Retail

Hanley Investment Group Arranges $8M Sale of 7-Eleven-Occupied Property in Santa Rosa, California

by Amy Works December 22, 2021

SANTA ROSA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant investment property located at 136 College Ave. in Santa Rosa. Pleasant Hill-based California Capital Group sold the asset to an El Dorado Hills-based private investor for $8 million. Jeremy McChesney of Hanley represented the seller, while Chris Fenolio of Weller Partners represented the buyer in the transaction. A 7-Eleven with a gas station occupies the 2,988-square-foot property on a net-lease basis.

December 22, 2021

Acquisitions Indiana Midwest Retail

Midland Atlantic Properties Arranges $7.5M Sale of Retail Center in Fishers, Indiana

by Kristin Harlow December 22, 2021

FISHERS, IND. — Midland Atlantic Properties has arranged the $7.5 million sale of Fishers Corner shopping center in the Indianapolis suburb of Fishers. The 28,359-square-foot property was built in 2005 and was fully leased at the time of sale. Jacque Haynes of Midland Atlantic represented the seller, Sena Realty FC LLC. Johnny Vassallo managed the acquisition on behalf of the buyer, POG Kosmos Fishers LP. First Financial Bank provided acquisition financing.

December 22, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires 93,728 SF Shopping Center in Metro Atlanta

by Julia Sanders December 21, 2021

STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.

December 21, 2021

Acquisitions Retail Texas

JAH Realty Buys 62,394 SF Shopping Center in Plano

by Taylor Williams December 21, 2021

PLANO, TEXAS — JAH Realty has purchased Preston Parkway Center, a 62,394-square-foot shopping center in Plano. At the time of sale, the property was 79 percent leased to tenants such as Red Hot & Blue, Einstein Bros. Bagels, Dogtopia, Honey Baked Ham, Ben & Jerry’s. Toronto-based Great Gulf sold the asset for an undisclosed price. Dallas-based John Freese & Associates brokered the deal.

December 21, 2021

Illinois Leasing Activity Midwest Restaurant Retail

Krab Kingz Opens Restaurant in East Peoria, Illinois

by Kristin Harlow December 21, 2021

EAST PEORIA, ILL. — Krab Kingz has opened at EastPort Plaza, which is located within the central Illinois town of East Peoria. The seafood restaurant specializes in Southern-style seafood boils and offers fresh king crab, snow crab and blue crab. The menu also features other seafood options such as shrimp, lobster and salmon. The East Peoria location will be the first Krab Kingz restaurant in central Illinois. Rimmon McNeese is the franchisee. Peoria-based Cullinan Properties Ltd. owns and manages EastPort Plaza, a retail center that is home to tenants such as Erie Insurance, Mobil Gas, The Galley Restaurant, Maloof Realty and Edward Jones.

December 21, 2021

Acquisitions Massachusetts Northeast Office Retail

Newmark Brokers $5.6M Sale of Office, Retail Building in Boston

by Taylor Williams December 21, 2021

BOSTON — Newmark has brokered the $5.6 million sale of a 9,947-square-foot office and retail building located at 50-52 Broad St. in Boston. The property was originally built in 1853 and is known as The Architectural Building. Robert Griffin, Michael Greeley Joseph, Alvarado, George Demoulas and Casey Valent of Newmark represented the seller in the transaction. Matthew George of Newmark procured the buyer. Both parties requested anonymity.

December 21, 2021

Market Reports New Jersey Northeast Northeast Market Reports Restaurant Retail

Large-Format Retailers Find Turnkey Spaces, Expansion Opportunities in Northern New Jersey

by Taylor Williams December 21, 2021

By Taylor Williams Demand for retail and restaurant space in Northern New Jersey has long been buoyed by spillover tenants that find themselves priced out of premium spaces in New York City. Yet despite the fact that retail rents throughout the city have been depressed for the last 18 months, users have not flocked to Manhattan and Brooklyn at the expense of the fringe markets of Northern New Jersey. In fact, brokers in the latter region see a healthy level of demand from a wide range of users that see opportunity in the current conditions. “The closures of national soft goods retailers that were squeezed by reduced demand and supply chain constraints during the height of COVID-19 left some beautifully built-out spaces,” notes Kevin Pelio, director of leasing at Azarian Group. “This has benefitted local and regional operators who can come into a prominent retail location without the capital-intensive, upfront investment typically required in a normal market.” Pelio adds that the larger trend among brick-and-mortar retailers to reduce initial capital outlays and build-out costs has also led to reductions in landlords’ tenant improvement (TI) allowances. Brian Katz, CEO of Englewood, N.J.-based Katz & Associates, concurs that certain retailers are aggressively …

December 21, 2021

Acquisitions Company News New York Northeast Office Retail Top Stories

American Finance Trust to Acquire Shopping Center Portfolio for $1.3B, Sell Office Assets as Part of Corporate Rebrand

by John Nelson December 21, 2021

NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily cash considerations, as well as $53.4 million in AFIN’s stock and additional considerations based on performance metrics achieved in the first 180 days after closing. The transaction is scheduled to close in the first quarter of 2022. “This immediately accretive off-market transaction represents a unique value creation opportunity,” says Michael Weil, CEO of AFIN. “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.” For CIM Real Estate Finance Trust, the sale repositions the REIT’s retail portfolio to 437 credit-leased retail properties with a weighted average lease term of 10.8 years. The remaining portfolio totals 13.2 million square feet across 45 …

December 21, 2021

Acquisitions California Retail Western

Brixton Capital Divests of Fletcher Marketplace Retail Center Near San Diego for $11.4M

by Amy Works December 20, 2021

EL CAJON, CALIF. — Southern California-based Brixton Capital has completed the disposition of Fletcher Marketplace, a retail strip center situated on 1.9 acres at 110 Fletcher Parkway in El Cajon. A private investor acquired the asset for $11.4 million. Built in 2020, the two-building, 11,996-square-foot Fletcher Marketplace is triple-net leased to five tenants, including Mattress Firm, Dave’s Hot Chicken, The Joint Chiropractic, Urbane Café and California Fish Grill. Gleb Lvovich and Daniel Tyner of JLL Retail Capital represented the seller in the deal. Don Moser of Retail Insite provided local market support.

December 20, 2021

Acquisitions Retail Texas

Marcus & Millichap Negotiates Sale of 80,774 SF Retail Center in Metro Dallas

by Taylor Williams December 20, 2021

CARROLLTON, TEXAS — Marcus & Millichap has negotiated the sale of Woodlake Square, an 80,774-square-foot retail center located in the northern Dallas suburb of Carrollton. Woodlake Square was built on 6.7 acres in 1979 and renovated in 2019. Tenants at the property, which was 94 percent leased at the time of sale, include Harbor Freight Tools, LA Fitness and Dollar Tree. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Levy also procured the buyer, a locally based 1031 exchange investor. Both parties involved in the deal requested anonymity.

December 20, 2021

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