Retail

JLL Brokers Sale of 80,708 SF Retail Center in Suburban Chicago

by Kristin Harlow October 24, 2019

ELK GROVE VILLAGE, ILL. — JLL has brokered the sale of Mallard Crossing, an 80,708-square-foot retail center in Elk Grove Village. The sales price was not disclosed. Anchor tenants Aldi, Ross Dress for Less and Dollar Tree have all signed long-term leases within the past year. Located on Meacham Road, the property was recently renovated with a new roof, parking lot and façade. Janice Sellis of JLL represented the seller, IRC Retail Centers LLC. JLL also procured the buyer, a vehicle sponsored by AmCap Management LLC.

October 24, 2019

Features Heartland Feature Archive Retail

F&B Dominates Discussion at ICSC’s Chicago Deal Making

by Kristin Harlow October 24, 2019

CHICAGO — The food and beverage industry dominated much of the programming and sessions at this year’s Chicago Deal Making, hosted by the International Council of Shopping Centers (ICSC). In fact, the keynote speaker was Fabio Viviani, a celebrity chef and hospitality developer. Examples of other food-oriented workshops and panels included “How to Craft Restaurant Deals,” “From Automation to Ghost Kitchens, Understanding the Trends Reshaping F&B” and “Small Bites: New Restaurant Concepts.” The two-day ICSC event took place at Navy Pier on Wednesday and Thursday, Oct. 16-17. The show kicked off with an hour-long session in which retailers pitched their expansion plans in the Midwest. An overwhelming number of participants were restaurants. “Chicago is recognized for being a gastronomical center, not one or two really good chefs and restaurant tours but many,” said Steven Weinstock, first vice president and regional manager of Marcus & Millichap’s Chicago Oak Brook office. “We win as residents of Chicago because they keep trying new concepts.” Weinstock cited the influx of residents in Chicago’s River North, Streeterville and West Loop neighborhoods for helping grow the food industry within the city. This younger, affluent crowd views restaurants as a source of enjoyment and entertainment, he argued. …

October 24, 2019

Acquisitions North Carolina Retail Southeast

First Washington Realty Acquires Shopping Center in Raleigh for $21M

by Alex Tostado October 23, 2019

RALEIGH, N.C. — First Washington Realty has acquired Harvest Plaza, a 99,479-square-foot retail center in Raleigh. The seller and sales price were not disclosed, although Triangle Business Journal reports Capital Partners and York Properties sold the property for $21 million. Walgreens and Planet Fitness anchor the retail center, which is located at 9650 Strickland Road, 10 miles north of downtown Raleigh.

October 23, 2019

Acquisitions Midwest Retail Wisconsin

Next Realty Acquires 17,000 SF Retail Center in Metro Milwaukee

by Kristin Harlow October 23, 2019

DELAFIELD, WIS. — An affiliate of Next Realty LLC has acquired Hillside Terrace Shopping Center in Delafield, about 25 miles west of Milwaukee. The purchase price was not disclosed. The 17,000-square-foot retail center is located on Hillside Drive. The property is fully leased to tenants such as Jimmy John’s, Pizza Hut, Stone Creek Coffee and Chris & Co. Salon. This is the seventh acquisition for Next Realty Fund IX LP.

October 23, 2019

Acquisitions New Mexico Retail Western

Phillips Edison Sells 74,393 SF Juan Tabo Plaza in Albuquerque

by Amy Works October 23, 2019

ALBUQUERQUE — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan Shore, Aaron Johnson and Wesley Gilmer of JLL Capital Markets represented the seller in the deal.

October 23, 2019

Florida Loans Retail Southeast

Centennial Bank Originates $21M Construction Loan for Retail Development in Orlando

by Alex Tostado October 22, 2019

ORLANDO, FLA. — Centennial Bank has originated a $21 million construction loan for Phase II of Celebration West, a planned 84,000-square-foot retail center in Orlando. The property is located at the intersection of Interstate 4 and World Drive, five miles from Walt Disney World. The borrower, Unicorp National Developments Inc., acquired the site in April 2019 from Disney. Dave & Buster’s and a regional grocery chain will anchor Celebration West. Other tenants will include Dunkin’, Walgreens and Burger King, bringing the property to 56 percent preleased. A timeline for Phase II was not disclosed. Robby Barrows of Centennial Bank originated the loan on behalf of Unicorp, which is also underway on a $1 billion mixed-use development in Orlando known as O-Town West.

October 22, 2019

Acquisitions Massachusetts Northeast Retail

Urban Spaces Sells Retail Building in Cambridge, Massachusetts, for $11.2M

by Alex Patton October 22, 2019

CAMBRIDGE, MASS. — Urban Spaces has sold 85-95 First Street, a 10,000-square-foot retail building in Cambridge, for $11.2 million. The building was competed in June with 4,600 square feet of space preleased to specialty pet food and supply store Loyal Companion. Paint supply store Sherwin-Williams has also agreed to lease 2,900 square feet, and another undisclosed tenant has agreed to lease the remaining 2,500 square feet. Conviser Property Group represented Urban Spaces in the building sale.

October 22, 2019

Development Michigan Midwest Restaurant Retail

Taco Bell to Open 2,710 SF Location in Caledonia, Michigan

by Kristin Harlow October 22, 2019

CALEDONIA, MICH. — Taco Bell will open a 2,710-square-foot location at 6445 Cherry Meadow Drive SE in Caledonia, about 20 miles southeast of Grand Rapids. The restaurant is expected to open in November and create 40 jobs. Mike Murray of Colliers International assisted Taco Bell in securing land for the new-construction building. Wolverine Building Group was the general contractor. There are 55 Taco Bell locations across West Michigan, according to Colliers.

October 22, 2019

Acquisitions Retail Texas

JLL Negotiates Sale of 89,600 SF Silver City Town Center Near Oklahoma City

by Taylor Williams October 22, 2019

MUSTANG, OKLA. — JLL has negotiated the sale of Silver City Town Center, an 89,600-square-foot retail center in Mustang, a southwestern suburb of Oklahoma City. The property was approximately 92 percent leased at the time of sale to tenants such as Mustang Urgent Care, Four Star Fitness, Mustang Optical, Laura’s Laundromat, Bronco Bowl, Playbox Indoor Playland and Marco’s Pizza. Aaron Johnson, Barry Brown, Austin Ross and Ross Crawford of JLL represented the seller, Fields Investments, in the transaction. The buyer and sales price were not disclosed.

October 22, 2019

Acquisitions New York Northeast Retail

NNN Acquisition Group Buys 205,000 SF Walmart Store in Rochester, New York

by Alex Patton October 21, 2019

ROCHESTER, N.Y. — NNN Acquisition Group LLC, a Texas-based developer, has purchased a 205,000-square-foot retail property leased to Walmart store in Rochester, located approximately 70 miles east of Buffalo. NNN purchased the property for $8.3 million and may redevelop the property following the completion of Walmart’s lease term, which has less than five years remaining. Joshua Pardue of Stan Johnson Co. represented the seller, Urban Edge Properties, in the transaction.

October 21, 2019

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