PLANO, TEXAS — Los Angeles-based investment firm BH Properties has purchased Preston Shepard Place, a 361,780-square-foot shopping center in Plano. Originally built in 1995, the property houses tenants such as Marshalls, Burlington and Tuesday Morning. The 31-acre Shepard Preston Place was 55 percent leased at the time of sale. The seller and sales price were not disclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the $3.5 million sale of a 2,700-square-foot retail and residential building in the Kips Bay area of Manhattan that consists of one retail space leased to Dunkin’ and two residential units. Howard Raber, Sean Kelly and Jack Moran of Ariel Property Advisors represented the undisclosed seller in the deal. The buyer and sales price were also not disclosed.
FORT COLLINS AND WINDSOR, COLO. — Avison Young has arranged the sale of a three-property shopping center portfolio located in Fort Collins and Windsor. Colorado-based Johnson Investments sold the portfolio to Neighborhood Equities for $10.1 million. Totaling just over 60,000 square feet, the portfolio includes the 21,633-square-foot Oakridge Shopping Center at 1112 Oakridge Drive in Fort Collins, which was 80 percent occupied; The Shops at Westwood, a fully occupied, 18,350-square-foot property at 1293-1295 Main St. in Windsor; and the fully leased, 20,250-square-foot Windsor Town Center II at 1215 Main St. in Windsor. David Maling, Chris Maling and Sam Crowe of Avison Young represented the seller, while Cushman & Wakefield represented the buyer in the deal.
By Jason Baker, principal, Baker Katz At a time when commercial real estate professionals see promising COVID-19 metrics and a better-than-expected vaccine rollout as signs that the end of the pandemic is near, it’s natural to examine where some of the most interesting and encouraging signs of recovery are already popping up. Food and beverage (F&B) has certainly weathered the pandemic storm as well as any other retail sector. Understanding what comes next in F&B — what the next generation of successful concepts might look like and how the industry will likely evolve — begins with appreciating why the sector has remained relatively resilient during the pandemic. In telling that story, we can start to get a sense of what’s next for F&B concepts and real estate strategies, both in the Houston market and across the country. F&B Ascends It’s not surprising that F&B is having a moment. It was the hottest commercial real estate category before the pandemic, and it remains the most consistent industry bright spot today, though industrial players might disagree. Demand remained high throughout the pandemic, especially for quick-service and fast-casual concepts. A handful of newer players were hit hard early during the COVID-19 outbreak, but …
ADDISON, TEXAS — VOP Partners LLC has purchased Village on the Parkway, a 343,911-square-foot retail center located in the northern Dallas suburb of Addison. Anchored by Whole Foods Market and AMC Theatres, the 32-acre center was originally built in 1981 and redeveloped in 2014. Other tenants include RA Sushi, Neighborhood Services, Yard House, Hopdoddy, Sidecar Social and Pie Tap. Barry Brown, Chris Gerard, Ryan Shore, Jason Jacobs and Matthew Barge of JLL represented the undisclosed seller in the transaction.
On May 26, France Media hosted the “Health at the Core: Real Estate Redefines Its Value Proposition. And We ALL Benefit” webinar, sponsored by The International WELL Building Institute (IWBI). Panelists discussed what steps and metrics might be important to make those returning to offices, hotels, shopping malls, etc. feel safe and healthy. What can owners and operators do to adjust to a world where interior spaces suddenly have a new role — promoting wellness? Listen to a results-oriented panel discussion on ratings and certifications, new expectations, best practices for communicating with occupants, as well as lasting changes we can expect in the pursuit of better, healthier buildings. Click here to hear more on how industry leaders are making interior spaces a part of wellness. See a list of some topics covered below: Health safety ratings: systems, implementation, responding effectively Communicating to occupants: important points to convey, messaging strategies Indoor air: ventilation, filtration and air quality Cost-effective retrofitting Panelists: Jessica Cooper, International WELL Building Institute (moderator) Sara Neff, Kilroy Realty Dana Schneider, Empire State Realty Trust Paul Scialla, International WELL Building Institute Webinar sponsor: The International WELL Building Institute (IWBI) is a public benefit corporation and the world’s leading organization focused on deploying …
MUNROE FALLS, OHIO — SVN Summit Commercial Real Estate Advisors has arranged the sale of Silver Valley Plaza in Munroe Falls, about 35 miles southeast of Cleveland. The sales price was $1.4 million. The 30,000-square-foot retail center sits on 4.1 acres at 265-297 N. Main St. The property was fully leased at the time of sale. Nichole Booker of SVN brokered the sale. Munroe Falls Center LLC, a Texas-based investment group, was the buyer.
CHARLOTTE, N.C. — A fund sponsored by CBRE Global Investors has acquired the South End Collection, a recently renovated office and retail portfolio in Charlotte totaling 110,000 square feet. Charlotte-based Asana Partners sold the portfolio for an undisclosed amount. The South End Collection is located in Charlotte’s South End neighborhood and features three creative office and retail properties that are all 100 percent leased. One of the properties is a 37,351-square-foot, single-story building located at 2116 Hawkins St. The property is fully leased to Krispy Kreme, which occupies 31,176 square feet of creative office space for its corporate operations and a 6,175-square-foot Krispy Kreme restaurant. The second property, located at 222 Rampart St., is a 24,210-square-foot, single-story creative office building. The building is fully leased to Skiptown, a dog daycare, boarding and bar facility. Lastly, 307 West Tremont Ave. is a single-story, 47,533-square-foot property occupied by Spaces and Pins Mechanical Co. Spaces is a flexible workspace offering from parent company Regus that occupies 27,400 square feet. Occupying 20,133 square feet of retail space, Pins Mechanical is an entertainment venue offering activities like duckpin bowling, bocce ball and ping pong. The South End Collection sits on a 6.5-acre site close to …
CONWAY, S.C. — The Palomar Group has arranged the $5.4 million sale of Myrtle Ridge, a grocery-anchored shopping center located at 1901 Highway 544 in Conway, a town near Myrtle Beach. Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction. Both the undisclosed buyer and seller are both private companies that primarily own grocery-anchored shopping centers throughout the Southeast. The 59,240-square-foot Myrtle Ridge is anchored by Food Lion, Dollar Tree and Walgreens. Food Lion recently executed an early renewal at this location, taking its term to just under 10 years. The shopping center was 96 percent leased at the time of sale.
CONCORD, N.C.— Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The sales price was not disclosed. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita, a retail development located at Derita Road and Carolina Lily Lane. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Biscuitville Fresh Southern recently opened a restaurant on an outparcel that Thompson Thrift sold last year. Thompson Thrift expects the two remaining lots to be sold during the third quarter. The firm also owns Christenbury Corners, a 130,000-square-foot, Kohl’s-anchored shopping center that is adjacent to Shops on Derita. David Hoppe of Atlantic Capital Partners represented Thompson Thrift on the sale of the building. Thompson Thrift is a real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest.
