Retail

RK Centers Purchases Shopping Center in Plantation, Florida for $17M

by Julia Sanders March 19, 2021

PLANTATION, FLA. — RK Centers, a privately held family-owned real estate development company, has purchased Veranda Shoppes, a 45,000-square-foot shopping center in Plantation. The property is situated on 4.2 acres at 550 N. Pine Island Road. Adam Feinstein of Cushman & Wakefield represented the seller, Jacksonville-based Regency Centers, in the $17 million transaction. Built in 2007, Veranda Shoppes is home to several neighborhood shopping, dining and service options. The Publix-anchored center is leased to tenants such as Anthony’s Coal Fired Pizza, Pei Wei Asian Diner, Dunkin’, Venetian Nails Spa and the Banfield Pet Hospital.

March 19, 2021

Alabama Development Multifamily Restaurant Retail Southeast

RCP Breaks Ground on Apartment Building in Huntsville, Alabama

by Julia Sanders March 19, 2021

HUNTSVILLE, ALA. — RCP Cos. has broken ground on Metronome at MidCity, a five-story multifamily building featuring 296 apartment homes with retail and restaurant space on the ground floor. The property is located in Huntsville’s MidCity District, a $1 billion mixed-use project underway at the intersection of University Drive and Research Park Boulevard. Metronome is situated in the heart of MidCity’s 140-acre district. The property’s open tenants include Topgolf, REI Co-op, Dave & Buster’s, High Point Climbing & Fitness, Wahlburgers, Kung Fu Tea and Kamado Ramen, as well as The Camp, an outdoor venue featuring a food truck garden, coffee shop and bar, live music stage and a weekly farmer’s market. Trader Joe’s is scheduled to open later this year. Huntsville Amphitheater, an 8,000-seat venue, is currently under construction with a planned opening of spring 2022. Metronome at MidCity will offer 12 different floor plans including studio, one-, two- and three-bedroom units. Each home will feature smart thermostats, high-speed internet, Wi-Fi, stainless steel appliances, quartz countertops and full-size, in-home laundry. Select units include high ceilings, balconies, offices/dens and kitchen islands. Community amenities will include a 24-hour fitness center, resort-style saltwater pool, outdoor kitchen, pocket parks with a fireplace/firepit, fountain feature, …

March 19, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $6.4M Sale of Two Retail Properties in Machesney Park, Illinois

by Kristin Harlow March 19, 2021

MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $6.4 million sale of Willow Creek II and IV in Machesney Park, a suburb of Rockford. The two retail buildings, totaling 23,202 square feet, are separate but located within the same development. Tenants include Buffalo Wild Wings, Verizon, Anytime Fitness, FedEx, Jersey Mikes and Pizza Hut. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a Chicagoland private family. Prodigy Real Estate Group represented the seller, a Rockford-based developer.

March 19, 2021

Leasing Activity Retail Texas

Sprouts Farmers Market to Open 25,000 SF Store in Grand Prairie, Texas

by Taylor Williams March 19, 2021

GRAND PRAIRIE, TEXAS — Phoenix-based grocer Sprouts Farmers Market will open a 25,000-square-foot store in Grand Prairie, located roughly midway between Dallas and Fort Worth, in the second half of the year. The opening is part of a larger rollout of 20 stores nationwide that feature the grocer’s new format, which is slightly smaller than its prototype. Sprouts currently operates 362 stores across 23 states and is also planning to open a new store in Irving.

March 19, 2021

Acquisitions Industrial Midwest Ohio Retail

Industrial Commercial Properties Acquires Chapel Hill Mall in Akron, Plans Redevelopment

by Kristin Harlow March 18, 2021

AKRON, OHIO — Industrial Commercial Properties (ICP) has acquired the 635,000-square-foot Chapel Hill Mall in Akron for an undisclosed price. The mall is contiguous to the former Sears building and auto center, which ICP purchased last year. With the Sears property, the total acquisition amounts to 829,000 square feet on 60 acres. ICP is considering converting the mall into a multi-tenant campus or a series of industrial buildings, but detailed redevelopment plans have yet to be released. Chapel Hill Mall is ICP’s seventh acquisition in 2021, bringing the company’s portfolio to more than 150 properties in five states.

March 18, 2021

Acquisitions California Mixed-Use Office Restaurant Retail Western

Turnbridge Equities, Waterford Property Co. Acquire City Place Long Beach Mixed-Use Property in Southern California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.

March 18, 2021

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.5M Sale of Smart & Final Grocery Store Location in Westlake Village, California

by Amy Works March 18, 2021

WESTLAKE VILLAGE, CALIF. — Marcus & Millichap has arranged the sale of an asset occupied by a Smart & Final grocery store in Westlake Village, a suburb of Los Angeles. The triple-net-leased asset sold for $22.5 million, or $448 per square foot. The property totals 50,242 square feet with Smart & Final as the main tenant. However, 12,500 square feet is subleased to Dollar Tree on a 10-year, triple-net lease, with Smart & Final responsible for all aspects of the lease. Lior Regenstreif of Marcus & Millichap represented the seller, Riverside Villas LLC, in the transaction.

March 18, 2021

Acquisitions California Retail Western

Forward One Buys CVS-Occupied Property in La Verne, California for $7.7M

by Amy Works March 18, 2021

LA VERNE, CALIF. — California-based Forward One has purchased a retail property located at 1479 Foothill Blvd. in La Verne, a suburb of Los Angeles. New Jersey-based Arctrust, a private REIT, sold the asset for $7.7 million in an off-market transaction. CVS/pharmacy anchors the 26,500-square-foot building, which is situated on 1.6 acres. Anton Qiu of Anchor Pacific Capital represented the buyer, while David Kern of The Mansour Group represented the seller in the deal.

March 18, 2021

Acquisitions California Net Lease Restaurant Retail Western

JLL Arranges $4.3 Million Sale of Retail Building in Long Beach, California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — JLL Capital Markets has arranged the $4.5 million sale of a newly constructed, 1,839-square-foot retail building at 5865 E. Spring St. that is triple-net leased to The Coffee Bean & Tea Leaf in Long Beach. Adam Friedlander of JLL marketed the property on behalf of the seller, Pacific West Property Group Inc. An undisclosed private investor acquired the property in an all-cash transaction as part of a 1031 exchange. Alan Wong of DAAG Developments acted as the buyer’s consultant. Situated 20 miles south of downtown Los Angeles, The Coffee Bean & Tea Leaf was constructed in 2020 and features a drive-thru along with an outdoor patio that can accommodate up to 90 customers.

March 18, 2021

Features Retail

Experiential Retail Adjusts for a Post-COVID Comeback

by Katie Sloan March 18, 2021

Shopping center owners thought the solution to combat online shopping was so crystal clear. Give them experiences. Provide social spaces. Make interaction the focal point. And this worked…for a while. Entertainment and food and beverage operators soon absorbed the spaces left behind by traditional retailers. Old Sears locations became luxury movie theaters. Vacant in-line spaces could be taken over by Instagrammable pop-up experiences. Mall kiosks that once sold tchotchkes could now be occupied by virtual reality pods. Even mall food courts were redesigned as food halls, a cooler, sleeker older cousin. Centers that created the right formula of fun, fashion and food were packed. It was all going so well until 2020. “All of us in the experiential business thought we were recession-proof,” says Bryan Severance, CEO of Fallout Zones, a family entertainment consulting and design firm in Las Vegas. “Even when the economy was down in 2008, people wanted to get out and have fun. The whole industry was building parks and experiences and making money. When the government tells you to shut down, though, it’s a totally different story. Turns out we’re not pandemic-proof.” Just as the experiential retail industry rode the high highs together, it is now …

March 18, 2021

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