Retail

Gorjian Acquisitions Sells 500,000 SF Midwest Retail Portfolio for $25M

by Kristin Harlow July 29, 2020

OHIO, WISCONSIN, INDIANA AND MISSOURI — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led by Joel J. Gorjian. The privately held commercial real estate investment and management firm holds an ownership interest in 75 properties nationwide. Buyer information was not disclosed.

July 29, 2020

Illinois Leasing Activity Midwest Retail

Northwestern Cutlery Signs 5,000 SF Retail Lease in Chicago

by Kristin Harlow July 29, 2020

CHICAGO — Northwestern Cutlery has signed a 5,000-square-foot retail lease at 7138 W. Higgins Ave. in the Norwood Park neighborhood of Chicago. The kitchen supply store joins tenants such as Walter Lily Flowers, Made Men barber shop, Athletico Physical Therapy and Mather’s. Simeon Spirrison and George Spirrison of Adelphia Properties represented the undisclosed landlord in the lease transaction.

July 29, 2020

Acquisitions Colorado Industrial Retail Western

ATE Ventures Sells 8,000 SF Cannabis Retail, Industrial Property in Denver for $1.4M

by Amy Works July 29, 2020

DENVER — ATE Ventures has completed the sale of a flex property located at 3819 Quentin St. in Denver. An undisclosed buyer acquired the building as an investment asset for $1.4 million. A local medical marijuana dispensary and cannabis grow operation occupies the 8,000-square-foot facility, which is situated on a half-acre lot. Greg Knott of Unique Properties/TNC Worldwide represented the seller, while Brian Basham of Basham Commercial represented the buyer in the deal.

July 29, 2020

Development Office Retail Texas

Triten, Catlyn Capital to Develop 216,500 SF Office, Retail Project in Dallas’ Prestonwood Area

by Taylor Williams July 28, 2020

DALLAS — A partnership between Texas-based Triten Real Estate Partners and Catlyn Capital will develop Work/Shop, a 216,500-square-foot office and retail project in the Prestonwood neighborhood of Dallas. The project will consist of two office buildings totaling 135,000 square feet and 81,500 square feet of ground-level retail space fronting Belt Line Road. The office and retail components will be connected by an outdoor plaza and green space totaling 30,000 square feet. O’Brien Architects is the project architect, and Venture Commercial Real Estate and Holt Lunsford Commercial will handle leasing for the retail and office portions of the project, respectively. Funding is in place, and the development team is in the process of securing various permits.

July 28, 2020

Acquisitions Georgia Retail Southeast

RVI Sells Lowe’s Home Improvement Store Near Atlanta for $15.6M

by Alex Tostado July 28, 2020

NEWNAN, GA. — Retail Value Inc. (RVI) has sold a Lowe’s Home Improvement store in Newnan for $15.6 million to an undisclosed buyer. The property is situated at 955 Bullsboro Drive, 35 miles southwest of downtown Atlanta. Lowe’s shadow anchors Newnan Crossing, which RVI sold to Halpern Enterprises for $11.6 million in January. Tenants at Newnan Crossing include Hobby Lobby, GNC, American Deli, Metro by T-Mobile, Sally Beauty and Edible Arrangements.

July 28, 2020

Leasing Activity NAI Retail Texas

NAI Partners Negotiates 7,613 SF Retail Lease for Sally Beauty in North Houston

by Taylor Williams July 28, 2020

HOUSTON — NAI Partners has negotiated a 7,613-square-foot retail lease for Sally Beauty Holdings Inc. at Cypress Landing Shopping Center, located at 3040 FM 1960 E. in North Houston. According to LoopNet Inc., the property was built on 29.1 acres in 1980. Patrick Keegan and Jason Gaines of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

July 28, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 1,875 SF Retail Property in Sugar Land, Texas

by Taylor Williams July 28, 2020

SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of a 1,875-square-foot retail property in the southwestern Houston suburb of Sugar Land that is net-leased to Starbucks Coffee. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The duo also procured the locally based buyer. Both parties requested anonymity.

July 28, 2020

Florida Leasing Activity Restaurant Retail Southeast Southeast Feature Archive Video Webinar

Webinar: South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?

by Sarah Daniels July 27, 2020

(Panelists, clockwise from top left) Adam Tiktin, Tiktin Real Estate Investment Services; Rod Castan, Courtelis Company; Lyle Stern, Koniver Stern Group; Philip Rosen, Becker (moderator); Duane Stiller, Woolbright Development. Last week, Shopping Center Business and Southeast Real Estate Business hosted “South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?” Listen as a panel of retail experts discusses their gameplans: working with tenants and their employees as the industry seeks to adapt. Hear about attitudes towards loans, rent reductions, property value, next steps and more. See a list of some topics covered and their timestamps below: (07:00): How are restaurants and experiential tenants faring? (09:29) Adapting for the challenges of COVID-19 (17:28) South Florida retail rent trends over the next 180 days? (24:32) What can owners do today to position themselves to succeed? (36:00) When might we start to see real loan defaults and real distressed assets? (42:55) Lessons learned from 2007-2008 financial crisis (53:56) Decisions made in the pre-COVID-19 world that have carried over well into our current environment Hear how South Florida retail professionals are approaching industry challenges and evolving to meet the needs of retailers. Panelists: Philip Rosen, Becker (moderator) Adam Tiktin, …

July 27, 2020

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 140,418 SF Columbus Crossing Retail Center in Philadelphia

by Taylor Williams July 27, 2020

PHILADELPHIA — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

July 27, 2020

Acquisitions Alabama Retail Southeast

SRS Arranges $10.3M Sale of Walmart-Occupied Property in Tuscaloosa

by Alex Tostado July 27, 2020

TUSCALOOSA, ALA. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property in Hawaii.

July 27, 2020

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