Retail

Marcus & Millichap Brokers $15.7M Sale of Walgreens-Anchored Asset in Orange County

by Amy Works March 6, 2019

LA PALMA, CALIF. — Marcus & Millichap has directed the sale of La Palma Convenience Center, a retail property located at the corner of La Palma Avenue and Valley View Boulevard in La Palma. An undisclosed buyer acquired the property for $15.7 million, or $425.68 per square foot. Built in 1975 and renovated in 2007, the property features 36,882 square feet of retail space. Walgreens is the anchor tenant. David Ridgway of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

March 6, 2019

Market Reports Northeast Northeast Market Reports Pennsylvania Retail Uncategorized

Millennials Catalyst for Retail Transformation of Center City Philadelphia

by David Cohen March 6, 2019

As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. According to Center City District’s 2018 State of Center City Philadelphia report, millennials make up 40 percent of Philadelphia’s downtown population, one of the highest percentages in all U.S. cities. With millennials moving into the peak spending years of their lives, Philadelphia is experiencing a multitude of development with most of the focus being on mixed-use. Mixed-use development, which combines retail and residential, and sometimes office, is attractive to the millennial generation who are driven by convenience and want the ease of living, working, dining, and shopping all in one place. The largest retail development projects Center City is seeing right now are happening in the Midtown Village neighborhood, which had been largely neglected until recently when it comes to large mixed-use developments. A few notable projects here are The Collins, a residential community that features 90,000 square feet of retail …

March 6, 2019

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Redefining Retail Real Estate in Philadelphia

by David Cohen March 6, 2019

When the Philadelphia Eagles were headed to the Super Bowl in 2018, they were the underdogs. The odds — and subsequently media headlines — were against them. But the team proved those predictions wrong, and went on to clinch its first championship. The retail market in Philadelphia, and nationwide, tackled similar challenges last year. As mature department stores shuttered and retailers filed for bankruptcy, the industry faced ongoing uncertainty. However, the rapidly changing dynamics represent vital opportunities for retail real estate owners to reimagine the mall experience. In Philadelphia, the high density of residents, workers, college students and visitors create a more than $1 billion retail demand annually, according to the Philadelphia Retail Report 2018 compiled by the Central Philadelphia Development Corp. In order to capture consumer interest, industry leaders need to evolve alongside the community’s changing needs and landlords and brands today have been transforming the conventional retail real estate model, carving a new path to success. Looking ahead, the future looks bright. Here’s a look at key trends driving the next level of retail real estate in Philadelphia. Innovative Concepts As habits of shoppers continue to evolve, brick-and-mortar space today can offer opportunities beyond traditional retail whereby real …

March 6, 2019

Company News Property Type Retail Southeast Top Stories Virginia

Family Dollar to Potentially Close Nearly 400 Stores

by David Cohen March 6, 2019

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday. On March 6, Dollar Tree …

March 6, 2019

Development Maryland Retail Southeast

Community-Owned Organic Grocer to Open New Store at Former Safeway in Frederick, Maryland

by Alex Tostado March 5, 2019

FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers organic pet supplies. Randy and Francy Williams founded The Common Market in 1974 and it has grown to have more than 6,600 owners. The company expects to hire 110 people at the new location and will move its corporate headquarters to the site.

March 5, 2019

Acquisitions Retail Southeast Tennessee

Rise Partners Purchases Vacant Kmart Property Near Nashville

by Alex Tostado March 5, 2019

CLARKSVILLE, TENN. — Rise Partners has purchased a vacant 95,000-square-foot retail property in Clarksville that formerly housed Kmart. The investment firm said construction will begin immediately on Clarksville Commons so that five national retailers can move in by late fall. Gary Shanks of The Shopping Center Group is handling leasing of the center. The names of the retailers have not yet been announced. The asset, which also has a vacant fuel center, is situated at 2300 Madison St., about 43 miles northwest of downtown Nashville. The fuel center will be replaced with restaurant and retail space. The seller and sales price were not disclosed.

March 5, 2019

Connecticut Loans Northeast Retail

WAC Provides $3.5M Bridge Loan for Retail Property in Connecticut

by David Cohen March 5, 2019

FAIRFIELD COUNTY, CONN. — Worth Avenue Capital has provided a $3.5 million bridge loan for a 16-acre retail development in Fairfield County. The property will feature a tenant roster that includes Chick-Fil-A, T-Mobile, Panera Bread, Mission Barbecue, Cafe Nero and Texas Roadhouse. The project will also include a new Marriot-branded hotel. The borrower, an undisclosed development group, is in the process of finalizing permanent construction financing through a commercial bank.

March 5, 2019

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Colliers Arranges $130M Sale of 60-Acre Parcel Near Las Vegas Strip for Mixed-Use Development

by Amy Works March 5, 2019

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.

March 5, 2019

Development Restaurant Retail Utah Western

Evergreen Devco Opens Pleasant Grove Town Center Retail Development in Utah

by Amy Works March 5, 2019

PLEASANT GROVE, UTAH — Evergreen Devco has opened Pleasant Grove Town Center, its first retail development in Utah. Located at 855 W. State St. in Pleasant Grove, the 1-acre site is now home to Mo’ Bettahs Hawaiian Style Food, which opened on Feb. 22, and Beans & Brews Coffee House, which opened in late January. The third, and final, anchor tenant, Dough Co., is scheduled to open its third edible cookie dough shop at the retail center this spring. Completed in November 2018, the fully leased development site was built by Draper, Utah-based Rimrock Construction and designed by Farnsworth Group.

March 5, 2019

Acquisitions Colorado Retail Western

Newmark Knight Frank Arranges $3.2M Acquisition of 3,358 SF Retail Asset in Colorado

by Amy Works March 5, 2019

GRANBY, COLO. — Newmark Knight Frank has arranged the purchase of a retail property, located at 308 W. Agate Ave. in Granby. K & G Granby Properties acquired the 3,358-square-foot property from Kum & Go L.C. for $3.2 million. Justin Kaufmann, Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the buyer, while CBRE/Hubbell Commercial represented the seller in the deal.

March 5, 2019

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