Retail

Northwood Retail to Reposition 133,000 SF Prestonwood Place Retail Center in Metro Dallas

by Taylor Williams January 30, 2020

ADDISON, TEXAS — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of Northwood Investors, a privately held investment firm that was founded in 2006 by former Blackstone executive John Kukral.

January 30, 2020

Acquisitions Georgia Retail Southeast

Berkeley Capital Arranges $43.8M Sale of GreenWise-Anchored Shopping Center in Metro Atlanta

by Alex Tostado January 29, 2020

MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.

January 29, 2020

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges $3.8M Sale of Aldi-Occupied Property in Northern Indiana

by Kristin Harlow January 29, 2020

MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.

January 29, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Wingstop Opens Second Location in West Michigan

by Kristin Harlow January 29, 2020

GRAND RAPIDS, MICH. — Wingstop has leased 1,950 square feet in Grand Rapids for its second location in West Michigan. The chicken wing restaurant occupies space at 1633 28th St. Bill Tyson of NAI Wisinski of West Michigan assisted the tenant in the lease. Headquartered in Dallas, Wingstop operates and franchises more than 1,100 restaurants worldwide.

January 29, 2020

Acquisitions Arizona Retail Western

TriGate Capital Sells Crossroads at Tolleson Shopping Center in Arizona for $24.5M

by Amy Works January 29, 2020

TOLLESON, ARIZ. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, Nick DeDona and Drew Butler, also of Phoenix Commercial Advisors, handled leasing for the property.

January 29, 2020

Market Reports New Jersey Northeast Northeast Market Reports Retail

American Dream Ushers in Retail, Entertainment Growth in Northern New Jersey

by Taylor Williams January 29, 2020

Across the Hudson River, retailers and residents in Northern New Jersey benefit from lower rents and lower sales prices relative to Manhattan. In addition, mass transit lines that cross the river enable mixed-use destinations that offer dining and entertainment experiences, including the new American Dream project, to function as day-trip destinations for residents and tourists. “Northern New Jersey is still a strong tenant’s market,” says John Azarian, co-founder and CEO of New Jersey-based brokerage firm The Azarian Group. “Tenants are commanding and receiving substantial build-out and tenant improvement accommodations, with the strongest retail tenants being in the service, fitness and dining industries.” The retail vacancy rate in Northern New Jersey in the third quarter stood at 4.2 percent, unchanged from a year ago. During the same period, the asking rent rose 2.1 percent to $26.47 per square foot, according to Marcus & Millichap. The firm projects that 3.1 million square feet of new retail space will be delivered in Northern New Jersey by the end of 2019. Most of that new product will be housed at the American Dream entertainment and retail development in East Rutherford. In late October, Triple Five Group opened the first phase of its approximately $5 …

January 29, 2020

Acquisitions Illinois Midwest Retail

Baum Arranges $4.6M Sale of Multi-Tenant Retail Property in Wheaton, Illinois

by Kristin Harlow January 28, 2020

WHEATON, ILL. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.

January 28, 2020

Acquisitions Retail Texas

Weitzman Arranges Sale of 100,000 SF Lake Highlands Village in Dallas

by Taylor Williams January 28, 2020

DALLAS — Weitzman has arranged the sale of Lake Highlands Village, a 100,000-square-foot retail and office property located at 9090 Skillman St. in Dallas. Shadow-anchored by a Tom Thumb grocery story, the property’s tenant roster includes The UPS store as well as several restaurant, service and medical users. Derek Schuster and Kevin Butkus of Weitzman represented the seller in the transaction. The buyer was Dallas-based JAH Realty LP, which plans to renovate the 50,000-square-foot retail building and upgrade the office component.

January 28, 2020

Development Retail Texas

McLeod Sears Begins Seven-Acre Retail Redevelopment Project Near Corpus Christi

by Taylor Williams January 28, 2020

PORTLAND, TEXAS — Houston-based investment firm McLeod Sears has begun construction on a seven-acre retail redevelopment project in Portland, a city in South Texas near Corpus Christi. The project will convert a site that previously housed an 82,939-square-foot Kmart into a 25,200-square-foot high-end shopping center that will also feature a number of restaurant and retail pad sites, one of which has been leased Chick-fil-A. McLeod Sears expects to complete the project by summer 2021.

January 28, 2020

Acquisitions California Retail Western

SRS Brokers $9M Acquisition of Sorrento Plaza Retail Center in San Diego

by Amy Works January 28, 2020

SAN DIEGO — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. Sam Hanna of SRS’ National Net Lease Group represented the buyer, while Rick Puttkammer and Bill Rose of Marcus & Millichap represented the seller in the deal.

January 28, 2020

Newer Posts

Older Posts