Retail

Pinnacle Negotiates $2.6M Sale of Retail Building in Castle Rock, Colorado

by Amy Works January 28, 2021

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a retail property located at 970 Park St. in Castle Rock. The building traded hands for $2.6 million, or $237.82 per square foot. Located on a corner lot, the 11,143-square-foot property is situated on a lighted interchange and offers flexible zoning allowing for multiple uses. The building was constructed in 2005. Robert Lawson and Jamie Mitchell of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.

January 28, 2021

Acquisitions North Carolina Retail Southeast

Broad Reach Retail Partners Acquires Avent Ferry Shopping Center in Raleigh for $15.8M

by John Nelson January 27, 2021

RALEIGH, N.C. — Broad Reach Retail Partners LLC, a value-add owner and operator of retail centers, has acquired Avent Ferry Shopping Center in Raleigh. Avent Ferry is Broad Reach’s first location in Raleigh. The sales price and seller were not disclosed, but Triangle Business Journal reports Weingarten Realty Investors sold the asset for $15.8 million after nearly 20 years of ownership. Anchored by Food Lion, the 119,652-square-foot shopping center is located within walking distance to North Carolina State University and just three miles from downtown Raleigh. Avent Ferry was 87 percent leased at the time of sale to tenants such as Walgreens, Family Dollar, the North Carolina DMV, Hardee’s, Circle K and Wingstop. This acquisition comes a few months after Broad Reach’s purchase of Warsaw Village Shopping Center in September 2020.

January 27, 2021

Leasing Activity Michigan Midwest Restaurant Retail

Saucy Brew Works to Open Brewpub, Coffeehouse in Detroit’s Brush Park

by Kristin Harlow January 27, 2021

DETROIT — Saucy Brew Works will open a new brewpub and coffeehouse in Detroit’s Brush Park neighborhood. The opening is slated for March 3. The 5,700-square-foot space will be the first restaurant within Bedrock’s City Modern apartment development. Guests will enjoy a variety of beers and specialty coffees in addition to food offerings such as appetizers, sandwiches, wings and pizza. In response to COVID-19, Saucy Brew Works will provide hand sanitizer, masks, six-foot table distancing and floor markers for spacing. Residents of City Modern will receive a 20 percent discount. This is the fourth location for Saucy Brew Works, which maintains restaurants in Cleveland, Columbus and Orange, Ohio.

January 27, 2021

Alabama Leasing Activity Mixed-Use Restaurant Retail Southeast

Bayer Properties Signs Cheesecake Factory, Main Event to Anchor Mixed-Use Development in Huntsville

by John Nelson January 26, 2021

HUNTSVILLE, ALA. — Bayer Properties has signed leases with The Cheesecake Factory and Main Event Entertainment at Bridge Street Town Centre, a mixed-use development in Huntsville. Cheesecake Factory is expected to open this winter, while Main Event will be open by 2022. The Cheesecake Factory has 209 full-service restaurants, and the new Bridge Street Town Centre location will mark the company’s first in the Huntsville market and the second in Alabama. The restaurant will be located on the south end of the property in a 7,350-square-foot space, next to Barnes & Noble and across from P.F. Chang’s. Main Event at Bridge Street Town Centre will be the company’s first location in the state of Alabama, and its location at Bridge Street Town Centre will open near the Panera Bread. Bridge Street Town Centre features a mix of more than 50 unique-to-market brands and specialty stores, as well as a variety of market-exclusive restaurants. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno luxury apartment complex and a recently opened 131-room Hyatt Place Hotel. Bayer Properties …

January 26, 2021

Midwest Ohio Retail

Huntington Bank to Close 198 Branches as Part of TCF Acquisition

by Kristin Harlow January 26, 2021

COLUMBUS, OHIO — As a result of its $22 billion acquisition of TCF Financial, Huntington Bank plans to close 198 branches, including all 97 locations in Meijer grocery stores, according to Crain’s Detroit Business. The branch closures are expected to occur in Michigan, Ohio and Illinois after the locations have been vetted for customer traffic, transaction trends and proximity to other locations. Columbus-based Huntington’s acquisition of Detroit-based TCF, previously announced in December, is expected to take place in the second quarter. The merger will create a top 10 U.S. regional bank with dual headquarters in Columbus and Detroit.

January 26, 2021

Acquisitions Retail Texas

Triten Real Estate Partners Buys 300,000 SF Market Square Mall in Plano

by Taylor Williams January 26, 2021

PLANO, TEXAS — Triten Real Estate Partners, which has offices in Houston and Dallas, has purchased Market Square Mall, a 300,000-square-foot shopping and dining destination that is situated on 26 acres in Plano. Daniel Eng and Calvin Wong of ENGVEST represented the seller, private investor Matthew Loh, in the transaction. Dan Zeltser of SHOP Cos. represented the buyer. The new ownership will redevelop the mall, which was built in the 1980s, into a mixed-use destination. Specific details of the redevelopment plan were not disclosed.

January 26, 2021

Features Hospitality Industrial Mixed-Use Multifamily New Jersey Northeast Office Property Type Restaurant Retail

US Commercial, Multifamily Construction Starts Down 20 Percent in 2020, Says Dodge Data

by John Nelson January 26, 2021

HAMILTON, N.J. —The value of commercial and multifamily construction starts in 2020 tumbled 20 percent to end the year at $193.4 billion, according to Dodge Data & Analytics. Within the top 20 metropolitan areas that the Hamilton-based research firm tracks, the fall was more severe as that group’s starts fell by 23 percent in value, or $111.1 billion. Overall, commercial real estate starts fell 26 percent in value to $104 billion, while multifamily building activity slid by 11 percent to $89.5 billion. Richard Branch, chief economist for Dodge Data, says that the COVID-19 pandemic had a significant negative impact on commercial and multifamily construction across the country with only a few markets seeing year-over-year increases in construction starts compared to 2019. “The construction sector will show signs of recovery in 2021, but, the road back to full recovery will be long and difficult. The effects of the pandemic on the U.S. economy and building markets will be felt for several years,” says Branch. “While some areas stabilized over the summer, the current wave of the virus has further hindered activity.” Only one metro area in Dodge Data’s top 10, Phoenix, reported a year-over increase in construction starts. The No. 7 …

January 26, 2021

Hospitality Market Reports Nevada Retail Western Western Market Reports

Las Vegas Gaming: The Ugly, the Bad and the Good

by Jeff Shaw January 26, 2021

By Mike Mixer, Colliers International – Las Vegas At the beginning of 2020, Las Vegas was anything but ugly. Nevada’s economy was one of the fastest growing in the country. Unemployment was the lowest ever at 3.6 percent, while casinos reported three straight months of $1 billion in winnings. Then COVID came along and things got real ugly, real quick. The entire Las Vegas Strip was shut down, closed…on less than a day’s notice. The Las Vegas unemployment rate hit a staggering 34.2 percent. One out of three people in Las Vegas became unemployed in April 2020. Meanwhile, the last time the Strip was shut down was after the JFK assassination in 1963. The bad doesn’t look so bad compared to the ugly. As the year comes to a close, the Las Vegas Strip has reopened, but with fewer visitors. Low visitor demand hits hard in a city with more than 150,000 rooms. Las Vegas hotel occupancy has dropped from 90 percent down to 44 percent. Room rates have seen a milder drop this year, down only 6.77 percent (from $133 a night to $124 a night). The Las Vegas Gaming Market was also unlucky, especially without a robust convention …

January 26, 2021

Acquisitions Florida Retail Southeast

SRS Real Estate Partners Arranges $5.8M Sale of Naples Retail Property Leased to 7-Eleven

by John Nelson January 25, 2021

NAPLES, FLA. — SRS Real Estate Partners has arranged the $5.8 million sale of a freestanding retail property occupied by 7-Eleven at 4704 Golden Gate Parkway in Naples. The newly renovated property includes a 3,500-square-foot building and 16 gas pumps. Michael Carter and Frank Rogers of SRS represented the seller, a Florida-based merchant-developer, in the transaction. Brad Thessing, Roger Massell and Chris Twist of Thessing Commercial Properties represented the buyer, a private investor that purchased the property in a 1031 exchange.

January 25, 2021

Acquisitions Midwest Minnesota Retail

KW Commercial | AMK Properties Brokers $3.7M Sale of Retail Strip Center in Suburban Minneapolis

by Kristin Harlow January 25, 2021

BROOKLYN CENTER, MINN. — KW Commercial | AMK Properties has brokered the sale of Humboldt Square Shopping Center in Brooklyn Center for $3.7 million. The 40,390-square-foot property is located on Humboldt Avenue. Anchor tenants include Dollar Tree and New Horizon Academy. Matthew Klein and Andy Manthei of KW Commercial represented the seller, Kensington Property Management LLC, and secured the buyer, investor Thomas Kite.

January 25, 2021

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