Retail

T-Mobile Opens 131,000 SF Customer Care Center at Former Sam’s Club in Richmond

by John Nelson February 15, 2021

RICHMOND, VA. — T-Mobile U.S. Inc. has opened a 131,000-square-foot customer care center at White Oak Village, a mixed-use development in Richmond. Aston Capital converted a vacant, former Sam’s Club at White Oak Village into new Class A office space for T-Mobile. The Bellevue, Wash.-based mobile phone carrier is relocating approximately 500 employees from Richmond’s Short Pump area to the building with plans to eventually grow the staff to over 1,000. Charlotte-based Aston Capital acquired the White Oak Village building in February 2020 through an affiliate company, AC Richmond. The company then made renovations to the property, including a new exterior facade and renovated parking and landscaping. The firm also added employee amenities including exercise rooms, gaming room, onsite café and mother’s room. The $30 million project, which is adjacent to more than 900,000 square feet of retail, offices, restaurants and hotels at White Oak Village, was completed in October 2020. Since 2015, Aston Capital has repurposed over 500,000 square feet of former retail properties. Frampton Construction was the general contractor on the conversion and interior upfit, Timmons Group provided civil engineering services and McMillan Pazdan Smith Architecture and JPC Architects were the architects on the project.

February 15, 2021

Acquisitions Retail Texas

Younger Partners Buys 77,669 SF Grocery-Anchored Shopping Center in Heath, Texas

by Taylor Williams February 15, 2021

HEATH, TEXAS — The newly launched retail investment division of Dallas-based Younger Partners has purchased Heath Town Center, a 77,669-square-foot, grocery-anchored shopping center in Heath, located northeast of Dallas. Tom Thumb is the grocery anchor at the center, which was 98 percent leased at the time of sale. Micah Ashford, Moody Younger and Kathy Permenter negotiated the deal internally for Younger Partners. Adam Howells and Barry Brown of JLL represented the seller, Malouf Interests Inc.

February 15, 2021

Acquisitions New Jersey Northeast Retail

JLL Brokers $16.4M Sale of Retail Building Leased to Home Depot in Bloomfield, New Jersey

by Taylor Williams February 15, 2021

BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal

February 15, 2021

Acquisitions Indiana Midwest Retail

Stan Johnson Co. Brokers $4.9M Sale of Stafford Crossing Shopping Center in Metro Indianapolis

by Kristin Harlow February 15, 2021

PLAINFIELD, IND. — Stan Johnson Co. has brokered the sale of Stafford Crossing in Plainfield for $4.9 million. The 26,000-square-foot shopping center is located at 2230 Stafford Road. It was built in 2007 and sits on nearly four acres. The center was 91 percent leased to nine tenants at the time of sale. Anchor tenant Chicago’s Pizza recently executed a long-term lease extension. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, a locally based developer. An Indiana-based private investor purchased the asset.

February 15, 2021

Acquisitions Industrial Net Lease Retail Top Stories

W.P. Carey Acquires 1.5 MSF National Portfolio of Net-Leased Properties for $149M

by Taylor Williams February 15, 2021

NEW YORK CITY — W.P. Carey Inc. (NYSE: WPC) has acquired a 1.5 million-square-foot portfolio of net-leased properties for $149 million. The acquisition comprises three separate deals involving industrial and retail properties in various markets, including California, New Jersey and Pennsylvania. In the first deal, the New York City-based REIT acquired two cold storage production and distribution facilities in California’s Central Valley region. The tenant, a summer fruit grower, sold the properties to W.P. Carey for $75 million in a sale-leaseback transaction. The tenant signed a 25-year, triple-net lease with fixed annual rent increases. In the second transaction, W.P. Carey purchased seven auto dealerships totaling 170,000 square feet that were net leased to Auto Lenders, a retailer of used vehicles, for $55 million. Located in New Jersey and Pennsylvania, the facilities comprise the entirety of Auto Lenders’ operating footprint, including dealerships, servicing centers and headquarters for each of its business segments. The seller was not disclosed. In the third deal, the firm acquired two industrial facilities totaling 296,300 square feet that were net leased to a global plastics distributor. The tenant, which has committed to a 20-year, triple-net lease with fixed annual rent increases, sold the properties to W.P. Carey …

February 15, 2021

Acquisitions Georgia Retail Southeast

America’s Realty, Partners Purchase River Exchange Shopping Center in Lawrenceville, Georgia for $19.3M

by John Nelson February 12, 2021

LAWRENCEVILLE, GA. — America’s Realty LCC, a Baltimore-based investment group, and investment partners Borough Equities and Dragon Fly Investments have purchased River Exchange, a 263,651-square-foot shopping center in Lawrenceville. The property is anchored by Kroger, which recently extended its lease by five years. John Tennant and Bryan Belk of Franklin Street represented the local owner, Monarch Investments, in the $19.3 million disposition. Marc Tropp of Eastern Union Funding arranged acquisition financing on behalf of the buyer. In addition to Kroger, River Exchange’s tenants include Goodwill, Farmers Home Furniture, Metro by T-Mobile, Citi Trends, Habitat for Humanity ReStore, Hertz, Cato and One Main Financial, as well as a Kroger fuel center. River Exchange is located at 2100 Riverside Parkway about 29 miles from downtown Atlanta in Gwinnett County.

February 12, 2021

Acquisitions Arizona Restaurant Retail Western

Black Lion Investment Group Buys Oracle Wetmore Shopping Center in Tucson for $38M

by Amy Works February 12, 2021

TUCSON, ARIZ. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million. Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, Bassett Home Furnishings, Chipotle and Sport Clips. (Adjacent retailer The Home Depot was not part of the sale.) The property was originally developed in 2005. At the time of sale, Oracle Wetmore was stabilized with more than 90 percent national/credit tenants. The purchase is part of Black Lion Investment Group’s ongoing program to acquire $100 million in power centers throughout the United States in 2021. Cushman & Wakefield’s Phoenix office brokered the deal.

February 12, 2021

Acquisitions California Retail Western

Nazareth Enterprises Purchases 38,600 SF EcoThrift Mall in Sacramento

by Amy Works February 12, 2021

SACRAMENTO — San Mateo-based Nazareth Enterprises has purchased EcoThrift Mall and a 0.77-acre adjoining developable parcel in Sacramento for $5.4 million. EcoThrift is the main tenant of the 38,600-square-foot building. EcoThrift is California’s highest for-profit thrift store with six locations, according to Nazareth. Chris Talia of The Mansour Group of Marcus & Millichap represented the undisclosed sellers in the deal. Ryan Park of Bank Leumi USA arranged financing for the acquisition.

February 12, 2021

Leasing Activity New Jersey Northeast Retail

Icebox Cryotherapy Opens 1,400 SF Retail Studio in Millburn, New Jersey

by Taylor Williams February 12, 2021

MILLBURN, N.J. — Icebox Cryotherapy, a rehabilitative physical therapy concept, has opened its flagship studio at Plaza at Short Hills in the Northern New Jersey community of East Rutherford. Dean Tselepis and Joe Brendel of Newmark represented Icebox Cryotherapy in the lease negotiations. Other tenants at the property include SoulCycle, Club Pilates, Kings Supermarket and Chase Bank. The name and representative of the landlord were not disclosed.

February 12, 2021

Features Retail

By Reducing Occupancy Costs, Brick-and-Mortar Retailers Can Save on Property Taxes

by Taylor Williams February 12, 2021

By Morris Ellison Esq., partner, Womble Bond Dickinson LLP E-commerce was here to stay even before the pandemic devastated small businesses and placed an even greater premium on technology. In the changed landscape, lowering occupancy costs by reducing property taxes is one of the most important steps businesses can take to remain competitive. Stay-at-home orders still prevent many shoppers from visiting their favorite brick-and-mortar stores, while fear of contagion exacerbates consumers’ reluctance to shop in person. Regardless of customer traffic, however, retailers still incur fixed costs including insurance, enterprise software, property taxes and, arguably, rent. The occupancy costs of online-only retailers are much lower, making it difficult for small brick-and-mortar businesses to compete. Put differently, sales taxes decline with reduced sales but property taxes do not. Landlords and tenants in triple-net leases often fail to examine property taxes, but the survival of both may depend on reducing this expenditure. Other costs such as insurance and the enterprise software needed to run the business generally lie beyond a small business’ control and do not diminish with reduced business volume. The active 2020 hurricane season certainly has not reduced insurance costs. During the pandemic, some landlords have deferred or forgiven rent, but …

February 12, 2021

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