Retail

How Retail Landlords Can Create Value for Tenants in the Post-COVID World

by Taylor Williams July 27, 2021

By Jonathan Fishman, co-founder, Bizydev Every business-oriented publication for the last 18 months has almost certainly churned out dozens, if not hundreds, of articles detailing how they believe COVID-19 will or has or might affect their market or industry. Real estate publications have exhaustively covered the deceleration of commercial office leasing, the population outflow in urban cities and corresponding battering of the multifamily market and the lack of business travel and tourism resulting in catastrophic conditions for the hotel sector. And of course, analysts and experts have been quick to note the sharp decline in physical retail space success thanks to the onslaught of e-commerce, further fueled by social distancing measures. Facing these challenges, many retail landlords have been forced to ask themselves what advantage they provide for their tenants. Given the realities of the commercial real estate market, landlords must explore ways to create value for their tenants and seek common ground with them to keep afloat. It’s no longer acceptable for landlords to just provide a storefront, a door and a raw space if they expect to be competitive in the retail leasing market today. They need to find new ways to market their spaces and highlight their …

July 27, 2021

SRS Brokers Sale of 178,930 SF Shopping Center in Athens, Georgia

by Julia Sanders July 26, 2021

ATHENS, GA. — SRS Real Estate Partners has brokered the sale of Athens West, a 178,930-square-foot shopping center in Athens. SomeraRoad, a New York-based commercial real estate investment and development firm, sold the property for $16 million to an entity doing business as Trinity Apex LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller, and the buyer was self-represented in the transaction. Athens West is anchored by Big Lots, America’s Thrift, American Freight, BioLife and Citi Trends. Additional tenants at the property include Anytime Fitness, CiCi’s Pizza, Metro PCS, H&R Block, Direct Insurance and Domino’s Pizza. Roughly 42,000 square feet of new tenants have joined the center since 2019. The shopping center is located at 3190 Atlanta Highway, about 7.2 miles from the University of Georgia’s campus.

July 26, 2021

Acquisitions Kentucky Retail Southeast

Marcus & Millichap Arranges $9.4M Sale of Store in Nicholasville, Kentucky Leased to Kohl’s

by Julia Sanders July 26, 2021

NICHOLASVILLE, KY. — Marcus & Millichap has arranged the sale of an 82,982-square-foot retail property located at 150 Kohls Drive in Nicholasville, about 12 miles away from Lexington. The freestanding store is net-leased to department store retailer Kohl’s, which has nearly nine years remaining on the lease. The transaction, which includes the Kohl’s and an outparcel, was totaled $9.4 million. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller, an entity doing business as Man O’War Development LLC No 3. Limon also secured and represented the buyer, InCommercial Inc., a private real estate brokerage based in Chicago. Colby Haugness of Marcus & Millichap’s Kentucky office assisted in closing this transaction.

July 26, 2021

Acquisitions Retail Washington Western

Transnational Management Buys Hazel Dell Towne Center Retail Asset in Vancouver, Washington for $28.8M

by Amy Works July 26, 2021

VANCOUVER, WASH. — CBRE has arranged the sale of Hazel Dell Towne Center, a 264,000-square-foot retail power center located at 8801 N.E. Hazel Dell Ave. Transnational Management acquired the property from a partnership managed by Pine Tree for $28.8 million. Built between 2005 and 2007 on 23 acres, Hazel Dell Towne Center is occupied by 21 local and national retailers. At the time of sale, the property was 87 percent leased. Tenants include Kohl’s, Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse, America’s Best and Massage Envy. Philip Voorhees, Jimmy Slusher and James Tyrrell of CBRE’s National Retail Partners (West), along with Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners (Northwest), represented the seller in the deal.

July 26, 2021

Acquisitions Net Lease Retail Washington Western

Hanley Investment Group Arranges $3.3M Purchase of PetSmart-Occupied Retail Property in Union Gap, Washington

by Amy Works July 26, 2021

UNION GAP, WASH. — Hanley Investment Group Real Estate Advisors has brokered the acquisition of a single-tenant retail building located at 1403 E. Washington Ave. in Union Gap. A Florida-based private investor sold the property to a Southern California-based buyer for $3.3 million. PetSmart occupies the 19,677-square-foot property, which was built in 2000, on a net-lease basis. Jeff Lefko and Bill Asher of Hanley Investment, in association with ParaSell, represented the buyer in the deal.

July 26, 2021

Indiana Loans Midwest Retail

Parkview Financial Provides $34M Bridge Loan for Lifestyle Center in Plainfield, Indiana

by Kristin Harlow July 26, 2021

PLAINFIELD, IND. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans to embark on a marketing program in order to lease up the 20 percent vacancy. Ownership plans to list the asset for sale once it is stabilized. The bridge loan has a term of 18 months.

July 26, 2021

Development Industrial New York Northeast Office Retail Self-Storage Top Stories

L&L, Columbia Receive $1.2B Construction Loan for Redevelopment of Historic Manhattan Warehouse

by Taylor Williams July 26, 2021

NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust (NYSE: CXP) has received a $1.2 billion construction loan for the redevelopment of the historic Terminal Warehouse building in Manhattan’s West Chelsea neighborhood. The property was originally built in 1891 as the first major New York City facility with direct access to the river, streets and rail lines. A set of twin rail tracks runs through the center of the facility and originally offered a direct connection from the Hudson River’s docks to the freight lines operating at street level along 11th Avenue. Today, Terminal Warehouse consists of 1.2 million square feet of office, retail and self-storage space. The partnership plans to develop the property’s 550,000 square feet of self-storage space into modern, Class A office property and reimagine the ground-floor retail common areas. COOKFOX Architects is leading the design of the redevelopment. In addition, as part of the project plan approved by the New York City Landmarks Preservation Commission, the floor area will be removed to make room for a new courtyard, a series of double-height interior spaces throughout the western portion of the building and six new office levels with floor-to-ceiling glass overlooking …

July 26, 2021

Development Leasing Activity North Carolina Retail Southeast

Four Retailers Join Tenant Lineup at $1B Fenton Project in Metro Raleigh

by Julia Sanders July 23, 2021

CARY, N.C. — Williams Sonoma, Pottery Barn, Athleta and Von Kekel Aveda Lifestyle Salon Spa will join the first phase of Fenton, a 69-acre, $1 billion mixed-use project under construction in the Raleigh suburb of Cary. In Phase I, co-developers Hines and Columbia Development will deliver approximately 345,000 square feet of shops, restaurants and entertainment space; 200,000 square feet of office space; a 175-room boutique hotel; and a 357-unit apartment community that will begin preleasing in early 2022. Williams Sonoma will occupy 5,504 square feet, Pottery Barn will occupy 13,910 square feet, Athleta will occupy 3,825 square feet and locally based Von Kekel Aveda Lifestyle Salon Spa will open its third Triangle-area location at Fenton. All four retailers expect to open their stores in April 2022. Other committed retail tenants at Fenton include Paragon Theaters, Arhaus Furniture, Honeysuckle Gelato, CRU Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry, LunchboxWax, Zen Nail Bar, Superica, M Sushi, Crawford Brothers Steakhouse, Colletta and Dram & Draught. The mixed-use development was also slated to feature a Wegmans, but the Rochester, N.Y.-based grocer pulled out of the project in March. With the addition of the four new tenants, 82 percent of the retail …

July 23, 2021

Acquisitions Midwest Ohio Retail

Next Realty Acquires 67,000 SF Retail Center in Cincinnati

by Kristin Harlow July 23, 2021

CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.

July 23, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $4.8M Sale of Planet Fitness-Occupied Property in Tucson

by Amy Works July 23, 2021

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.

July 23, 2021

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