Retail

SRS Negotiates $18.3M Sale of Publix-Anchored Shopping Center Near Birmingham

by Alex Tostado May 1, 2020

HOOVER, ALA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther of SRS represented the seller and buyer, a California-based company completing a 1031 exchange, in the transaction.

May 1, 2020

Development Retail Texas

Gordon Partners Completes 100,000 SF Retail Remodeling Project in Arlington

by Taylor Williams May 1, 2020

ARLINGTON, TEXAS — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington. Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a drive-thru that is expected to be complete in the fourth quarter.

May 1, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 8,344 SF Shopping Center in Metro Houston

by Taylor Williams May 1, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.

May 1, 2020

Acquisitions New York Northeast Retail

Avison Young Arranges $28.7M Sale of Retail Condominium in Manhattan

by Alex Patton May 1, 2020

NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.

May 1, 2020

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of Retail Development Site in Woodbridge, New Jersey

by Alex Patton May 1, 2020

WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.

May 1, 2020

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers $2.9M Sale of Starbucks-Occupied Retail Asset in El Centro

by Amy Works May 1, 2020

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the seller, while John Kerrigan, a Sherman Oaks, Calif.-based real estate broker, represented the buyer.

May 1, 2020

Indiana Midwest Retail

Simon Property Group Begins Reopening Malls in Stages, Outlines Safety Protocols

by Kristin Harlow May 1, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort to help prevent further spread of COVID-19. Simon employees, contractors and vendors will be required to screen themselves at home prior coming to work. Anyone with a temperature exceeding 100.4 degrees or who exhibits flu-like symptoms will be required to stay home. Employees will be trained in COVID-19 safety guidelines from the Centers for Disease Control and Prevention. They will wear protective face masks while on property and be instructed to maintain six feet of distance from coworkers or shoppers. Simon will ensure that property occupancies do not exceed a targeted level of one person per 50 square feet. Food court seating, as well as common area seating, will …

May 1, 2020

Acquisitions North Carolina Retail Southeast

SRS Arranges $23.9M Sale of Hobby Lobby-Anchored Shopping Center Near Charlotte

by Alex Tostado April 30, 2020

MATTHEWS, N.C. — SRS investment Properties Group has arranged the $23.9 million sale of Matthews Corner Shopping Center, a 191,664-square-foot property in Matthews. The asset was fully leased at the time of sale to eight tenants, including Hobby Lobby, Marshalls, Academy Sports + Outdoors and Ollie’s Bargain Outlet. Matthews Corner is situated on 19 acres at 2332 Matthews Township Parkway, 12 miles southeast of downtown Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Viking Partners, in the transaction. The buyer, Big V Property Group, was self-represented in the transaction.

April 30, 2020

Retail Texas

Houston Retail Market Posts Strong First Quarter, But COVID-19 Impacts Loom, Says Colliers

by Taylor Williams April 30, 2020

HOUSTON — Although vacancy ticked up slightly and asking rents fell marginally relative to the fourth quarter of 2019, Houston’s retail market emerged from the first quarter of 2020 with a high occupancy rate (94.6 percent), positive net absorption (400,000 square feet) and positive year-over-year rent growth (6.5 percent triple-net), according to a new report from Colliers International. The market also had 1.7 million square feet of new retail space under construction at the end of the first quarter, which the report cites as one of the lower quarterly figures for this cycle. However, negative impacts due to the COVID-19 outbreak will inevitably hit the market during the second and third quarters, the report projected. The Colliers research team found that Houston restaurants that have traditionally favored dine-in service have reported revenue declines as high as 90 percent in some cases. With many retailers not expected to reopen after the pandemic subsides, the report found that Houston’s vacancy rate could spike to 12 or higher by year’s end, putting downward pressure on rents.

April 30, 2020

Retail Texas

Sprouts Farmers Market Expands Grocery Pickup, Delivery Service to 30 Texas Stores

by Taylor Williams April 30, 2020

PHOENIX — Sprouts Farmers Market has expanded its grocery pickup and delivery platform to 30 of its store in Texas as the Phoenix-based grocer faces heightened demand amid the COVID-19 outbreak. Customers may choose between same-day pickup and ordering several days in advance. Sprouts has partnered with Instacart to roll out its delivery service and plans to have it available at its 340 nationwide stores by early May. Sprouts currently operates about 45 stores in Texas, with two more slated to open in the coming months in Houston and Tyler.

April 30, 2020

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