Retail

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

Leasing Activity Northeast Pennsylvania Restaurant Retail

Sign of the Horse Brewery to Open 4,850 SF Pub in Hanover, Pennsylvania

by Alex Patton October 21, 2019

HANOVER, PA. — Sign of the Horse Brewery will open a 4,850-square-foot bar and pub in Hanover, located approximately 35 miles south of Harrisburg. The company will brew and serve fresh beer as well as a full food menu at 979 York St., a 12,010-square-foot cement warehouse that was redeveloped into retail space. Tenants at the property currently include Earling Chiropractic Clinic, pet cremation service Companions at Peace Inc. and apparel retailer Homefield Advantage. Nate Resh and John Birkeland of ROCK Commercial Real Estate brokered the transaction. The grand opening of the pub is slated for October 22.

October 21, 2019

Acquisitions Midwest Ohio Retail

Anchor Cleveland Negotiates $3.5M Sale of Property Formerly Occupied by Kmart in Suburban Cleveland

by Kristin Harlow October 21, 2019

SEVEN HILLS, OHIO — Anchor Cleveland has negotiated the sale of a 120,000-square-foot property formerly occupied by Kmart in suburban Cleveland for $3.5 million. The 14-acre sale also included vacant land and existing adjacent buildings. Matt Wilson of Anchor Cleveland represented the buyer, Meijer Stores. Florida-based Kin Properties was the seller.

October 21, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $1.9M Sale of Property Net Leased to Sherwin-Williams in Columbus

by Kristin Harlow October 21, 2019

COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of a 3,480-square-foot property net leased to Sherwin-Williams in Columbus for $1.9 million. Built in 2016, the property is located at 634 S. High St. Dan Yozwiak of Marcus & Millichap marketed the building for sale on behalf of the seller, a limited liability company. Yozwiak also represented the buyer, a limited liability company.

October 21, 2019

Acquisitions Midwest Minnesota Retail

KW Commercial Arranges Sale of 15,310 SF Retail Center Near St. Cloud, Minnesota

by Kristin Harlow October 21, 2019

ST. AUGUSTA, MINN. — KW Commercial has arranged the sale of Delux Retail Center, a 15,310-square-foot retail center in St. Augusta near St. Cloud. Snap Fitness and Delux Liquor anchor the property, which is located at 24086 State Highway 15. Matthew Klein and Anthony Passanante of KW Commercial/AMK Properties represented the buyer, MSK Realty LLC, which purchased the asset for $975,000. Steve Feneis and Maria Berdan of Granite City Real Estate represented the undisclosed seller.

October 21, 2019

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