Saturday, August 2, 2025
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Majestic Square
Leasing ActivityRetailSouth CarolinaSoutheast

Target Signs 30,000 SF Lease at Majestic Square in Downtown Charleston

by Julia Sanders

CHARLESTON, S.C. — Target has signed a 30,000-square-foot retail lease at Majestic Square, a mixed-use and office building located at 211 King St. in downtown Charleston’s historic district. The Beach Co., a locally based real estate developer and owner, is the landlord of Majestic Square. Majestic Square is located on the corner of King and Market streets in the heart of Charleston’s walkable neighborhood. Dotan Zuckerman of Zuckerman Co., along with Beach Commercial, represented the landlord, Majestic Square LLC, an affiliate of The Beach Co. Rich Barta of CORE Properties represented Target Corp. An opening date will be announced closer to the store’s opening.

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Market ReportsRestaurantRetailSoutheastSoutheast Market ReportsTennessee

Nashville Retail Market’s Investment Sales, Leasing Activity Defy Pandemic Impact

by John Nelson

In spite of national trends, news of spiking default rates and a prediction of a national decline in retail tenancy, the middle Tennessee region appears to be emerging in equal (or better) condition from one of the most unusual years in history. Prior to the government-mandated shutdowns last year, retail activity in Nashville was at a fever pitch. A decade of year-over-year population and economic growth created a strong seller’s and landlord’s market, with no end in sight. The University of Tennessee’s Boyd Center for Business and Economic Research projected a 1 million-person population growth for Middle Tennessee by 2040. This strong, sustained growth pushed retail rents up more than 50 percent since 2010 and represents one of the largest cumulative increases in the nation, behind only Miami and Austin. In 2019, the Nashville region saw asking rents above the national average, according to CoStar Group. One year ago, the sudden and unexpected COVID-19 shutdowns made the collective hearts of 2008 survivors skip a beat. A real concern of what the next week or month might look like hit both landlords and tenants in the region, particularly in the downtown retail district that is historically reliant on tourism. As music …

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $5.3M Sale of CVS-Occupied Property in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Marcus & Millichap has brokered the $5.3 million sale of a 13,100-square-foot property occupied by CVS Pharmacy in Woodridge, a southwest suburb of Chicago. The net-leased building is located at 8645 Woodward Ave. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor based in Florida. The asset sold at 94 percent of the list price to an undisclosed buyer. CVS has over 10 years remaining on its lease.

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3020-NE-45th-St-Seattle-WA
AcquisitionsRetailWashingtonWestern

CBRE Negotiates $25M Sale of Safeway-Anchored Retail Center Near University of Washington in Seattle

by Amy Works

SEATTLE — CBRE has arranged the sale of a 1.82-acre retail property located at 3020 NE 45th St. in Seattle’s University District. Albertsons Cos., parent company of Safeway, acquired the asset for $25 million. The asset is ground leased to Safeway, which has operated as a tenant at the site since 1976. Albertsons Cos. owns the surrounding 2.2 acres, with the transaction bringing its total holdings to more than 4 acres, creating one of the largest contiguous development sites in Seattle. The site is zoned for a range of uses, including market-rate housing, student housing, medical office, hotel, retail, assisted living or entertainment. Additionally, the property is located on at the eastern end of the University of Washington campus and adjacent to the U-Village shopping center, an 800,000-square-foot open-air lifestyle center. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners in Seattle represented the seller, a private family trust, in the deal.

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AcquisitionsCaliforniaRetailWestern

Lion Real Estate Sells Retail Property in Los Angeles to Luzzatto Co. for $22.5M

by Amy Works

LOS ANGELES — Lion Real Estate Group (LREG) has completed the sale of 3317 Exposition Place, a retail property in Los Angeles, to Luzzatto Co. for $22.5 million. Situated in Los Angeles’ West Adams District, the asset is a two-story, dual-building site comprising 29,759 square feet of retail space. TheRealReal, an online luxury retailer, currently occupies the property. Newmark served as financial advisor to LREG in the sale to Luzzatto Co. LREG first acquired the property in a $7.3 million co-investment deal alongside The Borman Group in December 2017. Since that acquisition, the companies have invested in renovations to the convert the former industrial space into a modern creative office location, increasing its value and curb appeal. Renovations included upgraded mechanical systems; refurbished bathrooms, kitchens and conference rooms; new seismic and green building standards in line with city codes; and the reactivation of rooftop parking.

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Park-at-Chandler-AZ
AcquisitionsArizonaRetailWestern

Grossman/Robson Associates Divests of 111,532 SF Park at Chandler Shopping Center in Arizona

by Amy Works

CHANDLER, ARIZ. — Arizona-based Grossman/Robson Associates, a 40-year partnership between Grossman Company Properties and East State Street LP, has completed the disposition of The Park at Chandler, a grocery-anchored shopping center in Chandler. An undisclosed buyer acquired the asset for $12.4 million. Located at the southwest corner of Alma School Road and Chandler Boulevard, The Park at Chandler features 111,532 square feet of retail space. At the time of sale, the property was fully occupied. The asset encompasses 20.9 acres. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

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226-Harvard-Ave.-Boston
AcquisitionsHealthcareMassachusettsNortheastRetail

Newmark Brokers $11.9M Sale of Retail, Medical Office Building in Boston

by Taylor Williams

BOSTON — Newmark has brokered the $11.9 million sale of a 27,930-square-foot retail and medical office building located at 226 Harvard Ave. in the Allston neighborhood of Boston. The property was 94 percent leased at the time of sale to Urban Outfitters, Steward Medical Group and Unleashed by Petco. Robert Griffin, Geoffrey Millerd, Frank Nelson, Michael Greeley, Jonathan Martin, Paul Penman, Mathew Adler, Christopher Huesgen and Coley Cannon of Newmark represented the seller, National Development, in the transaction. The team also procured the buyer, Charlotte-based investment firm Asana Partners.

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AcquisitionsFloridaNorth CarolinaRetailSoutheast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

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Leasing ActivityRetailTexas

Conn’s HomePlus Signs 40,000 SF Retail Lease at Capital Plaza in Austin

by Taylor Williams

AUSTIN, TEXAS — Furniture and appliance retailer Conn’s HomePlus has signed a 40,000-square-foot retail lease at Capital Plaza, a shopping center located at the junction of IH-35 and Cameron Road in Austin. Matt Epple and Britt Morrison of Weitzman represented the undisclosed landlord in the lease negotiations. Sean Murphy of CLD Realty represented Conn’s HomePlus. Other tenants at the center include Target, Ross Dress for Less, Boot Barn, Foot Locker and Walgreens.

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DevelopmentIllinoisMidwestOfficeRetail

Skender Completes Construction of 45,000 SF Office, Retail Project for Herman Miller in Chicago

by Kristin Harlow

CHICAGO — Skender has completed construction of a 45,000-square-foot office and retail building for furniture company Herman Miller in Chicago’s Fulton Market neighborhood. Located at 1100 W. Fulton St., the build-to-suit project preserved the existing building’s historical masonry while incorporating a new concrete structure to support the 100-year-old exterior. The first floor includes a Herman Miller retail showroom, café and coffee bar. Skender collaborated with architect Hartshorne Plunkard Architecture, owner’s representative CBRE, developer Fulton St. Cos. and project manager ConopCo Project Management.

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