Retail

City of College Park Opens 5,000-Seat Gateway Center Arena in South Atlanta

by John Nelson November 22, 2019

COLLEGE PARK, GA. — The City of College Park has opened Gateway Center, a multipurpose sports and entertainment venue that serves as home of the WNBA’s Atlanta Dream team and the College Park Skyhawks, the official NBA G League affiliate of the NBA’s Atlanta Hawks. Designed by Atlanta-based tvsdesign, Gateway Center is located at 2330 Convention Center Concourse in the south Atlanta city of College Park and contains a maximum of 5,000 seats. A partnership between Georgia International Convention Center (GICC) and The Fox Theatre will operate the arena. The 100,000-square-foot property, which has been in progress since February 2018, was funded by the City of College Park and is located next door to the GICC and near Hartsfield-Jackson Atlanta International Airport. In addition to home basketball games, the arena will also be used to host graduations, conferences and conventions. The Fox Theatre will also book a variety of entertainment events including comedy performances, family shows, concerts and lifestyle events at the arena.

November 22, 2019

Acquisitions Mississippi Retail Southeast

SRS Brokers $8.4M Sale of Starkville Store Leased to Academy Sports + Outdoors

by John Nelson November 22, 2019

STARKVILLE, MISS. — SRS Real Estate Partners has arranged the $8.4 million sale of a 62,916-square-foot store in Starkville fully leased to Academy Sports + Outdoors. The sporting goods retailer recently signed a 15-year lease at the store with scheduled rent increases and options to extend. A private investor based in Southern California purchased the asset in 1031 exchange from the seller, a merchant real estate developer based in the Southeast. The store was built in 2017 at 160 Hollywood Blvd., about five miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented both parties in the transaction.

November 22, 2019

California Loans Retail Western

CBRE Arranges $9M Loan to Refinance Jurupa Valley Spectrum Retail Asset in Inland Empire

by Amy Works November 22, 2019

JURUPA VALLEY, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $9 million loan for Kite Family Limited Partnership. The funds will be used to refinance debt on Jurupa Valley Spectrum, a retail asset in Jurupa Valley. Located at 8022-8082 Limonite Ave., the 124,949-square-foot retail center was 98 percent leased at the time of financing. Jurupa 14 Cinemas occupies approximately 48 percent of the property. Other tenants include Walgreens, Starbucks Coffee and the United States Postal Service. Shaun Moothart, Bruce Francis, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE secured the financing, which was used to retire existing debt on the property, improve the borrower’s terms and enhance the cash flow generated from the investment. The loan’s structure also provides for future funding to build out additional improvements at the property.

November 22, 2019

Acquisitions Northeast Pennsylvania Retail

JLL Arranges $29.1M Sale of Retail Center in Blue Bell, Pennsylvania

by Taylor Williams November 22, 2019

BLUE BELL, PA. —JLL has brokered the $29.1 million sale of the Shops at Blue Bell, a 103,580-square-foot shopping center in Blue Bell, located approximately 15 miles north of Philadelphia. Regional grocer Giant anchors the shopping center, which is 98 percent leased to tenants including Santander Bank, IHOP, Supercuts and nutritional product retailer GNC. James Galbally, Chris Munley and Colin Behr of JLL represented the seller, which was undisclosed. KPR, formerly known as Katz Properties, purchased the asset.

November 22, 2019

Leasing Activity New York Northeast Retail

Apple Farm Signs 25,000 SF Retail Lease in Peekskill, New York

by Taylor Williams November 22, 2019

PEEKSKILL, N.Y. — Regional grocer Apple Farm has signed a 25,000-square-foot retail lease at Peekskill Plaza, a 68,000-square-foot retail center in Peekskill, New York. Peekskill Plaza is now 100 percent leased to a tenant roster including CVS, McDonald’s and Trustco Bank. Joshua Jacobs of Goldschmidt & Associates represented Apple Farm in the lease negotiations. Eric Goldschmidt of Goldschmidt & Associates represented the landlord, undisclosed landlord in the lease negotiations.

November 22, 2019

Acquisitions Midwest Ohio Retail

Baum Brokers $1.9M Sale of Staples-Occupied Property in Ohio

by Kristin Harlow November 22, 2019

MIDDLETON, OHIO — Baum Realty Group LLC has brokered the $1.9 million sale of a 22,052-square-foot, single-tenant building occupied by Staples in Middleton, about 30 miles northeast of Cincinnati. Patrick Forkin of Baum represented the seller, a private regional investor. The buyer was undisclosed. Staples has approximately four years remaining on its lease.

November 22, 2019

California Market Reports Retail Western Western Market Reports

Orange County Tenants, Landlords Embrace the New Retail Norm

by Taylor Williams November 22, 2019

Despite the headwinds facing retail real estate, including the continued rise of ecommerce, the Orange County retail market remains resilient. Statistics are favorable. Vacancy is low at 3.7 percent and average market rent is $32.29 per square foot, up 1.15 percent from last year. Cap rates remain nearly 200 basis points below the national average, signaling buyer sentiment that OC retail is a relatively safe haven. Ground-up development is slow and selective, shoring up demand and keeping rates up for the foreseeable future. The interesting thing is that the market trends are pervasive. Let’s identify a few. Drive-thru restaurants are on fire. Tenants like Chick Fil-A, Raising Cane’s, Starbucks, In-N-Out, Panera and others are performing much higher in SoCal as compared to the rest of the country. Good sites are commanding competition, driving ground rents and drive-thru build-to-suit rents higher each of the past three years. Fitness, grocery, discount and entertainment uses are the most active players in the box category. It’s amazing to think the 1.5 million square feet of big boxes that were dumped on the market in 2017 and 2018 are now mostly accounted for thanks to these new users. EOS Fitness, Planet Fitness, ALDI, Burlington, At …

November 22, 2019

Market Reports Retail Texas Texas Market Reports

Retail Opportunities Abound: Investment Sales, Development Rise in Houston

by Taylor Williams November 22, 2019

Elevated consumer spending tied to a strong job market in the greater Houston area is driving retail investment and tenant demand in suburban and urban submarkets alike. As a result, it’s one of the nation’s top MSAs for retail development, with more than 3 million-plus square feet under construction market-wide. From an investment perspective, single-tenant and ground-leased assets remain favorable with investors. E-commerce-resistant tenants like fitness, restaurants, automotive service centers, car washes/detailing and dialysis facilities command the most attention with cap rates between the mid-5 to mid-6 percent range. Cap rates tend to be 25 to 50 basis points lower for ground leases because there is no landlord responsibility. Credit, guarantee, location, lease term and landlord responsibility are the biggest factors affecting value. Following Grand Parkway In greater Houston, the majority of retail development recently has been in high-growth submarkets along the 180-mile Grand Parkway/TX 99, which loops through seven counties. National brands like Target, Ross Dress for Less, T.J. Maxx, Burlington, Ulta Beauty and Five Below are continually scouting sites in high-density suburban markets along the Grand Parkway. The exponential growth in the entertainment, fitness, dining and medical/healthcare sectors is an equally strong catalyst for retail and mixed-use development …

November 22, 2019

Development Multifamily Northeast Retail Vermont

Vermont Museum, M&S Development Plan $30M Art Center, Multifamily Building

by Alex Patton November 21, 2019

BRATTLEBORO, VT. — The Brattleboro Museum & Art Center (BMAC) and M&S Development have revealed development plans for a proposed $30 million art gallery and museum in Brattleboro, located in southern Vermont. The 55,000-square-foot building will feature art galleries, classrooms, a café and 24 apartment units. Boston-based Schwartz/Silver Architects is designing the project in collaboration with local architect Stevens & Associates. BMAC is currently raising funds for the project, and the timeline of construction was undisclosed.

November 21, 2019

Acquisitions Retail Texas

Retail Solutions Arranges Sale of 42,084 SF Crosspointe Shopping Center in El Paso

by Taylor Williams November 21, 2019

EL PASO, TEXAS — Retail Solutions has arranged the sale of Crosspointe Shopping Center, a 42,084-square-foot retail property located at 4717 Hondo Pass Drive in El Paso. According to LoopNet Inc., the property was built in 1987 and is situated on 2.5 acres. Chris Duncan of Retail Solutions represented the seller in the transaction. Patrick Gordon of Vista Star Realty represented the buyer. Both parties requested anonymity.

November 21, 2019

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