Retail

Divaris Brokers $21.8M Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado January 3, 2020

GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and the Innsbrook Corporate Center office. Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshalls, OfficeMax and Shoe Carnival. CVS/pharmacy and a Men’s Wearhouse occupy freestanding buildings on outparcels of the center. Scott Bois of KeyBank Real Estate Capital originated a $15.5 million acquisition loan on behalf of the buyer. The CMBS loan features a fixed interest rate.

January 3, 2020

Development New Jersey Northeast Retail

Pork Chop’s BBQ Opens 2,700 SF Restaurant in Ewing, New Jersey

by Alex Patton January 3, 2020

EWING, N.J. — Portuguese-inspired barbecue concept Pork Chop’s BBQ has opened a 2,700-square-foot restaurant at Capitol Plaza, a 355,000-square-foot retail center in Ewing, a northern suburb of Trenton. The restaurant will serve barbecue meats and seafood as well as a variety of sides and will also offer catering services. Capitol Plaza’s office segment, 1001 Spruce Office Center, anchors the retail center with hundreds of employees and visitors. Other tenants include Planet Fitness, Foot Locker, Marshalls and numerous retail and dining options. Levin Management Corp. handles leasing and management of the retail center.

January 3, 2020

Acquisitions Midwest Minnesota Restaurant Retail

Marcus & Millichap Arranges $1.7M Sale of Net-Leased Arby’s Property in Minnesota

by Kristin Harlow January 3, 2020

AUSTIN, MINN. — Marcus & Millichap has arranged the $1.7 million sale of a 3,713-square-foot property net leased to Arby’s in Austin, approximately 40 miles southwest of Rochester in southern Minnesota. Tom Gommels of Marcus & Millichap’s Minneapolis office marketed the single-tenant building, located at 1305 18th Ave. NW, on behalf of the seller, a limited liability company. Chad Lieber of Marcus & Millichap’s Newport Beach office secured and represented the buyer, an individual trust based in California.

January 3, 2020

Acquisitions Nevada Retail Western

Passco Sells Silver City Plaza Retail Center on Las Vegas Strip for $59.2M

by Amy Works January 3, 2020

LAS VEGAS — California-based Passco Cos. has completed the disposition of Silver City Plaza, a retail center situated on the northern end of the Las Vegas Strip. Regal Acquisition acquired the property for $59.2 million. Located at 3001 S. Las Vegas Blvd., Silver City Plaza features 41,583 square feet of retail space. Current tenants include Ross Dress for Less, Walgreens, Denny’s and 7-Eleven. Rob Ippolito and Frank Volk of Newmark Knight Frank represented the seller in the transaction.

January 3, 2020

Features Retail

Entertainment Offerings Help Keep Malls Out of the Morgue

by Taylor Williams January 3, 2020

Much has been made about online retail — and rightly so — with Amazon now an integral part of everyday life in the United States. But e-commerce’s growth doesn’t mean brick-and-mortar retail is dead. Brick-and-mortar outlets can be viable and profitable, even as retail bankruptcies and store closings increase. Real estate professionals should battle the misconceptions behind retail in 2020 and beyond while keeping an eye on where the next generation of retail is headed. The mall of 1975 is no longer. But could these retailers reemerge in hotel lobbies, airports/transportation centers and medical centers? Total retail sales have increased at an average annual rate in excess of 4.35 percent since 1993, according to Trading Economics. Additionally, most retailers’ quarterly earnings statements — whether from Walmart, Target, Home Depot or major grocers — report increased physical same-store and online sales (with a few exceptions noted later). While online sales have yet to reach 10 percent of total retail sales, the growth is on track to make a material impact by 2025, with 20 to 25 percent of total retail sales projected at that time. If it’s not in-store sales lost to online consumption or recessed consumption post-Great Recession, what’s behind …

January 3, 2020

Leasing Activity Restaurant Retail Texas

Whitestone REIT Signs Two Restaurant Concepts to Join Parkside Village South in Austin

by John Nelson January 2, 2020

AUSTIN, TEXAS — Whitestone REIT has signed two new restaurant concepts to join Parkside Village South, a shopping center located at 5701 W. Slaughter Lane in southwest Austin. The two restaurants, Oasthouse Kitchen + Bar and Keepers, will occupy 8,043 square feet and share a kitchen. Local restaurateurs Amir Hajimaleki and Ali Hajimaleki created the two concepts. The Parkside Village South location will be the second Oasthouse restaurant, while Keepers is a new seafood concept. The brothers also operate District Kitchen in Austin, which opened in 2013. Parkside Village South’s tenant roster includes Alamo Drafthouse Cinema, Chase Bank, Orangetheory Fitness, Kumon Learning Center, ATX Bike Shop, Kid Spa Austin and Burger Fi.

January 2, 2020

Leasing Activity Restaurant Texas

Mooyah Burgers Opens New Restaurant at Stonebriar Centre in Frisco Within KidZania USA

by John Nelson January 2, 2020

FRISCO, TEXAS — MOOYAH Burgers, Fries & Shakes, a fast-casual burger chain based in Plano, has partnered with KidZania USA, an interactive 85,000-square-foot indoor “city” for kids ages 6 to 14, to be one of the featured restaurant experiences within KidZania’s first North America location. The indoor family entertainment center, which now has 29 locations in 22 countries, opened at Stonebriar Centre in Frisco. Brookfield Properties owns the mall. Guests at Mooyah can be their own chefs by creating their own hand-cut fries and real ice cream shakes. According to the Brookfield website, there are more than 100 occupations that children can utilize at the KidZania USA location.

January 2, 2020

Acquisitions Illinois Midwest Retail

Quantum Brokers $11M Sale of Shopping Center in Melrose Park, Illinois

by Kristin Harlow January 2, 2020

MELROSE PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.

January 2, 2020

Leasing Activity Midwest Restaurant Retail Wisconsin

Pizza Chain Lou Malnati’s Leases 2,074 SF in Milwaukee

by Kristin Harlow January 2, 2020

MILWAUKEE — Lou Malnati’s Pizzeria has leased 2,074 square feet at Riverpoint Village in Milwaukee. The Chicago-style pizza restaurant chain will occupy space at 8629 N. Port Washington Road. Fred Stallé of Mid-America Real Estate-Wisconsin represented the undisclosed landlord in the lease transaction.

January 2, 2020

Acquisitions California Loans Retail Western

GRI Fairmont Receives $19.6M Loan for Acquisition of Fairmont Shopping Center in Bay Area

by Amy Works January 2, 2020

PACIFICA, CALIF. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, Fairmont Shopping Center was remodeled in 2015 and 2018.

January 2, 2020

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