HEBER, CALIF. — Shasta Management has signed a long-term lease for 100 acres of mixed-use space at the northeast corner of State Route 111 and East Heber Road in Imperial County’s Heber. The company plans to open a cannabis campus on the site with retail and manufacturing space. The first phase of the complex is scheduled to open in mid-June with a 9,000-square-foor retail center, including two 2,000-square-foot retail dispensaries along with a 5,000-square-foot consumption lounge and restaurant. The adult-only consumption lounge will feature a high-end glass shop, lounge areas, 85-inch TVs, gaming stations and vibe centers. Cannabis concierges will assist guests with purchases and products, as well as offer tasting flights and product education. Upon completion, the campus will be a fully integrated cannabis space with two indoor cultivation centers, totaling 37,000 square feet, and six greenhouse cultivation centers, totaling 60,000 square feet. The second phase, slated to open this fall, will include a 3,300-square-foot distribution center, 3,000 square feet of manufacturing space and several 25,000-square-foot greenhouses. Additionally, an adjacent building will house a quick-service restaurant, liquor lounge and a full-service restaurant. The campus’s name and branding, along with additional tenants, will be announced at a later date.
ANTIOCH, TENN. — SRS Real Estate Partners has brokered the sale of the Shoppes at Hickory Hollow, a 144,469-square-foot, Kroger-anchored shopping center in Antioch. The sellers, Mishorim USA Inc., Park One USA Inc. and Gold Investments USA Inc., sold the property to an entity doing business as FNRP CV LLC for $18 million. The center is situated at 5319 Mount View Road next to Mount View and Bell roads in metro Nashville. Built in 1986 on approximately 12.9 acres, the center is roughly 97 percent leased to tenants such as Citi Trends, Octapharma Plasma, EmbroidMe, PostalAnnex, Republic Finance and Little Caesars Pizza. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer was self-represented. Shoppes at Hickory Hollow is the second Kroger-anchored transaction that SRS has brokered this year.
Limestone Asset Management Acquires Two Retail Outparcels Near Orlando’s Mall at Millenia for $10.4M
ORLANDO, FLA. — Miami-based Limestone Asset Management has acquired two outparcel buildings totaling 14,075 square feet near Orlando’s Mall at Millenia for $10.4 million. The acquisitions include a 5,530-square-foot store located at 4006 Conroy Road that is leased to AT&T; and a two-tenant outparcel at 4060 Conroy Road housing a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Kevin Sanz of Orion Real Estate Group represented Limestone in the purchase. Patrick Luther of SRS Real Estate Partners represented the undisclosed seller of the AT&T-leased store. Ocean Bank provided an undisclosed amount of acquisition financing.
MINNEAPOLIS — Target Corp. (NYSE: TGT) reported that its first-quarter comparable sales grew 23 percent, driven partly by a surge in pickup services. Same-day services such as order pickup and drive-up increased more than 90 percent in the quarter, which ended May 1. Store comparable sales for the Minneapolis-based retailer increased 18 percent, while digital comparable sales grew 50 percent. Target stores fulfilled more than three quarters of its digital sales, according to Brian Cornell, chairman and CEO. The retailer generated $24.2 billion in total revenue for the first quarter, up 23.4 percent from the same period a year ago. Target’s stock price opened at $210.31 per share Wednesday, May 19, up from $123.17 per share one year ago. The retailer operates more than 1,900 stores nationwide.
WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features trampolines, climbing walls, ropes and obstacle course and augmented reality games, will open a 35,572-square-foot center in the Long Island village of Westbury. The center will be situated within Samanea New York, a new, 750,000-square-foot shopping, dining and entertainment destination. The lease with Empire Adventure Park brings the property’s occupancy to 60 percent. Empire Adventure Park joins a tenant roster at Samanea New York that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet and 99 Ranch Supermarket. Dominic Coluccio represented the landlord, Lesso Mall Development, in the lease negotiations on an internal basis along with Colliers International brokers Matthew Kucker and Jordan Barch. Construction of the Empire Adventure Park center is scheduled to begin in January, with a target opening date of late 2022.
ST. LOUIS — Panera Bread has unveiled a new restaurant design featuring increased drive-thru and pick-up access, technological offerings including contactless meal pick-up and an updated dine-in experience in response to COVID-19. The company is the latest chain to announce a refreshed design adapted to the changing needs of consumers during the pandemic. The first next-generation Panera Bread is set to open in the St. Louis suburb of Ballwin this November and will include: An open kitchen with ovens in full view of restaurant guests; dual drive-thru and dedicated rapid pick-up lanes in order to enhance the dine-out process; the addition of contactless dine-in and delivery options with mobile notifications to guests when their meals are prepared; updated ordering kiosks and automated loyalty identification; a fully-digitized menu; the introduction of an updated Panera Bread logo; and an enhanced interior design with increased wayfinding to exterior seating at the cafe. “We’re doubling down on what has always made Panera unique — creating human connection through caring associates and a warm, inviting environment filled with the smell of freshly-baked bread — while continuing to be a leader in digital access for the off-premise world,” says Eduardo Luz, chief brand and concept officer at …
By Tom Graf, NAI FMA Realty Over the past decade, Lincoln has experienced sustained growth and earned a reputation as a place to be in the Midwest. Its low unemployment, stable economy, low cost of living, prospering tech scene as well as lifestyle and entertainment fitting of a big city with the feel of a small community has insulated Lincoln better than many cities of its size. Perhaps this is most compelling with the number of cranes spotted in the skies back in 2008 and again in 2020. Just as many cities were struggling, Lincoln built its way out of the Great Recession in 2008 and 2020 was no exception. Retail Throughout the economic uncertainty brought on by the COVID-19 pandemic, Lincoln’s retail landscape fared well with vacancy holding at 7.1 percent for the year in 2020. New construction was active throughout the market despite store closures and bankruptcies making the national headlines. For some opportunistic retailers, vacant spaces opened the door to take advantage of the market and negotiate better terms for new locations. Retailers thriving in today’s market are the “daily needs” retailers — grocery, home improvement and discount concepts. Some niche online businesses, which have grown through …
ALPHARETTA, GA. — Hanley Investment Group Real Estate Advisors has brokered the $24.6 million sale of Alpharetta Commons, a 94,500-square-foot shopping center located in the Atlanta suburb of Alpharetta. Publix anchors the property, which is 98.7 percent occupied by tenants including Sports Clips, T-Mobile, a nail salon, dry cleaners, a liquor store and restaurants. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Southern California. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, an undisclosed institutional real estate owner, operator and developer.
SAN DIEGO — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Residential amenities will include an indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and a rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family office as a joint-venture partner. The Koman Group and Wermers Properties are also joint-venture partners on the project.
COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail property located at Spectrum Loop in Colorado Springs. A limited liability company acquired the asset for $6.3 million. Kum & Go gas station and convenience store occupies the 5,620-square-foot property on a net lease. The building is adjacent to a 4 million-square-foot Amazon distribution center, which was built in 2021. Brian Bailey and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer in the deal. The name of the seller was not released.