Retail

Stockdale Capital Partners to Proceed with Horton Plaza Mall Redevelopment in San Diego

by Amy Works January 17, 2020

SAN DIEGO — Stockdale Capital Partners and Macy’s have reached an agreement for the redevelopment of the existing Horton Plaza Mall in downtown San Diego. The project was put on hold due to a disagreement between the two companies. Macy’s has now agreed to close its store at the property, paving the way for the redevelopment to continue. The terms of the agreement were not disclosed. Stockdale Capital will now continue with its redevelopment plans to transform the nearly vacant mall into The Campus at Horton, a creative office, entertainment and retail center. The redevelopment will include 700,000 square feet of sustainably-driven creative office space that will be home to 3,000 to 4,000 new high-quality jobs. Slated for completion in 2021, the property will also include creating 300,000 square feet of curated retail space and an activated and reimagined Horton Plaza Park. In May 2019, the San Diego City Council unanimously approved reducing the previous retail deed restriction on the property and Stockdale Capital Partners’ redevelopment vision. The Macy’s store will reportedly close in March, and redevelopment of the site is scheduled to begin in 2021, according to The Times of San Diego.

January 17, 2020

Acquisitions Midwest Ohio Retail

Cooper Group Negotiates $2.1M Sale of CVS-Occupied Property in Akron, Ohio

by Kristin Harlow January 17, 2020

AKRON, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.

January 17, 2020

Acquisitions Illinois Midwest Retail

Mid-America Brokers $1.1M Sale of Retail Building in Evergreen Park, Illinois

by Kristin Harlow January 17, 2020

EVERGREEN PARK, ILL. — Mid-America Real Estate Corp. has brokered the $1.1 million sale of an outlot at Evergreen Marketplace in Evergreen Park, about 15 miles south of Chicago. The 5,851-square-foot retail building is home to Cousins Subs, Hair Cuttery and The Crazy Crab. Ben Wineman and Emily Gadomski of Mid-America represented the seller, Sterling Bay. A private buyer purchased the asset.

January 17, 2020

Leasing Activity Northeast Pennsylvania Retail

Mathnasium Signs 1,862 SF Retail Lease in Montgomeryville, Pennsylvania

by Alex Patton January 17, 2020

MONTGOMERYVILLE, PA. — Math tutoring company Mathnasium Learning Centers has signed a 1,862-square-foot retail lease at 202 Marketplace, a shopping center in Montgomeryville, located approximately 25 miles north of Philadelphia. The center will tutor students in introductory and advanced math skills. Other tenants of the shopping center include Outback Steakhouse, The MAX Challenge of Montgomeryville and Five Points Pizza. Brandon Anapol of Metro Commercial brokered the lease.

January 17, 2020

Arizona Market Reports Retail Western Western Market Reports

Employment, E-Commerce, Experiences Drive Phoenix’s Retail Market

by Taylor Williams January 17, 2020

Ecommerce and generational shifts in spending patterns have spawned discussions regarding the health and future of retail. However, Phoenix has proven to be one of the most resilient and dynamic retail markets in the country. This resilience is a product of corporate and residential migration from gateway markets due to increasing regulation and costs of living. Maricopa County has been named the fastest-growing county in the country for three years straight by the U.S. Census Bureau, and is forecasted to add another 500,000 people by 2023. This population and income influx has the Phoenix retail market bucking national trends. Consumer sentiment remains at peak 2006 levels despite political uncertainty, without the artificial run-up in home values we experienced leading up to the financial crisis. Average vacancy rates have lingered in the high 6 percent range with active retail construction remaining tempered at around 1 million square feet. This is compared to more than 11 million square feet in 2006. Vacancy may fall into the mid- to high 5 percent range over the next two years — where it was in 2006 — barring any extreme economic events. Triple-net rents have averaged $16.30 per square foot in 2019 and have grown …

January 17, 2020

Features Retail

Retailers, Landlords Face Complications of Factoring Online Returns Into Gross Sales

by Jeff Shaw January 17, 2020

With the rise of e-commerce, declining foot traffic in malls and shuttering department stores, retail landlords and brick-and-mortar tenants have faced a wave of challenges in recent years. As a result, both landlords and tenants are constantly searching for new and unique ways to improve their bottom-line figures. One recent area where this has become an issue concerns in-person returns from online sales, and how they affect a retail tenant’s percentage rent calculation. Many retail leases contain a percentage rent provision in which a tenant pays a portion of its gross sales above a certain threshold to the landlord in addition to the tenant’s other rental obligations. These provisions often include numerous exclusions that can be deducted from a tenant’s gross sales calculation, including employee discounts, gift certificates prior to redemption and fees paid to credit card companies. Many leases also contain language allowing retailers to deduct the sales price of items that have been returned by customers. As a result of the rising popularity of online shopping, disputes have arisen between retail landlords and tenants as to whether tenants can deduct the sales price of items bought online and subsequently returned in store from the gross sales calculation in …

January 17, 2020

Development Leasing Activity Maryland Retail Southeast

URW Unveils Renovation Plan, New Tenants at 1.4 MSF Westfield Annapolis Mall

by Alex Tostado January 16, 2020

ANNAPOLIS, MD. — Unibail-Rodamco-Westfield (URW), the owner of Westfield Annapolis mall, has unveiled plans to renovate and improve the mall, while adding new tenants. URW will convert the mall’s 110,000-square-foot former Lord & Taylor department store into a new shopping district composed of boutiques, home design stores and experience-driven offerings. The new section of the mall is slated to open to the public in 2021. URW’s mall-wide renovation program will include a new pedestrian gallery connecting the property’s Macy’s store and its Pottery Barn and Nordstrom wings. The gallery is expected to open by this September. The renovation will also create a new 40-foot architectural exterior entrance. The renovations to Westfield Annapolis come alongside new tenants arriving, including Rodizio Grill and Retro Fitness. In February of this year, Anne Arundel County’s Discoveries: The Library at the Mall, a dedicated learning space for teens and young children, is expected to open a permanent, expanded location at the mall. Shops and restaurants at Westfield Annapolis will remain open throughout the renovation process.

January 16, 2020

Acquisitions Office Retail Southeast Tennessee

Coro Realty Acquires Historic Office, Retail Building in Chattanooga

by Alex Tostado January 16, 2020

CHATTANOOGA, TENN. — Atlanta-based Coro Realty Advisors LLC has acquired Signal Mill, a 44,764-square-foot office and retail building situated on three acres in the NorthShore district of Chattanooga. An affiliate of Woodberry Group LLC sold the renovated property, which is a former textile mill, for an undisclosed amount. Colliers International’s Hayes Swann, Joe Montgomery and Tony D’Ambrosio brokered the sale. Signal Mill was built in 1916 and is listed on the National Register of Historic Places. The two-story brick building at 205 Manufacturers Road was originally used for making clothing until it closed in 1986. Developers renovated the former mill in 2017. Food Works, Genevieve Bond Gifts, Edley’s Bar-B-Que, Mean Mug Coffee and Pigtails & Crewcuts are among the retail and dining tenants occupying Signal Mill’s first floor. Covenant Transport Service, a trucking and logistics company, occupies the entire second floor. Located across the street from the 23-acre Renaissance Park, Signal Mill is within walking distance of the historic Walnut Street Pedestrian Bridge, which connects the NorthShore area to downtown Chattanooga.

January 16, 2020

Acquisitions Retail Texas

Colliers Brokers Sale of 88,492 SF Former Gander Mountain Retail Building in Houston

by Taylor Williams January 16, 2020

HOUSTON — Colliers International has brokered the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.

January 16, 2020

Acquisitions Midwest Missouri Retail

StorCo Storage Buys Shopping Center in O’Fallon, Missouri, Plans to Build 100,000 SF Self-Storage Facility

by Kristin Harlow January 16, 2020

O’FALLON, MO. — StorCo Storage has purchased the O’Fallon Square Shopping Center from O’Fallon Square Properties LLC for $4.4 million. The self-storage provider plans to construct a 100,000-square-foot, indoor self-storage facility within the strip center. The two-story, climate-controlled facility will include space formerly occupied by Altitude Trampoline Park and Shop ‘n Save. Other tenants at the shopping center, including At Home Superstore, Vantage Credit Union and Fantastic Sam’s, will remain in place. StorCo will move its headquarters, including a call center and corporate offices, to the new facility. American Bank of Missouri is providing $7.5 million in acquisition and construction financing for the project. Tim McFarland of Sansone Group and Patrick Wittenbrink of Carmody MacDonald PC represented StorCo in the transaction. Scott Seyfried of Pace Properties represented the seller.

January 16, 2020

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