Retail

Cushman & Wakefield Arranges $6.9M Sale of Two Walgreens-Occupied Assets in Metro Phoenix

by Amy Works May 23, 2019

PHOENIX AND SURPRISE, ARIZ. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colo. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, Calif.-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 million. Both properties are freestanding buildings with drive-thrus and corporate-guaranteed leases. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

May 23, 2019

Acquisitions Illinois Midwest Retail

Kimco Sells Retail Property in Oakbrook Terrace, Illinois for $21M

by Kristin Harlow May 23, 2019

OAKBROOK TERRACE, ILL. — Kimco Realty Corp. has sold a 176,164-square-foot retail property in Oakbrook Terrace for $21 million. Known as 22nd Street Plaza, the shopping center is fully leased to retailers such as Home Depot, Party City and Big Lots. Restaurants Twin Peaks and Naf Naf Grill are located on the site as well. The property includes 850 parking spaces. George Good and Christian Williams of CBRE represented Kimco in the sale. A California-based private investor purchased the asset.

May 23, 2019

Kansas Leasing Activity Midwest Missouri Retail

Hotworx to Open Two Fitness Studios in Metro Kansas City

by Kristin Harlow May 23, 2019

LEE’S SUMMIT, MO. AND SHAWNEE, KAN. — Hotworx, a high intensity isometric fitness concept, has signed two long-term leases in Lee’s Summit, Mo., and Shawnee, Kan. The Lee’s Summit location will be located at 1309 NE Douglas St. and span 1,900 square feet. The studio is slated to open this summer. In Shawnee, Hotworx will occupy a 2,000-square-foot space in a Bank of America-anchored strip center. The location is also expected to open this summer. Bill Maas and Daniel Brocato of Block & Co. Inc. Realtors represented Hotworx in the lease transactions. The brokers are currently working with Hotworx to open a location in Liberty, Mo., later this year. The fitness company currently operates a studio in Lawrence, Kan.

May 23, 2019

Leasing Activity Restaurant Retail Texas

Eataly to Open 48,000 SF Italian Marketplace at NorthPark Center in Dallas

by Taylor Williams May 23, 2019

DALLAS — Eataly, a concept that offers Italian-inspired food and drink in a marketplace setting, has signed a lease to open a 48,000-square-foot space at NorthPark Center, an enclosed shopping mall in Dallas. This location will be the company’s first in Texas. Scott Muller, Katie Rambie, Kiley Pipkin, Zach Ballenger, Justin Rasansky, Sydney Muller and Jack Gosnell of CBRE represented Eataly in the lease negotiations.

May 23, 2019

Acquisitions Florida Retail Southeast

Partnership Acquires Retail Space in South Florida for $8.5M

by Alex Tostado May 22, 2019

DELRAY BEACH, FLA. — A partnership between Konover South LLC and Gary Broidis, principal of Atlantic Commercial Group Inc., has acquired the retail component of City Walk in Delray Beach. The 16,652-square-foot, ground-level retail space is situated in the city’s Pineapple Grove district. The space is part of a four-story condominium building and currently houses Brule Bistro, Joseph’s Wine Bar & Café and Yama Japanese Restaurant. Citywalk Commercial Property LLC sold the property. Continental Casualty provided a $4.9 million loan to the partnership. Konover South will provide property management, and Broidis will handle leasing.

May 22, 2019

Acquisitions Colorado Retail Western

Armstrong Capital Buys Arvada Connection Shopping Center in Metro Denver for $17.5M

by Amy Works May 22, 2019

ARVADA, COLO. — Denver-based Armstrong Capital Development (ACD) has acquired Arvada Connection, a shopping center in Arvada, a suburb of Denver. Walton Street Capital sold the property for $17.5 million. Located at 5220 Wadsworth Blvd., Arvada Connection features 56,000 square feet of retail space. At the time of sale, the asset was 95 percent leased to a variety of tenants, including Chick-fil-A, Chase Bank, Taco Bell, IHOP and Sherwin Williams. ACD plans to refresh the center with upgraded site work, improved monument storage and unified artistic enhancements. Brad Lyons and Matthew Henrichs of CBRE represented ACD in the transaction. ACD funded the acquisition through its ACD 2017 Fund LP investment vehicle. Mike DePalma and David Dobek of SullivanHayes Brokerage will serve as the exclusive listing agent for Arvada Connection.

May 22, 2019

Acquisitions Midwest Minnesota Retail

Silver Group Brokers Sale of Dunkin’ Donuts-Occupied Building in Richfield, Minnesota

by Kristin Harlow May 22, 2019

RICHFIELD, MINN. — The Silver Group has brokered the sale of a single-tenant retail building occupied by Dunkin’ Donuts in Richfield, a suburb of Minneapolis. The sales price was not disclosed. The newly constructed, 2,000-square-foot building includes a drive-through window and outdoor seating. Dunkin’ has a 15-year lease. The Silver Group represented the seller, a local developer. Amy Senn of Newmark Knight Frank represented the buyer, which completed a 1031 tax-deferred exchange. The Richfield location is one of six standalone Dunkin’ stores in the Twin Cities.

May 22, 2019

Acquisitions Massachusetts Northeast Retail

HFF Negotiates Sale of 291,860 SF Retail Center Near Downtown Boston

by Taylor Williams May 22, 2019

BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.

May 22, 2019

Features Retail

Current Economic Expansion Could Become Longest Yet, Says Nadji

by Jeff Shaw May 21, 2019

LAS VEGAS — The reinvention of the retail sector now underway is getting a boost from a U.S. economic expansion that is nearly a decade old but which still has legs, says Hessam Nadji, president and CEO of brokerage services firm Marcus & Millichap. Meanwhile, demographic shifts have altered the retail landscape in profound ways and will continue to do so, Nadji believes. Every day, 10,000 Americans turn age 65. An even greater number, 12,000, reach the age of 21 on a daily basis. “It is the most incredible dual demographic movement of any developed country on the history of the planet. That has a lot to do with why the economy is doing well and why retail is reinventing itself.” The longest U.S. economic expansion on record spanned a decade, from 1991 to 2001. The current expansion is poised to surpass that high-water mark this July. The economy has added 21 million jobs since 2009, a modest 16 percent increase during that span, according to Nadji. Meanwhile, inflation has been held in check. The PCE (personal consumption expenditures) inflation rate has fallen 190 basis points since 2007 to 1.5 percent. The 10-year Treasury yield, the benchmark for long-term, permanent …

May 21, 2019

Acquisitions Retail Southeast Virginia

Finmarc Management Acquires Retail Center in Northern Virginia for $29.8M

by Alex Tostado May 21, 2019

MANASSAS, VA. — Finmarc Management Inc. has acquired Manaport Plaza Shopping Center, a 250,000-square-foot retail center in Manassas, about 30 miles west of Washington, D.C. Combined Properties Inc. sold the shopping center to Finmarc for $29.8 million. The property was 90 percent leased at the time of sale to tenants including Marshalls, Gabe’s, Ollie’s Bargain Outlet, Tuesday Morning, McKay Books, Advance Auto Parts and Dollar Tree. The property is located adjacent to Manassas Mall and the 117,000-square-foot retail center Festival at Manassas, which Finmarc bought in December 2017. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation on behalf of Finmarc. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors arranged acquisition financing.

May 21, 2019

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