michigan

by Kristin Harlow September 30, 2021

MARSHALL, MICH. — Discount retailer Kmart is closing its final store in the state of Michigan, according to local media reports. The last remaining store is in Marshall, which is located just east of Battle Creek and about 45 miles south of Lansing. The store is expected to close in November. Kmart opened its first location in Garden City, Mich., in 1962. In its prime in the 1990s, Kmart operated more than 2,300 locations in the United States. The current parent company of Kmart, Transformco, also owns Sears, which recently unveiled plans to shutter its final store in the state of Illinois.

September 30, 2021

Acquisitions Indiana Midwest Multifamily Retail

JVM Realty Acquires Apartment, Retail Developments in Fishers, Indiana

by Kristin Harlow September 30, 2021

FISHERS, IND. — JVM Realty Corp. has acquired The Mark at Fishers District, a 260-unit luxury apartment community in Fishers, a northern suburb of Indianapolis. The company has also acquired Fishers District, an 18-acre development with 98,186 square feet of fully leased retail and restaurant space. A dual-branded Hyatt House and Hyatt Place hotel is also on the site but was not part of the sale. JVM plans to use its in-house management and marketing teams for the residential component, but will engage a national expert in retail services to assist with management of the retail portion. George Tikijian and Hannah Ott of Cushman & Wakefield represented the seller, Thompson Thrift. The sales price was not disclosed.

September 30, 2021

Acquisitions Retail Texas

NewQuest Properties Brokers Sale of 186,880 SF Shopping Center in El Paso

by Taylor Williams September 30, 2021

EL PASO, TEXAS — Houston-based NewQuest Properties has brokered the sale of Sunrise Village Center, a 186,880-square-foot shopping center located near Fort Bliss in El Paso. Sunrise Village Center was originally built in 1957 and was 44 percent leased at the time of sale. Current tenants include Dollar General, Sally’s Beauty Supply and Black Fridays Daily Discount Store. The buyer, which plans to redevelop the property, was a Houston-based private investor doing business as JMK5 Holdings LLC. The seller was a family trust and original owner of the property. David Luther, Kelley Workman and Dakota Workman of NewQuest represented both parties in the deal.

September 30, 2021

Market Reports Midwest Midwest Market Reports Missouri Retail

E-Commerce Growth, Restaurant Oversaturation Shape St. Louis Retail Market

by Kristin Harlow September 30, 2021

By Tim McFarland, Sansone Group It is hard to describe 2020 as anything other than a lost year. COVID-19 brought us quarantines, social distancing, masks and plenty of uncertainty. The pandemic pushed our healthcare system to the brink, stressed our supply chain and caused a global economic slowdown. The St. Louis commercial real estate market certainly felt the effects of COVID-19, with retail and hospitality being hit the hardest. The retail sector was turned upside down by lockdowns that transformed homes into virtual offices, mandates that forced the closure of non-essential businesses and capacity restrictions that required restaurants to learn how to survive without dine-in business for a large portion of the year. These factors have caused an increase in vacancy to nearly 5 percent, and average asking rates to soften to $13.02 per square foot, off by 15 cents per square foot from this time last year. Perhaps most intriguing was seeing trends in the retail market accelerated by COVID-19. E-commerce For years now there has been a trend toward e-commerce. That is true now more than ever as the pandemic has accelerated the drive to digital. More than five years of e-commerce adoption was compressed into a three-month …

September 30, 2021

Acquisitions Iowa Midwest Missouri Restaurant Retail

Hanley Investment Group Brokers $7.4M Sale of Three Taco Bell-Occupied Properties in Missouri, Iowa

by Kristin Harlow September 29, 2021

MISSOURI AND IOWA — Hanley Investment Group Real Estate Advisors has brokered the sale of three single-tenant, net-lease properties occupied by Taco Bell in Missouri and Iowa for $7.4 million. The assets sold to three separate buyers. The seller for the two Missouri properties was a San Francisco Bay area-based private investment company. Jeff Lefko, Bill Asher and Beau Velten of Hanley and Jeff Christian of First Street Brokerage, in association with ParaSell Inc. represented the seller. In Kansas City, a 2,053-square-foot building located at 5700 E. Bannister Road sold to a Springfield, Mo.-based private investor. Brad Thessing of Thessing Commercial Properties represented the buyer. In Bethany, Mo., a 3,200-square-foot restaurant located at 4132 Miller St. sold to a California-based family trust. James Bitter of Fortune Associates represented the buyer. In West Des Moines, a Taco Bell ground lease sold to a Wyoming-based private investor. David Borinstein of Colliers International represented the buyer. Hanley’s Lefko and Asher, in association with Scott Reid and ParaSell Inc., represented the seller, a Kansas City-based private investor. The 2,989-square-foot restaurant is located at 1570 22nd St.

September 29, 2021

Acquisitions Colorado Retail Western

Blue West Capital Arranges Sale of 19,138 SF Abilene Marketplace in Aurora, Colorado

by Amy Works September 29, 2021

AURORA, COLO. — Blue West Capital has brokered the sale of Abilene Marketplace, a multi-tenant retail property located at 1113 S. Abilene St. in Aurora. A California-based seller sold the property to a California-based investor for an undisclosed price. The 19,138-square-foot property was fully leased at the time of sale. Tenants include Verizon Wireless, Mattress Firm, EyeCare Specialties of Colorado, Canvas Credit Union and Scrubs & Beyond. Tom Ethington of Blue West Capital represented the seller in the transaction.

September 29, 2021

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