Retail

Pegasus Arranges $4.7M Sale of Starbucks-Anchored Retail Center in Dothan, Alabama

by Julia Sanders June 16, 2021

DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.

June 16, 2021

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.9M Sale of Retail Strip Center in Indianapolis

by Kristin Harlow June 16, 2021

INDIANAPOLIS — Marcus & Millichap has arranged the sale of North Meridian Shops in Indianapolis for $2.9 million. The 17,000-square-foot retail strip center is located at 3787 N. Meridian St. Many of the property’s tenants, including T-Mobile, have operated at the location in excess of 10 years. Jordan Klink of Marcus & Millichap’s The Klink Group represented the seller, J&R Enterprises of Indianapolis II LLC. An agent out of Marcus & Millichap’s Philadelphia office represented the buyer, BA Properties I LLC, which is a Pennsylvania-based limited liability company.

June 16, 2021

Leasing Activity New Jersey Northeast Retail

Mayweather Boxing + Fitness Opens 3,397 SF Gym in North Brunswick, New Jersey

by Taylor Williams June 15, 2021

NORTH BRUNSWICK, N.J. — Mayweather Boxing + Fitness has opened a 3,397-square-foot gym at The Shoppes at North Brunswick, an upscale retail center located about 40 miles south of New York City. This will be the tenant’s first location in New Jersey. Azarian Realty Co. represented the undisclosed landlord in the lease negotiations.

June 15, 2021

Georgia Loans Mixed-Use Retail Southeast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders June 15, 2021

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

June 15, 2021

Acquisitions Midwest Missouri Retail

Investors Realty Brokers $20.3M Sale of Shopping Center Near Kansas City

by Kristin Harlow June 15, 2021

INDEPENDENCE, MO. — Investors Realty Inc. has brokered the $20.3 million sale of Marketplace Shopping Center in Independence, just east of Kansas City. The 253,000-square-foot shopping center is 91 percent leased. Anchor tenant Price Chopper has occupied the property for 34 years. Other tenants include Petco, Big Lots, Viva Fashion and FedEx. Ember Grummons of Investors Realty represented the seller, a partnership between Walton Street Capital and NewQuest Epic. Grummons also procured the buyer, Wichita-based HJH Investments.

June 15, 2021

Features Mixed-Use Retail

Mixed-Use at the Core of Mall Reinvention

by Katie Sloan June 15, 2021

When it comes to mall redevelopment, one of the biggest hurdles is changing the business community’s perception that enclosed malls are only for retail use, says Sean Garrett, president of acquisitions and director of community relations for East Peoria, Illinois-based Cullinan Properties Ltd. “There is no reason an insurance office can’t be right next to a retailer and a neighbor of a dentist,” states Garrett. “Downtowns and Main Streets have been developed this way for generations.” Cullinan recently followed this approach when it rebranded its Quincy Mall in Quincy, Illinois, to Quincy Town Center. One of the anchor tenants is now Quincy Medical Group, which backfilled a former Bergner’s department store. For Garrett, merging retail and medical uses today is a “natural fit.” In addition to enclosed space, Quincy Town Center features more than 88,000 square feet of retail and additional uses on 42 acres of land. Cullinan is currently discussing plans for a hotel and the potential for multifamily units. “The opportunities that lie ahead for this mixed-use property, as opposed to a one-note shopping center, are endless and will help ensure its survival,” says Garrett. “Our experience has shown that a diverse tenant mix and uses that complement …

June 15, 2021

Market Reports New York Northeast Northeast Market Reports Retail

New York City Must Be A Leader in Reimagining Retail in the Post-Pandemic World

by Taylor Williams June 15, 2021

By James Nelson, principal, head of Tri-State investment sales, Avison Young It probably won’t be a shock to learn that in the aftermath of COVID-19, we are going to need to reimagine retail. Even before the pandemic hit, retail vacancy was becoming more prevalent throughout New York City. Now more than ever, landlords and retailers are going to need to think outside the box to fill vacancies and allow retailers to survive. A recent survey among members of the International Council of Shopping Centers (ICSC), which consists of landlords, tenants and service providers, found that 57 percent of retail professionals believe that the economy will improve over the course of the next year. That being said, 73 percent wanted to see businesses open again in their state. A key question involves when we could expect to return to the in-person conventions and events that our industry is known for. ICSC is famous for its annual conference in Las Vegas that draws over 30,000 people. It’s a chance to catch up with friends and business contacts in a fun setting while also being able to accomplish dozens of meetings over a few days, as everyone is in the same place. Industry …

June 15, 2021

Company News Midwest Ohio Retail Top Stories

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Taylor Williams June 14, 2021

COLUMBUS, OHIO — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar retail market. The company, which was originally spun off by Simon Property Group in 2014, has negotiated a restructuring support agreement with its primary creditors, led by Connecticut-based private equity firm SVP Global, which hold approximately 73 percent of WPG’s outstanding corporate debt. The agreement also allows WPG to deleverage its balance sheet by nearly $950 million through the equitization of unsecured notes and a $190 million paydown of WPG’s revolving credit and term loan facilities. Lastly, the RSA provides for an effective four-year extension of the remaining credit facility debt. In addition, WPG has secured $100 million in debtor-in-possession financing to fund its daily operations as it …

June 14, 2021

Development Florida Mixed-Use Multifamily Retail Southeast

CIP Miami Springs, LV Lending Break Ground on 120,225 SF Mixed-Use Project in Metro Miami

by Julia Sanders June 11, 2021

MIAMI SPRINGS, FLA. — CIP Miami Springs and LV Lending have broken ground on Miami Springs Town Center, a 120,225-square-foot mixed-use project located at 1 Curtiss Parkway in Miami Springs, about 10 miles outside of downtown Miami. The project is scheduled to be complete in the second quarter of 2022. Designed by Cabrera Ramos Architects, Miami Springs Town Center will feature a 50,725-square-foot, three-story residential building with 51 apartments, 23,500 square feet of retail space on the ground floor and a parking garage with 124 spaces. Additional on-street parking will be available. Situated on 1.1 acres, Miami Springs Town Center will house two- and three-bedroom units spanning 975 to 1,075 square feet. Rents will start in the $1,850s. Benito Carmona at US Century Bank originated a $14.6 million construction loan for the project. Orlando-based Crossman & Co. is the retail leasing broker for the project. Miami-based LV Lending is a private lender focused on investment purpose loans for acquiring and developing residential, commercial and land projects.

June 11, 2021

Acquisitions Georgia Retail Southeast

JLL Brokers $37.6M Sale of Sprouts-Anchored Shopping Center in Roswell, Georgia

by Julia Sanders June 11, 2021

ROSWELL, GA. — JLL Capital Markets has brokered the $37.6 million sale of Roswell Market Place, a fully leased, 95,522-square-foot shopping center in the metro Atlanta city of Roswell. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the locally based seller, Branch Properties LLC, in the sale. East Coast Acquisitions acquired the property. Roswell Market Place is located at 10800 Alpharetta Highway. Built in 1986 and most recently renovated in 2015 and 2016, the retail property is anchored by Sprouts Farmers Market. The property’s tenant roster also includes Starbucks, Chipotle, Subway, Hollywood Feed, Another Broken Egg Cafe, Bad Daddy’s Burger Bar and Tin Drum. Branch Properties LLC is a private real estate investment firm primarily focused on the acquisition and development of high-quality, grocery anchored shopping centers located in the Southeastern United States. East Coast Acquisitions (ECA) is a Tampa-based real estate investment firm focused on the acquisition of grocery-anchored retail centers in core and robust secondary markets.

June 11, 2021

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