Retail

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

Acquisitions Massachusetts Northeast Retail

Avison Young Brokers $7M Sale of Two Retail Properties in Metro Boston

by Alex Patton January 21, 2020

NEEDHAM AND NEWTON, MASS. — Avison Young Commercial Real Estate has brokered the $7 million sale of two retail properties in Needham and Newton, two western suburbs of Boston. The property in Needham, a 15,609-square-foot retail center located at 238 Highland Ave., is leased to Needham Montessori School, Mandarin Cuisine Restaurant and Needham Nail & Spa. The property in Newton, a 3,588-square-foot building located at 106 Needham St., is leased to fitness equipment distributor Gym Source. Brandon Dickinson of Avison Young represented the seller, Terrazzino Investment Trust, in the transaction. The buyer was not disclosed.

January 21, 2020

Market Reports Retail Texas Texas Market Reports

Texas Malls Receive Facelifts, New Life

by Taylor Williams January 21, 2020

Virtually every American mall that is struggling owes its woes to some combination of e-commerce growth and millennials’ preference for experiential retail. But the simple fact remains that e-commerce still only accounts for about 10 percent of total retail sales, according to the U.S. Department of Commerce. And while store closures are still running rampant, new retailers are rapidly backfilling those shuttered spaces and introducing new concepts to maintain consumer appeal. To that end, projects that convert enclosed malls into open-air destinations that feature local or first-to-market retail concepts, more food and beverage options, open spaces for communal events and distinct entertainment (and other) uses represent paths to salvation. These projects offer developers and landlord opportunities to restore their malls as bastions of shopping, dining and entertainment — and to address unfulfilled needs within the local retail market. While every project is different in terms of how the tenant roster is revamped and how much construction is required, all mall redevelopments share the goal of returning to relevance within the community. In this piece, we highlight four Texas malls that have or are undergoing extensive redevelopments to boost occupancy, sales, foot traffic and prestige in the eyes of consumers. Park …

January 21, 2020

Acquisitions North Carolina Retail Southeast

Progress Realty Acquires Shopping Center in Fayetteville, North Carolina for $36M

by Alex Tostado January 20, 2020

FAYETTEVILLE, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. The seller was Westport Capital.

January 20, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

by Amy Works January 20, 2020

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, the new phase will feature a one-acre lake feature, walking paths and outdoor seating. The parking structures will be adjacent to the lake and feature more than 850 parking spaces. Construction is slated to begin mid-2020 with completion by the end of 2021. The 250-acre Rivulon development is currently home to Deloitte, Isagenix International’s world headquarters, Morgan Stanley, Amerifirst Financial and Merrill Lynch. Retailers at the development include LA Fitness, Wildflower Bread, Sauce Pizza & Wine, Jersey Mike’s Subs, Yogi’s Grill Teriyaki & Roll and Grabbagreen.

January 20, 2020

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