AMANDA, OHIO — The Boulder Group has brokered the $1.2 million sale of an 8,320-square-foot property occupied by Family Dollar in Amanda, about 30 miles southeast of Columbus. Constructed in 2016, the building is located at 308 E. Main St. Family Dollar has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate owner. A Southeast-based real estate investor purchased the asset.
NORCO, CALIF. — SRS Real Estate Partners has brokered the sale a single-tenant retail property located at 1428 Sixth St. in Norco. A family partnership acquired the asset from a local developer for $6 million. Grocery Outlet occupies the newly constructed, 18,000-square-foot building, which is situated on 1.7 acres. Grocery Outlet, which opened in March, is the anchor tenant for the new Norco Gateway Shopping Center. Additional tenants include Taco Bell and 6,000 square feet of future retail shops. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Mark Bitterlin of Trust Real Estate Services represented the buyer in the transaction.
HOUSTON — Pittsburgh-based Dick’s Sporting Goods will open a new, 45,198-square-foot store at Copperfield Marketplace, located at 16343 FM 259 Road in Houston. The grand opening will take place from Friday, Oct. 23 to Sunday, Oct. 25. Dick’s Sporting Goods will join Burlington and Med Express as the other anchors at the center, which is owned by Fidelis Realty Partners.
By Brad Bailey, first vice president, CBRE; Adam Rabin, associate, CBRE; and Logan Reichle, vice president, CBRE It’s no secret that across the United States, the retail investment community has had to shift and adapt in several ways due to the ongoing pandemic. In addition, retail owners have had to make quick assessments of their strategies for asset management, usually on a property-by-property basis. For the first part of the pandemic, the commercial real estate industry was primarily reactive and in crisis mode. However, seven months into it, the indication is that this is something that will be around for the foreseeable future. As such, investors are moving out of their reactive modes and beginning to implement offensive strategies to identify and secure strong retail real estate investments. There are a number of key reasons that these investors are honing in on Central Texas retail: Suburban vs Downtown Good retail locations are hard to come by in Austin. We estimate that investment demand will rebound for space recently vacated. In high-quality locations, don’t expect too much of a change on rental rates. For some Austin submarkets like Cedar Park and Lakeway, we may see rates adjust slightly as vacancy rises. …
CUMMING, GA. — Retail Planning Corp. has opened a Publix grocery store within Matt Town Center in Cumming on Friday, Oct. 9. The 48,387-square-foot store is located at the intersection of Matt Highway and Bannister Road, 48 miles north of downtown Atlanta. Other tenants at the center include Reveille Café, Laredo’s Cantina & Taqueria, Peaches & Pine, Great Clips, Alpha Nail Salon and The UPS Store. Hill Foley Rossi & Associates LLC was the architect, and RW Smith Co. was the general contractor.
JACKSON, MISS. — SRS Real Estate Partners has arranged the $6.3 million sale of a single-tenant retail property triple-net leased to Walgreens in Jackson. The 14,550-square-foot building spans 1.7 acres and was built in 2015. There are 15 years remaining on the corporate-guaranteed lease. The Walgreens is situated at 310 Meadowbrook Road, four miles north of downtown Jackson. Matthew Mousavi, Patrick Luther and Parker Walter of SRS represented the seller, an undisclosed family office completing a 1031 exchange. Mark Ruble of Marcus & Millichap represented the undisclosed seller, which also developed the property, in the transaction.
YONKERS, N.Y. — Target plans to open a 130,000-square-foot store at Cross County Center, a 1.1 million-square-foot retail power center in Yonkers, located north of New York City. Target has signed a 40-year lease to backfill a space formerly occupied by Sears. A partnership between Marx Realty and Benenson Capital Partners owns Cross County Center, which features more than 80 retail and restaurant users. An opening date has not yet been determined.
PARKER, COLO. — Taylor Street Advisors has arranged the purchase of Animal Emergency & Specialty Center, located at 17701 Cottonwood Drive in Parker. Woodridge Apartment Holdings acquired the single-tenant property from Veterinary Property Management for $7.8 million. Compassion-First Pet Hospitals occupies the 19,338-square-foot building with more than 10 years remaining on its triple-net lease. The building sits on a 69,696-square-foot lot. Jake Baratz and Boston Chauthani of Taylor Street Advisors represented the buyer, while Andrew Evans of Mathews Real Estate Investment Services represented the seller in the deal.
FOX RIVER GROVE, ILL. — Baceline Investments has acquired Foxmoor Crossing in Fox River Grove, about 50 miles northwest of Chicago. The purchase price was undisclosed. The 22,408-square-foot shopping center is 84 percent leased to tenants such as Panera Bread, T-Mobile, Merle Norman Cosmetics and the UPS Store. Foxmoor Crossing marks the 72nd property in Baceline’s core income fund. The Denver-based company owns neighborhood shopping centers in 27 different metro areas across the country.
WESTMONT, ILL. — Whiskey Hill Brewery & Kitchen has leased 3,740 square feet at Quincy Station in Westmont, about 18 miles west of Chicago. The company will operate a restaurant and bar at the new space. Whiskey Hill currently operates a production facility and tap room in Westmont. Restaurant industry veterans Matt Weil and Rob Salerno founded the company in 2018. Michael O’Connor of Holladay Properties negotiated the new lease at Quincy Station, which is a residential and retail project slated for completion in December 2021.
