Retail

ROCK Commercial Brokers Sale of 17,500 SF Retail Property in Quarryville, Pennsylvania

by Alex Patton January 6, 2020

QUARRYVILLE, PA — ROCK Commercial has brokered the sale of a 17,500-square-foot retail property in Quarryville, located approximately 65 miles west of Philadelphia. Located at 1007 Lancaster Pike, the property includes a main retail building sized at approximately 15,000 square feet and a small warehouse sized at approximately 2,500 square feet. Jason Turnbull and Heather Kreiger of ROCK represented the seller, CCC Real Estate Holding Co. LLC, in the transaction. Drumore Holdings LLC was the buyer. The sales price was undisclosed.

January 6, 2020

Acquisitions Idaho Retail Western

Geronimo Divests of Two-Property Retail Asset in Idaho for $50.9M

by Amy Works January 6, 2020

TWIN FALLS, IDAHO — Geronimo has completed the sale of Canyon Park East and Canyon Park West, a two-property retail asset located in Twin Falls. Wood Investments Cos. acquired the asset for $50.9 million. Located at 2068 Bridgeview Blvd. and 1945 Fillmore St., the properties were 100 percent leased at the time of sale. Current tenants include Ross Dress for Less, Ulta Beauty, Bed Bath & Beyond, Petco, Dick’s Sporting Goods, HomeGoods, TJ Maxx, Best Buy, Michaels, Sportsman’s Warehouse and Famous Footwear. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the deal.

January 6, 2020

Acquisitions Development Retail Texas

American Furniture Warehouse Buys Land in Conroe, Plans 443,375 SF Mega Store

by John Nelson January 3, 2020

CONROE, TEXAS — American Furniture Warehouse (AFW) has purchased 30 acres of land at Interstate 45 and River Plantation Drive in Conroe, about 40 miles north of Houston. AFW plans to build a mega store at the site spanning 443,375 square feet. The store will include 150,000 square feet of showroom space and 293,375 square feet of warehouse/storage for merchandise. This will be the third AFW location in the metro Houston area, joining a recently opened store in Webster spanning 355,000 square feet and a 500,000-square-foot store coming to Katy in April. Ben Brown of Baker Katz, a partner firm of X Team International, represented AFW in the land acquisition. Mark Terpstra of Caldwell Cos. represented the seller, Gross Land Fund I LP.

January 3, 2020

Development Loans Mixed-Use Retail Texas

Metropolitan Capital Advisors Secures Two Loans for RedBird Mall in Southwest Dallas

by John Nelson January 3, 2020

DALLAS — Metropolitan Capital Advisors (MCA) has arranged two loans to finance RedBird Development Group’s redevelopment of RedBird Mall, an enclosed regional mall in southwest Dallas formerly known as Southwest Center Mall. MCA arranged a $7.1 million acquisition loan through Dallas-based Graham Mortgage for the mall’s former Sears department store. The University of Texas Southwestern Medical Center (UT Southwestern) has agreed to lease the entire 150,000-square-foot wing of the mall. The new RedBird Medical Center is slated to open in 2021. MCA also arranged a $12.7 million construction loan to finance the redevelopment of the former Dillard’s department store that will be occupied by medical office and job training users including Parkland Hospital, Work Ready U and Work Force Solutions. Origin Bank provided the construction loan. The Growth South Fund, a private equity fund that targets south Dallas, also provided financing for RedBird’s Mall redevelopment. RedBird Development Group is an entity headed by Peter Brodsky, Terrence Maiden and Jon Cochran. The new RedBird Mall will feature 300,000 square feet of office space, 400,000 square feet of retail and restaurants, apartments and a Courtyard by Marriott. Palladium USA is building the multifamily component, according to The Dallas Morning News.

January 3, 2020

Acquisitions Retail Southeast Virginia

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

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