Retail

Levcor to Redevelop 503,000 SF Post Oak Plaza in Uptown Houston

by Taylor Williams July 19, 2021

HOUSTON — Locally based developer Levcor will redevelop Post Oak Plaza, an 503,000-square-foot shopping and dining destination in Houston’s Uptown neighborhood. Architecture firm BRR is leading the design of the project, which will be carried out in phases throughout 2022. The development team will upgrade storefronts to allow more natural light, introduce communal outdoor gathering spaces, widen pathways that connect buildings and install new landscaping features. Businesses will remain open throughout the redevelopment project. Current tenants at Post Oak Plaza include Bill Walker Clothier, Eye Elegance, FedEx, Home Source, Madison Lily, Pinto Ranch, Post Oak Nail Lounge, Sensia, Toys to Love and UPS. SHOP Cos. has been tapped to lease the property following completion of the project.

July 19, 2021

Acquisitions Indiana Midwest Retail

Slate Grocery REIT Acquires Indianapolis Shopping Center for $8.5M

by Kristin Harlow July 19, 2021

INDIANAPOLIS — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.

July 19, 2021

Acquisitions Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $4.6M Sale of Dayton-Area Retail Portfolio

by Kristin Harlow July 19, 2021

HUBER HEIGHTS AND VANDALIA, OHIO — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.

July 19, 2021

Company News Illinois Indiana Midwest Retail Top Stories

Kite Realty, RPAI Enter Into $7.5B Merger Agreement to Create New Shopping Center REIT

by Taylor Williams July 19, 2021

INDIANAPOLIS AND CHICAGO — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five of shopping center REITs in terms of total enterprise valuation, according to company officials. Specifically, each share of RPAI common stock will be converted to 0.623 shares of KRG common stock. This rate represents a premium of 13 percent over RPAI’s closing share price of $20.83 per share on July 16, 2021. The new company will trade under the KRG ticker symbol and remain headquartered in Indianapolis. In terms of leadership, KRG’s board will be expanded to 13 trustees via the addition of four new members from the existing RPAI Board. Following the closing of the deal, KRG shareholders are expected to own approximately 40 percent of the combined company’s …

July 19, 2021

California Development Loans Retail Western

JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California

by Amy Works July 16, 2021

PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.

July 16, 2021

Acquisitions Net Lease Oregon Retail Western

Faris Lee Brokers $7.3 Million Sale of Single-Tenant Grocery Property in Baker City, Oregon

by Amy Works July 16, 2021

BAKER CITY, ORE. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot retail property in Baker City. Albertsons, the tenant, has approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway.

July 16, 2021

Acquisitions New York Northeast Office Retail

Severn Realty Sells Office, Retail Building at 576 Fifth Ave. in Manhattan for $101M

by Taylor Williams July 16, 2021

NEW YORK CITY — Locally based investment firm Severn Realty Partners has sold 576 Fifth Avenue, a 78,564-square-foot office and retail building in Midtown Manhattan, for $101 million. The building is located adjacent to Rockefeller Center in the Diamond District and consists of three levels of retail space totaling 6,247 square feet and 10 floors of office space. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 Real Estate Advisors represented Severn Realty Partners in the transaction. Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty, represented the buyer, a Delaware-based limited liability company.

July 16, 2021

Acquisitions Connecticut Northeast Retail

New England Retail Properties Brokers $6.7M Sale of Shoppes at Old Saybrook in Connecticut

by Taylor Williams July 16, 2021

OLD SAYBROOK, CONN. — Connecticut-based brokerage, consulting and development firm New England Retail Properties has brokered the $6.7 million sale of The Shoppes at Old Saybrook. The 94,175-square-foot regional shopping center sits on 8.5 acres and is located in the southern coastal part of the state. Tenants include Ocean State Job Lot, Town Fair Tire, Dollar Tree, O’Reilly Auto Parts and Midas Muffler. Matt Halprin of New England Retail Properties represented the seller, Basser Kaufman Saybrook LLC, in the transaction. Halprin also procured the buyer, OSJL of Old Saybrook LLC.

July 16, 2021

Acquisitions Georgia Retail Southeast

North American Properties Acquires 230,000 SF Avenue East Cobb Retail Center in Metro Atlanta

by Julia Sanders July 15, 2021

MARIETTA, GA. — North American Properties (NAP) has acquired The Avenue East Cobb, a 230,000-square-foot retail development in Marietta. The seller and sales price were not disclosed. The property’s tenant roster features national brands such as lululemon atheltica, Sephora, Pottery Barn, Simply Mac, Bed Bath & Beyond and Williams Sonoma, as well as regional concepts such as High Country Outfitters, Stockyard Burgers & Bones and Tin Lizzy’s Cantina. NAP’s repositioning plan calls for the addition of a central event lawn surrounded by restaurants with patios. Built in 1999, Avenue East Cobb was the first to be developed as part of Cousins Properties’ portfolio of lifestyle centers branded “Avenue.” NAP is a real estate operator and development company based in Cincinnati. Since announcing its value-add acquisition strategy in December 2019, NAP’s Atlanta office has executed redevelopment and repositioning plans at Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Ky.; and Birkdale Village in Huntersville, N.C.

July 15, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $4.8M Sale of Winn-Dixie-Anchored Property in High Springs, Florida

by Julia Sanders July 15, 2021

HIGH SPRINGS, FLA. — SRS Real Estate Partners has brokered the $4.8 million sale of a single-tenant grocery property located at 20303 N US Highway 441 in High Springs, a suburb of Gainesville. The tenant, Winn-Dixie, has more than 27 years of lease remaining at the location. The Winn-Dixie is part of a 57,850-square-foot shopping center. Built in 1985 on 5.2 acres, the tenant roster includes Bealls Outlet, Advance Auto Parts and Cricket Wireless. The seller, an entity doing business as H&R High Springs LLC, sold the property to Kamin Realty LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.

July 15, 2021

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