Retail

SRS Negotiates $10.9M Sale of Retail Center Near Daytona International Speedway

by Alex Tostado January 15, 2020

DAYTONA BEACH, FLA. — SRS Real Estate Partners has negotiated the $10.9 million sale of Speedway Village, a three-building, 28,075-square-foot retail center located directly across the street from Daytona International Speedway. The center was fully occupied at the time of sale to tenants including Verizon Wireless, Jimmy John’s, FedEx Office, The Vitamin Shoppe, Eyeglass World and Smashburger. The seller, Evans Speedway LLC, developed the property in 2008. The buyers, Ty and Tovah Lohman, represented themselves. Kevin Yaryan, Patrick Luther and Matthew Mousavi of SRS represented the seller in the transaction.

January 15, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $40M Sale of Grocery-Anchored Retail Center in Blue Bell, Pennsylvania

by Alex Patton January 15, 2020

BLUE BELL, PA. — Marcus & Millichap has arranged the $40 million sale of Centre Square Commons, an 88,598-square-foot retail center in Blue Bell, a northern suburb of Philadelphia. A 22,450-square-foot Aldi Supermarket anchors the shopping center, which was 96 percent occupied at the time of sale. Other tenants include Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks and Anthony’s Coal Fired Pizza. Brad Nathanson of Institutional Property Advisors represented the seller, Kinsley Properties, in the transaction. Nathanson also procured the buyer, Medipower Overseas Co.

January 15, 2020

Leasing Activity New York Northeast Retail

Fitness Factory Signs 18,000 SF Retail Lease at 475 Clermont in Brooklyn

by Alex Patton January 15, 2020

NEW YORK CITY — Fitness Factory Health Club has signed an 18,000-square-foot lease s at 475 Clermont, a 363-unit multifamily building in Brooklyn. The lease term is 10 years. The facility will feature weight and circuit training equipment and a spa, as well as specialty class and personal training services. Beyond the Fitness Factory lease, the building has 17,000 square feet of retail space available for lease. Jason Pennington, Andrew Clemens, Benjamin Weiner and Jessica Hedrington of RIPCO Real Estate represented the landlord, RXR Realty, in the lease negotiations.

January 15, 2020

Development Midwest Missouri Retail

McCarthy Completes Construction of Two-Story St. Louis Aquarium at Union Station

by Kristin Harlow January 15, 2020

ST. LOUIS — McCarthy Building Cos. has completed construction of the St. Louis Aquarium at Union Station. The 120,000-square-foot, two-story attraction is situated inside a nearly 500,000-square-foot, 19th-century train shed designated as a national landmark. Featuring 1.3 million gallons of water and thousands of aquatic animals, the aquarium is the centerpiece of a $160 million family entertainment complex developed for Union Station by Lodging Hospitality Management. PGAV Destinations designed the project. ZoOceanarium Group will operate and manage the aquarium.

January 15, 2020

Features Retail

Unless Assessors Recognize Challenges of Shopping Centers, Property Taxes Will Rise

by Jeff Shaw January 15, 2020

As retailers rise and fall in the age of Amazon, property taxes remain one of retailers’ largest operating expenses. That makes it critical to monitor assessments of retail properties and be ready to contest unfairly high taxable valuations. Assessors — and property owners attempting to educate those assessors — must understand how the changes taking place in the retail sector affect property value. Assessors must adjust their models to reflect new market realities, and property owners or their representatives must be able to explain why previously held valuation assumptions could no longer be valid. No Going Back Changing consumer tastes have always required retailers to adapt in order to survive, but traditional retailers are facing a different kind of challenge today. The increasing role of e-commerce in overall sales reflects a fundamental change in consumer behavior that will not reverse course with the whims of fashion. The ability to shop online is resetting consumer expectations, and retailers are struggling to adapt and stay competitive. This struggle is evident in store closings that in 2019 are outpacing closings from the prior year. In addition to the threat of e-commerce, some economists believe a recession is coming in 2020. Falling retail sales, …

January 15, 2020

Acquisitions California Net Lease Restaurant Retail Western

SRS Arranges $6.6M Ground Lease Sale of Restaurant Asset in Garden Grove, California

by Amy Works January 14, 2020

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the ground lease sale of a single-tenant restaurant property, located 12001 Harbor Blvd. in Garden Grove, 1.2 miles south of Disneyland. A Southern California-based partnership sold the asset to a private investor for $6.6 million, or $1,072 per square foot. Outback Steakhouse occupies the 6,180-square-foot property on an absolute triple-net lease basis that was recently extended for an additional 20 years. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the seller, while Tom Carosella of Carosella Properties represented the buyer in the transaction.

January 14, 2020

Acquisitions California Retail Western

CBRE Negotiates $5.6M Sale of Las Cumbres Square in San Diego’s Mission Valley

by Amy Works January 14, 2020

SAN DIEGO — CBRE has arranged the sale of Las Cumbres Square, a retail center in San Diego’s Mission Valley submarket. A local private buyer acquired the property from a local investor for $5.6 million. Located at 6110-6120 Friars Road, the 12,781-square-foot property was originally built in 1978 and remodeled in 2019. At the time of sale, the retail center was 70 percent leased to nine tenants, including Round Table Pizza, Mr. Peabody’s Burgers & Ale and Los Panchos Taco Shop. Additionally, the site offers 63 off-street parking spaces. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller in the deal.

January 14, 2020

Acquisitions New Jersey Northeast Retail

JLL Brokers $32.3M Sale of Grocery-Anchored Retail Center in Monroe, New Jersey

by Alex Patton January 14, 2020

MONROE, N.J. — JLL has brokered the $32.3 million sale of Concordia Shopping Center, a 135,090-square-foot retail center in Monroe, located approximately 30 miles northeast of Trenton. Situated at 1600 Perrineville Road, the retail center was 95 percent leased to tenants including Stop & Shop, UPS and Monroe Physical Therapy at the time of sale. Chris Munley, Jose Cruz and James Galbally led a JLL team that represented the seller, Concordia Shopping Manager Corp., in the transaction. A joint venture of KPR and DRA Advisors was the buyer.

January 14, 2020

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Growth Properties, Blackstone REIT to Buy MGM Grand, Mandalay Bay Casinos in Las Vegas for $4.6B

by John Nelson January 14, 2020

LAS VEGAS — MGM Growth Properties has agreed to form a joint venture with Blackstone Real Estate Income Trust Inc. to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay casinos and resorts for $4.6 billion. MGM Growth (NYSE: MGP) will own 50.1 percent of the joint venture, and Blackstone Real Estate, a non-traded REIT managed by Blackstone (NYSE: BX), will own 49.9 percent. The MGM Grand and Mandalay Bay comprise 9,743 hotel rooms combined, as well as approximately 3 million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip. MGM Growth currently owns the Mandalay Bay’s real estate, and MGM Resorts International (NYSE: MGM) currently owns the MGM Grand’s real estate. At closing, which is expected to occur this quarter, MGM Resorts will enter into a long-term, triple-net master lease with the new ownership for both properties and provide a full corporate guarantee of rent payments. MGM Resorts’ initial annual rent for both venues will be $292 million. MGM Resorts will continue to manage and operate all aspects of the properties on a day-to-day basis, with the joint venture owning the properties …

January 14, 2020

Market Reports Retail Texas Texas Market Reports

Texas Retailers Embrace Age of Reinvention

by Taylor Williams January 14, 2020

Innovative new retail experiences are appearing across the United States, and Texas is no exception. We started with food halls and experiential outings like escape rooms and now see even more creativity, from axe-throwing bars and esports arenas to Instagram-worthy art installations like Candytopia and experience-driven restaurants and bars like Pinewood Social. Throughout the country, there is a preferential trend toward experiential retail — businesses that provide consumers with unique, unforgettable encounters — and it’s simply a response to changing consumer tastes. Typically, a shopper visits a particular store for one of three reasons: convenience, value or experience. Today, we enjoy greater shopping convenience than ever before. In many areas of the country, we can get nearly everything we need from internet retailers, often with same-day or two-day shipping. According to PwC’s Global Consumer Insights Survey 2018, 41 percent of consumers are willing to pay extra in order to get same-day delivery, while 23 percent are willing to pay for delivery within three hours. Meanwhile, companies that provide exceptional value are showing growth compared to their peers. For example, the parent company of T.J. Maxx and Marshall’s showed steady positive increases in annual sales growth from 6 percent in 2015 …

January 14, 2020

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