Retail

InvenTrust Properties Purchases Publix-Anchored Center in Metro Atlanta for $11M

by Alex Tostado March 2, 2020

SANDY SPRINGS, GA. — InvenTrust Properties Corp. has purchased Trowbridge Crossing, a 62,600-square-foot, Publix-anchored shopping center in Sandy Springs, for $11 million. The property was fully leased at the time of sale to tenants including the U.S. Postal Service, Great Clips, T-Mobile and Domino’s Pizza. The center was also recently upgraded to include new LED lighting to improve energy efficiency and provide better illumination for the center. Trowbridge Crossing is situated at 7531 Roswell Road, 18 miles north of downtown Atlanta. The seller was not disclosed.

March 2, 2020

Development Oklahoma Retail Texas

Simon Breaks Ground on 340,000 SF Tulsa Premium Outlets

by Taylor Williams March 2, 2020

JENKS, OKLA. — Simon Property Group Inc. has broken ground on Tulsa Premium Outlets, a 340,000-square-foot, open-air retail and dining destination. The property is located just off the Creek Turnpike in Jenks, a southern suburb of Tulsa, and will be Simon’s 91st Premium Outlets development. Construction of the property is expected to generate 400 jobs, and the opening of the center is anticipated to create 800 new full- and part-time jobs. A completion date was not released.

March 2, 2020

Leasing Activity Retail Texas

Emler Swim School to Open 4,900 SF Facility in Metro Houston

by Taylor Williams March 2, 2020

KATY, TEXAS — Emler Swim School will open a 4,900-square-foot facility at 6823 S. Fry Road in the western Houston suburb of Katy on May 4. The Katy school, which will be the company’s sixth in the Houston area, will feature a maximum four-foot deep and year-round 90-degree saltwater pool and heated air. Emler Swim School, which was founded in 1975, offers more than 20 classes and levels for students as young as two months old.

March 2, 2020

Acquisitions New Jersey Northeast Retail

First National Acquires Walmart-Anchored Shopping Center in Hamilton, New Jersey, for $19.2M

by Alex Patton March 2, 2020

HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.

March 2, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $8M Sale of Retail Property in Collingdale, Pennsylvania

by Alex Patton March 2, 2020

COLLINGDALE, PA. — Marcus & Millichap has brokered the $8 million sale of a retail property in Collingdale, an eastern suburb of Philadelphia. Located at 910 Macdade Blvd., the single-tenant property is owned by Wawa, a convenience store and gas station company. Wawa sold the property to move to a different building across the street and add a gas component to its site. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the buyer, a limited liability company.

March 2, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Wolverine Tacos to Open in West Michigan

by Kristin Harlow March 2, 2020

WYOMING, MICH. — Wolverine Tacos is set to open Wednesday, April 15 in Wyoming, just south of Grand Rapids. The taco restaurant has signed a lease to occupy space at 1740 44th St. The menu will offer a variety of tacos, bowls, salads, soups, appetizers and desserts. Todd Leinberger and Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord in the lease transaction. Carol Johnson is the owner of Wolverine Tacos.

March 2, 2020

Acquisitions Alabama Florida Retail South Carolina Southeast Virginia

SRS Negotiates Sale of 467,358 SF Retail Portfolio in Southeast

by Alex Tostado February 28, 2020

RICHMOND, VA. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Fla.; Marintown Plaza in North Augusta, S.C.; Kings Fairground in Danville, Va.; and a single-tenant building net-leased to The Home Depot in Dothan, Ala. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at the time of sale to tenants including Belk, Planet Fitness, Office Depot, Advance America Cash, Jersey Mike’s Subs, OneMain Financial, Jackson Hewitt Tax Service, Sonic, Ruby Tuesday and Taco Bell. Kings Fairground spans 120,153 square feet and includes anchor tenants Ollie’s Bargain Outlet and Tractor Supply Co. New Smyrna Beach Shopping Center is a 101,037-square-foot asset that was 98 percent leased at the time of sale to tenants such as AMC Theatres, Planet Fitness and Dollar General. Kyle Stonis and Pierce Mayson of IPG represented the sellers in the transaction.

February 28, 2020

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

R.D. Olson Construction Breaks Ground on Bolsa Row Mixed-Use Project in Westminster, California

by Amy Works February 28, 2020

WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …

February 28, 2020

Acquisitions Massachusetts Northeast Office Retail

Northeastern University Acquires Horticultural Hall Office, Retail Building in Boston for $22M

by Alex Patton February 28, 2020

BOSTON — Northeastern University has acquired Horticultural Hall, a 45,192-square-foot office and retail property in the Back Bay neighborhood of Boston. Located at 300 Massachusetts Ave., the building was constructed in 1901 as the headquarters of the Massachusetts Horticultural Society. At the time of sale, tenants included marketing agencies 829 Studios and Finn Partners, as well as Boston Magazine and the Museum of Fine Arts. Robert Griffin, Michael Greeley, Jason Cameron and Ali Cavanaugh of Newmark Knight Frank represented Northeastern University in the transaction. The team also represented the seller, Marcus Partners.

February 28, 2020

Acquisitions Connecticut Northeast Retail

O,R&L Commercial Brokers Sale of 17,600 SF Retail Property in Wallingford, Connecticut

by Alex Patton February 28, 2020

WALLINGFORD, CONN. — O,R&L Commercial LLC has brokered the sale of a 17,600-square-foot retail property in Wallingford, a northern suburb of New Haven, for $1.6 million. The property is located at 200 Church St., on State Route 68. At the time of sale, the property was 100 percent leased to a mix of restaurants, retailers, a printing and marketing company and a recycling center. Rich Guralnick and Toby Brimberg of O,R&L Commercial represented the seller, a private trust, in the transaction. Phil Marshall of O,R&L represented the buyer, Northern Star CT Inc.

February 28, 2020

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