Retail

Cisterra to Develop 22-Story Retail, Residential Tower in San Diego with Target as Anchor Tenant

by Amy Works May 19, 2021

SAN DIEGO — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Residential amenities will include an indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and a rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family office as a joint-venture partner. The Koman Group and Wermers Properties are also joint-venture partners on the project.

May 19, 2021

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Arranges $6.3M Sale-Leaseback of Kum & Go-Occupied Property in Colorado Springs

by Amy Works May 19, 2021

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail property located at Spectrum Loop in Colorado Springs. A limited liability company acquired the asset for $6.3 million. Kum & Go gas station and convenience store occupies the 5,620-square-foot property on a net lease. The building is adjacent to a 4 million-square-foot Amazon distribution center, which was built in 2021. Brian Bailey and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer in the deal. The name of the seller was not released.

May 19, 2021

Acquisitions Retail Texas

SHOP Cos. Negotiates Sale of 30,697 SF Shops at Stonebrook in Frisco

by Taylor Williams May 19, 2021

FRISCO, TEXAS — SHOP Cos., a retail investment sales brokerage firm, has negotiated the sale of Shops at Stonebrook, a 30,697-square-foot center in Frisco. Built in 2017, the property houses tenants such as Ellie K Salon, Aura Nail Bar, The Salt Retreat, Pizzeria Alba, Maroc Hamam Spa and Fit Body Lab. The buyer and seller were not disclosed.

May 19, 2021

Acquisitions California Retail Western

Colliers Negotiates $61.5M Sale of Camarillo Village Square in Southern California

by Amy Works May 18, 2021

CAMARILLO, CALIF. — Colliers’ National Retail Capital Markets has arranged the $61.5 million sale of Camarillo Village Square, a grocery-anchored shopping center in Camarillo. Anchor tenants at the 247,000-square-foot property are Sprouts Farmers Market, Rite Aid, Big 5 Sporting Goods and PetSmart. The asset is located at 1656-2350 Las Posas Road. Donahue Schriber sold the property to an undisclosed buyer in an off-market transaction. According to Colliers, the sale was the largest priced retail transaction year-to-date in California. El Warner of Colliers represented the seller in the deal.

May 18, 2021

Smart-Final-Ashley-Homestore-Bullhead-AZ

Acquisitions Arizona Retail Western

Faris Lee Brokers $7.1M Sale of Two-Tenant Retail Property in Bullhead, Arizona

by Amy Works May 18, 2021

BULLHEAD, ARIZ. — Faris Lee Investments has arranged the sale of a 52,944-square-foot retail asset located within City Square Shopping Center in Bullhead. An undisclosed seller sold the property for $7.1 million. The name of the buyer was not released. The transaction included Smart & Final Extra! and Ashley Homestore, both of which are triple-net lease tenants. Chris DePierro of Faris Lee represented the seller in the deal.

May 18, 2021

Leasing Activity Michigan Midwest Retail

Crate & Barrel to Open New Location at Twelve Oaks Mall in Suburban Detroit

by Kristin Harlow May 18, 2021

NOVI, MICH. — Crate & Barrel is set to open a new location at Twelve Oaks Mall in the Detroit suburb of Novi. Twelve Oaks Mall is home to 180 specialty stores and 30 restaurants. Crate & Barrel is scheduled to open the 26,000-square-foot store on Thursday, June 3. The new location will showcase the largest kitchen department in the brand’s portfolio, a reimagined bedding department and a space for the services provided in its Design Studio. The store design incorporates locally sourced materials and high efficiency systems for reduced energy use, according to a news release.

May 18, 2021

Acquisitions Illinois Midwest Retail

Quantum Brokers $6.8M Sale of Retail Center in Vernon Hills, Illinois

by Kristin Harlow May 18, 2021

VERNON HILLS, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.8 million sale of Aspen Pointe, a multi-tenant retail center in Vernon Hills, a suburb of Chicago. Built in 2005, the 26,593-square-foot property is located at 271 Townline Road. It was fully occupied at the time of sale by Starbucks, For Eyes, Maciano’s Pizza, FedEx, Cold Stone Creamery and a few local tenants. Jason Lenhoff of Quantum, along with Beth Sansiper and Jeff Gurian of Becker & Gurian, represented the buyer, Newcastle Properties. Drew Trammell of Newcastle managed the underwriting and closing of the acquisition. The seller was a private real estate investment firm from Chicago.

May 18, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 45,000 SF Best Buy-Leased Store in West Palm Beach

by Julia Sanders May 18, 2021

WEST PALM BEACH, FLA. — CBRE has arranged the sale of a 45,000-square-foot store situated on approximately four acres at 1880 Palm Beach Lakes Boulevard in West Palm Beach. Best Buy has operated at this location for 25 years. Will Pike, Chris Bosworth and Brian Pfohl of CBRE’s Atlanta office, along with Dennis Carson and Casey Rosen of CBRE’s National Retail Partners Florida Team, represented the seller, which was advised by Orion Investments based in Miami. The buyer was RK Centers, an owner of retail properties in both South Florida and Massachusetts.

May 18, 2021

Development Georgia Leasing Activity Restaurant Southeast

Rosé Bistro & Champagne Bar to Open at Atlantic Station in West Midtown Atlanta

by Julia Sanders May 18, 2021

ATLANTA — Rosé Bistro & Champagne Bar, a Parisian cuisine and wine bar concept, is set to open this fall at Atlantic Station, the 138-acre retail, restaurant and entertainment destination in West Midtown Atlanta. Located at 232 19th St., the bistro will feature a wine list and French dishes for brunch, dinner and light bites. Houston-based Hines is the property management firm at Atlantic Station. Situated near Atlantic Green, Rosé Bistro & Champagne Bar will offer a raw bar, indoor and outdoor dining and a full bar with cocktails including rosé champagne punch and French 75. The 1,634-square-foot bistro is the newest restaurant to join the tenant mix at Atlantic Station. With additional tenants to be announced, Atlantic Station plans to open tenants such as Azotea Cantina, LINDBERGH and Toscano Ristorante Italian this year. Another current tenant is the Regal Atlantic Station, which just opened back up after being closed since October 9, 2020 due to COVID-19.

May 18, 2021

Company News New York Northeast Retail

Macy’s Reports 56 Percent Growth in First-Quarter Net Sales, Raises Full-Year Expectations

by Taylor Williams May 18, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $4.7 billion in net sales for its 2021 fiscal first quarter that ended on May 1, an increase of about 56 percent from $3 billion in net sales during that period last year. Macy’s CEO Jeff Gennette cited the windfalls of federal stimulus funds and the expanding vaccine rollout as key to the company exceeding expectations. In addition, Gennette said that more Macy’s customers are engaging with its online platform, enabling the New York City-based retailer to post a 34 percent increase in digital sales from the first quarter of 2020. Macy’s has revised its full-year guidance and is now projecting to generate between approximately $21.7 billion and $22.2 billion in net sales this year; previously it had estimated that range to be roughly $19.7 billion to $20.7 billion. Macy’s stock price opened at $19.44 per share on Tuesday, May 18, up from $5.55 per share a year ago.

May 18, 2021

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