TEMPE, ARIZ. — San Diego-based B2 Holdings has purchased a 10-acre property located at 1800 and 1818 E. Baseline Road in Tempe. A Florida-based seller sold the asset for $14.4 million. The property is located less than half-a-mile from US Route 60 and in proximity to Dobson Ranch and Arizona State University. At the time of sale, Target and US Bank leased portions of the site. Joseph Compagno of CBRE’s Net Lease Property Group in Phoenix represented the buyer and seller in the transaction.
Daniel Taub is a well-known name in the retail real estate world. He spent most of his career with DLC Management, one of the nation’s largest open-air center owners, heading up leasing and eventually becoming president and chief operating officer of the company. In October, Taub joined Marcus & Millichap as senior vice president and national director of the firm’s retail division. In his new role, Taub will be helping the firm’s retail brokers with deals, as well as advising clients. He recently spoke to Shopping Center Business editor Randall Shearin about his new role, and about the challenges ahead for the retail sector. Shopping Center Business: Why is now the right time for you to take on the challenge of this role at Marcus & Millichap? Daniel Taub: Timing. As has been the case during other cyclical moments that have impacted the commercial real estate sector, while the pandemic is horrific and unfortunate for everyone, firms that are focused and well positioned to be proactive, go on the offensive and identify opportunities across the platform where it can build on its successes, including in the retail space. The headlines in retail were challenging before the pandemic; there was obviously …
FAYETTEVILLE, GA. — Faris Lee has arranged the $7 million sale of Satterfield Marketplace, a 12,277-square-foot retail strip center in Fayetteville. Tenants at the time of sale included Chipotle, My EyeLab and Aspen Dental. The property is situated at 1135 Ga. Highway 85 N., 20 miles south of downtown Atlanta, and includes a drive thru for Chipotle. Hunter Steffien, Jeff Conover and Scott DeYoung of Faris Lee represented the undisclosed seller in the transaction. The team also procured the buyer, an undisclosed firm based in Mexico City.
CHESTERFIELD, MO. — Brinkmann Constructors has broken ground on a Jaguar Land Rover dealership in Chesterfield, a suburb of St. Louis. Situated on seven acres, the dealership is expected to open next summer and will be the first facility owned by Imperial Motors outside the Chicago area, according to Brinkmann. The 32,000-square-foot dealership will include 18 service bays and a waiting room. Robert Flubacker Architects is the project architect.
THE COLONY, TEXAS — Electric Gamebox, a British entertainment concept centered on interactive gaming, will open a 4,000-square-foot venue at Grandscape, the 433-acre mixed-use destination in the northern Dallas suburb of The Colony. The venue, which is expected to open this month, will be Electric Gamebox’s first in the United States. Nebraska Furniture Mart is leading the development of the retail components of Grandscape.
SWAMPSCOTT, MASS. — Regency Centers, a Florida-based shopping center REIT, has sold a 35,907-square-foot retail building leased to Whole Foods Market in Swampscott, about 30 miles northeast of Boston. The sales price was $19.2 million. Whole Foods has occupied the building, which sits on roughly five acres, for more than 15 years. Chris Angelone, Nat Heald and Eric Suffoletto of JLL represented Regency Centers in the transaction and procured the buyer, locally based investment firm Academy Hill Realty.
AKRON, OHIO — First National Realty Partners (FNRP) has acquired West Market Street Station in Akron. The Whole Foods Market-anchored shopping center is located at 1745 W. Market St. It spans 54,232 square feet and opened in September 2017. Other tenants include Lululemon, PetPeople, Orangetheory Fitness, Moe’s Southwest Grill, Great Clips and Salon Lofts. This is the first Whole Foods within FNRP’s shopping center portfolio. Fain Hicks, Margaret Jones, Lane Breedlove, Evan Halkias and Michael Marks of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. Mike Ryan, Richard Henry and Brian Linnihan of Cushman & Wakefield secured $11.9 million in acquisition financing on behalf of First National Realty Partners for the purchase. A life insurance company provided the loan.
WESTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $20.5 million sale of Waterway Shoppes of Weston, a 36,000-square-foot shopping center in Weston. The asset was built in 1999 on five acres at the intersection of Weston Road and North Commerce Parkway, 18 miles west of downtown Fort Lauderdale. Tenants at the property include Hooter’s, Posh Nails, CycleBar, Bank United, Baru Latin Bar, Lucille’s American Café and Offerdahl’s Off-the-Grill. Waterway Shoppes of Weston offers outdoor seating overlooking a body of water for its restaurant tenants. Kirk Olson and Drew Kristol of IPA represented the seller, a private investor based in Miami, in the transaction. Gordon Messinger of Cushman & Wakefield represented the buyer, an undisclosed private investor also based in Miami.
WASHINGTON, D.C. — Retail consumers have shown excitement for holiday shopping this year, says Matthew Shay, president and CEO of the National Retail Federation (NRF). Because of the challenges of this year, Shay and the NRF believe people will buy gifts that may “lift the spirits of family and friends.” The NRF has forecasted U.S. holiday sales to grow between 3.6 percent and 5.2 percent compared to 2019. The expected growth would mean a range between $755.3 billion and $766.7 billion in sales for the season, which NRF defines as November and December. NRF says the average year-over-year growth for the past five holiday seasons has been 3.5 percent. Online and non-store sales are expected to jump between 20 and 30 percent, according to the NRF, for a total of $202.5 billion to $218.4 billion. Holiday sales in 2019 totaled $168.7 billion. Due to pandemic-related reasons, large swaths of people have not been shopping in-person this year, a trend the NRF expects to see continue through December. “We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” says Shay. …
NEW BRAUNFELS, TEXAS — Locally based grocer H-E-B will open a new, 122,222-square-foot store at 651 S. Walnut Ave. in the San Antonio suburb of New Braunfels. An existing 99,000-square-foot H-E-B store opened in that market in 1994. The project, construction of which is slated to begin early next year, has a price tag of $17.5 million. The opening is slated for the fourth quarter of 2021.
