Retail

Phoenix Commercial Advisors Brokers $10M Sale of Shops at Cooley Station Near Phoenix

by Amy Works November 1, 2021

GILBERT, ARIZ. — Phoenix Commercial Advisors has negotiated the sale of Shops at Cooley Station, two hard-corner retail shop buildings located at 4049 E. Williams Field Road in Gilbert. The property traded for $10 million, or $628 per square foot. The names of the buyer and seller were not released. The 15,912-square-foot building was fully occupied at the time of sale. Current tenants include Pacific Dental, Wing Stop, F45, Little Caesars, Life Quest and My House. Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.

November 1, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Arranges $2.7M Acquisition of Jack in the Box Property in Los Angeles County

by Amy Works November 1, 2021

POMONA, CALIF. — Progressive Real Estate Partners has brokered the purchase of a restaurant property located at 101 W. Foothill Blvd. in Pomona. A San Gabriel, Calif.-based private investor acquired the asset from an undisclosed seller for $2.7 million. Mike Lin of Progressive Real Estate Partners represented the buyer in the deal. Jack in the Box has occupied the property, which features a drive-thru lane, for more than 30 years. Originally built in 1976, the property underwent a major renovation in 2020 to reflect the current store branding.

November 1, 2021

Leasing Activity New York Northeast Retail

Bathhouse Signs 34,328 SF Retail Lease in Manhattan’s Flatiron District

by Taylor Williams November 1, 2021

NEW YORK CITY — Bathhouse, a provider of high-end spa services, has signed a 34,328-square-foot retail lease at 7 West 21st St. in Manhattan’s Flatiron District. The location within Friedland Properties’ 289,809-square-foot residential building will be the company’s first in Manhattan to accompany its space in Brooklyn’s Williamsburg area. Jason Pruger and Lucas Kooyman of Newmark represented Friedland Properties in the lease negotiations. Ross Eisenberg of RDE Advisors Inc. represented Bathhouse.

November 1, 2021

Acquisitions Midwest Minnesota Retail

NAI Legacy Acquires Five-Property Retail Portfolio Across Four States for $20.5M

by Kristin Harlow November 1, 2021

MINNEAPOLIS — Minneapolis-based NAI Legacy has acquired a portfolio of five retail properties for $20.5 million. Stablewood Properties was the seller. The assets include a CVS Pharmacy in Florida, a 7-Eleven in Colorado, a Sherwin-Williams in Missouri, an Advance Auto Parts in Florida and a Tractor Supply Co. in Pennsylvania. NAI Legacy will place the portfolio in a Delaware Statutory Trust, which often meets the demand for 1031 investors.

November 1, 2021

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $7.8M Sale of Walgreens-Occupied Property in Fairlawn, Ohio

by Kristin Harlow November 1, 2021

FAIRLAWN, OHIO — Marcus & Millichap has arranged the $7.8 million sale of a Walgreens-occupied property in Fairlawn, a northwest suburb of Akron. The 14,820-square-foot, net-leased building is located at 3009 W. Market St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Market Reports Restaurant Retail Southeast Southeast Market Reports Virginia

Redevelopments and Backfills Drive New Retail Activity All Around Richmond

by John Nelson November 1, 2021

“Infill, redevelopment and reuse” are the mantras in the city of Richmond and even in some suburbs, where new construction continues to follow residential growth in nearly all the surrounding counties, with Chesterfield and Henrico being the most active. The municipalities themselves play key roles as well. Costs for land and construction continue to escalate, so creativity is key no matter what avenue pursued in the retail world. And like most of the United States, Richmond’s developers and property owners are getting creative to keep their centers relevant. Short Pump Town Center, Richmond’s darling mall that is owned by a partnership of Brookfield Properties, QIC and local developer Pruitt Cos., is not immune to closures and felt the pain when Nordstrom announced it was not reopening after shuttering the store during the height of the COVID-19 pandemic. However, with the strength of the retail market in Short Pump, the mall and the surrounding market continue to perform. The Container Store and an expanded Arhaus backfilled a vacant hhgregg, and the mall has recently announced deals with Fabletics and Warby Parker. ShopCore Properties, which owns West Broad Village anchored by Whole Foods Market, REI and HomeGoods, struggled for years with vacancy …

November 1, 2021

Acquisitions Illinois Midwest Retail

Brookline Real Estate Acquires 6,400 SF Retail Building in Elmhurst, Illinois

by Kristin Harlow October 29, 2021

ELMHURST, ILL. — Chicago-based Brookline Real Estate has acquired a 6,400-square-foot retail building in Elmhurst for $1.1 million. Located at 1035 S. York St., the multi-tenant property is known as Legacy Shops of Elmhurst. Jimmy John’s is the anchor tenant. Mark Heidecke of Horvath & Tremblay represented the out-of-state seller.

October 29, 2021

Leasing Activity Restaurant Retail Texas

Midway Announces New Retail Tenants at East River Mixed-Use Project in Houston

by Taylor Williams October 29, 2021

HOUSTON — Midway has announced new retailers and restaurants joining East River, the locally based developer’s 150-acre mixed-use project in Houston’s Historic Fifth Ward. Broham Fine Soul Food & Groceries will occupy 4,000 square feet; Austin-based Lick Honest Ice Creams has signed a 1,124-square-foot lease; and URBN Dental has committed to a 2,612-square-foot space. Construction of the first phase of East River is underway and expected to be complete in 2023.

October 29, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges $101.7M Sale of Legacy Place Retail Center in Palm Beach Gardens, Florida

by Julia Sanders October 29, 2021

PALM BEACH GARDENS, FLA. — CBRE has arranged the sale of Legacy Place, a 425,316-square-foot open-air shopping center in Palm Beach Gardens. A joint venture between Lone Star Funds and Woolbright Development purchased the property for $101.7 million. Casey Rosen and Dennis Carson of CBRE National Retail Partners in Florida represented the undisclosed seller in the transaction. Legacy Place was 72 percent leased at the time of sale to tenants including Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More. Located at 11290 Legacy Ave., Legacy Place is situated near the Interstate 95 interchange and PGA Boulevard. The property is also situated about 10.7 miles from West Palm Beach.

October 29, 2021

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