Retail

Marcus & Millichap Brokers $9.5M Sale of Promenade Shopping Center in Metro Atlanta

by John Nelson February 11, 2021

SMYRNA, GA. — Marcus & Millichap has brokered the $9.5 million sale of the 71,273-square-foot Promenade Shopping Center in Atlanta. Tim Giambrone of Marcus & Millichap’s The Giambrone Group represented both the buyer and the seller in the transaction. The undisclosed buyer was a private investor located in Central Florida, and the seller was Charles Lotz, a Tennessee-based developer who originally built the center in 1983. Promenade Shopping Center is located at 930 Cobb Parkway S., just north of the Interstate-285 and Interstate-75 exchange. Best Buy is a shadow anchor for the center. Promenade’s tenants include Scalini’s Italian Restaurant, West Marine, Juicy Crab, Chow King and T-Mobile, as well as a Bruster’s outparcel. The Giambrone Group of Marcus & Millichap is a real estate investment brokerage based in Atlanta.

February 11, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $23.5M Sale of Whole Foods-Occupied Property in Milwaukee

by Kristin Harlow February 11, 2021

MILWAUKEE — The Wisconsin investment services team of Colliers International has arranged the sale of a Whole Foods Market-occupied property in Milwaukee for $23.5 million. The sales price represents a cap rate of 5.5 percent. Located at 2305 N. Prospect Ave., the 53,875-square-foot store is part of the commercial space at Prospect Medical Commons. Adam Connor of Colliers represented the seller, a Seattle-based private investor. California-based ExchangeRight Real Estate LLC purchased the asset as part of a 1031 exchange. This is the second time in the last five years that the asset has traded hands.

February 11, 2021

Loans Massachusetts Northeast Retail

JLL Arranges $33.5M Loan for Refinancing of Metro Boston Shopping Center

by Taylor Williams February 11, 2021

SAUGUS, MASS. — JLL has arranged a $33.5 million loan for the refinancing of Saugus Plaza Shopping Center, a 208,500-square-foot retail power center in the northern Boston suburb of Saugus. The property spans 16 acres along Route 1 and houses tenants such as Petco and Kohl’s. John Fowler, Chris Angelone, Brett Paulsrud and Amy Lousararian of JLL placed the fixed-rate loan through HarborOne Bank and Salem One on behalf of the borrower, locally based development and management firm Finard Properties.

February 11, 2021

Alabama Company News Georgia Restaurant Southeast

Chicken Salad Chick to Relocate Corporate Headquarters to Atlanta

by John Nelson February 10, 2021

ATLANTA — Chicken Salad Chick, a Southern-inspired, fast-casual chicken salad restaurant chain, will relocate its headquarters from Auburn, Ala., to Atlanta. The move is slated to take place during the first quarter. Chicken Salad Chick’s new office will be located in the city’s Vinings district at the Overlook II building, which is situated at 2839 Paces Ferry Road in Atlanta. The company’s new office is 21 miles north of the Hartsfield-Jackson Atlanta International Airport. Scott Deviney, president and CEO of Chicken Salad Chick, says the company’s decision to move to Atlanta is the next step in its growth model. “This relocation positions Chicken Salad Chick to scale at an accelerated rate and meet aggressive growth goals, while allowing us to broaden our vision for the future,” says Deviney. “We’ve seen increased interest from Atlanta’s diverse and talented workforce, and the city’s airport allows us swift access to prospective vendors and a growing pool of interested franchisees.” Chicken Salad Chick isn’t the first restaurant chain to target Atlanta in order to grow. In September, Papa John’s announced it was moving its regional headquarters to Atlanta. The pizza giant chose The Battery Atlanta for its new offices. The new headquarters will house …

February 10, 2021

Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Private Developer Nearing Completion of Mixed-Use Condo Project in Downtown Nashville

by John Nelson February 10, 2021

NASHVILLE, TENN. — Jim Jacobs, a private developer based in Nashville, is nearing completion of Muse, a short-term rental condominium building in downtown Nashville. Jacobs created Muse Nashville LLC to purchase the site of the building in 2019, according to the Nashville Post. The company also secured a $15.5 million to finance the project. In addition to 55 condos, of which three quarters are presold, Muse will offer a lobby designed by ES|DG, cardio fitness center, a luggage drop, onsite management, security and more than 5,000 square feet of Class A retail and restaurant space. The property will also have a SkyLounge with indoor and outdoor panoramic views of Nashville’s skyline. The apartment building is the only new construction condominium in downtown Nashville that allows short-term rental options, according to Jacobs. Construction began in spring 2020 and will wrap up by October of this year. The Muse is located at 65 Lindsley Ave. Muse’s project team comprises locally based firms including Centric Architecture, Catalyst Design Group and Cherry & Associates, a commercial estate services company where Jacobs serves as a principal.

February 10, 2021

Acquisitions Mississippi Retail Southeast

Palomar Group Arranges Sale of Delchamps Plaza Retail Center in Columbus, Mississippi

by John Nelson February 10, 2021

COLUMBUS, MISS. — The Palomar Group has brokered the $1.7 million sale of Delchamps Plaza, an 18,870-square-foot retail center in Columbus. The buyer was an undisclosed regional shopping center owner, and the seller was an investment group based in New York. The Palomar Group represented the seller, and the buyer did not have representation. Located at 1801 Highway 45 N, Delchamps Plaza was 100 percent leased at the time of sale to tenants including Pizza Hut, Weight Watchers and Sally Beauty. Kroger shadow anchors Delchamps Plaza. The Palomar Group is an investment sales firm based in Augusta, Ga.

February 10, 2021

Illinois Midwest Retail

Aldi to Open 100 New Grocery Stores in 2021 Coast-to-Coast

by Kristin Harlow February 10, 2021

BATAVIA, ILL. — Aldi, a discount grocer based in Essen, Germany, is continuing its nationwide expansion with 100 new stores to open this year. The grocer plans to grow its footprint in select markets in Arizona, California, Florida and the Northeast U.S. Aldi also plans to add curbside pickup service to 500 additional stores this year, bringing its total number of stores with curbside options to 1,200. Nearly all U.S. Aldi locations offer delivery services through its partnership with Instacart. Additionally, today marks the groundbreaking of Aldi’s 564,000-square-foot distribution center in Loxley, Ala. The facility will be the sixth in Aldi’s industrial network in the United States and will service more than 100 stores in Alabama, south Georgia, Mississippi, the Florida Panhandle and Louisiana. Set to open in 2022, the distribution center will create 200 jobs in the area and will help Aldi open as many as 35 new stores in the Gulf Coast region by the end of 2022. The grocer is opening two new stores in Tallahassee, Fla., this year. Aldi has 2,000 stores in 37 states across the United States. By the end of 2021, the grocer will be in 38 states as Aldi currently does not have …

February 10, 2021

Acquisitions Illinois Midwest Retail

Thompson Thrift Retail Group Sells Shopping Center Near Indianapolis for $3.7M

by Kristin Harlow February 10, 2021

MATTOON, ILL. — Thompson Thrift Retail Group (TTRG) has sold The Shops at Mattoon Marketplace for $3.7 million. The 9,800-square-foot retail center is located in Mattoon near Indianapolis. It is fully leased to Starbucks, Jersey Mike’s, Great Clips, AT&T and OSF Healthcare. Thompson Thrift developed the property in 2017. Emily Gadomski and Rick Drogosz of Mid-America Real Estate Corp. represented TTRG in the sale. Matt Brooks of Faris Lee Investments represented the undisclosed buyer.

February 10, 2021

Acquisitions Massachusetts Northeast Office Retail

Gazit Horizons Buys 50,000 SF Retail, Office Building in Boston for $45M

by Taylor Williams February 10, 2021

BOSTON —Gazit Horizons, a subsidiary of global real estate firm Gazit-Globe, has purchased a 50,000-square-foot office and retail building located at 1430 Massachusetts Ave. in Boston. University Common Real Estate sold the property for $45 million in an off-market transaction. The historic building is located within the Harvard Square area and was originally constructed in the 1830s as a dormitory for the Ivy League university. Gazit Horizons will implement a value-add program that will renovate the lobby, common areas and building systems and will operate the building in a joint venture with private investment firm Hennick & Co.

February 10, 2021

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Commercial, Multifamily Borrowing Falls 18 Percent in Fourth-Quarter 2020

by John Nelson February 9, 2021

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …

February 9, 2021

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