Retail

MK Asset Investment Acquires Two Industrial Properties in Illinois, Sells Shopping Center

by Kristin Harlow July 17, 2019

ILLINOIS — MK Asset Investment has acquired industrial properties in Franklin Park and Waukegan and sold a retail center in Round Lake Beach. The aggregated value of the transactions exceeded $10 million. The Franklin Park industrial property spans 87,500 square feet and is situated on 5.9 acres at 11608 Copenhagen Drive. MK Asset will add new docks, upgrade the lighting and provide a fresh coat of paint. The Waukegan building spans 35,500 square feet and is located at 1850 S. Lakeside Drive within Amhurst Industrial Park. A private investor acquired the 61,685-square-foot Eagle Creek Shopping Center, which is anchored by Big Lots.

July 17, 2019

Acquisitions Retail Southeast Virginia

KLNB Brokers $9.7M Sale of Shopping Center in Northern Virginia

by Alex Tostado July 16, 2019

LEESBURG, VA. — KLNB has brokered the $9.7 million sale of a portion of Shenandoah Square Shopping Center in Leesburg. The two parcels included in the sale are located at 932 and 952 Edward Ferry Road NE and total 29,480 square feet. Tenants include Sherwin Williams, Cosmo Prof, Jenny Craig, Domino’s and Regional Finance. Shenandoah Square also includes a Walmart, Exxon gas station, Taco Bell, IHOP and 83,240 square feet of office space. The shopping center is situated 37 miles northwest of Washington, D.C. Kevin Goeller, Ryan Goeller, Veronica Kamara, Billy Kelly and Chase Stewart of KLNB represented the undisclosed seller in the transaction. David Weber and Kenneth Tamres, also of KLNB, represented the undisclosed private buyer.

July 16, 2019

Acquisitions New York Northeast Retail

Douglas Development Buys Regional Mall Near Buffalo for $30.5M

by Taylor Williams July 16, 2019

AMHERST, N.Y. — Douglas Development Co. has purchased Boulevard Mall, a 961,800-square-foot shopping and dining destination in the Buffalo suburb of Amherst, for $30.5 million. The property was originally built in 1962 and is situated on 64 acres. The mall was renovated in 2000 and is now anchored by tenants such as Dick’s Sporting Goods and Macy’s. Jose Cruz, Kevin O’Hearn, Claudia Steeb, Michael Oliver and Ryan Robertson of JLL handled the transaction in conjunction with Ten-X on behalf of the undisclosed seller. JLL closed the sale, which included an adjacent, eight-acre tract that houses a 120,000-square-foot Wegmans grocery store and commanded a price of $6 million.

July 16, 2019

Development New Jersey Northeast Retail

Graycor Completes 10-Screen Cinemark Theater in Watchung, New Jersey

by Taylor Williams July 16, 2019

WATCHUNG, N.J. — Graycor Construction has completed Cinemark Watchung and XD theater, a 10-screen venue in northern New Jersey. The 37,630-square-foot theater features luxury recliner seats and a private party room and is the first Cinemark theater to open in Somerset County. Beck Architecture designed the theater. Chicago-based Graycor will also build a 12-screen, 44,000-square-foot Cinemark Theatre within the Willowbrook Mall in Wayne.

July 16, 2019

Acquisitions Retail Texas

InvenTrust Acquires Whole Foods-Anchored Retail Center in Metro Dallas for $36M

by Taylor Williams July 16, 2019

FAIRVIEW, TEXAS — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired Shoppes at Fairview, a 67,500-square-foot retail center in metro Dallas, for $36 million. Anchored by Whole Foods Market, the property also houses tenants such as Capital One and Jos. A Bank. The center was acquired in conjunction with a 346,200-square-foot, Costco-anchored center in South Florida, a property that fetched a sales price of $97 million. Chris Gerard, Barry Brown and Ryan Shore of JLL represented the seller, Lincoln Property Co., in the transaction.

July 16, 2019

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 31,950 SF Retail Center in Plano

by Taylor Williams July 16, 2019

PLANO, TEXAS — Marcus & Millichap has brokered the sale of Independence Park, a 31,950-square-foot retail property located at 3020 Legacy Drive in the northern Dallas suburb of Plano. The property was built in 1994. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.

July 16, 2019

Acquisitions Arizona Industrial Mixed-Use Office Retail Western

CBRE Negotiates $13.3M Sale of Mixed-Use Chandler Business Center in Arizona

by Amy Works July 16, 2019

CHANDLER, ARIZ. — CBRE has arranged the sale of Chandler Business Center, a creative office, flex-tech and retail space located in Chandler. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.3 million. Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a two-building, value-add, mixed-use complex offering a total of 129,840 square feet. Butler Design Group designed the property in collaboration with Trammell Crow Co., completing construction in 2012. At the time of sale, the property was 54 percent leased to a variety of tenants, including New Heights Church, Advance Auto Parts, Newark Corp. and Children’s Cancer Network. Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Mark Krison and Jackie Orcutt of CBRE represented the seller in the deal.

July 16, 2019

Market Reports Mixed-Use Retail Texas Texas Market Reports

Mixed-Use Settings Permeate Houston Retail Market, Drive New Development

by Taylor Williams July 16, 2019

With higher costs of land and construction, increased demand for walkable environments and more acceptance of structured parking, mixed-use is finally becoming the norm rather than the exception as the backdrop for new retail development in metro Houston. Developers of all types recognize that quality retail enhances the value of all surrounding real estate. Apartment and office developers are utilizing retail areas as additional amenities to differentiate themselves from their competition. Selecting the appropriate retailers for highly visible spaces in these developments is extremely important, as those users become strongly representative of the overall project. Project Examples Regent Square, a 24-acre development from GID, spans four blocks, with Allen Parkway, West Dallas and Dunlavy defining the perimeter of the project. GID is currently building apartments on one of these blocks to include 50,000 square feet of retail on the first floor and three large freestanding restaurant pads. JLL has been hired to handle leasing of the project. MetroNational has gained control of the 200,000-square-foot former Sears building at Memorial City Mall and 13,620-square-foot adjoining garage. Trademark has been hired to assist in the redevelopment of the property. Zadok Jewelers announced a new mixed-use development on 1.6 acres at 1801 Post …

July 16, 2019

Acquisitions Georgia Loans Retail Southeast

Cohen Financial Secures $17.1M Acquisition Loan for New Retail Center Near Savannah

by Alex Tostado July 15, 2019

HINESVILLE, GA. — Cohen Financial, a division of SunTrust Bank, has arranged a $17.1 million acquisition loan for Oglethorpe Square in Hinesville. Goldman Sachs provided the 10-year loan to an undisclosed borrower. Hutton sold the property for $24 million. Situated about 40 miles southwest of downtown Savannah, the 159,329-square-foot Oglethorpe Square, which Hutton completed in March 2017, is a fully leased retail center with tenants including Dick’s Sporting Goods, Hobby Lobby, T.J. Maxx and Ulta Beauty. Drew Fleming, Mark Joines and Henry Kushner of Newmark Knight Frank represented the seller in the transaction.

July 15, 2019

Leasing Activity Northeast Pennsylvania Retail

City Center Investment Corp. to Open 12,000 SF Food Hall in Allentown This Fall

by Taylor Williams July 15, 2019

ALLENTOWN, PA. — City Center Investment Corp. plans to open Downtown Allentown Market, a $4 million project in Allentown. The 12,000-square-foot retail space will be located within the City Center Allentown mixed-use development. The market will feature nine food and drink merchants, indoor and outdoor seating and flexible space for programming and pop-up shops. Brick-and-mortar tenants include sushi/poke concept Shinsen; Mediterranean restaurant Zahra; ice creamery Batch Microcreamery; Little Miss Korea; Doughnut Love, Licensed to Grill @ The Market; and Tavola pizzeria. The food hall will also house a distillery. City Center Investment Corp. partnered with Groundswell Design Group and mixed-use urban developer Cana Development on the project.

July 15, 2019

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