HARRISBURG, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Summerdale Plaza, a 141,451-square-foot shopping center in Harrisburg. At the time of sale, the property was 85 percent leased to a tenant roster that includes Rite Aid, AutoZone, Dollar Tree and Tractor Supply. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
To the surprise of many in the Kansas City retail sector, the end of 2021 looked much different than most anticipated when 2021 began. As uncertainty buzzed through the retail world, the flurry of 2021’s real estate activity was a welcome surprise. Retailers who embraced technology and adapted to the changing circumstances of today’s world were able to reap the benefits 2021 offered. As consumers took advantage of post-lockdown freedoms, brick-and-mortar retailers experienced a surge in sales volume. Throughout 2021, many national retailers and local Kansas City owners reported volumes exceeding 2019 pre-COVID levels. It’s comforting to report that retail leasing and sales continue to be strong, and overall Kansas City remains consistent in attracting retail business during these uncertain times. One of the most recognizable transformations in retail is the way in which technology seamlessly connects e-commerce and brick-and-mortar stores. Consumers can now use technology to satisfy their desire for the contactless fulfillment of their order, browse local inventory at grocery and retail stores for immediate pickup and grocery shop without entering the store. This list will continue to grow as acceptance of the technology accelerates. Another noticeable retail alteration is the addition of drive-thrus as well as …
ALEXANDRIA, VA. — SRS National Net Lease Group has brokered the $27 million sale of a Whole Foods Market-occupied retail property in Alexandria. The 42,243-square-foot Whole Foods is located within The Royalton, a 116-unit residential condominium property built in 2006. Andrew Fallon and Rick Fernandez of SRS, along with Joe Friedman of Edge Capital Markets, represented the undisclosed seller, a family trust based in Hawaii, in the transaction. Sarasota, Fla.-based Benderson Development Inc. was the buyer. Located at 1700 Duke St., the property is situated 8.2 miles from the new Amazon HQ2 in Arlington and about 10 miles from Washington D.C. Whole Foods has been a tenant at this location since 2007 and has about four years remaining on the initial lease term. Whole Foods is the only retail tenant at the property, which is fully occupied.
OLATHE, KAN. — Marcus & Millichap has negotiated the $7.7 million sale of Shops of Sunnybrook in Olathe, about 20 miles southwest of Kansas City. The 38,273-square-foot retail property is located at 11120 S. Lone Elm Road. Tenants include Austin’s Bar & Grill, Prairie Liquors, Pour Coffehouse, Subway, Hotworx and Performance Rehab. Shops of Sunnybrook was 86 percent occupied at the time of sale. The sale included three acres of developable land. Zach Turner, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also secured the buyer, a Kansas City-based developer.
SOUTH LAKE TAHOE, CALIF. — Florida-based Imperium Blue has acquired the Chateau and Zalanta retail centers in South Lake Tahoe for $33 million. Ready Capital sold the assets, which total 50,000 square feet of retail space. Tony Wood of KW Commercial Real Estate Services represented the seller, while Scott Campbell of SRS National Let Lease Group represented the buyer in the deal. The properties are part of a larger 20-acre development project that includes 400 residential condominiums and 100,000 square feet of retail space.
NATICK, MASS. — An affiliate of Boston-based Bulfinch Cos., in partnership with Chicago-based Harrison Street, has purchased a 94,000-square-foot retail property in the western Boston suburb of Natick. Neiman Marcus currently occupies the two-story building, which is contiguous to Brookfield Properties’ Natick Mall, but plans to vacate the space in September. The new ownership plans to redevelop the property but did not share specific plans.
By Tim Reid, First Vice President, CBRE Boise’s retail market continues to show signs of resiliency in the wake of a global downturn caused by the pandemic. Though retail companies pivoted their business models to accommodate social distancing policies and provide contactless options last year, many were still forced to close their doors. The retail outlook is now much brighter after the industry experienced an incredibly turbulent year. Beginning in April, Idaho’s year-over-year retail sales rebounded 56.3 percent after dropping to 22.7 percent in 2020. Much of that progress can be attributed to Idaho’s strong fundamentals, including the state’s robust population growth. Idaho led the nation as the second-fastest growing state in the past decade, adding 17.3 percent to the population from 2010 to 2020. This state also houses several of the fastest-growing cities in the nation. While much of the migration to Boise City came from within the state, relocations from the West Coast — namely, California, Washington and Oregon — surged, accounting for 17.5 percent of last year’s growth. Those moving tend to be young, affluent, childless professionals seeking urban locations. While this migration pattern is not new, relocations to the Treasure Valley were amplified by the pandemic. These dynamics …
LENEXA, KAN. — Block & Co. Inc. Realtors has brokered the sale of Orchard Corners shopping center in Lenexa, about 15 miles southwest of Kansas City, for an undisclosed price. The more than 200,000-square-foot property is located at the southwest corner of 95th Street and Quivira Road across from Oak Park Mall. Anchor tenants include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels. There is a 37,000-square-foot space available for lease that was previously occupied by Stein Mart. Orchard Corners was built in 1971 and renovated in the 1990s. David Block of Block & Co. represented the buyer, a group of local investors that includes himself. CBRE represented the undisclosed seller. Block & Co. will handle property management and leasing.
LAKEWOOD, COLO. — Blue West Capital has brokered the sale of a shopping center located at 10750 W. Colfax Ave. in Lakewood. A Colorado-based private real estate company sold the asset to a California-based investor for an undisclosed price. Harbor Freight Tools, JoAnn Fabric and Guitar Center are tenants at the fully occupied, 42,755-square-foot property. Tom Ethington of Blue West Capital represented the seller in the deal.
By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc. The Reno retail market was hard hit overall by the pandemic, with the service industry at the top of the list. Some notable businesses that closed in Reno last year include Santa Fe Basque Restaurant, Truckee River Bar & Grill, An — Asian Kitchen & Bar, Little Nugget Diner, True NY Pizza Co., Rounds Bakery Storefront, Jos A. Bank, St. James Infirmary, 24 Hour Fitness and Pier 1 Imports. Big box national retailers picked up virtually no new space in 2020. The good news is retail demand and leasing activity has rebounded this year. Northern Nevada’s retail vacancy rate saw positive absorption. It currently sits at 5.8 percent, while asking rental rates have increased. They are currently at $19.08 per square foot (triple net) on an annual basis for second-generation space and $42 per square foot (triple net) on an annual basis for new construction. Notable business openings this year include Sport Clips, the Human Bean, C-A-L Ranch, In-N-Out Burger, Starbucks, Chipotle, Firehouse Subs, Truckee Bagel, Base Camp Pizza, SUP and Chase Bank. Commercial sales in Northern Nevada were nominal in 2020. This was driven by the pandemic, a lack of …