Retail

Disney Investment Group Brokers Sale of 129,941 SF Retail Power Center in Temple, Texas

by Taylor Williams September 12, 2019

TEMPLE, TEXAS — Dallas-based Disney Investment Group (DIG) has brokered the sale of Bird Creek Crossing, a 129,941-square-foot retail power center located in the Central Texas city of Temple. Built in 2007 and shadow-anchored by Target and Home Depot, the property was 98 percent leased at the time of sale to tenants such as Best Buy, Michaels, PetSmart and SPEC’s Wine & Spirits. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the private 1031 exchange buyer.

September 12, 2019

Colorado Development Multifamily Retail Western

Pollack Shores Real Estate Group to Develop 201-Unit Residential Village in North Boulder

by Amy Works September 12, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group plans to develop The Armory, a 201-unit residential village in North Boulder. Situated on the grounds of a former Colorado National Guard post, The Armory marks Pollack Shores’ entry into the Colorado market. Located at 4750 Broadway in the NoBo Art District, The Armory will feature a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two public pocket parks. Additionally, as part of the project, the historic, 9,500-square-foot armory mess hall and smokestack will be preserved as an activity center for residents. Originally built in 1949, the repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office. The project team includes The Mulhern Group, Martines Palmeiro Construction and JVA. Construction is scheduled to begin this fall, with delivery slated for 2021. Matrix Residential, the developer’s fully integrated property management firm, will oversee operations of the community. Armory Community LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the development.

September 12, 2019

Leasing Activity New York Northeast Retail

The Feil Organization Leases 9,389 SF to Three Restaurants in New York City

by Alex Patton September 12, 2019

NEW YORK CITY — The Feil Organization has leased 9,389 square feet of retail space to three restaurants at 7 Penn Plaza, a 357,000-square-foot building in Manhattan. Sticky’s Finger Joint, Sweetgreen and Naya Express will join Starbucks and The Juice Shop on the ground floor of the building, with all three restaurants expecting to open within the next few months. Randall Briskin represented The Feil Organization internally in all three transactions. Jacqueline Klinger of The Shopping Center Group represented Sweetgreen, and Adam Langer of SRS Real Estate Partners represented Sticky’s Finger Joint and Naya Express.

September 12, 2019

Acquisitions California Restaurant Retail Western

Valore Ventures Sells Oggi’s Pizza & Brewery Site in Garden Grove, California

by Amy Works September 12, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the disposition of an Oggi’s Pizza & Brewery location at 12362 Chapman Ave. in Garden City. The restaurant’s franchisee, a local private investor, acquired the property for an undisclosed sum. The 6,500-square-foot restaurant is part of a four-property, fee-simple restaurant portfolio that Valore Ventures acquired in January. Built between 2001 and 2008, the restaurants are part of a larger development that includes three high-rise hotels and a 2.8-acre parking lot owned by the hotels, but reserved exclusively for restaurant use. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.

September 12, 2019

Development Retail Texas

Weitzman to Renovate Target-Anchored Shopping Center in Irving

by Taylor Williams September 11, 2019

IRVING, TEXAS — Weitzman will renovate Irving Towne Center, a 240,000-square-foot retail center located at the intersection of State Highway 183 and North Belt Line Road in Irving. Originally built in 1986 and anchored by Target, the center houses tenants such as Tuesday Morning, On The Border and Anytime Fitness. Hodges & Associates is the architect for the renovation project, which is expected to begin in late 2019 or early 2020 and to be complete by the end of 2020.

September 11, 2019

Loans New Jersey Northeast Retail

Cushman & Wakefield Arranges $72.5M Construction Loan for Retail Redevelopment in Roxbury, New Jersey

by Alex Patton September 11, 2019

ROXBURY, N.J. — Cushman & Wakefield has arranged a $72.5 million construction loan for the redevelopment of The Shops at Ledgewood Commons, a retail center in Roxbury, located about 40 miles west of New York City. Santander Bank provided the loan, exact terms of which were undisclosed. The borrower, Advance Realty Advisors, plans to reposition the former enclosed mall into an open-air retail center. John Alascio, Sridhar Vankayala, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield arranged the loan.

September 11, 2019

Development Midwest Ohio Retail

Washington Prime Group to Develop Athletic, Entertainment Venue at Former Sears Store in Ohio

by Kristin Harlow September 11, 2019

YOUNGSTOWN, OHIO — Washington Prime Group Inc. has unveiled plans to develop a four-acre athletic and entertainment venue to be named DeBartolo Commons at Southern Park Mall in Youngstown. The venue will be situated at the site of a former Sears department store. Demolition of the store has commenced. Washington Prime also plans to develop an additional entertainment area adjacent to DeBartolo Commons. Plans call for a 37,000-square-foot indoor golf center and new food and beverage offerings. Southern Park Mall was originally built by Edward J. DeBartolo Corp. in 1970.

September 11, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.4M Sale of Retail Center in Chicago

by Kristin Harlow September 11, 2019

CHICAGO — Marcus & Millichap has brokered the sale of a 21,916-square-foot retail center in Chicago for $3.4 million. The property, occupied by Dollar Tree and One Hope United, is located at 707 E. 47th St. It is shadow anchored by a $46 million mixed-use building that includes a Walmart Neighborhood Market. Adrian Mendoza, Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller, a fund manager. A California-based family trust purchased the asset.

September 11, 2019

Acquisitions Nevada Retail Western

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4M

by Amy Works September 10, 2019

RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.

September 10, 2019

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $3.6M Sale of Planet Fitness-Occupied Property in Buckeye, Arizona

by Amy Works September 10, 2019

BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

September 10, 2019

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