Retail

East West Partners Signs Three Leases for New Tenants to Join Crabtree Terrace in Raleigh

by Julia Sanders September 23, 2021

RALEIGH, N.C. — East West Partners has signed leases with two retail tenants and one office tenant at Crabtree Terrace, a 173,468-square-foot mixed-use development in Raleigh’s Crabtree Valley district. Hillman Duncan and John MacDonnell of JLL handle office leasing on behalf of the owner. CBRE is leading the retail leasing efforts. Located at 4509 Creedmoor Road, Crabtree Terrace includes 145,000 square feet of Class A office space and over 28,000 square feet of retail space. Opened in 2020, the building’s amenities include a fitness facility and locker rooms, as well as is located close to the Crabtree Creek Trail. Crabtree Terrace is just 10 miles from the Raleigh-Durham International Airport. JLL signed an undisclosed tenant to 13,000 square feet of office space at the property. The building already has office tenants, including Spaces, a coworking company, and Longleaf Law Partners, a boutique commercial real estate law firm. CBRE has added two retailers to the building’s ground floor, both of which will open by the end of 2021. The two new tenants are financial services company Fidelity Investments, which has signed a 7,400-square-foot lease, and Fiction Coffee, a Texas-based café that has signed a 1,400-square-foot lease. The property has additional onsite …

September 23, 2021

Acquisitions Florida Retail Southeast

TSCG Arranges $12M Sale of Walmart-Anchored Shopping Center in Tampa

by Julia Sanders September 23, 2021

TAMPA, FLA. — TSCG has arranged the sale of The Greenhouse Shops, a Walmart-anchored shopping center in Tampa. Anthony Blanco and Mallory Silva of TSCG represented Abaco-Greenhouse, a private partnership in the $12 million sale to an affiliate of CF Properties, a private real estate investment firm from Miami. Built in 1985 and renovated in 2014, The Greenhouse Shops totals 36,670 square feet, not including Walmart, and was 96 percent leased at the time of sale. The Walmart Neighborhood Market totals 41,689 square feet. Located at 3611 W Hillsborough Ave., The Greenhouse Shops is situated on West Hillsborough Avenue and Himes Avenue. Also included in the sale was a Murphy’s USA Express gas station along Hillsborough Avenue. Other tenants in the center include Sanitas Medical Center, La Familia Pawn and Jewelry and El Oso Blanco Supermarket.

September 23, 2021

Development Georgia Leasing Activity Retail Southeast

GID Signs Puttshack to 26,000 SF Lease at High Street Development in Atlanta

by Julia Sanders September 23, 2021

ATLANTA — Puttshack, a mini golf and entertainment provider, has signed a second lease in Atlanta at High Street, a $2 billion, 36-acre mixed-use property in Perimeter Center Parkway on the northside of Atlanta. National real estate developer, owner and operator GID Development Group is developing High Street and inked the lease with Puttshack. Puttshack is the first anchor tenant to be announced for High Street. The mini golf retailer will have more than 26,000 square feet of space and will feature four custom-made, tech-driven mini golf courses. The property will also feature ‘Trackaball’ technology, which includes automated scoring, bonus points opportunities and interactive games at each hole. The entertainment venue will also have a dining menu and full cocktail bar. The first phase of the project will break ground this year and is slated to open by 2023. The project will include 150,000 square feet of entertainment-driven retail and restaurants, approximately 600 rental apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. Located at 211 Perimeter Center Parkway, High Street is situated at the intersection of Perimeter Center Parkway and Hammond Drive. The project is also located close to the Dunwoody MARTA Station, …

September 23, 2021

Acquisitions Arizona Restaurant Retail Western

Macerich Co. Sells La Encantada Lifestyle Center in Tucson for $165.2M

by Amy Works September 23, 2021

TUCSON, ARIZ. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. JLL Capital Markets arranged a $102 million acquisition loan for the buyer. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased. Current tenants include Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila. Patrick Dempsey of JLL Capital Markets Investment Sales and Advisory represented the seller in the deal. Jeremy Womack and Zane Coffman of JLL Capital Markets Debt Advisory team represented the new owner in the acquisition financing.

September 23, 2021

California Leasing Activity Retail Western

Crazy Boss Big Discount Store Leases 103,000 SF Anchor Space in Fontana, California

by Amy Works September 23, 2021

FONTANA, CALIF. — Crazy Boss Big Discount Store has signed a lease to occupy 103,000 square feet of anchor space at 17099 Valley Blvd. in Fontana. Slated to open this fall, the new location will be within the 285,000-square-foot Vineyard Valley Center. Other tenants at Vineyard Valley Center include Food 4 Less, Big Lots, dd’s Discounts and several other shops, restaurants and services. Paul Galmarini of Progressive Real Estate Partners and Justin Altemus of The Altemus Co. co-listed the property and represented the undisclosed landlord in the deal. Galmarini also represented the tenant.

September 23, 2021

Indiana Leasing Activity Midwest Restaurant Retail

Prodigy Burger Bar, Big Bear Biscuits Sign Leases at Lakefront at Keystone in Indianapolis

by Kristin Harlow September 23, 2021

INDIANAPOLIS — Prodigy Burger Bar and Big Bear Biscuits have signed long-term leases to share 10,000 square feet in the former Scotty’s Brewhouse space at 3905 E. 96th St. within Lakefront at Keystone, a Class A office park in Indianapolis. Both restaurants anticipate opening in early 2022. Prodigy Burger Bar, currently owned by O’Reilly’s Holdings LLC, opened its first location in 2017 and now maintains six eateries in Carmel, Geist, Greenwood, Indianapolis, Kokomo and West Carmel. Big Bear Biscuits, a partnership between Indianapolis restaurateur Keith Reilly and Indianapolis chef Dean Sample, is a new venture offering breakfast and lunch options with biscuits and a local coffee program. Both restaurants will offer indoor and outdoor dining, catering, delivery and carryout service. Scott Wise and Steve Delaney of CBRE represented ownership, Rubenstein Partners LP and Strategic Capital Partners LLC. Gary Perel of ALO Property Group represented the tenants.

September 23, 2021

Acquisitions Arizona Restaurant Retail Western

LJ Mainstreet Holdings Buys Grand Village Center Retail Property in Surprise, Arizona for $5M

by Amy Works September 23, 2021

SURPRISE, ARIZ. — Boros Investments has completed the disposition of Grand Village Center, a retail property located at 14273 and 14291 W. Grand Ave. in Surprise. LJ Mainstreet Holdings acquired the asset for $5 million. The 25,653-square-foot Grand Village Center is fully leased to eight tenants, including Church for the Nations, Zona Communications, D’Ambrosio, Full Service Salon and Master Taco Restaurant. The buyer also acquired two adjacent undeveloped land parcels from a different seller and plans to build additional retail buildings on the site. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the deal.

September 23, 2021

Acquisitions Florida Retail Southeast

Private Investor Purchases Crossroads Center Retail Property in Margate, Florida for $10.7M

by Julia Sanders September 22, 2021

MARGATE, FLA. — Investor and president of Current Capital Management, Todd Nepola, has purchased the Crossroads Center in Margate for $10.7 million. SW Global Inc was the seller. Located at 5000 Coconut Creek Parkway, the Crossroads Center has 84,500 square feet of space with tenants including Dollar General and Hollywood Institute of Beauty. A new lease was just signed with Chen Medical for a 7,400-square-foot space in the center. The center was built in 1983. Harry Chas Chaskalson of NEG Property brokered the sales transaction. Southstate Bank provided a $9 million loan with $7.3 million used to fund the sales transaction and the remainder held back for renovations on the center. The planned renovations include painting and minor remodeling of the center, as well as landscape, signage and lighting improvements. Current Capital Management has now acquired over 400,000 square feet of commercial centers in south Florida since 2020 and has purchased five properties in just over 18 months.

September 22, 2021

Acquisitions Retail Texas

Structure Commercial Arranges Sale of 101,136 SF Eastgate Shopping Center in Metro Dallas

by Taylor Williams September 22, 2021

GARLAND, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Eastgate Shopping Center, a 101,136-square-foot retail property located in the northeastern Dallas suburb of Garland. A 195,912-square-foot Walmart Supercenter sits adjacent to the center, which houses tenants such as Aaron’s, Texas DPS and Jumping World. Eric Deuillet, Scott Rose and John Hiller of Structure Commercial represented the undisclosed seller and procured a family trust as the buyer. Eastgate Shopping Center was 100 percent leased at the time of sale.

September 22, 2021

Acquisitions Florida Retail Southeast

Avanti Way Capital Acquires Shoppes at Lake Mary in Metro Orlando for $8.4M

by Julia Sanders September 21, 2021

LAKE MARY, FLA. — Avanti Way Capital has acquired Shoppes at Lake Mary, a 37,685-square-foot shopping center located at 101 N. Country Club Road in Lake Mary. Avanti Way Capital purchased the 4.6-acre development from Miami-based real estate investment firm, Galium Capital, for $8.4 million. New York-based Morgan Stanley provided a $5.4 million acquisition loan for the sale. Dan Gorczycki and Peter Stobierski of TrueRate Services arranged the loan. Located off Lakeview Avenue and State Road 15, Shoppes at Lake Mary was originally built in 1985 and is situated about 19 miles from downtown Orlando. The shopping center was 94 percent leased at the time of sale to tenants including Lake Mary Dry Cleaners, Debs Kitchen, Lighthouse Seafood, Morganic Meats and Foxcase LLC. The property has 175 parking spaces. Avanti Way Capital is a Miami-based real estate asset management firm with roughly $1 billion worth of properties in Florida.

September 21, 2021

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