DEDHAM, MASS. — RPT Realty (NYSE: RPT) is under contract to purchase a 510,000-square-foot, grocery-anchored shopping center in Dedham near Boston for $131.5 million. Stop & Shop is the anchor tenant. Other tenants at the property, which is nearly 92 percent occupied, include TJ Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter. R2G Venture LLC, RPT’s joint venture platform focused on grocery-anchored assets, will be utilized to acquire the property.
MIAMI — Marcus & Millichap has brokered the $16 million sale of a freestanding CVS/pharmacy-occupied retail property located in Miami. The 14,989-square-foot building is situated on a 2.4-acre parcel, a portion of which is subleased to Wendy’s. Ronnie Issenberg, Gabriel Britti, Ricardo Esteves and Kevin O’Hanlon of Marcus & Millichap represented the sellers, an entity doing business as TRR Everglades Holdings LLC and a group of local Miami investors and developers. The buyer was International Capital Acquisitions LLC, a foreign investor based in Germany. Located at 10660 SW 40th St., the CVS/pharmacy is situated 1.2 miles from Kendall Regional Medical Center, 4.3 miles from Westchester General Hospital, about 5.2 miles from Nicklaus Children’s Hospital and approximately 13.7 miles from Miami International Airport.
NORTH CHESTERFIELD, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of Midlothian Crossing in North Chesterfield, about 9.7 miles south of Richmond. Midlothian Crossing is an 87,938-square-foot shopping center that was 95.6 percent leased at the time of sale to tenants such as Big Lots and Goodwill. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as RCC Midlothian Crossing LLC. The Richmond-based buyer, an entity doing business as 8501 MIDLO PIKE LCC, acquired the property for $6.6 million. Located off the Midlothian Turnpike, Midlothian Crossing’s tenant roster includes Red Wing Shoes, Alliance Rehabilitation, PeopleReady Inc. and John Smith Subs. The center has 406 surface parking spots.
By Matthew Harding, CEO, Levin Management Corp. Serving as one-stop destinations to meet consumers’ daily needs, open-air shopping centers — especially those with grocery anchors — have long been a fan favorite of shoppers, tenants and investors. Over the past 18 months, this asset class has again proven its ability to adapt and serve in any market climate — and under the most challenging of circumstances. Operational Flexibility Is Key By their nature, neighborhood, community and power centers provide a higher level of operational flexibility than other commercial product types. For example, during pandemic-fueled business interruptions, open-air environments enabled tenants to be more creative and accommodate new or expanded uses. This included increasing outdoor space for dining or fitness classes and expanding fulfillment options by setting up curbside pick up. Levin Management’s own mid-year survey of store managers within our leased and managed portfolio, which is comprised largely of open-air product, showed that many of the changes that were made out of necessity last year are now being kept as best practices. For the most part, tenants are responding to stepped-up prioritization of customer convenience. We have seen how quickly shoppers came back out once they could. Ultimately, people like …
SANTA FE, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, BestBuy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, BestBuy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the retail center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller and procured the buyer in the transaction.
LONG BEACH, CALIF. — Triss LLC has completed the disposition of a retail strip center located on the corner of East Pacific Coast Highway and Martin Luther King Jr. Avenue in Long Beach. A family trust acquired the asset for $4.4 million, or $175 per square foot. 7-Eleven anchors the 25,148-square-foot property. Tina LaMonica and Cheryl Pester of NAI Capital Commercial’s Investment Services represented the seller in the deal.
DETROIT — Meijer is scheduled to open its new Rivertown Market in Detroit’s East Jefferson Corridor on Wednesday, Oct. 6. This will be the fourth neighborhood market opened by Meijer and the second in metro Detroit. The small-format grocery concept is focused on bringing a mix of local, fresh food and value to customers in the area. The 42,000-square-foot store will include an assortment of fresh and prepared foods, including bakery items, fresh meat and deli offerings. The Rivertown Market will include a Great Lakes Coffee shop. The garage-style doors will open to an outdoor fresh produce and floral area in warmer months. Local artists Desiree Kelly and Cameron Jenkins painted a mural on the store exterior near the parking lot entrance.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Alpine Summit Shopping Center in Grand Rapids for an undisclosed price. The 136,942-square-foot shopping center is located at 3165 Alpine Ave. The center is fully occupied by Ulta, HomeGoods, Marshalls, Petco, Party City, CATO, Sola Salons, America’s Bride and ABC Warehouse. Bob Lotzar and Bill Tyson of NAI Wisinski represented the buyer. NAI Wisinski also serves as the property manager.
By Glenn Brill, managing director, FTI Consulting Inc. Despite the growth of e-commerce as consumer expenditures and retailers adapt to omni-channel sales, digital marketing strategies and shifts in consumer behaviors resulting from COVID-19, most shoppers still go to stores. Eighty-six percent of consumer sales take place in a brick-and-mortar store environment, according to the U.S. Department of Commerce’s second-quarter e-commerce retail sales report. Still, upscale retailers are increasingly consolidating local market share into exclusively Class A retail properties. The death of the shopping mall is widely discussed and perhaps greatly exaggerated; high-end malls continue to find success as upscale consumers unleash pent-up demand and savings accumulated during the pandemic. However, due in large part to stagnant middle-class incomes and the struggles of stalwart anchors of middle-class consumption like J.C. Penney and Sears — as well as the general decline of department stores — many Class B and C malls have been left to compete with each other for declining shares of middle-market tenants in oversaturated markets. According to CoStar Group, U.S. mall properties had a vacancy rate of approximately 7.3 percent as of August 2021, representing the fourth consecutive annual increase. In an August report, Coresight Research estimated that 25 …
RICHMOND, VA. — Cushman & Wakefield has arranged the sale of Short Pump Station, a 91,369-square-foot, grocery-anchored shopping center in Richmond. Wafra Inc., a global alternative investment manager, purchased the property for $46.8 million. Located at 11800 West Broad St., Short Pump Station is situated about 15.4 miles from downtown Richmond and is close to Route 288 and Interstates 64 and 295. The retail center is anchored by Trader Joe’s, Ulta Beauty and Petco, and was 91 percent leased at the time of sale. John Owendoff of Cushman & Wakefield represented the sellers, a joint venture between BayNorth Capital and AmCap Inc. Michael Zelin and Marshall Scallan of Cushman & Wakefield secured an undisclosed amount of acquisition financing for the buyer through an undisclosed life insurance company.