Retail

Armada Hoffler Agrees to Sell Seven Southeastern Retail Properties for $106.5M

by Alex Tostado March 16, 2020

VIRGINIA BEACH, VA. — Armada Hoffler has agreed to sell seven grocery-anchored retail properties in North Carolina, Virginia and Maryland for a combined $106.5 million. The assets comprise 630,780 square feet. The three Virginia centers include Bermuda Crossroads, a 122,566-square-foot, Food Lion-anchored property in Chester; Gainsborough Square, an 88,862-square-foot, Food Lion-anchored property in Chesapeake; and Indian Lakes Crossing, a 64,973-square-foot, Harris Teeter-anchored property in Virginia Beach. In North Carolina, the company will sell three Harris Teeter-anchored centers, including Alexander Pointe, a 64,724-square-foot property in Salisbury; Harper Hill Commons, a 64,973-square-foot asset in Winston-Salem; and Renaissance Square, an 80,467-square-foot property in Davidson. Armada Hoffler will also sell Stone House Square, a 112,274-square-foot, Weis Markets-anchored center in Hagerstown, Md. The institutional buyer was not disclosed. Virginia Beach-based Armada Hoffler expects the sale to close in the second quarter.

March 16, 2020

Leasing Activity New York Northeast Retail

Manolo Blahik to Open 9,947 SF Store in Manhattan

by Alex Patton March 16, 2020

NEW YORK CITY — Footwear retailer Manolo Blahik will open a 9,947-square-foot retail and office lease in Manhattan. The property with include 4,942 square feet of retail space and 5,005 square feet of office space. David Thomas Design will serve as the project architect for the interior build-out of the store. Ariel Schuster, Ben Birnbaum and Peter Shimkin represented Manolo Blahik in the lease negotiations. The landlord is 717 Madison LP The store is slated to open later this year.

March 16, 2020

Leasing Activity Northeast Pennsylvania Retail

Playa Bowls Signs 2,000 SF Retail Lease in Easton, Pennsylvania

by Alex Patton March 16, 2020

EASTON, PENN. — Quick-service restaurant Playa Bowls has signed a 2,000-square-foot retail lease in Easton, an eastern suburb of Allentown. The restaurant serves fruit bowls, smoothies, soups, salads and other items. The space is located within the Lower Nazareth Commons Shopping Center, an approximately 90,200-square-foot retail center located at 3770 Dryland Way. Target anchors the retail center, and other tenants include Petco and Burlington Coat Factory. Scott Horner of Colliers International represented the Playa Bowls in the lease negotiations. The landlord, Regency Centers Corp., was represented internally.

March 16, 2020

Acquisitions California Office Retail Western

Cushman & Wakefield Arranges Sale of 87,140 SF Office, Retail Asset in Sacramento

by Amy Works March 16, 2020

SACRAMENTO — Cushman & Wakefield has arranged the sale of 630 K Street, an office and retail building located in downtown Sacramento. New York Life Real Estate Investors, on behalf of an institutional client, purchased the five-story property from Swift Real Estate Partners. The acquisition price was not released. The new owner plans to make capital improvements to the five-story, 87,140-square-foot property to bring the asset to Class A condition. Adam Lasoff, Seth Siegel, Steve Hermann, Ryan Venezia and Eric Fox of Cushman & Wakefield’s Northern California Capital Markets group, along with Ron Thomas and Kevin Partington of Cushman & Wakefield’s Sacramento office, brokered the transaction. Additionally, the buyer retained Cushman & Wakefield to perform project leasing services for the building.

March 16, 2020

Acquisitions Florida Retail Southeast

Colliers Brokers Sale of 63,346 SF Shopping Center in Jacksonville

by Alex Tostado March 13, 2020

JACKSONVILLE, FLA. — Colliers International has brokered the sale of Mandarin Central, a 63,346-square-foot shopping center in Jacksonville. The center was constructed in 1985 on seven acres at 11018 Old Saint Augustine Road, 17 miles south of downtown Jacksonville. The property was 94 percent leased at the time of sale to tenants including Dollar General, Pizza Hut and Salento Steakhouse. Milestone Properties Inc. sold the asset to Mandarin Central Plaza LLC for an undisclosed price. Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers represented the seller in the transaction.

March 13, 2020

Acquisitions Alabama Retail Southeast

SRS Arranges $3.5M Sale of Retail Property in Huntsville, Alabama

by Alex Tostado March 13, 2020

HUNTSVILLE, ALA. — SRS Investment Properties Group has arranged the $3.5 million sale of The Fountain, a 38,338-square-foot retail property in Huntsville. Costco and The Home Depot shadow anchor the multi-tenant retail strip, which spans 3.9 acres. The Fountain was fully leased at the time of sale to tenants including Staples, Citi Trends and Shoe Show. The property is situated at 1201 N. Memorial Parkway, just north of downtown Huntsville. Boris Shilkrot and Pierce Mayson of SRS represented the seller, Somera — 1201 North Memorial Parkway LLC, in the transaction. T.J. Lee of Bill Pool Realty represented the buyer, TA Sharp Properties.

March 13, 2020

Illinois Leasing Activity Midwest Retail

Montessori School Doubles Space at Optima Signature Apartment Tower in Chicago

by Kristin Harlow March 13, 2020

CHICAGO — The Guidepost Montessori at Magnificent Mile School is more than doubling its lease at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The school will lease an additional 14,000 square feet, which is the last available retail space at the property, in order to open an elementary school. The school plans to open this fall and serve first through fifth grades. In addition to Guidepost Montessori, retail tenants at Optima Signature include Egg Harbor Café, GoodVets Streeterville, Runaway Fitness and Bedazzled Nails & Spa. Optima Signature is a 57-story, 490-unit luxury rental development. Optima Inc. is the developer.

March 13, 2020

Kansas Leasing Activity Midwest Retail

Pure Barre to Open at The District at City Center Lenexa

by Kristin Harlow March 13, 2020

LENEXA, KAN. — Barre workout franchise Pure Barre has leased 1,521 square feet at The District at City Center Lenexa in Kansas. The location is expected to open in June. Pure Barre has more than 500 studios across North America and Canada. The company features four group class formats that offer workouts focused on low-impact, high-intensity movements. There are two existing Pure Barre locations in the Kansas City metro area. Erin Johnston of Copaken Brooks represented the landlord, Copaken Brooks. When fully developed, City Center Lenexa will consist of more than 2 million square feet of office, retail and residential space.

March 13, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Development Retail Texas

Brosco Group Breaks Ground on 21,000 SF Retail Project in Mesquite, Texas

by Taylor Williams March 13, 2020

MESQUITE, TEXAS — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.

March 13, 2020

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