Retail

DealPoint Merrill Acquires 158,000 SF Retail Power Center in Meriden, Connecticut

by Taylor Williams June 24, 2021

MERIDEN, CONN. — Los Angeles-based investment firm DealPoint Merrill has acquired Centennial Plaza, a 158,000-square-foot retail power center in Meriden, located in the southern-central part of the state. The seller was not disclosed. Joe French and Kodi Traver of Marcus & Millichap brokered the deal in conjunction with David Frank of DealPoint Merrill. The new ownership plans to upgrade the 11-acre property with a $5.2 million renovation. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

June 24, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Bridge Loan for SoHo Multifamily, Retail Building

by Taylor Williams June 24, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.

June 24, 2021

Northeast Pennsylvania Retail Top Stories

Institutional Property Advisors Arranges $90M Sale of Camp Hill Shopping Center Near Harrisburg, Pennsylvania

by Katie Sloan June 24, 2021

CAMP HILL, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $90 million sale of Camp Hill Shopping Center. The property is located at 3301 Trindle Road in the borough of Camp Hill, roughly three miles outside Harrisburg. The 430,198-square-foot center was 96 percent leased at the time of sale to tenants including Giant Food Markets, Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness. Brad Nathanson of IPA represented the seller, Cedar Realty Trust (NYSE: CDR), and identified the buyer, GSD CampHill Pradsavi Group LLC, in the transaction. Marcus & Millichap also arranged financing on behalf of the buyer. Cedar Realty Trust will be retaining management of the property. “There is tremendous demand for dominant grocery-anchored shopping centers nationally, given the rebound in the markets post-COVID-19 and the attractive debt markets,” says Nathanson. “Demand is outpacing the supply of first-class, high-performing assets like Camp Hill Shopping Center.” Cedar Realty Trust is a real estate investment trust (REIT) focused on owning, operating and redeveloping grocery-anchored shopping centers across urban markets from Washington, D.C., to Boston. The Port Washington, N.Y.-based company’s stock price closed on Wednesday, June 23, at $16.61 per share, up …

June 24, 2021

Industrial Kansas Market Reports Midwest Midwest Market Reports Office Retail

Despite Pandemic, Wichita Market Experiences Significant Urban Development

by Kristin Harlow June 24, 2021

By Tom Johnson, NAI Martens The overall Wichita economy is not out of the woods yet, but numerous factors point to a continuation of the recovery from both the Great Recession and the impact of the pandemic. Since the significant employment downturn during the second quarter of 2020, the Wichita metro area has markedly recovered but remains well below 2019 non-farm employment. The seesaw unemployment rate has now declined to just over 5 percent. All employment sectors are expected to increase from 3 to 6 percent in 2021 with retail, leisure and hospitality leading the way as restaurants and travel return to pre-pandemic levels. In the background of all the pandemic noise have been significant gains in urban development with over $1 billion of public and private sector investment since the recession. ● Residential has grown exponentially with 21 new and renovated properties representing 1,228 units with some of the highest rental rates in the city. ● With over 100 restaurants and local shops, retail has increased significantly, adding almost 500,000 square feet, a 39 percent increase with more to come. ● Starting with the Ambassador Hotel renovation, the hospitality sector has added 375 rooms with another 95 rooms in …

June 24, 2021

Arizona Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works June 23, 2021

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

June 23, 2021

Acquisitions Colorado Restaurant Retail Western

Pinnacle Real Estate Arranges $2.1M Sale of Mercury Café in Downtown Denver

by Amy Works June 23, 2021

DENVER — Pinnacle Real Estate Advisors has brokered the sale of The Mercury Café in downtown Denver. An owner-operator acquired the property from the undisclosed seller for $2.1 million. Located at 2195 California St., the property features 9,870 square feet of restaurant space. Jason McClanahan and Dallas Sandberg of the Johnson Ritter team of Pinnacle Real Estate Advisors represented the seller in the transaction.

June 23, 2021

Development Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

GBT Realty Breaks Ground on Next Phase of Parke West Mixed-Use Project in Nashville

by Julia Sanders June 23, 2021

NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers. Parke West will also have a 450-space underground parking structure that will serve both towers. Developed, owned and managed by Nashville-based Chartwell Hospitality, the nine-story hotel is a dual-branded Hilton Garden Inn and Home2 Suites by Hilton. The hotels will feature a shared lobby and amenities, including a lobby bar and restaurant, fitness center, rooftop pool deck and approximately 4,000 square feet of flexible meeting space. Of the 172 rooms, 69 will operate as Home2 Suites, while the remaining 103 rooms are designated for Hilton Garden Inn. Plans for the 15-story, multifamily tower includes 210 one- and two-bedroom units. Community amenities will include a 12th floor outdoor swimming pool and deck, dog spa and a 24-hour concierge. Between the towers will be a courtyard featuring open-air, landscaped terraces. Approximately 11,000 square feet of commercial space on the ground level will house restaurants with outdoor seating, service …

June 23, 2021

Acquisitions Retail Texas

2GR Equity, Tarantino Acquire 195,000 SF Retail Power Center in League City, Texas

by Taylor Williams June 23, 2021

LEAGUE CITY, TEXAS — A joint venture between metro Dallas-based 2GR Equity LLC and Houston-based Tarantino Properties has acquired League City Towne Center, a 195,000-square-foot retail power center in League City. The property sits on 31.5 acres at the southeast quadrant of Interstate 45 and FM 646 on the outskirts of Houston. Shadow-anchored by Home Depot and Target, League City Towne Center was 96 percent leased at the time of sale.

June 23, 2021

Development Retail Southeast Virginia

Federal Realty Investment Trust to Redevelop Graham Park in Falls Church, Virginia

by Julia Sanders June 23, 2021

FALLS CHURCH, VA. — Federal Realty Investment Trust will redevelop Graham Park, a 132,000-square-foot community shopping center located at 7263 Arlington Boulevard in Falls Church. Graham Park’s redevelopment project will include façade renovation, new signage, enhanced landscaping, decorative lighting and outdoor amenity areas. The renovation is projected to begin in July and be completed by the end of the year. Graham Park is anchored by Giant Food and features a mix of retail, dining and services including Celebrity Delly, Advanced Auto Parts, Mavana Nails & Waxing and Verizon Wireless. The shopping center opened in 1971 and was acquired by Federal Realty Investment Trust in 1983. Federal Realty Investment Trust is a real estate investment trust based in Rockville, Maryland.

June 23, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $36.2M Sale of Shopping Center in Evanston, Illinois

by Kristin Harlow June 23, 2021

EVANSTON, ILL. — Marcus & Millichap has brokered the sale of Evanston Plaza in Evanston for $36.2 million. The 212,759-square-foot shopping center is located at 1910 Dempster St. Valli Fresh Market anchors the center and occupies 69,210 square feet. Renovated in 2015, the property was 97 percent leased at the time of sale. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the center on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.

June 23, 2021

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