Like so many markets nationally, the Hawaii retail real estate market was firmly in a state of flux in 2019. Despite more new vacancies than new openings — and limited new development — the Hawaii market held its own amidst challenging times. Investment sales demand and fundamentals remained strong, new and prominent retailers entered the market, and existing operators continued to expand and innovate. Last year brought both closings and openings to the Hawaii retail sector. Bucking historic trends, store closures outpaced new store openings. The closings that did occur were all related to corporate downsizing decisions, versus poor store performance by the Hawaii locations. Hawaii stores consistently post strong sales performances when compared to same-store national averages. In most instances, the Hawaii locations were the last to fold, given their consistently strong sales. Sears closed its 128,000-square-foot Windward Mall in Kaneohe, Oahu, in May. Kmart closed its last Hawaii location, a 119,000-square-foot store in Lihue, Kauai, in September. There are currently five vacant Kmart buildings and one vacant Sears location throughout the state. Early 2020 will follow suit, with the anticipated February closure of all seven Pier 1 stores on the islands. Brighter news included the return of Marshalls, …
STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.
FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Witt Crossing, a 6,907-square-foot retail strip center located in the northern Dallas suburb of Frisco. The asset was fully occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller/developer in the transaction. Additional terms of sale were not disclosed.
WASHINGTON, N.J. — Italian restaurant Jenaro’s and Bison Coffee Co. have signed two retail leases totaling 6,400 square feet at Washington Square Town Center, a mixed-use development in Washington, located approximately 65 miles west of New York City. Jenaro’s will occupy 4,600 square feet and Bison Coffee Co. will occupy 1,800 square feet. Both restaurants plan to open in spring 2020. Rothman Medical Building occupies 40,000 square feet of the development, which also comprises 330 apartments, 100 townhomes, 30,000 square feet of retail space and a seniors housing community. The developer is a joint venture between Atkins Co. and Woodmont Properties.
JACKSONVILLE, FLA. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking lot and property lighting. Regency Point is situated across the street from Regency Square Mall.
STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.
HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.
PORTLAND, MAINE — Cardente Real Estate has negotiated an 8,443-square-foot retail lease for Work Out Anytime fitness center in Portland, located approximately 60 miles southwest of Augusta. The property is situated at 511 Congress St. within the Ocean Gate Plaza retail center. Tenants include Living Room Dance Collective, Northwestern Mutual and nonprofit organization EqualityMaine. Matthew Cardente of Cardente represented the landlord, Ocean Gate LLC, in the lease negotiations. Sylas Hatch of The Dunham Group represented Work Out Anytime.
WENDELL, N.C. — East West Partners and G.H.K. Developments Inc., the developers behind Wendell Falls, unveiled that Publix will occupy a 48,387 square-foot, freestanding grocery space in Wendell, approximately 11 miles east of Raleigh. Wendell Falls is one of the largest master-planned developments in the Research Triangle. CBRE | Raleigh’s Retail Services and Land Services groups represented the ownership group in the transaction. The store will employee approximately 130 people. An opening date has not yet been announced. Located at the northwest corner of Wendell Falls Parkway and Taylor Road, Publix will join the project’s existing tenants that include KinderCare Daycare, Farmhouse Cafe and Cruizers Convenience Marketplace. Publix at Wendell Falls be the grocer’s seventh store in Wake County. East West and G.H.K. will soon debut a collection of shops and restaurants at Wendell Fallas known as Treelight Square, as well as an office park named The Collective.
SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.