Retail

UTRC Acquires 7.53-Acre Land Site for Village Center Development in Chino, California

by Amy Works December 13, 2019

CHINO, CALIF. — United Trust Realty Corp. (UTRC) has purchased 7.53 acres of commercially zoned land within College Park Master Planned Community in Chino. Lennar Homes sold the land parcel for $2.9 million. The site is the last remaining piece to be developed within the 710-acre community that includes 2,500 residential units featuring a mix of single-family and multifamily residences, a clubhouse, fitness center, picnic areas and trails. Chino Hills, Calif.-based UTRC plans to develop Village Center, a mixed-use project, at the site. The development will include 15,000 square feet of retail and food uses, a day care and a church. In addition to the residents of College Park and neighboring communities, the property is positioned to serve the adjacent Chaffey College satellite campus and the 140-acre Ruben S. Ayala Park. UTRC plans to request development permits from the City of Chino and Chaffey College in the upcoming months. Chris Lindholm of Progressive Real Estate Partners represented the buyer and seller in the deal.

December 13, 2019

Acquisitions Midwest Missouri Retail

Quantum Brokers $5.4M Sale of Hobby Lobby-Occupied Property in Belton, Missouri

by Kristin Harlow December 13, 2019

BELTON, MO. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 55,000-square-foot property occupied by Hobby Lobby in Belton, about 20 miles south of Kansas City. The single-tenant building is located at 520 E. Markey Parkway. Hobby Lobby has approximately 12 years remaining on its lease. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. A California-based investment fund purchased the asset.

December 13, 2019

Illinois Leasing Activity Midwest Retail

Mattress Liquidators Opens at Former Bergner’s Department Store in Pekin, Illinois

by Kristin Harlow December 13, 2019

PEKIN, ILL. — Mattress Liquidators has relocated to a former Bergner’s department store at East Court Village in Pekin within central Illinois. The mattress store, previously located at 3518 Court St. within the shopping center, has moved to the former Bergner’s space at 3536 Court St. Mattress Liquidators now occupies the entire 82,100-square-foot space and opened its doors on Thursday, Dec. 12. Mattress Liquidators offers name-brand mattresses at significant discounts by purchasing overstocks and year-end models. The East Court Village store will also sell furniture and major appliances. The store is open Thursday through Sunday each week. Cullinan Properties Ltd. owns and manages East Court Village.

December 13, 2019

Development Florida Leasing Activity Retail Southeast

Chick-fil-A, Old Navy to Join $425M River Landing Project in Miami

by Alex Tostado December 12, 2019

MIAMI — UrbanX Group has inked new lease agreements with fast casual restaurant Chick-fil-A and clothing retailer Old Navy to occupy a total of 19,000 square feet along the Miami River. The tenants will join River Landing Shops & Residences, the 8.1-acre mixed-use development currently under construction. Chick-fil-A and Old Navy are both scheduled to open in spring 2020 and join already signed tenants Publix, Burlington, T.J. Maxx, Ross Dress for Less, GNC, Chase Bank, AT&T and Hobby Lobby. The $425 million River Landing in the Mid River district, west of downtown Miami, is scheduled to open in early 2020. UrbanX Group’s Andrew Hellinger and Coralee Penabad are River Landing’s lead developers. The project will consist of approximately 345,000 square feet of retail space, 135,000 square feet of office, 528 apartments, more than 2,000 parking spaces, a 25,500-square-foot restaurant row and a landscaped riverwalk.

December 12, 2019

Acquisitions Midwest Retail Wisconsin

Boulder Group Arranges $2.3M Sale of Net Leased Piggly Wiggly Store in Wisconsin

by Kristin Harlow December 12, 2019

NEW HOLSTEIN, WIS. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to grocer Piggly Wiggly in New Holstein, about 40 miles south of Green Bay. The 29,651-square-foot building is located at 2243 Calumet Drive. There are more than eight years remaining on Piggly Wiggly’s lease. Randy Blankstein and John Feeney of Boulder represented the seller, a Wisconsin-based partnership. A Midwest-based individual purchased the asset while completing a 1031 tax-deferred exchange.

December 12, 2019

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Brokers Sale of 5,400 SF Restaurant Building in Metro Chicago

by Kristin Harlow December 12, 2019

VILLA PARK, ILL. — Adelphia Properties has brokered the sale of a 5,400-square-foot restaurant building in Villa Park, about 20 miles west of Chicago. The sales price was undisclosed. The vacant property, formerly occupied by Park West Pancake House, is located at 10 E. Roosevelt Road. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. The buyer was also a Chicago-based private investor.

December 12, 2019

Development Northeast Pennsylvania Retail

Anchor Shops to Open 7,000 SF Store at Fashion District Philadelphia

by Alex Patton December 12, 2019

PHILADELPHIA —Anchor Shops plans to open a 7,000-square-foot store at Fashion District Philadelphia, a concept which will accomodate online retailers with a brick-and-mortar location to better compete with legacy retailers. In addition, Anchor Shops has leased a 30,000-square-foot space at Moorestown Mall in New Jersey, which is also owned by PREIT. The company plans to take occupancy of both properties in the second quarter of 2020. A project of ShopFulfill, Anchor Shops was conceived to help digitally native brands by providing online retailers with a turnkey solution that enables them to benefit from a low-cost regional distribution network. Depending on the size and type of space required, brands will have the option to join Anchor Shops and its national distribution network starting at $600 per month. PREIT opened Fashion District Philadelphia in September.

December 12, 2019

Development Retail South Carolina Southeast

CBL Properties to Redevelop Coastal Grand Retail Center in Myrtle Beach

by Alex Tostado December 11, 2019

MYRTLE BEACH, S.C. — CBL Properties plans to redevelop Coastal Grand in Myrtle Beach. As part of the redevelopment, the Chattanooga-based shopping center owner will relocate Dick’s Sporting Goods, which will include Golf Galaxy, to a building near Dillard’s and a new 53,000-square-foot Flip N Fly that will occupy Dick’s current space. Flip N Fly will bring a trampoline park as well as other family attractions to Coastal Grand. Construction on the new Dick’s/Golf Galaxy store will begin in early 2020. More information about a grand opening date will be announced as plans are finalized.

December 11, 2019

Acquisitions Florida Retail Southeast

Consolidated-Tomoka Land Acquires Strand Shopping Center in Jacksonville for $62.7M

by Alex Tostado December 11, 2019

JACKSONVILLE, FLA. — Consolidated-Tomoka Land Co. has acquired The Strand, a 212,000-square-foot retail center in Jacksonville, for $62.7 million in a 1031 tax exchange. The Strand was 95 percent leased at the time of sale to 20 tenants, including four anchors: Hobby Lobby, PGA Superstore, 2nd & Charles and Best Buy. The property is located at 1401 Riverplace Blvd., 12 miles southeast of downtown Jacksonville and adjacent to St. Johns Town Center, home to more than 150 retailers. Colliers International’s Northeast Florida office will handle leasing efforts on behalf of the new owner. The seller was not disclosed.

December 11, 2019

Acquisitions Retail Utah Western

SSG Acquires Vacant Retail Property Within Opportunity Zone in Salt Lake City

by Amy Works December 11, 2019

SALT CITY LAKE — SSG Realty Partners has purchased a vacant retail property located at 30 W. 900 South in Salt Lake City. Terms of the transaction, including the acquisition price and name of the seller, were not disclosed. Situated in the West Temple Gateway District and adjacent to the Granary District, Pier 1 formerly occupied the property. Tenants surrounding the property include Publik Coffee Roasters, Blue Copper, Ruby Snap, Frida Bistro, R&R, Vertical Diner (Sage’s Café), Water Witch, Proper Burger, and Epic, Fisher & TF breweries. SSG plans to implement a capital plan to renovate, improve and repurpose the property and is considering several types of uses for the building, ranging from traditional retail to creative office, health and fitness, commercial kitchen, specialty grocer, pharmacy, restaurant, brewery or related food uses. Converting it into a transportation-oriented development is also being considered. Additionally, the property is located within a Qualified Opportunity Zone created pursuant to the 2017 Tax Cuts and Jobs Act to spur economic development and job creation. The acquisition marks the first asset to be acquired under SSG’s Opportunity Zone Fund.

December 11, 2019

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