AURORA, COLO. — Denver-based Kaufman Hagan Commercial Real Estate has facilitated the purchase of a retail property located at 9915 E. Colfax Ave. in Aurora. Shifted Lens Theatre Co. acquired the asset from an undisclosed seller for $1 million, or $226.78 per square foot. Located within Aurora Cultural Arts District, the property offers 4,608 square feet of retail space. Amanda Weaver of Kaufman Hagan represented the buyer in the deal.
PHILADELPHIA — Local REIT Brandywine Realty Trust will open a 13,000-square-foot food hall at its Schuylkill Yards mixed-use development in the University City area of Philadelphia. Gather Food Hall & Bar will feature six eateries and a bar and will be housed on the ground floor of the historic Bulletin Building at 3025 Market St., which was converted to a life sciences facility in 2021. Hospitality HQ, a platform operated by New York chef and restaurateur Akhtar Nawab, will operate the venue, which is scheduled to open in the fall.
NORTH CANTON, OHIO — Axiom Realty has acquired The Venue at Belden, a 157,632-square-foot shopping center in North Canton, about 18 miles south of Akron. Situated in the heart of the Belden Village trade area, the property is home to anchor tenants Burlington, TJ Maxx, HomeGoods and Earth Fare, which collectively occupy more than 60 percent of the center’s gross leasable area. The asset has undergone significant redevelopment in recent years. Axiom says it plans to enhance the tenant mix, optimize operations and drive long-term value.
MANCHESTER, MO. — Holland Construction Services and architect HDA have completed an exterior renovation of Mungenast Lexus of St. Louis, a 70,000-square-foot auto dealership in the western St. Louis suburb of Manchester. The project included metal cladding, dark column accents and a new entryway with a prominent Lexus logo. The building features a two-story showroom, 32 service bays, a café and car wash/detail area. HDA originally designed the facility in 2009 as the first LEED Silver-certified Lexus auto dealership in the country.
Gerald Divaris, chairman and CEO of Divaris Group of Companies and a panelist at last week’s Entertainment Experience Evolution (EEE) conference, produced by France Media’s Shopping Center Business and InterFace Conference Group, has a Shakespearean take on today’s retail environment. It’s that all the (retail) world’s a stage. “Retail is essentially entertainment,” he told a crowd of 500 attendees during the Leading Retail Landlords Panel at EEE, which was held Feb. 25-26 at the J.W. Marriott LA Live. “Otherwise, you’d be buying on Amazon.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Divaris expanded upon this notion, citing that even supermarkets have entertaining “stations,” TJ Maxx provides the opportunity to treasure hunt and Barnes & Noble has made a major comeback by doing little more than allowing guests to thumb through books. Panel moderator Nick Egelanian, president of SiteWorks, noted much of the current retail experience can be divided into two categories, though it may not be an even split. There are the items consumers want to buy quickly and easily (and arguably cheaply) online, and …
NORTH CHARLESTON, S.C. — South Carolina-based Ziff Real Estate Partners (ZRP) has acquired Promenade at Northwoods, a 253,308-square-foot retail center in North Charleston, for $30.8 million. The seller and sales price were not disclosed, but The Post and Courier reports the seller was an affiliate of Charlotte-based Big V Property Group. Situated on 7800 Rivers Ave. across from Northwoods Mall, the property is anchored by Hobby Lobby and Ollie’s Bargain Outlet. Christian Chamblee, Brooke Frey and Paige Tompkins led the ZRP deal team in the transaction. This acquisition brings ZRP’s metro Charleston portfolio to 640,000 square feet across six properties.
PORTAGE, IND. — Greenstone Partners has brokered the sale of Starbucks Center at AmeriPlex at the Port, a two-tenant retail property in Portage, for nearly $2 million. The 5,251-square-foot asset is located just off I-94 at the entrance of AmeriPlex at the Port, a 387-acre mixed-use business park. Tenants include Starbucks, which has occupied space for over 17 years and recently extended its lease through 2033, and El Salto/Fairway Indoor Golf, a regional restaurant group that recently introduced high-tech golf simulators. Jason St. John of Greenstone represented the seller and developer in the transaction. Buyer information was not provided.
ELLISVILLE, MO. — Starbucks has opened its first location in Ellisville, a western suburb of St. Louis. The standalone property totals 2,300 square feet and serves as the newest amenity for the 227-unit MILA Apartments, which is slated to open in June. The development team for MILA, which includes Midas Hospitality and Balke Brown with its affiliates Double Eagle Development and Diamond Income Fund, also developed the building for Starbucks. The four-story MILA features units that range in size from 552 to 1,363 square feet. Work is currently focused on finalizing interior spaces. Amenities include a courtyard, pool, bocce ball, mini golf, dog park, business center and fitness room. Rosemann & Associates designed the building, and MBG is the general contractor. Leasing will begin in April and is being managed by 2B Residential.
WINTER HAVEN, FLA. AND NEW YORK CITY — JLL has arranged the sale-leaseback of 165 retail branches in six states that are occupied by SouthState Bank, a regional lender based in the Tampa area, in a transaction valued at approximately $467 million. The buyer is Blue Owl Capital (NYSE: OWL), and the transaction was executed through various funds managed by the New York City-based asset management firm. The bank branches are located throughout Alabama, Georgia, Florida, North Carolina, South Carolina and Virginia and total approximately 1.2 million square feet. Terms of the sale-leaseback call for SouthState Bank to continue to occupy the branches on 15-year, triple-net leases with 2 percent annual rent increases. SouthState Bank will also continue to operate the branches without any changes to its product or service offerings. Alex Sharrin, Coler Yoakam, Brian Shanfeld, Jeffrey Cicurel, Josh Katlin, Michael Roberts, Josh Hirsch and Andrew Weir of JLL structured the transaction on behalf of SouthState Bank. The lender did not specify what the proceeds from the sale might be allocated toward, saying only that funds would “enhance its balance sheet.” Others involved in the deal commented on the appeal of the structure itself in today’s market. “Sale-leaseback transactions continue …
PETALUMA, CALIF. — Brixton Capital has acquired Washington Square, a retail property in Petaluma, from El Segundo, Calif.-based Paragon Commercial Group for $67.5 million. Bryan Ley, Eric Kathrein and Warren McClean of JLL represented the seller, while Brixton was self-represented in the deal. Located at 301 S. McDowell Blvd., the eight-building property features 215,506 square feet that is more than 99 percent leased. Current tenants include Safeway, Staples, Harbor Freight Tools, Planet Fitness, Five Below and Marin Health. Originally built in 1971 and renovated in 1996, Brixton Capital plans to renovate the property with parking lot improvements, roof replacements, exterior painting, HVAC upgrades and façade enhancements. Additionally, the company plans to renovate the landscaping and update the signage to enhance curb appeal.
