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.
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.
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.
MARANA, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space located at 3850 W. Orange Grove Road in Marana. Vincenza LLC sold the asset to The Church of Jesus Christ of Latter-Day Saints for $4.1 million. Westar Kitchen & Bath formerly occupied the 37,627-square-foot property. Dacie Hammack, Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the seller, while Nacy McClure and Carol Schillne of CBRE’s Tucson, Ariz., and Salt Lake City offices represented the buyer in the deal.
CORPUS CHRISTI, TEXAS — Cravey Real Estate Services has brokered sale of Huntington Square, a 90,768-square-foot shopping center in Corpus Christi. Shadow-anchored by H-E-B, the center houses tenants such as Dollar Tree, Freedom Fitness, Edward Jones, Jason’s Deli and Pizza Hut. Lynann Pinkham of Cravey Real Estate represented the seller, Hunt Development Ltd., in the transaction. The brokerage firm also procured the buyer, LRIC Corpus Christi LP.
The value proposition for retail investment in New York City is reaching new highs amid an arguably overvalued office market and a multifamily market that continues to grapple with onerous new regulations. Rapid price escalations in both of these sectors have played an integral role in spurring additional investor demand for retail as of late. Analysis of Avison Young’s third-quarter property sales report for Manhattan revealed a rare opportunity, as the average price per square foot for retail properties has now dipped to $1,449, nearly 40 percent below the trailing four-quarter average. In addition, deal volume was also down nearly 40 percent below the trailing four-quarter average, clocking in at just $175 million. The glory days of 2014, when the market eclipsed $3.5 billion in sales volume, are well behind us. “For Rent” signs now cover swaths of the hardest-hit corridors of Broadway in SoHo, Third Avenue on the Upper East Side and Canal Street. What’s The Upshot? All is not lost, however, in the world of retail investment. In fact, it’s very much the opposite. The legislative constraints putting pressure on the multifamily investment market do not currently exist in the retail world. And with retail pricing down significantly …
FRISCO, TEXAS — JLL has negotiated the sale of Little Elm Towne Crossing, a 150,0007-square-foot shopping center in Frisco. Hobby Lobby anchors the center, which was built in 2007 on 17.6 acres and had an occupancy rate of approximately 95 percent at the time of sale. Other tenants include 24 Hour Fitness, Hibbett Sports, Great Clips and Monarch Dental. Aaron Johnson, Barry Brown, Chris Gerard, Ryan Shore and Adam Roosien of JLL represented the seller, Dallas-based Dunhill Partners Inc., in the transaction. The buyer and sales price were undisclosed.
FORT WAYNE, IND. — NorthMarq has arranged a $5.9 million loan for the acquisition of Coldwater Crossing in Fort Wayne. The 89,980-square-foot retail property, anchored by Dollar Tree, is located at 5315-5515 Coldwater Road. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a regional bank.
EAST RUTHERFORD, N.J. — Triple Five Group has opened Big Snow, a 180,000-square-foot indoor snow slope within its American Dream entertainment and retail destination in East Rutherford, a western suburb of New York City. The 16-story vertical slope offers indoor skiing, snowboarding, sledding and other snow activities year-round. The facility will produce 4.4 tons of snow per hour, which will be kept at a constant temperature of 28 degrees with an average depth at 2 feet. Triple Five opened American Dream in late October with a Nickelodeon Universe theme park and an ice skating rink. The Dreamworks Water Park opened at American dream in late November, and future openings include a Legoland Discover Center, a Sea Life Aquarium and more than 100 retailers and restaurants.
AMARILLO, TEXAS — JLL has negotiated a 63,231-square-foot retail property in Amarillo. The property sits on 5.1 acres and formerly housed a grocer. Michael Meaden of JLL represented the sellers, MAL Enterprises Inc. and Super Market Developers Inc., in the transaction. Zach Ballenger of CBRE represented the buyer, STORE Capital.