Retail

Merlone Geier Partners Acquires Value-Add Shopping Center in Riverside, California for $39.4M

by Amy Works May 10, 2021

RIVERSIDE, CALIF. — Merlone Geier Partners has purchased Magnolia Tyler Center, a value-add shopping center located at 3650-3790 Tyler St. in Riverside. A private family, which owned the property for more than 50 years, sold the asset for $39.4 million. At the time of sale, the 182,653-square-foot property was 83 percent leased. Tenants include Aldi, Bob’s Discount Furniture, Big Lots, Bed Bath & Beyond, Starbucks Coffee, Olive Garden and America’s Tire. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.

May 10, 2021

Acquisitions Alabama Retail Southeast

JLL Brokers Sale of 248,988 SF Shopping Center in Metro Birmingham

by Julia Sanders May 7, 2021

TRUSSVILLE, ALA. — JLL Capital Markets has brokered the sale of Pinnacle at Tutwiler Farm, a 248,988-square-foot regional shopping center in Trussville, a suburb of Birmingham. Brad Buchanan, Jim Hamilton, Will Sledge, Tom Hall and Taylor Callaway of JLL marketed the property in coordination with online auction platform Ten-X on behalf of the sellers, Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates and Series 2007-C1. The undisclosed buyer was a private investor based out of Texas. The sales price was not disclosed. The Pinnacle at Tutwiler Farm is located at 5006 Pinnacle Square. The center was 75 percent leased at the time of sale and features a mix of national and regional tenants, including anchors Best Buy and At Home.

May 7, 2021

Leasing Activity Restaurant Retail Texas

PopStroke Entertainment to Open Golf Venue at Katy Grand in Houston

by Taylor Williams May 7, 2021

HOUSTON — PopStroke Entertainment Group, a Florida-based golf concept, will open a new venue at Katy Grand, a Cinemark-anchored retail power center in Houston that is owned by NewQuest Properties. The venue will feature two 18-hole mini-golf courses conceived by TGR Design, an architecture firm backed by golf legend Tiger Woods. The concept includes a full-service restaurant and bar, ice cream parlor, outdoor games and a playground. Heather Nguyen and Rebecca Le internally represented NewQuest in the lease negotiations. PopStroke currently has two facilities in Port Saint Lucie and Fort Myers and recently announced four new locations in the Sunshine State. The company is also expanding into Arizona. The opening at Katy Grand is scheduled for summer 2022.

May 7, 2021

Acquisitions Midwest Retail Wisconsin

Blue West Capital Arranges $4.9M Sale of Aldi-Anchored Shopping Center in Hartford, Wisconsin

by Kristin Harlow May 7, 2021

HARTFORD, WIS. — Blue West Capital has arranged the sale of Hartford Centre for $4.9 million. The Aldi-anchored shopping center is located at 1591 E. Summer St. in Hartford, about 37 miles northwest of downtown Milwaukee. Other tenants at the 34,577-square-foot property include Dunkin’, H&R Block, Shopko Optical and Papa Murphy’s. Carly Gallagher Kelly of Blue West Capital represented the seller, Green Bay-based Midwest Expansion LLC. She also procured the buyer, a Dallas-based commercial real estate company.

May 7, 2021

Acquisitions Arizona Retail Western

Portal Investment Buys 114,102 SF Rolling Hills Square Retail Center in Tucson

by Amy Works May 7, 2021

TUCSON, ARIZ. — An affiliate of Los Angeles-based Portal Investment Management has purchased Rolling Hills Square, a grocery-anchored shopping center located in Tucson. Cincinnati-based Phillips Edison & Co. sold the property for an undisclosed price. Situated on 12.3 acres at the southwest corner of Kolb and Golf Links roads, Rolling Hills Square features 114,102 square feet of retail space. At the time of sale, the property was 96.2 percent occupied with Fry’s Food & Drug as the anchor tenant. Michael Hackett and Run Schubert of Cushman & Wakefield in Phoenix represented the seller and worked with the buyer to obtain acquisition financing for the asset.

May 7, 2021

Acquisitions Alaska Idaho Net Lease Oregon Retail Top Stories Washington Western

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

by Jeff Shaw May 6, 2021

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan …

May 6, 2021

Acquisitions Georgia Retail Southeast

JLL Brokers $20M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders May 6, 2021

TUCKER, GA. — JLL Capital Markets has brokered the $20 million sale of Cofer Crossing, a 136,139-square-foot shopping center located 20 miles outside of Atlanta in Tucker. Kroger and HomeGoods anchor the fully leased center. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, a partnership between Site Centers Corp. and Madison International Realty. A private buyer based in Ontario, Calif., acquired the asset in a 1031 exchange. Hanley Investment Group’s Ed Hanley and Kevin Fryman, along with ParaSell Inc., represented the buyer in the transaction.

May 6, 2021

Acquisitions Florida Office Retail Southeast

Limestone, Orion Sell Tampa Bay Retail, Office Center for $5.3M

by Julia Sanders May 6, 2021

ST. PETERSBURG, FLA. — Limestone Asset Management, via a joint venture with its parent company Orion Real Estate Group, has sold a 23,031-square-foot retail and office center in the Tampa Bay area for $5.3 million. Located at 1914 4th St. N in St. Petersburg, the property was 100 percent leased at the time of sale to six tenants, including Outback Steakhouse and Panera Bread. Ben Mallah of Equity Management Partners Inc. purchased the property in a 1031 exchange. Mark Shellabarger and Ari Ravi of CBRE represented Limestone and Orion, both real estate investment firms based in Miami, in the transaction. Limestone Asset Management originally purchased the property in June 2016 for $2.9 million.

May 6, 2021

California Development Retail Western

CGI+, Megdal Investments to Develop 31,000 SF Lazy Acres Market in Los Angeles

by Amy Works May 6, 2021

LOS ANGELES — CGI+ Real Estate Investment Strategies, in partnership with Megdal Investments, has acquired the third and final piece of a 1.7-acre land assembly at the southwest corner of Franklin and Western avenues in Los Angeles’ Los Feliz neighborhood. The single-tenant, 24,000-square-foot property, which Rite Aid formerly occupied, will be redeveloped into 31,000-square-foot Lazy Acres Market, a division of Good Food Holdings. The organic grocery store signed a long-term lease with CGI+. The new store is scheduled to open by year’s end. CGI+ has started renovations and redevelopment, which include reducing the building to its shell and core and increasing the building footprint by 30 percent, or 8,500 square feet. Additionally, the development team will create a new façade and install new electrical and plumbing systems.

May 6, 2021

Acquisitions California Retail Western

CBRE Brokers $5.4M Sale of Eagle Plaza Shopping Center in California’s Inland Empire

by Amy Works May 6, 2021

HESPERIA, CALIF. — CBRE has arranged the sale of Eagle Plaza, a shopping center located at 15776 Main St. in Hesperia. A Texas-based private buyer acquired the asset for $5.4 million. Alan Krueger and Vanessa Haddad of CBRE represented the seller, a private local investor, in the deal. Totaling 39,877 square feet, Eagle Plaza is occupied by five tenants, including a donut shop, laundromat and sandwich store that have occupied the property since it opened in 1989. The other two tenants are government-funded school district operations.

May 6, 2021

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