Tuesday, July 22, 2025
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Hobby Lobby
AcquisitionsRetailSouth CarolinaSoutheast

SRS Arranges $7.6M Sale of Hobby Lobby-Anchored Shopping Center in North Charleston

by Julia Sanders

NORTH CHARLESTON, S.C. — SRS Real Estate Partners has arranged the $7.6 million sale of a two-tenant, 65,000-square-foot retail property located at 7800 Rivers Ave. in North Charleston. The fully occupied property includes a 55,000-square-foot Hobby Lobby store and a 10,000-square-foot Boot Barn store. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the seller, an active developer in the Southeast. SRS also handled the financing on behalf of the buyer, a New Jersey-based private investor who was in a 1031 exchange. Built in 1987 and renovated in 2016, the property is situated on six acres and is an anchor to a larger shopping center that includes Gander Outdoors, Party City and Ollie’s Bargain Market. The retail property is also across the street from Northwoods Mall, a super-regional mall that features more than 130 stores. The property is 8.2 miles from Charleston International Airport and 15 miles from downtown Historic Charleston.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOfficeOhioRetail

Toledo, Ohio Market Shows Stability in Various Areas

by Kristin Harlow

By Harlan Reichle, Reichle Klein Group As the Toledo, Ohio, area’s retail market proved to be stable and solid in the second half of 2020 and the industrial market continued a remarkable stretch of high performance since the Great Recession, 2020 was a tough year for the office market. However, all three property types have yet to register any negative COVID impact in our latest survey results. Retail Toledo’s retail market proved to be quite stable and solid during the second half of 2020. Given the fraught last year along with the headlines and travails of retail stores, gyms and restaurants, the general public might find this result surprising, but it was clear to our retail leasing brokers since mid-summer 2020 that transaction activity was snapping back fairly quickly after the initial shock of the spring 2020 lockdowns. Our year-end 2020 market survey found overall market vacancy down from both the end of 2019 and mid-year 2020. The decline in anchor vacancy more than offset a small increase among inline spaces as the market absorbed 39,183 square feet of space in the last six months of the year. It is a nearly exact repeat of the market’s performance in the …

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Mixed Use Project
DevelopmentMixed-UseNorth CarolinaOfficeRetailSoutheast

Stream Realty, Durban Group to Develop 325,000 SF Mixed-Use Project in Charlotte’s South End

by Julia Sanders

CHARLOTTE, N.C. — Stream Realty Partners and joint venture partner The Durban Group will develop a mixed-use project located at 2833 and 2905 Griffith St. in Charlotte. The 325,000-square-foot development will be situated on 1.7 acres adjacent to Suffolk Punch Brewing in the city’s South End submarket. Construction will start in second quarter 2022. The development will be a high-rise tower with office and retail space, according to Charlotte Business Journal. Located on the Lynx New Bern station, the development will have its retail component anchored by an expansion of Suffolk Punch Brewing. Stream Realty Partners is a Texas-based commercial real estate firm with full-service offerings in leasing, property management, development, construction management and investment sales services across the industry. The Durban Group is a Charlotte-based commercial real estate development firm.

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Dothan Commons
AcquisitionsAlabamaRetailSoutheast

Pegasus Arranges $4.7M Sale of Starbucks-Anchored Retail Center in Dothan, Alabama

by Julia Sanders

DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $2.9M Sale of Retail Strip Center in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Marcus & Millichap has arranged the sale of North Meridian Shops in Indianapolis for $2.9 million. The 17,000-square-foot retail strip center is located at 3787 N. Meridian St. Many of the property’s tenants, including T-Mobile, have operated at the location in excess of 10 years. Jordan Klink of Marcus & Millichap’s The Klink Group represented the seller, J&R Enterprises of Indianapolis II LLC. An agent out of Marcus & Millichap’s Philadelphia office represented the buyer, BA Properties I LLC, which is a Pennsylvania-based limited liability company.

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Leasing ActivityNew JerseyNortheastRetail

Mayweather Boxing + Fitness Opens 3,397 SF Gym in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Mayweather Boxing + Fitness has opened a 3,397-square-foot gym at The Shoppes at North Brunswick, an upscale retail center located about 40 miles south of New York City. This will be the tenant’s first location in New Jersey. Azarian Realty Co. represented the undisclosed landlord in the lease negotiations.

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Covington Town Center
GeorgiaLoansMixed-UseRetailSoutheast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

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AcquisitionsMidwestMissouriRetail

Investors Realty Brokers $20.3M Sale of Shopping Center Near Kansas City

by Kristin Harlow

INDEPENDENCE, MO. — Investors Realty Inc. has brokered the $20.3 million sale of Marketplace Shopping Center in Independence, just east of Kansas City. The 253,000-square-foot shopping center is 91 percent leased. Anchor tenant Price Chopper has occupied the property for 34 years. Other tenants include Petco, Big Lots, Viva Fashion and FedEx. Ember Grummons of Investors Realty represented the seller, a partnership between Walton Street Capital and NewQuest Epic. Grummons also procured the buyer, Wichita-based HJH Investments.

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FeaturesMixed-UseRetail

Mixed-Use at the Core of Mall Reinvention

by Katie Sloan

When it comes to mall redevelopment, one of the biggest hurdles is changing the business community’s perception that enclosed malls are only for retail use, says Sean Garrett, president of acquisitions and director of community relations for East Peoria, Illinois-based Cullinan Properties Ltd.  “There is no reason an insurance office can’t be right next to a retailer and a neighbor of a dentist,” states Garrett. “Downtowns and Main Streets have been developed this way for generations.”  Cullinan recently followed this approach when it rebranded its Quincy Mall in Quincy, Illinois, to Quincy Town Center. One of the anchor tenants is now Quincy Medical Group, which backfilled a former Bergner’s department store. For Garrett, merging retail and medical uses today is a “natural fit.” In addition to enclosed space, Quincy Town Center features more than 88,000 square feet of retail and additional uses on 42 acres of land. Cullinan is currently discussing plans for a hotel and the potential for multifamily units. “The opportunities that lie ahead for this mixed-use property, as opposed to a one-note shopping center, are endless and will help ensure its survival,” says Garrett. “Our experience has shown that a diverse tenant mix and uses that complement …

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Hudson-Yards-1
Market ReportsNew YorkNortheastNortheast Market ReportsRetail

New York City Must Be A Leader in Reimagining Retail in the Post-Pandemic World

by Taylor Williams

By James Nelson, principal, head of Tri-State investment sales, Avison Young It probably won’t be a shock to learn that in the aftermath of COVID-19, we are going to need to reimagine retail. Even before the pandemic hit, retail vacancy was becoming more prevalent throughout New York City. Now more than ever, landlords and retailers are going to need to think outside the box to fill vacancies and allow retailers to survive. A recent survey among members of the International Council of Shopping Centers (ICSC), which consists of landlords, tenants and service providers, found that 57 percent of retail professionals believe that the economy will improve over the course of the next year. That being said, 73 percent wanted to see businesses open again in their state. A key question involves when we could expect to return to the in-person conventions and events that our industry is known for. ICSC is famous for its annual conference in Las Vegas that draws over 30,000 people. It’s a chance to catch up with friends and business contacts in a fun setting while also being able to accomplish dozens of meetings over a few days, as everyone is in the same place. Industry …

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