Retail

Parkview Financial Provides $31.8M Construction Loan for Mixed-Use Project Near San Diego

by Amy Works May 31, 2019

POWAY, CALIF. — Parkview Financial has funded a $31.8 million construction loan to San Diego-based Poway Property LP for the development of Outpost, a mixed-use project located at 13247 Poway Road in Poway. Upon completion, the three-building property will feature 53 apartment units and ground-floor retail space, which is fully pre-leased to Crunch Fitness and Three Local Brothers. Additionally, the asset will include two levels of underground parking offering a total of 337 parking spaces. The residential portion of the property will feature 16 one-bedroom, 22 two-bedroom and 15 three-bedroom units with stainless steel appliances, stone countertops and engineered hardwood/vinyl flooring. On-site community amenities will include patios, a courtyard, rooftop deck and leasing office. Construction began last summer, with completion slated for 2020.

May 31, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers $7M Sale of 16,480 SF Shopping Center in Southern California

by Amy Works May 31, 2019

WESTMINSTER, CALIF. — Marcus & Millichap has brokered the sale of Westminster Golden Center, a shopping center located at the southwest corner of Westminster Boulevard and Swan Avenue in Westminster. A private investor acquired the property from another private investor for $7 million. Situated on 1.5 acres in the Little Saigon submarket, the shopping center consists of three buildings offering a total of 16,480 square feet of space spread across 11 retail suites. Michael Matter and Aveesh Singroha of Marcus & Millichap’s South Bay office represented the seller and buyer in the deal.

May 31, 2019

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $1.5M Sale of Property Net Leased to Wendy’s in Suburban Chicago

by Kristin Harlow May 31, 2019

ELK GROVE VILLAGE, ILL. — Marcus & Millichap has brokered the sale of a 2,331-square-foot building net leased to Wendy’s in Elk Grove Village for $1.5 million. The property is located at 900 Busse Road. Brian Parmacek of Marcus & Millichap marketed the property on behalf of the seller. Calvin Lee of Marcus & Millichap secured and represented the buyer.

May 31, 2019

Market Reports Retail Texas Texas Market Reports

The Shift to Local Identification in Retail Real Estate

by Taylor Williams May 31, 2019

In cities around the country, growing numbers of developers are prioritizing the inclusion of local and independent boutique retail tenants in centers with more recognizable national chains. At a time when the retail industry is undergoing some profound changes, it should not be surprising that we have seen a correspondingly significant shift in conventional wisdom about how to build a tenant roster. That shift is especially evident in adaptive reuse projects, and in retail and mixed-use developments located in more urban areas. Consequently, we have some great real estate in the country being occupied by largely unproven brands and businesses. These local or up-and-coming retailers may not have extensive backgrounds or long and proven sales histories, but they do have the exclusive, authentic feel that developers — and communities — are looking for. Projects like Heights Mercantile, a low-rise urban market district in Houston’s Heights neighborhood, are thriving through tenant rosters populated largely with chic and exclusive independent brands. Even the small handful of national names at Heights Mercantile — Lululemon Athletica, Warby Parker, Marine Layer Inc. — are either exclusive to the region or have the kind of “cool” factor consumers are drawn to. There are a number of …

May 31, 2019

Colorado Development Retail Western

Evergreen Devco, City Street Investors Break Ground on The Shops at Beeler Park in Denver

by Amy Works May 30, 2019

DENVER — A joint venture between Evergreen Devco and City Street Investors has broken ground on The Shops at Beeler Park, located at the northwest corner of 56th Avenue and Central Park Boulevard in Denver’s Stapleton neighborhood. Situated on 6.8 acres, The Shops at Beeler Park will feature two multi-tenant buildings and five single-tenant buildings offering a total of 16,500 square feet of retail space. Completion is slated for November. The project team includes Farnsworth Group as architect and Waner Construction Co. as contractor. Evergreen has already sold two pads to Hello Car Wash and Stapleton Endodontics, and plans to sell or lease the remaining portion of the project to other neighborhood service and restaurant pad users. Allen Lampert and Steve Markey of David, Hicks & Lambert Brokerage, along with Pat McHenry of City Street Investors, are handling the leasing for the property.

May 30, 2019

Acquisitions Net Lease New York Northeast Retail

Silber Arranges $8M Sale of Long Island Retail Property Net-Leased to CVS

by Taylor Williams May 30, 2019

PLAINVIEW, N.Y. — Silber Investment Properties, a brokerage firm specializing in retail real estate, has arranged the $8 million sale of a 13,000-square-foot building in the Long Island City of Plainview. Situated on 1.3 acres, the asset was triple net-leased to CVS at the time of sale. Adam Silber of Silber Investment Properties represented the seller, Pandem Enterprises, in the transaction. Silber also procured the buyer, JRI 28CI LLC, a New York City-based real estate investment group.

May 30, 2019

Leasing Activity New York Northeast Retail

The Feil Organization Negotiates Two Retail Leases Totaling 2,654 SF in Manhattan

by Taylor Williams May 30, 2019

NEW YORK CITY — The Feil Organization, a New York City-based commercial owner-operator, has negotiated a pair of retail leases totaling 2,654 square feet at 488 Madison Avenue in Manhattan. Beginning this fall, France-based Mephisto Shoes will occupy 1,864 square feet and Asian restaurant Mighty Bowl will occupy 800 square feet. Other tenants at the property include Indochino, Bonobos Guideshops and UNTUCKit. 488 Madison Avenue, which was built in 1948 and renovated in 2016, is 23 stories tall and spans 477,000 square feet.

May 30, 2019

Acquisitions Indiana Midwest Retail

NKF Brokers Sale of 676,322 SF Regional Mall in Terre Haute, Indiana

by Kristin Harlow May 30, 2019

TERRE HAUTE, IND. — Newmark Knight Frank (NKF) has brokered the sale of Honey Creek Mall in Terre Haute for an undisclosed price. JC Penney and Vendor’s Village anchor the 676,322-square-foot regional mall. Additional retailers include American Eagle, Bath & Body Works, Hollister, Shoe Dept. Encore and Ulta Beauty. Located near I-70, the property is the only enclosed regional mall within a 50-mile radius. Thomas Dobrowski of NKF represented the seller, CBL Properties. The property sold for $14.6 million to Out of the Box Ventures, according to the Tribune-Star newspaper.

May 30, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Arranges Sales of Buildings Formerly Occupied by Babies ‘R’ Us, Toys ‘R’ Us in Wisconsin

by Kristin Harlow May 30, 2019

MADISON AND MILWAUKEE, WIS. — Cushman & Wakefield | Boerke has arranged the sale of a building formerly occupied by Babies ‘R’ Us in Madison and a building formerly occupied by Toys ‘R’ Us in Milwaukee. The 45,451-square-foot Babies ‘R’ Us sold for $3.2 million. The 38,000-square-foot Toys ‘R’ Us sold for $2.6 million. John Kuhn, Nathan Powers and David Tighe of Cushman & Wakefield | Boerke represented the sellers.

May 30, 2019

Acquisitions Net Lease Retail Southeast Virginia

Consolidated-Tomoka Land Buys Metro D.C. Retail Asset Leased to 24 Hour Fitness for $21.3M

by John Nelson May 30, 2019

FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential. Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is also leased to 24 Hour Fitness. The property includes a 1.6-acre outparcel that is under a 20-year ground lease to Wawa. Consolidated-Tomoka Land is a Florida-based, publicly traded real estate investor that owns approximately 2.3 million square feet of income properties in diversified markets in the United States, as well as more than 5,300 acres of land in its home market of Daytona Beach.

May 30, 2019

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