MINNEAPOLIS — Minneapolis-based NAI Legacy has acquired a portfolio of five retail properties for $20.5 million. Stablewood Properties was the seller. The assets include a CVS Pharmacy in Florida, a 7-Eleven in Colorado, a Sherwin-Williams in Missouri, an Advance Auto Parts in Florida and a Tractor Supply Co. in Pennsylvania. NAI Legacy will place the portfolio in a Delaware Statutory Trust, which often meets the demand for 1031 investors.
FAIRLAWN, OHIO — Marcus & Millichap has arranged the $7.8 million sale of a Walgreens-occupied property in Fairlawn, a northwest suburb of Akron. The 14,820-square-foot, net-leased building is located at 3009 W. Market St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
“Infill, redevelopment and reuse” are the mantras in the city of Richmond and even in some suburbs, where new construction continues to follow residential growth in nearly all the surrounding counties, with Chesterfield and Henrico being the most active. The municipalities themselves play key roles as well. Costs for land and construction continue to escalate, so creativity is key no matter what avenue pursued in the retail world. And like most of the United States, Richmond’s developers and property owners are getting creative to keep their centers relevant. Short Pump Town Center, Richmond’s darling mall that is owned by a partnership of Brookfield Properties, QIC and local developer Pruitt Cos., is not immune to closures and felt the pain when Nordstrom announced it was not reopening after shuttering the store during the height of the COVID-19 pandemic. However, with the strength of the retail market in Short Pump, the mall and the surrounding market continue to perform. The Container Store and an expanded Arhaus backfilled a vacant hhgregg, and the mall has recently announced deals with Fabletics and Warby Parker. ShopCore Properties, which owns West Broad Village anchored by Whole Foods Market, REI and HomeGoods, struggled for years with vacancy …
ELMHURST, ILL. — Chicago-based Brookline Real Estate has acquired a 6,400-square-foot retail building in Elmhurst for $1.1 million. Located at 1035 S. York St., the multi-tenant property is known as Legacy Shops of Elmhurst. Jimmy John’s is the anchor tenant. Mark Heidecke of Horvath & Tremblay represented the out-of-state seller.
HOUSTON — Midway has announced new retailers and restaurants joining East River, the locally based developer’s 150-acre mixed-use project in Houston’s Historic Fifth Ward. Broham Fine Soul Food & Groceries will occupy 4,000 square feet; Austin-based Lick Honest Ice Creams has signed a 1,124-square-foot lease; and URBN Dental has committed to a 2,612-square-foot space. Construction of the first phase of East River is underway and expected to be complete in 2023.
PALM BEACH GARDENS, FLA. — CBRE has arranged the sale of Legacy Place, a 425,316-square-foot open-air shopping center in Palm Beach Gardens. A joint venture between Lone Star Funds and Woolbright Development purchased the property for $101.7 million. Casey Rosen and Dennis Carson of CBRE National Retail Partners in Florida represented the undisclosed seller in the transaction. Legacy Place was 72 percent leased at the time of sale to tenants including Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More. Located at 11290 Legacy Ave., Legacy Place is situated near the Interstate 95 interchange and PGA Boulevard. The property is also situated about 10.7 miles from West Palm Beach.
HIRAM, GA. — Colliers International’s Atlanta-based Southeast Retail Investment Sales Team has brokered the sale of Paulding Pavilion, a 78,346-square-foot shopping center in Hiram. A private investor acquired the property from The Ardent Cos. for $8.3 million. Scott Israel and Joe Montgomery of Colliers represented the seller in the sale. Built in 1996 and renovated in 2004, Paulding Pavilion was fully leased at the time of sale to tenants including Bargain Hunt, Big Air Trampoline Park and America’s Best Contacts & Eyeglasses. Paulding Pavilion is located on more than 8.5 acres with nearby retailers including Hiram Bottle Shop, Hobby Lobby, Planet Fitness, Burger King, Jersey Mike’s Subs, Chick-fil-A and Johnny’s New York Style Pizza. Located at 4471 Jimmy Lee Smith Parkway, the property is situated about 26 miles northwest of downtown Atlanta.
APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding ARCO Gas Station and AM/PM convenience store located at 15333 Rancherias Road in Apple Valley. The asset traded for $5.6 million. The names of the seller and buyer were not released. Built in 1998, the ARCO station has six dispensers with 16 fueling positions and a 2,737-square-foot convenience store. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller in the deal.
FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …