Retail

JLL Arranges Sale of 86,931 SF Retail Center in Suburban St. Louis

by Kristin Harlow December 20, 2019

FENTON, MO. — JLL has arranged the sale of Gravois Place in Fenton, about 20 miles southwest of downtown St. Louis, for an undisclosed price. The 86,931-square-foot retail center is fully leased and anchored by Gold’s Gym. Situated at 635 Gravois Road, the property is also home to SkyZone Trampoline Park and St. Vincent DePaul. Aaron Johnson, Chris Murphy, Ross Crawford and Danny Kaufman of JLL marketed the property on behalf of the seller, RBR Real Estate Holdings LLC. Mark Sher of KW Commercial represented the undisclosed buyer.

December 20, 2019

Development Kansas Midwest Retail

Darland Construction Completes Conversion of Former Kmart into Multi-Tenant Shopping Center in Topeka

by Kristin Harlow December 20, 2019

TOPEKA, KAN. — Darland Construction Co. has completed the conversion of a former Kmart store in Topeka into Wanamaker Hills Shopping Center. The 108,546-square-foot retail property is now home to Ulta, Old Navy, DSW, Five Below and Petco. Equity Investment Group, an Indiana-based developer, bought the property in 2014. Schwerdt Design Group was the project architect.

December 20, 2019

Market Reports Retail Texas Texas Market Reports

While Dallas Retail Market Sees Steady Growth, Fort Worth is Poised to Explode

by Taylor Williams December 20, 2019

For decades, all classes of commercial real estate in Dallas enjoyed somewhat lopsided advantages over Fort Worth. Until about 15 years ago, Dallas, the main beneficiary of the job, housing and population growth coming to the metroplex, commanded the lion’s share of demand from commercial real estate users while also having more capital for new development. Retail was no exception. Today, the Dallas area has seen its retail scene push northward toward Plano and Frisco, the new hubs of corporate relocations and regional workforce consolidations. But the combination of a shortage of developable land and a tight vacancy rate within the Interstate 635 loop is pushing rents. On a triple-net basis, rates are now as high as $60 per square foot in top submarkets like Uptown, Lakewood and Deep Ellum and $90-plus per square foot in the tony Preston Hollow and Park Cities submarkets, according to HSM’s research. Our data also shows that the average retail vacancy rate within the Interstate 635 loop in Dallas is approximately 2.6 percent, while there is 205,000 square feet of new space under construction within this area. By contrast, the urban core of Fort Worth inside the Interstate 820 loop spans about half as …

December 20, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $9.5M Sale of Emerald Place Shopping Center in Greenwood, South Carolina

by Alex Tostado December 19, 2019

GREENWOOD, S.C. — Marcus & Millichap has brokered the $9.5 million sale of the Emerald Place shopping center in Greenwood, approximately 25 miles from the Georgia-South Carolina state line. Kohl’s, Ross Dress for Less and Rack Room Shoes anchor Emerald Place, which is located at 259 Hospitality Blvd. Private investor George Snelling purchased the 107,616 –square-foot property from Cole MT Greenwood SC LLC. Marcus & Millichap’s Zach Taylor, Brian Munn and Don McMinn brokered the sale on behalf of both the seller and the buyer. The buyer, who typically invests in self-storage assets, purchased Emerald Place as it provided a more attractive yield than other self-storage options, according to Taylor.

December 19, 2019

Development Midwest Ohio Retail

Topgolf Opens 65,000 SF Venue in Metro Cleveland

by Kristin Harlow December 19, 2019

INDEPENDENCE, OHIO — Topgolf Entertainment Group has opened its newest Ohio location in the Cleveland area. The three-level, 65,000-square-foot venue will feature popular Topgolf games and technology as well as private event spaces. In addition to golf, guests will enjoy a chef-driven menu, drinks, big screen TVs and music. The Cleveland location is situated at 5820 Rockside Woods Blvd. More than 500 full- and part-time associates were hired in advance of the property’s opening. Topgolf also has locations in Columbus and Cincinnati.

December 19, 2019

Loans Midwest Missouri Retail

NorthMarq Arranges $12M Refinancing for Retail Center in Chesterfield, Missouri

by Kristin Harlow December 19, 2019

CHESTERFIELD, MO. — NorthMarq has arranged a $12 million loan for the refinancing of Hilltown Village Center in Chesterfield, a western suburb of St. Louis. Anchored by Schnucks grocery store, the 141,889-square-foot retail center is located at 101 Hilltown Village Center. Jeff Chaney of NorthMarq arranged the 15-year, fixed-rate loan on behalf of the borrower, RIJO Inc. A life insurance company provided the loan, which is amortized over 25 years.

December 19, 2019

Acquisitions California Retail Western

Gershman Properties Buys San Elijo Hills Town Center in San Marcos for $16M

by Amy Works December 19, 2019

SAN MARCOS, CALIF. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction.

December 19, 2019

Acquisitions Massachusetts Mixed-Use Northeast Retail

Finard Properties Acquires 308,863 SF Greendale Mall in Worcester, Massachusetts

by Alex Patton December 18, 2019

WORCESTER, MASS. — Finard Properties has acquired Greendale Mall, a 308,863-square-foot shopping mall in Worcester, located approximately 45 miles west of Boston. The mall was completed in 1987 and currently houses tenants such as TJ Maxx, Greendale Furniture and Reliant Healthcare. Located at 7 Neponset St., the mall offers immediate proximity to downtown Worcester and close access to metropolitan communities. Finard Properties plans to redevelop Greendale Mall as a mixed-use development. The project team includes architect Prellwitz Chilinski Associates and general contractor Bohler Engineering. Robert Griffin Jr. of Newmark Knight Frank represented the undisclosed seller in the transaction.

December 18, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

by Amy Works December 18, 2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …

December 18, 2019

Retail-Strip-Portfolio-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Pinnacle Real Estate Arranges $13.1M Sale of Three-Asset Retail Portfolio in Colorado Springs

by Amy Works December 18, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of three retail strip centers in Colorado Springs. An undisclosed buyer acquired the portfolio for $13.1 million. King Soopers shadow anchors two of the properties, while Target shadow anchors the third. Eric Diesch and Peter Sengelmann of Pinnacle, along with John Redfield of SRS Real Estate Partners, represented the buyer. The name of the seller was not released.

December 18, 2019

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