Retail

Marcus & Millichap Arranges $6.9M Sale of Three-Property Brakes Plus Retail Portfolio in Colorado

by Amy Works July 20, 2020

AURORA AND HIGHLANDS RANCH, COLO. — Marcus & Millichap has arranged the sale of a three-building retail portfolio in Colorado. Chi Chis of Colorado Springs LLLP sold the portfolio to The Kathleen Ann Ross Trust, a local private capital investor, for $6.9 million. The properties are located at 16770 E. Iliff Ave. and 24550 E. Smoky Hill Road in Aurora and 9297 S. Broadway in Highlands Ranch. Brakes Plus occupies each building and all three properties have 17 years remaining on the primary term of their absolute triple-net leases. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller in transaction.

July 20, 2020

Acquisitions California Net Lease Retail Western

Coldwell Banker Brokers $2.9M Acquisition of Dollar General-Occupied Property in Penn Valley, California

by Amy Works July 20, 2020

PENN VALLEY, CALIF. — Coldwell Banker Commercial has arranged the acquisition of a retail property located at 17652 Penn Valley Drive in Penn Valley. An undisclosed buyer purchased the building for $2.9 million. Dollar General occupies the 9,026-square-foot building, which was built in 2019 on 1.2 acres, on a long-term, absolute net-leased basis. Dan McGue of Coldwell Banker Commercial NRT represented the buyer in the deal. The name of seller was not released.

July 20, 2020

District of Columbia Retail Southeast

Commerce Department: June Retail Sales Rise 7.5 Percent from May

by Alex Tostado July 17, 2020

WASHINGTON, D.C. — The advanced estimate for June retail sales nationwide is up 7.5 percent on a month-over-month basis, the U.S. Commerce Department reports. Consumers visited stores and auto dealerships in-person for the second straight month as businesses began reopening their doors. Retail sales totaled $524.3 billion in June, up from $487.7 billion in May. The most recent figure shows spending is near pre-pandemic levels, as the Commerce Department reported that February 2020 spending reached $527.3 billion. The Commerce Department also revised the May retail sales rate up by 50 basis points to 18.2 percent growth from April. Matthew Shay, president and CEO of the National Retail Federation (NRF), says that while the growth is trending positively, the increasing number of positive COVID-19 cases across the country could slow sales in the months to come. As of this writing, there were nearly 3.6 million positive cases in the U.S, according to Johns Hopkins University (JHU). Additionally, JHU reports that there were 77,255 new cases Thursday, setting a single-day record. “The retail sales numbers from last month were very encouraging and reflect continued progress in the right direction,” says Shay. “However, recent spikes in infection rates across the country have us focused …

July 17, 2020

Georgia Leasing Activity Retail Southeast

Ju-C Bar Opens Location at Krog Street Market in Atlanta’s Inman Park District

by Alex Tostado July 17, 2020

ATLANTA — Ju-C Bar has opened its second location in metro Atlanta, joining the tenant lineup at Krog Street Market, a 30,000-square-foot food hall in Atlanta’s Inman Park neighborhood. Ju-C Bar is a family-owned restaurant specializing in made-order juices, smoothies, salads and wraps. Krog Street Market is situated along the Atlanta BeltLine’s Eastside Trail, two miles west of downtown Atlanta. Other tenants include Superica, Jeni’s Splendid Ice Creams, Ticonderoga Club, Fred’s Meat & Bread, Watchman’s Seafood and Spirits, Hop City and The Little Tart Bake Shop, as well as retail and office tenants including The Merchant, Iris and The Atlanta BeltLine Partnership. Ju-C Bar’s other location is in the northern suburb of Sandy Springs. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners represented the landlord, Charlotte, N.C.-based Asana Partners, in the lease transaction. Austin Wilson of Stein Investment Group represented Ju-C Bar.

July 17, 2020

Retail Texas

DFW Retail Occupancy Dropped 40 Basis Points in Second Quarter, CBRE Reports

by Taylor Williams July 17, 2020

The market-wide vacancy rate stood at 6.2 percent at the end of the second quarter, a period that included the first spate of negative net absorption in more than two years. Several retailers that are based in the metroplex, including Pier 1 Imports, Neiman Marcus, Tuesday Morning and J.C. Penney, have been among the major names to file for Chapter 11 bankruptcy and shutter stores in response to COVID-19. Investors’ concerns about rent collection and occupancy also impacted retail investment sales volume in DFW, which stood at approximately $1.6 billion at the end of the quarter, its lowest quarterly total in five years. Texas, one of the first states to reopen, has since seen a spike in new COVID-19 cases that prompted Gov. Greg Abbott to pause further reopenings in late June, a move that most notably included shutting down bars once again. The state currently has about 292,000 confirmed cases and 3,500 deaths, according to the Texas Department of State & Health Services.

July 17, 2020

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $7.2M Sale of Urban Air Adventure Park Near New Haven

by Taylor Williams July 17, 2020

ORANGE, CONN. — Marcus & Millichap has brokered the $7.2 million sale of an 84,200-square-foot retail property in Orange, a southern suburb of New Haven. The property is situated on eight acres and is net leased to Urban Air Adventure Park, an entertainment concept that features trampolines, zip lines, laser tag and virtual reality games. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, Bull Hill Associates, in the transaction. Brian Kaplan, also with Marcus & Millichap, represented the buyer, a limited liability company.

July 17, 2020

Acquisitions Colorado NAI Retail Western

NAI Shames Makovsky Arranges $1.6M Sale of Retail Property in Colorado

by Amy Works July 17, 2020

ARVADA, COLO. — NAI Shames Makovsky has arranged the sale of retail building located at 5805 Independence St. in Arvada. RHB Arvada sold the property to JBM20 for $1.6 million. The building features 1,808 square feet of retail space. Jake Malman and Evan Makovsky of NAI Shames Makovsky represented the buyer in the deal.

July 17, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Brokers $1.8M Sale of Harbor Freight-Occupied Property in Michigan

by Kristin Harlow July 17, 2020

BIG RAPIDS, MICH. — The Boulder Group has brokered the $1.8 million sale of a 24,034-square-foot property occupied by Harbor Freight in Big Rapids, about 60 miles north of Grand Rapids. The single-tenant building is located at 408 Perry Ave. Harbor Freight, a discount tool retailer, recently signed a 10-year lease for the newly renovated building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based real estate firm. A Midwest-based buyer purchased the asset.

July 17, 2020

Industrial Market Reports Multifamily Retail Texas Texas Market Reports

What’s Up Next For San Antonio?

by Taylor Williams July 17, 2020

Interviews conducted by Taylor Williams During the 10-year expansionary cycle, San Antonio posted one of the highest rates of population growth in the country, bringing new development of luxury apartment communities, modernized e-commerce facilities, bustling entertainment destinations and a landmark Class A office building. While some short- and long-term pain from COVID-19 is inevitable, there is also some optimism on the horizon. Industrial broker Cody Woodland of NAI Partners, multifamily developer David Lynd of LYND Co. and retail investment sales specialists Kevin Catalani and Price Onken of CBRE share thoughts on what’s happened and what’s coming in the Alamo City. Texas Real Estate Business: In terms of your sector, what have you seen in the San Antonio market in response to COVID-19? Cody Woodland: Much like other industrial markets, we’ve seen many tenants put their requirements on hold, including some sizable leases near execution. Most of these resulted in short-term extensions that should resurface in 2021. We’ve also seen numerous deals with essential users requiring immediate short-term space for storage purposes due to fluctuations in supply chains, primarily in the grocery and medical product sectors. Even during the pandemic, some long-term leases have still transacted, such as Dollar General’s 285,000-square-foot …

July 17, 2020

Development Hospitality Illinois Midwest Mixed-Use Multifamily Retail Top Stories

Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue

by Katie Sloan July 17, 2020

CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …

July 17, 2020

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