Retail

BWE Secures $425M in Construction Financing for Mosaic Quarter Sports Complex in Tucson

by Amy Works October 30, 2024

TUCSON, ARIZ. — BWE has secured a $425 million credit-tenant lease to provide construction financing for Phase I of Mosaic Quarter, a planned sports destination spanning 90 acres and 1 million square feet in Tucson. Brian Boland of BWE originated the credit-tenant lease financing from CTL Capital on behalf of Mosaic Quarter Development LLC, an affiliate of Knott Development. The property was underwritten based on the credit of Pima County, Ariz., the future lessee, enabling the borrower to secure more favorable terms with higher leverage due to the property’s guaranteed future cash flow over the term of the 30-year lease. Mosaic Quarter’s Phase I will feature the 137,000-square-foot MQ Field House, the 200,000-square-foot MQ Iceplex, a central utility plant and onsite civil and sitework improvements, as well as offsite infrastructure improvements necessary to support the larger project, including parking. MQ Field House will include interchangeable wood, turf and specialty flooring systems on two floors of athletic space, including eight basketball courts, six volleyball courts, four indoor soccer fields, 24 pickleball courts, two 7-on-7 football fields, 32 badminton courts, two party rooms and a rooftop event patio. MQ Field House will offer fitness programming that will be taught by University of Arizona …

October 30, 2024

Acquisitions California Retail Western

NAI Capital Directs $6.8M Purchase of Dollar Tree-Occupied Retail Building in Garden Grove, California

by Amy Works October 30, 2024

GARDEN GROVE, CALIF. — NAI Capital Commercial has arranged the acquisition of a retail building located at 10840 Katella Ave. in Garden Grove. An entity doing business as Katella Gateway Plaza LLC purchased the asset from Garden Grove Gateway LLC for $6.8 million. Dollar Tree occupies the 15,000-square-foot building, which was built in 2005, under a triple-net lease. Sheri Messerlian and Ilmar Kalviste of NAI Capital Commercial represented the buyer, while Shawn Bakke represented the seller in the deal.

October 30, 2024

Acquisitions Retail South Carolina Southeast

IPA Brokers $18.8M Sale of Shopping Center in Bluffton, South Carolina

by John Nelson October 30, 2024

BLUFFTON, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.8 million sale of Bluffton Target Center, a shopping center located in Bluffton, approximately seven miles west of Hilton Head Island. Built in 2001, the property totals 100,314 square feet and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Staples and Starbucks Coffee. Zach Taylor of IPA represented the seller, an entity doing business as Stafford Bluffton LLC, in the transaction and procured the buyer, Tarantino Properties Inc.

October 30, 2024

Development Leasing Activity Mixed-Use Retail Southeast Tennessee

Crunch Fitness Opens at Hamilton Place Mall in Chattanooga

by John Nelson October 30, 2024

CHATTANOOGA, TENN. — Crunch Fitness has opened a new location at Hamilton Place, a shopping mall and mixed-use campus in Chattanooga. The property is owned by locally based and publicly traded CBL Properties. The new fitness venue is one of the final components of the mall’s Sears redevelopment project, which commenced in 2019. Other tenants that have backfilled the former Sears department store include The Cheesecake Factory, Mean Mug Coffeehouse, Malone’s, Dave & Buster’s, Dick’s Sporting Goods and an Aloft by Marriott hotel. Since March, CBL Properties has welcomed eight new concepts at Hamilton Place, including Taco Mamacita, Texas Roadhouse, Mr. Cow, Malone’s, Miniso, Vintage Stock, Dry Goods, Shoe Station, as well as a newly remodeled and expanded Buckle store. Additional openings are expected in 2025.

October 30, 2024

Alabama Development Leasing Activity Mixed-Use Retail Southeast

Ballard Designs Debuts First Alabama Store at Hardwick Building in Downtown Birmingham

by John Nelson October 30, 2024

BIRMINGHAM, ALA. — Ballard Designs has opened its first Alabama location in downtown Birmingham. Situated along the city’s Rotary Trail, Ballard’s newest location occupies the street level of the historic Hardwick Building, with restaurants and offices filling the remaining floors and spaces of the former steel factory. Locally based Bayer Properties owns the Hardwick Building and will soon welcome restaurants Epice and Lapeer Steak and Seafood to the property, according to Bham Now. The new Ballard Designs store is set up with several vignettes staged with the brand’s living room and dining room furniture, lighting, rugs, bedding and home décor. The store also includes a fully staffed design center where patrons can meet with one of the retailer’s design consultants. Additionally, Ballard designed and furnished the Hardwick Building’s shared entryway to serve as a waiting area for restaurant goers.

October 30, 2024

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 170,722 SF Shopping Center in Sherman, Texas

by Taylor Williams October 30, 2024

SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Sherman Centre, a 170,722-square-foot shopping center located near the Texas-Oklahoma border. The center was 60 percent leased at the time of sale to tenants such as Bomgaars, Nautilus Family Fitness and Texas Roadhouse. The property also includes an undeveloped, 1.9-acre pad site. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a private owner-developer based in Texas, in the transaction. The duo also procured the buyer, an out-of-state private investor.

October 30, 2024

Development Midwest Missouri Retail

Keystone Construction Breaks Ground on $60M CarShield Sportsplex Facility in Chesterfield, Missouri

by Kristin Harlow October 30, 2024

CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. Completion is slated for January 2026. The indoor and outdoor sports facility will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 kids and 45 teams in metro St. Louis. The 325,000-square-foot project will be situated on 33 acres at 530 N. Eatherton Road. The development will include four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. The project team includes civil engineer Stock & Associates and architect Gray Design Group.

October 30, 2024

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $2.1M Sale of Retail Property Leased to Sherwin-Williams in Joliet, Illinois

by Kristin Harlow October 30, 2024

JOLIET, ILL. — The Boulder Group has brokered the $2.1 million sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Joliet. The single-tenant building is located along Plainfield Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. The buyer was a Southeast-based real estate investor. There are over eight years remaining on the lease with three five-year renewal options. The lease features 10 percent rental escalations every five years.

October 30, 2024

Leasing Activity Retail Texas

Midway Welcomes Three New Retailers to CITYCENTRE in West Houston

by Taylor Williams October 30, 2024

HOUSTON — Midway has welcomed three new retailers to its CITYCENTRE mixed-use development in West Houston. Apparel retailers American Threads (1,800 square feet) and Southern Tide (1,500 square feet), as well as ear-piercing salon Rowan (1,000 square feet), are all now officially open. The new leases were inked as part of the rejuvenation of the north side of the 47-acre development. The deals were announced this spring.

October 30, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams October 30, 2024

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

October 30, 2024

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