Retail

Cannabis Facility Construction Completes 9,982 SF Dispensary for Greenhouse in Northbrook, Illinois

by Kristin Harlow October 8, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has completed building a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the 9,982-square-foot project serves as a flagship dispensary for the brand. The building features an open floor plan with high vaulted ceilings and abundant natural light. To accommodate social distancing, all points of sale are six feet apart. In addition to the retail space, the project features back-office space with a secure vault for inventory storage and an advanced security system.

October 8, 2020

Acquisitions Midwest Restaurant Retail Wisconsin

SRS Arranges $2.8M Sale of Chick-fil-A Ground Lease in Delafield, Wisconsin

by Kristin Harlow October 8, 2020

DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.

October 8, 2020

Leasing Activity Massachusetts Northeast Retail

GreenStar Herbals Opens 13,000 SF Cannabis Dispensary in Dracut, Massachusetts

by Taylor Williams October 8, 2020

DRACUT, MASS. — GreenStar Herbals has opened a 13,000-square-foot cannabis dispensary for recreational use in Dracut, located north of Boston near the Massachusetts-New Hampshire border. The store is GreenStar’s third and offers a variety of flower, edible, tincture and salve products. Vantage Builders Inc., a metro Boston-based design-build and construction management firm, handled the build-out of the space, which also includes a consultation area and a break room and locker area for employees.

October 8, 2020

Conference Coverage Market Reports Retail Texas Texas Market Reports

Houston Restaurant Market Embraces Creativity Amid Pandemic, Says Exclusive Webinar Panel

by Taylor Williams October 7, 2020

Landlords, users and brokers throughout the Houston retail market are re-tooling their properties and operating practices to stay afloat amid the COVID-19 pandemic, introducing ways of doing business that may persist long after the public health crisis has subsided. A panel comprising retail leasing, development and investment sales professionals in Houston convened on Tuesday, Oct. 6 to discuss specific ideas and methodologies that have been put into practice as COVID-19 rocks the world of brick-and-mortar retail. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event. Prior to the pandemic, social events that activated open public spaces helped landlords to promote their tenants’ businesses and to bring traffic to their centers. With public health protocols precluding many of these events from happening, owners and tenants alike have had to think outside the box. New Practices Sustain Business No retail category has seen this trend displayed more visibly than the restaurant sector. Emily Durham, partner and director of hospitality services at Waterman Steele Real Estate Advisors and a longtime tenant rep specialist for restaurant owners, identified several new practices that have helped restaurants stay above water. “The sit-down and fine dining restaurants have had the …

October 7, 2020

Acquisitions Kentucky Retail Southeast

PRG Commercial Arranges $9.3M Sale of Stonybrook South Shopping Center in Louisville

by Alex Tostado October 7, 2020

LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.

October 7, 2020

Acquisitions Georgia Retail Southeast

Colliers Negotiates $3.8M Sale of Grocery-Anchored Retail Property in Metro Atlanta

by Alex Tostado October 7, 2020

STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.

October 7, 2020

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $4M Sale of Walgreens-Occupied Property in Indianapolis

by Kristin Harlow October 7, 2020

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in Indianapolis for $4 million. The 15,120-square-foot building is located at 455 E. Epler Ave., near Epler Medical Parke. Walgreens recently extended its lease for 10 years. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Pennsylvania-based real estate investment fund. The duo also represented the buyer, an Indiana-based private investor.

October 7, 2020

Acquisitions Midwest Ohio Retail

Baceline Purchases Trask Towers Shopping Center in Metro Cleveland

by Kristin Harlow October 7, 2020

MENTOR, OHIO — Baceline Investments has purchased Trask Towers, a 16,232-square-foot shopping center in Mentor, about 25 miles northeast of Cleveland. The purchase price was undisclosed. The property is fully leased to tenants such as Noosa Bistro and Guilliano Pizza. Trask Towers marks Baceline’s fifth property in the state of Ohio and 71st in its core income portfolio, which owns and operates necessity-based, multi-tenant shopping centers in 27 different metros. Baceline is based in Denver.

October 7, 2020

Development New York Northeast Retail

ShopRite Opens 70,000 SF Grocery Store at The Boulevard on Staten Island

by Taylor Williams October 7, 2020

NEW YORK CITY — ShopRite has opened a 70,000-square-foot grocery store at The Boulevard, a $200 million retail redevelopment project on Staten Island. Kimco Realty Corp. is leading the redevelopment of the 400,000-square-foot, open-air center, which will add retailers such as Marshalls, Ulta and PetSmart to its roster in 2021. The new ShopRite features specialty prepared foods from Valducci’s pizza, Loon Chuan Asian cuisine, Saladworks, Juice Press and Dunkin’ coffee, as well as onsite access to a registered dietitian and beauty consultant.

October 7, 2020

Acquisitions Massachusetts Northeast Retail

Bulfinch Buys 7,200 SF Retail Building in Boston’s Harvard Square Area

by Taylor Williams October 7, 2020

BOSTON — An affiliate of The Bulfinch Companies has purchased a 7,200-square-foot retail building in Boston’s Harvard Square neighborhood with plans to reposition the asset as a medical office or life sciences property complete with a rooftop deck. The building has two stories above grade and one below, with floor–to–ceiling windows on the street providing high visibility and ample daylighting. Kellie Coveney and Michael Restivo of JLL represented the seller, a private entity advised by Ella Properties LLC, in the transaction.This acquisition further strengthens Bulfinch’s portfolio in the Cambridge market. Earlier this year, Bulfinch completed a 280,000-square-foot lab building at Cambridge Discovery Park in the Alewife life sciences cluster. Bulfinch is also the manager of Osborn Triangle, a three-property life sciences and biotech development in Cambridge’s Kendall Square neighborhood,

October 7, 2020

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