LONG ISLAND, N.Y. — JLL has brokered the $17 million sale of Hubbard’s Commons, a 65,970-square-foot, grocery-anchored retail center on Long Island. At the time of sale, the property was 98 percent leased to tenants such as Best Market, Rite Aid Pharmacy and Orangetheory Fitness. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Andrew Scandalios and Grace Braverman of JLL represented the seller, Urban Edge Properties, in the transaction. ShopOne Centers REIT purchased the asset.
GAINESVILLE, FLA. — TSCG has brokered the sale of Gainesville Plaza, a 162,000-square-foot retail center situated along NW 13th Street in Gainesville. The center was 92.4 percent leased at the time of sale to tenants including Burlington, Ross Dress for Less, Sav-A-Lot, 2nd & Charles (a Books-A-Million concept), Lumber Liquidators and Hibbett Sporting Goods. The sale also includes a 1.4-acre outparcel fronting 13th Street that can accommodate 4,000- and 3,750-square-foot buildings. Gainesville Plaza was built in 1971 and renovated in 2014. Anthony Blanco of TSCG and his sales team represented the seller, an affiliate of a publicly traded REIT, in the transaction. An affiliate of Wicker Park Capital Management LLC acquired the center for an undisclosed price.
MISSION VIEJO, CALIF. — SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant retail property located at 28651 Marguerite Parkway in Mission Viejo. Irvine, Calif.-based Pacific Castle sold the asset to a Hawaii-based investor for $3.8 million, or $1,374 per square foot. Patrick Luther, Matthew Mousavi and Terrison Quinn of SRS’ National Net Lease Group represented the seller, while Arthur Flores of CBRE represented the buyer in the deal. Built in 1979, the 2,759-square-foot property is scheduled to be renovated in the near future. Jack in the Box occupies the building and recently signed a lease extension for 15 years and has been a tenant at the location for more than 35 years.
ROCHELLE PARK, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain. It was not made immediately clear if the retailer will continue to operate its e-commerce platform. Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores. Avenue will hold liquidation sales in all of its stores, offering 30 to 50 percent off clothes, accessories and even store fixtures. Hilco Merchant Resources and Gordon Brothers have been hired to oversee the inventory sales. Footwear News reported that Rochelle Park, N.J.-based Avenue Stores LLC filed a Worker Adjustment and Retraining Notification (WARN) with the New Jersey Department of Labor in early August. WARN requires employers to provide 60 days’ notice in advance of mass layoffs. According to Coresight Research, there has already been 29 percent more store closures in 2019 than in all of 2018. The Avenue store closing announcement comes on the heels of Barneys New York filing for bankruptcy in early August. Additionally, in July, GNC and Charming Charlie announced they would close hundreds of stores. Versa Capital, a Philadelphia-based private equity …
DECATUR, GA. — Atlanta-based developer S.J. Collins Enterprises has sold the retail portion of North Decatur Station, a newly delivered mixed-use development in Decatur. The fully leased, 86,164-square-foot shopping center is anchored by Whole Foods Market 365 and opened in early 2019. The center is located a 1555 Church St., eight miles east of downtown Atlanta. Other tenants include Hollywood Feed, Gusto!, Big Peach Running, Club Pilates, Jason’s Deli, F45 Fitness and Thrive Vet Clinic. North Decatur Station also includes Solis Decatur Apartments, a 290-unit multifamily community that was not included in the sale. Fain Hicks, Lane Breedlove and Tyler Anderson of Cushman & Wakefield represented S.J. Collins in the transaction. Weingarten Realty Investors acquired the property. The sales price was not disclosed.
HAMMOND, IND. — Marcus & Millichap has arranged the sale of a 9,327-square-foot retail strip center in Hammond for $4.7 million. Located at 7905 Indianapolis Blvd., the property is anchored by AT&T. All tenants operate under 10-year leases. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An Illinois-based buyer completing a 1031 tax-deferred exchange purchased the asset.
RICHMOND, TEXAS — Houston-based NewQuest Properties will break ground in the coming weeks of the first phase of Grand at Aliana, a 200,000-square-foot retail project in Richmond, a southwestern suburb of Houston. The property is preleased to an array of national tenants, including 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works and Skechers. Grand at Aliana will also house a 10,454-square-foot healthcare clinic that will be occupied by Baylor St. Luke’s Medical Group and provide urgent and primary care services. Out-parcels have been ground-leased to McDonald’s, Jason’s Deli, Freddy’s Frozen Custard & Steakburgers, Timewise and Express Oil. The opening is scheduled for the second quarter of 2020.
If you have visited Chattanooga in the past year, it should come as no surprise that you are in fine company. Mayors and Economic Development executives from across the nation have been flocking to the Scenic City. Envious of the Chattanooga success story, they have come to witness firsthand the ongoing transformation that has made Chattanooga one of the most livable, sensational and progressive mid-sized cities in America. The Chattanooga retail market is strong, chiefly due to the overall health and culture of the entire city. River City Co., a longtime successful, private nonprofit led by CEO Kim White, touts itself as the economic development engine for downtown. It reports the cost of living in vibrant downtown Chattanooga is 15.9 percent less than the national average. This has drawn everyone from millennials to retirees to the vibrancy and livability of the city. Tourism in a non-coastal Southern city with fewer than 180,000 residents may seem not even worth pursuing, but Chattanooga hosts more than 3 million annual visitors. Travelers are lured by destinations such as the Tennessee Aquarium, Children’s Discovery Museum and the IMAX. There are also events such as the Ironman; the Head of the Hooch, which is one …
HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.
LONG ISLAND CITY, N.Y. — Planet Fitness has signed an 18,000-square-foot retail lease in Long Island City. The gym, which will be situated on the lower levels of the newly constructed 22-29 Northern Boulevard rental tower, is the company’s first property in Long Island City. Steven Baker and Thomas Galo of Winick Realty represented the landlord, Simon Baron Development, in the lease negotiations. Richard Chera of Crown Acquisitions represented Planet Fitness.
