Retail

Sembler, Hawthorne Residential to Develop 46-Acre Mixed-Use Project in Myrtle Beach

by Julia Sanders March 17, 2021

MYRTLE BEACH, S.C. – The Sembler Co., a St. Petersburg, Fla.-based commercial real estate developer, plans to develop The Mill, a 46-acre mixed-use project in Myrtle Beach’s Carolina Forest community. The new development is slated to include retail, office space and multifamily. Sembler is partnering with Hawthorne Residential Partners on the apartment residences. Sembler and Hawthorne expect to begin construction this summer. The Mill is situated at the intersection of River Oaks Drive and Carolina Forest Boulevard, adjacent to The Parks of Carolina Forest, a roughly 800-unit housing development by D.R. Horton Inc. The Mill will include Marketplace at The Mill, a 66,680-square-foot neighborhood shopping center that features a freestanding, 46,800-square-foot Publix, as well as a six-acre parcel ideal for a medical or traditional office, hotel, mini-storage or other commercial use. The shopping center is expected to be complete by summer 2022. The Mill will also include Hawthorne at The Mill, a 290-unit multifamily residential community. The property will offer one-, two- and three-bedroom units throughout two four-story buildings with elevator access and nine, two-story carriage-style buildings over private garages. The apartment community will also feature over 8,000 square feet of amenity space, including a luxury clubhouse with resident lounge, …

March 17, 2021

Acquisitions Retail South Carolina Southeast

SRS Brokers $7.4M Sale of Shops at Gregorie Ferry Landing in Mount Pleasant, South Carolina

by Julia Sanders March 17, 2021

MOUNT PLEASANT, S.C.— SRS Real Estate Partners’ National Net Lease Group has brokered the $7.4 million sale of The Shops at Gregorie Landing, a shopping center located at 2966 Hwy 17 N in Mount Pleasant. Parker Walter, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a private investor from the Northeast who was in a 1031 exchange, in the transaction. Benjy Cooke of Oswald Cooke & Associates represented the seller, an unnamed South Carolina-based developer. The Shops at Gregorie Landing is located approximately 12 miles from Charleston and 11 miles from the South Carolina Aquarium. Completed in 2020, the 11,125-square-foot property is situated on 1.6 acres. The newly constructed three-tenant retail property is fully occupied by Panera Bread, TD Bank and Heartland Dental who have all signed long-term, triple net leases.

March 17, 2021

Acquisitions Retail Southeast Virginia

S.L. Nusbaum Arranges $4.7M Sale of Grocery-Anchored Shopping Center in Rustburg, Virginia

by Julia Sanders March 17, 2021

RUSTBURG, VA. — S.L. Nusbaum Realty Co. has arranged the $4.7 million sale of Rustburg Marketplace, a 46,700-square-foot shopping center in Rustburg. The Kent Mall LLC, a private real estate investment company based in Pennsylvania, purchased the center from Rustburg Ventures LLC. The center, anchored by Food Lion, was fully leased at the time of sale to nine local and national tenants including Family Dollar, Virginia ABC, Domino’s Pizza and Subway. According to the brokers, 88 percent of the tenants at Rustburg Marketplace have been in place for more than 20 years.

March 17, 2021

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates Two Retail Leases Totaling 20,082 SF for Family Dollar in Northern New Jersey

by Taylor Williams March 17, 2021

PATERSON AND WEST ORANGE, N.J. — R.J. Brunelli & Co. Inc. has negotiated two retail leases for Family Dollar totaling 20,082 square feet in Northern New Jersey. In the first deal, the discount retailer leased a 10,382-square-foot space formerly occupied by Rite Aid in Paterson for a store that is expected to open in the third quarter. In the second transaction, Family Dollar signed a lease for 9,700 square feet at an inline space in West Orange. That store is scheduled to open in October. Danielle Brunelli and Pete Nicholson of R.J. Brunelli represented Family Dollar in both sets of lease negotiations. Patrick Varelas of Remax represented the landlord in the Paterson deal.

March 17, 2021

Acquisitions California Retail Western

Buchanan Street Partners Acquires Showroom Retail Center in Orange County for $24M

by Amy Works March 17, 2021

FOUNTAIN VALLEY, CALIF. — Newport Beach, Calif.-based Buchanan Street Partners has purchased E405 Euclid Shops, a showroom retail center located at 18225 to 18349 Euclid St. in Fountain Valley. A Southern California-based family trust sold the asset for $24 million. Situated on 4.9 acres, the property features 91,517 square feet of flexible showroom and retail space. Current tenants include Sherwin-Williams, Guitar Center and Cort Furniture. Matthew Mousavi, Patrick Luther and Rich Walter of SRS National Net Lease Group represented the buyer and seller in the deal.

March 17, 2021

Development Finance Insight Loans Midwest Net Lease Northeast Retail Southeast Video Western

Envoy: Demand for Net Lease to Quickly Outpace Supply in 2021

by Sarah Daniels March 17, 2021

Ralph Cram, President of Envoy Net Lease Partners, LLC, is seeing dramatic change in the net lease space in 2021: in the past couple months he’s seen cap rates with 25 to 35 basis point drops on active deals, increased 1031 exchange activity and robust interest in net-lease properties. “What we’ve really seen in the last six months is the demand for investment-grade, net-lease properties has skyrocketed — partly because people aren’t buying nonessential or non-investment-grade tenants.” There is a supply constraint though: with many 2020 projects delayed, Cram anticipates 12 months before supply can reach the market — making for a tight market. Finance criteria for net lease clients, construction loan programs, development risks, outlining the process for lending overall and 2021 goals are concepts covered in this video interview for Finance Insight. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a four-part newsletter series, followed by video interviews delivered to your inbox in March.

March 17, 2021

Acquisitions Kentucky Retail Southeast

MAGNA Properties Acquires Florence Shops in Metro Cincinnati for $5.5M

by Julia Sanders March 16, 2021

FLORENCE, KY. — Ohio-based MAGNA Properties has acquired Florence Shops, a 50,068-square-foot, multi-tenant shopping center located at 7541-7565 Mall Road in Florence. The property was fully leased at the time of sale. Patrick Metz of Stan Johnson Co. represented MAGNA Properties in the $5.5 million acquisition. The seller was an undisclosed local developer. The Florence Shops is situated on 4.1 acres approximately 13 miles from Cincinnati. The acquisition includes additional development potential on an adjacent pad site. The center’s neighboring tenants include Kroger, Old Navy, Ulta Beauty and Barnes & Noble. The center was last renovated in 2015.

March 16, 2021

Development Retail Texas

Main Event to Open 48,559 SF Venue at Cottonwood Creek Market in Waco

by Taylor Williams March 16, 2021

WACO, TEXAS — Dallas-based entertainment concept Main Event will open a 48,559-square-foot venue at Cottonwood Creek Market, a 285,000-square-foot shopping center in Waco owned by Houston-based NewQuest Properties. Main Event will join Topgolf and a 14-screen Cinemark Holdings Inc. as the other entertainment anchors at the center, which is located near Baylor University’s campus on the city’s southwest side. Main Event’s new location will feature 20 bowling lanes, multi-level laser tag areas and a virtual reality gaming space, along with food and beverage offerings. Construction is scheduled to begin this month and to be complete in the first quarter of 2022. Austen Baldridge represented NewQuest Properties in the lease negotiations on an internal basis. Dawn Greiner of SRS Real Estate Partners represented Main Event. Topgolf and Cinemark are scheduled to open this spring and summer, respectively.

March 16, 2021

Loans Retail Texas

Terrydale Capital Arranges $1.7M Acquisition Loan for Retail Asset Near Fort Worth

by Taylor Williams March 16, 2021

SOUTHLAKE, TEXAS — Locally based financial intermediary Terrydale Capital has arranged a $1.7 million acquisition loan for a retail property in the Fort Worth suburb of Southlake. Driver’s Edge Auto Repair occupies the single-tenant property. Quinn Conway of Terrydale Capital arranged the loan, which was structured with a fixed 3.25 percent interest rate for five years and a 25-year amortization schedule, through an undisclosed bank. The borrower was also undisclosed.

March 16, 2021

Company News New Jersey New York Northeast Retail

WHP Global Buys Controlling Stake in Toys ‘R’ Us Parent Company, Plans to Reopen Some U.S. Stores

by Taylor Williams March 16, 2021

NEW YORK CITY — WHP Global, a New York City-based firm that acquires global consumer brands, has purchased a controlling stake in Tru Kids Inc., the parent company of Toys ‘R’ Us. WHP Global joins a group of institutional shareholders that includes funds managed by Solus Alternative Asset Management and Ares Management Corp. Going forward, WHP will manage Tru Kids’ global business and direct its strategic expansion, which according to CNBC will include the reopening of some U.S. stores. Neither the network nor the companies involved in the deal specified how many U.S. stores would open or in what markets the reopenings would occur. New Jersey-based Tru Kids announced in 2018 that it would be closing and/or selling off all 735 Toys ‘R’ Us stores in the United States. However, the chain and its sister brand, Babies ‘R’ Us, still operate roughly 900 stores and e-commerce sites in other parts of North America, as well as in Africa, Asia, Europe, Australia and the Middle East. “Our investment in Toys ‘R’Us reflects our belief and passion for the brand,” said Yehuda Shmidman, chairman and CEO at WHP Global. “We are thrilled to be taking the reins of the world’s leading toy …

March 16, 2021

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