SPRING, TEXAS — NAI Partners has negotiated the sale of Spring Stuebner Plaza, a 66,125-square-foot retail and office warehouse property located near Springwoods Village on the northern outskirts of Houston. The property was fully leased at the time of sale. Josh Lass-Sughrue and Jason Ridenbaugh of NAI Partners represented the seller, Spring Stuebner Realty Ltd., in the transaction. The buyer was an undisclosed private investor.
MAPLE GROVE, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a two-tenant retail building in Maple Grove for $9.2 million. Bank of America and Crave American Kitchen & Sushi Bar occupy the newly built property, which is situated at the intersection of Elm Creek Boulevard and Main Street. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp. Jim Batlle of Coldwell Banker Commercial NRT represented the buyer, a California-based private investor. The sales price represents a cap rate of 5.66 percent.
NILES, MICH. — Marcus & Millichap has brokered the sale of Niles Plaza in southwest Michigan for $2.6 million. The 15,128-square-foot retail property is located at 2010 S. 11th St. It is fully leased to Wings Etc., Verizon Wireless, Anytime Fitness, Edward Jones, Allied Cash Advance, H&R Block and Joe’s Barber. Jesse Limon, Damien Yoder, Julia Evinger and Steven Chaben of Marcus & Millichap marketed the property on behalf of the seller, a local family investment company. A Las Vegas-based limited liability company purchased the asset.
A persistent need for a tenant mix that is resistant to e-commerce and which facilitates a unique, authentic experience is prompting owners of older retail centers and malls to assume high levels of risk and redevelop their properties. While there can be a plethora of non-tenant-related factors that spur redevelopment projects — the basic need to charge higher rents, the structural and aesthetic deterioration over time, a desire to restore the public perception of vibrancy — the ultimate success of almost every retail redevelopment project hinges on the tenancy. “Modern consumers are attracted to experiential concepts and properties that are destinations, meaning those with a roster of diverse and dynamic tenants,” says Joe Coradino, CEO of Philadelphia-based retail investment firm PREIT. “Diversifying our tenant mixes across all our properties and markets is key to differentiating them.” PREIT has several redevelopment projects underway in Pennsylvania. The company is repositioning the anchor space at the Plymouth Meeting Mall, which was previously occupied by Macy’s, to house several new tenants, including Michael’s, Miller’s Ale House, Burlington, Edge Fitness and DICK’s Sporting Goods. PREIT has also transformed the former Macy’s anchor space at the Moorestown Mall into four box spaces that will house tenants …
ORANGE, CONN. — Marcus & Millichap has brokered the $19.4 million sale of a retail property in Orange, located approximately 70 miles northeast of New York City. The property is 100 percent net-leased to The Home Depot, which has been the tenant since 1992. Alan Cafiero, Ben Sgambati and Matt Leszyk of Marcus & Millichap represented the seller, Renova Equities, in the all-cash transaction. The team also represented the buyer, an undisclosed REIT.
NEW YORK CITY — Body hair removal company Sugaring NYC has signed two retail leases totaling 3,350 square feet in Manhattan and Brooklyn. The company’s new 1,350-square-foot space in Brooklyn, its first in the borough, is located at 100 7th Ave. in the Park Slope neighborhood. The company’s new 2,000-square-foot New York flagship store is located at 5 West 30th St. in the Nomad neighborhood of Manhattan. Both lease terms are for 10 years. David Yablon of Katz & Associates represented Sugaring NYC in the lease negotiations. Jeffrey Kessler of Levitan represented the undisclosed landlord in the Brooklyn deal.
DETROIT — The Detroit Pistons have opened the Henry Ford Detroit Pistons Performance Center, a $90 million training center and corporate headquarters in Midtown Detroit’s New Center area. The 185,000-square-foot facility is the largest of its kind in the NBA, according to the Pistons. It is connected to the $37 million William Clay Ford Center for Athletic Medicine and features publicly accessible grocery, food, fitness and retail amenities. Henry Ford Health System manages a comprehensive sports medicine, treatment and rehabilitation facility at the property. Retailers Plum Market and Blink Fitness are slated to open by the end of the year. The project is situated on a parcel owned by Henry Ford Health between Wayne State University and Henry Ford Hospital. It is approximately two miles north of Little Caesars Arena, where the Pistons have been playing games since 2017.
KANSAS CITY, MO. — AT&T, Starbucks, Furniture Deals and Spectrum have joined the tenant lineup at Twin Creeks Center in the Northland area of Kansas City. Negotiations are currently underway to add Chipotle, Altitude Trampoline Park and ReeceNichols, according to owner United Development Co. The Texas-based company purchased the 29-acre property formerly known as Barry Towne Center in February 2017. United, along with its development partner Falcon Realty Advisors, has invested $30 million in renovations. The companies plan to invest an additional $30 million in developing the remaining 13 acres on the east side of the center. Copaken Brooks Commercial Real Estate is the property manager, while LANE4 Property Group is the leasing agent.
SIGNAL HILL, CALIF. — JLL has facilitated the sale of Towne Center East, fully leased retail center in Signal Hill. BIG Shopping Centers USA sold the asset to an institutional buyer for an undisclosed price. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank. Situated on nearly 15 acres at 2172-2598 Cherry Ave., Towne Center East features 154,750 square feet of retail space. Tenants include The Home Depot, PetSmart, Supercuts, T-Mobile, Subway, GNC, Chinese Combo and Tutti Frutti Yogurt, among others. Patrick Toomey and Tom Lagos of JLL Capital Markets represented the seller in the deal. Matthew Stewart and Reid McGlamery of the JLL Capital Markets debt placement team secured the acquisition financing for the buyer.
PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.