Retail

The-Crossing-Tahoe-Valley-South-Lake-Tahoe-CA

Sutter Capital Sells 46,041 SF Redeveloped Lifestyle Center in South Lake Tahoe

by Amy Works January 23, 2020

SOUTH LAKE TAHOE, CALIF. — Sacramento-based Sutter Capital Group has completed the disposition of The Crossing at Tahoe Valley, a newly redeveloped shopping center in South Lake Tahoe. A private investor acquired the asset for an undisclosed price in a 1031 exchange. Originally constructed in 1973, the shopping center underwent a renovation in 2017. The new design features an institutional-quality mountain contemporary buildout. A large outdoor communal plaza offers casual seating, fire pits and an elevated stage that hosts daily live music performances. At the time of sale, the property was 87 percent leased to a mix of local restaurants, health and wellness services and boutique shops, as well as one of the top-performing Big 5 Sporting Goods stores in the retailer’s portfolio, according to Sutter. Situated on 4.9 acres at 2014-2062 Lake Tahoe Blvd., The Crossing at Tahoe Lake is less than two miles from Lake Tahoe’s southern shore. Eric Kathrein, Bryan Ley and Jake Dempsey of JLL Retail Capital Markets represented the seller in the transaction.

January 23, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $7M Sale of Service Station/Convenience Store in Brighton, Colorado

by Amy Works January 23, 2020

BRIGHTON, COLO. — Marcus & Millichap has arranged the sale of Kum & Go, a service station and convenience store located in Brighton, a northeastern suburb of Denver. A limited liability company sold the property for $7 million. Located at 5112 E. Bromley Lane, the 6,975-square-foot, net-leased property features 12 gas pumps and 24 nozzles for personal vehicles and four semi bays for commercial vehicles. The property also features a Go Fresh Market and charging stations for electric vehicles. Timothy Nichols of Marcus & Millichap’s Chicago Oak Brook office represented the seller, while Skyler Cooper, also of Marcus & Millichap, served as broker of record in Colorado.

January 23, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Palmer Development Breaks Ground on 250,000 SF Office, Retail Project in Scottsdale

by Amy Works January 22, 2020

SCOTTSDALE, ARIZ. — Scottsdale-based Palmer Development Group has broken ground on The Edge, a mixed-use project located at the northeast corner of 90th Street and Loop 101 in Scottsdale. The 15-arce development will include a four-story, 212,000-square-foot Class A office building, plus 22,000 square feet of retail in-line shop space and two pad locations. Designed by Butler Design Group, the office portion is slated for completion in March 2021, while initial occupancy of the retail space is planned for December 2020. Currently signed retail tenants include Black Rock Coffee, Café Rio and Beauty Bar. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL Phoenix are handling leasing for the office component, while Brent Mallonee and Shane Carter of Cushman & Wakefield are handling leasing for the retail portion of the project.

January 22, 2020

Acquisitions California Retail Western

Stos Partners Buys Parking Site Near Port of San Diego for $26.5M

by Amy Works January 22, 2020

SAN DIEGO — Stos Partners, in conjunction with an institutional partner, has purchased a 5.8-acre parking lot land site near the Port of San Diego. A private entity sold the property for $26.5 million. Situated under the Coronado Bridge at 2210-2310 Main St. in San Diego, the parking lot is currently 100 percent leased to a defense contractor. With this transaction, Stos has completed nine acquisitions this year totaling $81.5 million and sold four assets totaling $48.4 million, bringing the firm’s total transaction to more than $130 million in Southern California in 2019.

January 22, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 180,522 SF Marketplace at Towne Center in Metro Dallas

by Taylor Williams January 22, 2020

MESQUITE, TEXAS — JLL has negotiated the sale of Marketplace at Towne Center, a 180,522-square-foot retail center located in the eastern Dallas suburb of Mesquite. Built on 20.5 acres at the corner of U.S. Highway 80 and the Lyndon Johnson Freeway, the property houses tenants such as PetSmart, Ross Dress for Less, Old Navy, Dress Barn, Five Below, Famous Footwear and Applebee’s. Barry Brown, Chris Gerard, Ryan Shore, Aaron Johnson, Ross Crawford and Matthew Wheeler of JLL represented the seller, Ohio-based Retail Value Inc., in the transaction. The buyer was a local private investor.

January 22, 2020

Acquisitions Illinois Midwest Retail

Jameson Commercial Brokers $21.9M Sale of Retail Portfolio in Chicago

by Kristin Harlow January 22, 2020

CHICAGO — Jameson Commercial has brokered the sale of a retail portfolio in Chicago’s South Loop for $21.9 million. The portfolio includes a single-tenant Chick-fil-A, a 7-Eleven gas station and an 8,000-square-foot retail building anchored by Aspen Dental. Mark Kishtow of Jameson represented the seller, GW Properties, as well as the buyer, Park 1 Chicago.

January 22, 2020

Development Georgia Retail Southeast

Elevator City Partners Unveils Plans for $400M West End Mall Redevelopment in Atlanta

by Alex Tostado January 21, 2020

ATLANTA — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The announcement follows months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the site, perform due diligence work, begin preliminary designs with architectural firm Gensler and conduct feasibility studies with Alexander Babbage and Noell Consulting Group. The loan comes with affordable housing reserves for any future housing on the site. ECP seeks to raise $400 million from multiple types of public and private investors that could be interested in the project’s opportunity zone offerings. ECP says the project has attracted the interest of large banks, family offices and foundations and that one family office has brought a national hotel developer to the project. Atlanta BeltLine originator Ryan Gravel and venture capitalist Donray Von co-founded ECP. The firm will launch a $15 million fund to support minority-owned …

January 21, 2020

Development Georgia Retail Southeast

MAB American to Break Ground on $80M Monroe Pavilion Shopping Center in Metro Atlanta

by Alex Tostado January 21, 2020

MONROE, GA. — MAB American Management plans to break ground in the first quarter on Monroe Pavilion, an $80 million shopping center situated on a 100-acre site in Monroe, an Atlanta suburb in Walton County. The property’s leasing agent, Retail Specialists, has signed several retailers to join the tenant roster of the 350,000-square-foot project, including Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Beau Young of Retail Specialists is also targeting restaurants and service-based retailers for the shopping center and its outparcels. MAB American Management, the U.S. affiliate firm of Australian-based developer MAB Corp., expects to deliver Monroe Pavilion in summer 2021.

January 21, 2020

Company News Retail Southeast Virginia

Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

by Alex Tostado January 21, 2020

VIENNA, VA. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In addition to store closures, Ratner is reducing staff at its Resource Center in its home office in Vienna to reflect its lower overall footprint. The majority of impacted staff in the salons have been offered employment at sister salons in their immediate areas, according to Ratner. The store closings will begin this week and continue for several months.

January 21, 2020

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 7,882 SF Retail Building in Oak Creek, Wisconsin

by Kristin Harlow January 21, 2020

OAK CREEK, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 7,882-square-foot retail building on an outlot to Drexel Town Square in Oak Creek, about 12 miles south of Milwaukee. The sales price was undisclosed. The property is fully leased to five tenants, including Associated Bank, Sport Clips, Bentley’s Pet Stuff, Charles Schwab and Tropical Smoothie Café. Carly Gallagher Kelly and Andrew Prater of Mid-America represented the seller, a Wisconsin-based developer. A private investor purchased the asset.

January 21, 2020

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