Retail

SRS Real Estate Partners Brokers $2.2M Sale of Walgreens-Occupied Property in Arizona

by Amy Works August 22, 2019

GILBERT, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 805 S. Val Vista Drive in Gilbert. An Arizona-based private investor sold the asset to a San Diego-based fund for $2.2 million. Walgreens occupies the 13,905-square-foot property, which was built in 1999 and features a drive-thru and two monument signs. The tenant recently signed a corporate-guaranteed lease extension. Patrick Luther, Britt Raymond and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Jan Fincham of Lee & Associates represented the buyer in the deal.

August 22, 2019

Development Retail Texas

Cinemark to Open Eight-Screen Movie Theater in Cypress, Texas

by Taylor Williams August 22, 2019

CYPRESS, TEXAS — Cinemark Holdings will open an eight-screen CUT! by Cinemark movie theater in Cypress, a northwestern suburb of Houston. The theater will feature wall-to-wall screens, enhanced sound systems, a full-service food menu and bar and an outdoor patio with a fireplace and games. Washington Prime Group will develop the theater, with construction scheduled to begin in November and the opening slated for July 2020.

August 22, 2019

Illinois Leasing Activity Midwest Retail

The RoomPlace Opens Two-Story, 84,000 SF Store at Lincolnwood Town Center in Northern Illinois

by Kristin Harlow August 21, 2019

LINCOLNWOOD, ILL. — The RoomPlace, an Illinois-based furniture store, has opened at Lincolnwood Town Center in northern Illinois. The retailer replaces a former Carson’s store. The 84,000-square-foot space incorporates three brands — The RoomPlace, The MattressPlace and RP Outlet. The location marks The RoomPlace’s largest store to date. Washington Prime Group Inc. owns Lincolnwood Town Center. Other retailers at the shopping mall include Kohl’s, Old Navy, Bath & Body Works, Foot Locker, Express and Champs Sports.

August 21, 2019

Loans Midwest Ohio Retail

NorthMarq Arranges $7M Acquisition Loan for Southland 75 Shopping Center in Dayton, Ohio

by Kristin Harlow August 21, 2019

DAYTON, OHIO — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.

August 21, 2019

Acquisitions Retail Washington Western

Hanley Investment Arranges $3.7M Sale of New Retail Building in Metro Seattle

by Amy Works August 21, 2019

FEDERAL WAY, WASH. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly constructed retail building located at 164 SW Campus Drive in Federal Way. A Kirkland, Wash.-based buyer acquired the property from an affiliate of Henderson, Nev.-based Covenant Real Estate Group for $3.7 million. Situated on 1.2 acres, the 4,980-square-foot freestanding building is located at the signalized entrance to the WinCo Foods-anchored shopping center. The two-tenant building is occupied by a 2,104-square-foot Starbucks Coffee and a 2,876-square-foot Pacific Dental Services-supported dental office. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, while Scott Clements of Seattle-based Orion Commercial Partners represented the buyer in the deal.

August 21, 2019

Market Reports New York Northeast Northeast Market Reports Retail

Retail Rent Picture Varies Greatly Across New York City Submarkets

by Taylor Williams August 21, 2019

Retail leasing activity across New York City accelerated during the second quarter of 2019, but the market continues to see vast discrepancies in supply-demand balances across various submarkets. In certain parts of Manhattan, year-over-year asking rents declined by double-digit percentages, according to the Real Estate Board of New York (REBNY) Spring 2019 Report. Midtown East, for example, saw its average asking rent drop by 22 percent from $3,900 per square foot to $3,050 per square foot during this time period. The corridor between 42nd and 49th streets experienced similar activity, sliding 20 percent from an average asking rent of $1,000 per square foot to $800 per square foot. Historically high vacancy and low absorption rates are behind the negative rent growth. Due to the high cost of doing business in New York, landlords have also struggled to backfill spaces vacated by tenants that were victims of the e-commerce world. As a result, property owners are being forced to bring down their tenant improvement allowances and integrate more flexibility into their leases, primarily in the form of shorter lease terms to stimulate cash flows. Midtown East had approximately 100 vacant retail spaces totaling more than 500,000 square feet at the end …

August 21, 2019

Development Northeast Pennsylvania Retail

PMC Breaks Ground on 65,000 SF GIANT Food Store in Philadelphia

by Alex Patton August 20, 2019

PHILADELPHIA — PMC Property Group, a Philadelphia-based developer, has broken ground on a 65,000-square-foot flagship store for GIANT Food Stores in Philadelphia. Located within the Gensler-designed Riverwalk mixed-use project, the store will offer more than 600 varieties of fresh and local produce, as well as curbside pickup and delivery services. The store is slated to open by fall 2020.

August 20, 2019

Leasing Activity New Jersey Northeast Retail

Korean Fashion Retailer Signs 10,000 SF Lease in East Rutherford, New Jersey

by Alex Patton August 20, 2019

EAST RUTHERFORD, N.J. — Korean fashion retailer ALAND has signed a 10,000-square-foot lease at American Dream, an upcoming mixed-use development in East Rutherford, a western suburb of New York City. The store will be ALAND’s second location in the United States after its Brooklyn store opened in 2018. Canadian developer Triple Five Group will open over 3 million square feet of retail, entertainment and food destinations at American Dream in October 2019.

August 20, 2019

Acquisitions Florida Retail Southeast

Blackwater Resources Sells 75,904 SF Shopping Center in Florida Panhandle

by Alex Tostado August 20, 2019

PACE, FLA. — Blackwater Resources has sold Pace Crossroads, a 75,904-square-foot shopping center in Pace. The property was fully leased at the time of sale to Dick’s Sporting Goods, Michael’s and Ulta Beauty. Pace Crossroads was built in 2018 and is located 15 miles northeast of Pensacola. Mark Joines, Drew Fleming and Henry Kushner of Newmark Knight Frank (NKF) represented the seller in the transaction. The buyer was a private company based in the Mid-Atlantic. The sales price was not disclosed.

August 20, 2019

Company News Florida Retail Southeast

Michelle Kidd Joins Crossman & Co. as Director of Client Services

by Alex Tostado August 20, 2019

ORLANDO, FLA. — Michelle Kidd has joined Crossman & Co. as its new director of client services. Kidd has lived and worked in Orlando since 1997, most recently as a partner at TSCG. Crossman specializes in commercial property management, leasing and investment sales. “I feel a responsibility to make our team stronger through hands-on training and support,” says Kidd. “My goal is to build a concierge service that’s extended to all of our clients as we continue to strengthen the relationships, by identifying individual goals and manage the asset with that objective in mind.” Kidd is on the Legislative Committee for the Orlando Building Owners and Managers Association (BOMA) and is seeking the organization’s Real Property Administrator (RPA) designation. Kidd is also an active member of Commercial Real Estate Women (CREW), serving on the Special Events Committee.

August 20, 2019

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