CHANDLER, ARIZ. — Evergreen Devco has acquired Chandler Pavilions, a shopping center located at 800-890 N. 54th St. in Chandler. Invesco sold the asset for an undisclosed price. Built in 1998, the value-add center features 163,594 square feet of retail space. Current tenants include REI, Bed Bath & Beyond, Golf Galaxy and Cost Plus World Market. Pat Dempsey of JLL represented the seller. Phoenix Commercial Advisors will continue to serve as leasing agents for the property.
SURPRISE, ARIZ. — Orion Investment Real Estate, along with Property Dimensions Real Estate Group, has arranged the sale of an 18.5-acre commercial land site located at the northwest corner of Litchfield and Cactus roads in Surprise. Veramonte Land Holdings sold the parcel to Terry B. Brodkin & Associates, as 18.5 Litchfield & Cactus LLC, for $2.2 million. The buyer is working with LGE to develop high-quality flex space at the back of the property, while frontage is being sold off as retail pads. Judi Butterworth of Orion and Cathy Cheshier of Property Dimensions represented the seller in the transaction.
DURANGO, COLO. — Marcus & Millichap has arranged the sale of Durango Town Center, a retail shopping center located in Durango. A private partnership led by David Spriggs of Denver-based DMS Real Estate sold the asset to a private local investor for $13.3 million. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller, while Brian Hagger, also of Marcus & Millichap, represented the buyer. Phillip Gause of Marcus & Millichap Capital Corp. placed financing on behalf of the buyer. Located at 1125, 1145 and 1185 S. Camino Del Rio, Durango Town Center features 41,781 square feet of retail space.
JOHNSON CITY, TENN. — Washington Prime Group (WPG) has signed Chipotle Mexican Grill and Chicken Salad Chick to the tenant roster of The Mall at Johnson City, a mall in Johnson City that is currently being redeveloped. The two eateries are expected to open in spring 2021. Other new and committed tenants include HomeGoods, which will replace the former Sears department store; Palmetto Moon, a Southern apparel retailer that opened in June; and Rose & Remington and Curve & Cloth, which are set to open next spring. WPG is renovating the interior common areas and exterior entrances, which will include aesthetic upgrades such as new seating, lighting, flooring and finishes. Existing tenants at the mall include Belk, Build-A-Bear Workshop, Champs Sports, Chick-fil-A, Dick’s Sporting Goods, Forever 21, GameStop, Hot Topic, JC Penney, Ulta Beauty and Victoria’s Secret. WPG reopened the mall in early May following a temporary shut down due to the COVID-19 outbreak.
VANCOUVER, WASH. — EJF Capital and Holland Partner Group (HPG) are developing Block 10, a mixed-use property located in downtown Vancouver. Situated on a one-acre opportunity zone, the project will feature 110 apartments, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail space and 113 parking spaces. Twenty percent of the multifamily units will be set aside as workforce housing. Building amenities, which will be shared between office users and residents, will include a fitness center, co-working space, bike room and amenity deck on the third level. Holland Construction, HGP’s construction division, expects to break ground this month, with completion slated for spring 2022. Bank of the West is providing construction financing for the development.
PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of Crossroads at Deer Valley Plaza, a shopping center located at 1838 W. Bell Road in Phoenix. An investment group led by Jeff Geyser sold the property to an undisclosed buyer for $5.8 million. The transaction includes the retail center and two billboards. Built in 2008 and remodeled in 2018, Crossroads at Deer Valley Plaza is fully occupied by a variety of tenants, including Eyeglass World, Wing Stop, L.A. Insurance, Royal Vapor, Cricket and DC Dental. Jesse Goldsmith, Steven Julius and Chase Dorsett of NKF represented the seller in the transaction. Jason Fessinger and Kalen Rickard of Western Retail Advisors represented the buyer.
KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.
The COVID-19 outbreak had a tremendous impact on retail across the country, and Charlotte was no exception. As stores were forced to close, business owners had to devise creative ways to operate during the pandemic. Rent deferral, Paycheck Protection Program funds, layoffs and furloughs were some of the ways owners addressed cash flow. Many restaurants faced questions regarding takeout, delivery service, menu adjustments, table spacing and employee safety. Enhanced cleaning procedures, payment procedures, marketing adjustments and general overall operations were other issues facing many restaurants and retailers. Restaurants with drive-thrus and takeout, as well as ones capable of adding “COVID-19-friendly” delivery options, were able to remain open, albeit with decreased sales volume. Despite all efforts, the trickle-down effect will likely cause several restaurants and retailers to permanently close and not survive this downturn at all. As Phase I and II of North Carolina’s economic reopening went into effect and additional stores began to reopen in some capacity, retailers began to adapt to new ways to operate with safety protocols in place. As a result, more discounts and flash sales were offered, and curbside pick-up became a prevalent way to shop. The next six months should reveal how the COVID-19 pandemic …
PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.
BLOOMFIELD HILLS, MICH. — Taubman Centers Inc. (NYSE: TCO) has reopened all of its properties in the United States and Asia. Most U.S. centers were temporarily closed beginning March 19 in response to the COVID-19 pandemic. Bloomfield Hills, Mich.-based Taubman says it has been gradually reopening centers using enhanced safety protocols in compliance with local, state and federal laws. Nearly 85 percent of stores within Taubman’s portfolio have reopened, according to Robert Taubman, chairman and CEO. Taubman’s portfolio consists of 26 super-regional and outlet shopping centers. The company is currently being sued by Simon Property Group over a merger agreement, the latest details of which can be found here.
