Retail

Wegmans to Open 81,300 SF Grocery Store in Alexandria, Virginia

by Julia Sanders September 17, 2021

ALEXANDRIA, VA. — Wegmans Food Markets Inc., a 106-store supermarket chain based in Rochester, N.Y., plans to open a new grocery store within Carlyle Crossing, a 1.7 million-square-foot mixed-use development underway in Alexandria. Located just off Eisenhower Ave. at 150 Stovall St., the store is scheduled to open in spring 2022. The store will employ approximately 450 people, with 150 full-time positions offered. The 81,300-square-foot Wegmans will include a Market Café, a bar and coffee shop, and The Burger Bar, a casual restaurant counter that serves burgers, sandwiches and fries. The site will have two levels of parking below, residential units above and is also located close to the Eisenhower Avenue Metro Station. Wegmans entered Virginia with its Dulles location in 2004. The new Carlyle-Alexandria location will be the company’s 14th store in the Commonwealth. Wegmans also plans to build a $175 million distribution facility on 221 acres in Hanover County, Va., in order to support Wegmans’ Mid-Atlantic stores.

September 17, 2021

Development Retail Texas

Beck Group Completes Redevelopment of 133,353 SF Retail Center in Metro Dallas

by Taylor Williams September 17, 2021

ADDISON, TEXAS — General contractor The Beck Group has completed the redevelopment of Prestonwood Place, a 133,353-square-foot shopping center located in the northern Dallas suburb of Addison. Northwood Retail owns the center, which was originally built in 1980 and now houses tenants such as Catapult Health, Mendocino Farms, Biscuit Bar and La La Land Kind Café. The project involved renovation work for 40,000 square feet of façade updates and the conversion of existing retail space into 60,000 square feet of creative office space. The development also transformed a vacant manufacturing shop into a multi-tenant building. Merriman Anderson Architects served as the project architect.

September 17, 2021

Acquisitions New York Northeast Retail

Atlantic Capital Partners Brokers Sale of 122,876 SF Wegmans Plaza in Niagara, New York

by Taylor Williams September 17, 2021

NIAGARA, N.Y. — Boston-based Atlantic Capital Partners has brokered the sale of Wegmans Plaza, a 122,876-square-foot shopping center in the Upstate New York community of Niagara. Regional grocer Wegmans anchors the property, which was 80 percent leased at the time of sale. Justin Smith, Chris Peterson, Shannon Older, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented both unnamed parties in the transaction.

September 17, 2021

Acquisitions New Mexico Restaurant Retail Western

Marcus & Millichap Brokers Sale of 9,000 SF Retail Property in Farmington, New Mexico

by Amy Works September 17, 2021

FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.

September 17, 2021

Illinois Midwest Retail

Sears to Close Last Store in Illinois

by Kristin Harlow September 17, 2021

SCHAUMBURG, ILL. — Sears is set to close its last store in the state of Illinois, according to reports by the Daily Herald and Crain’s Chicago Business. The Hoffman Estates-based retailer’s final location is at Woodfield Mall in Schaumburg and is scheduled to close on Sunday, Nov. 14. Simon Property Group is the mall owner. The parent company of Sears, Transformco, is pursuing redevelopment plans for the store, according to Crain’s.

September 17, 2021

Civic Development Midwest Minnesota Retail

Kraus-Anderson Completes $38M Iron Trail Motors Event Center in Minnesota

by Kristin Harlow September 17, 2021

VIRGINIA, MINN. — Kraus-Anderson has completed construction of the Iron Trail Motors Event Center at 819 S. 9th Ave. in the northern Minnesota town of Virginia. The $38 million project converted the former Miners Memorial Facility into a regional convention center that will be utilized for concerts, tradeshows, events and meetings. The project for the City of Virginia pays tribute to the city’s mining history by incorporating elements into the exterior such as taconite, iron colors and shale rocks. Designed by DSGW Architects, the 120,000-square-foot facility features two hockey and ice arenas, a 6,400-square-foot ballroom, two meeting rooms with 1,000 square feet of event space and a 320-square-foot board room. The second floor houses offices for the Parks and Recreation Department, community workout spaces and storage space. A grand opening event is scheduled for the week of Sept. 20.

September 17, 2021

Acquisitions California Retail Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works September 16, 2021

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

September 16, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $8.8M Sale of Los Compadres Plaza in Inland Empire

by Amy Works September 16, 2021

COLTON, CALIF. — Progressive Real Estate Partners has arranged the sale of Los Compadres Plaza, a retail property located in Colton. A Southern California-based buyer acquired the asset from a Los Angeles County-based seller for $8.8 million. Located at 1035 S. Vernon Ave., Los Compadres Plaza features 47,090 square feet spread across four buildings, which were built in two phases in 1977 and 1980. The unanchored property is 93 percent occupied with 82 percent of the center’s tenants being independent, internet-resistant businesses, including restaurants, medical users, beauty and other services. The property recently underwent renovations, including painting, roof replacements and parking lot improvements. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller in the deal.

September 16, 2021

Leasing Activity Mixed-Use North Carolina Retail Southeast

ECO Group Signs 18 New Tenants to Join $180M MOSAIC Development in Metro Raleigh

by Julia Sanders September 16, 2021

PITTSBORO, N.C. — Developer ECO Group has signed leases for 18 new tenants at MOSAIC at Chatham Park, a 44-acre, $180 million entertainment and lifestyle destination underway at Highway 501 and Russet Run Road in Pittsboro, about 34 miles from Raleigh. With the addition of the new tenants, 96 percent of MOSAIC’s retail space completed or under construction is now leased. New restaurant tenants joining the project include Hops and Berry, a 5,000-square-foot self-serve tap house and restaurant; O’Ya Cantina, a 1,500-square-foot Latin eatery that has a sister location in Chapel Hill; Jersey Mike’s Subs in a 2,385-square-foot space; and Greek Kouzina in a 1,675-square-foot space. Several new office tenants have committed to move into MOSAIC’s two-story mixed-use building, including CE Group, Finley Design, Lee-Moore Capital, Sanford Contractors Inc. and MOSAIC’s property management office staffed by Kane Realty Corp. With the new office tenants, 45 percent of the 88,000-square-foot office, technical and creative space is now leased. New service providers joining MOSAIC include a 2,500-square-foot Lux Nail Salon; a 1,050-square-foot Harris & Co. Insurance; and a 1,550-square-foot CMG Financial Mortgage. These new tenants join local tenants already committed including Town Hall Burger + Beer and People’s Coffee. Additionally, UNC Urgent …

September 16, 2021

Acquisitions Florida Retail Southeast

SRS Arranges Sale of 101,392 SF Shopping Center in Lake Mary, Florida

by Julia Sanders September 16, 2021

LAKE MARY, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Heathrow Square, a Winn-Dixie-anchored, 101,392-square-foot shopping center in Lake Mary. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. The buyers, Equinox Development and Harbour Retail Partners, were self-represented. The sales price was not disclosed. Heathrow Square was nearly 97 percent leased at the time of sale to tenants including CVS/pharmacy, Pure Barre, Quest Diagnostics and Subway. Winn-Dixie has occupied the store at Heathrow Square for 29 years. The center is situated on 11.9 acres at 120 International Parkway at the signalized intersection of West Lake Mary Road and International Parkway. The property is situated only a quarter-mile from Interstate 4.

September 16, 2021

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