BUFORD, GA., AND NORTHPORT, ALA. — Atlanta-based Watkins Real Estate Group has developed two Publix-anchored neighborhood retail centers in the suburbs of Atlanta and Tuscaloosa, Ala., totaling more than 126,000 square feet. Located in Buford, Holland Point is a 68,600-square-foot center along the city’s Quality Development Corridor on Hamilton Mill and Bogan roads. The property has nearly 20,000 square feet of inline space available, as well as three one-acre outparcels. Bristol Park, located at the intersection of Highway 69 and Mitt Lary Road in Northport, is a 56,800-square-foot center that features two available outparcels and 10,500 square feet of available shop space.
ELKHART, IND. — Baum Realty Group LLC has arranged the sale of a retail building leased to MOD Pizza and McAlister’s Deli in Elkhart for $3.6 million. Newly constructed, the 7,305-square-foot property is located 15 miles east of South Bend. Patrick Forkin of Baum represented the seller, a national retail developer. A Canadian-based institutional buyer purchased the asset.
Twenty-five years ago, the Plano-Frisco-McKinney area was replete with open fields, cows and dirt roads. Today, the intersection of State Highway 121 and the Dallas North Tollway is central to Dallas-Fort Worth’s (DFW) development activity. Every red light within a three-mile radius of that intersection has cars stacked 10 deep. The entire area is a metropolitan buzz of noise and activity. The key to understanding how real estate markets — not just retail —in these cities changed so dramatically in less than 20 years lies in geography. The (DFW) metroplex consists of about 9,286 square miles, which is roughly double the size of the Los Angeles metro area, not to mention bigger than the combined size of Rhode Island and Connecticut. The sheer mass of land in DFW and diverse city development policies ensure population densities and characters vary tremendously from one submarket to another. Consequently, retail real estate in the metroplex exists and thrives in pockets. Given the benefit of the expanded infrastructure that the Plano-Frisco-McKinney area has enjoyed over the last two decades, it comes as little surprise that the region would eventually be a magnet for rooftops — and associated retail activity. Basic Numbers CoStar Group identifies …
EL SEGUNDO, CALIF. — Meridian Capital Group has arranged $16 million in financing to refinance The Hub – El Segundo, a retail property located at 600-630 N. Sepulveda Blvd. in El Segundo. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian Capital Group negotiated the seven-year loan, provided by a life insurance company, that features an extended period of interest-only payments followed by a 30-year amortization schedule. In-N-Out Burger, El Pollo Loco, Anytime Fitness and FedEx are tenants at the 37,000-square-foot property, which was built in 1990 and renovated in 2016.
OAK LAWN, ILL. — The Boulder Group has arranged the $16 million sale of a single-tenant property net leased to Jewel-Osco in Oak Lawn, a southwest suburb of Chicago. The 47,370-square-foot property is situated on 3.6 acres at 4650 W. 103rd St. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A Southwest-based private real estate investment company sold the asset to an investor based in Australia.
JOHNSTOWN, OHIO — Alterra Real Estate Advisors has purchased Johnstown Village Square for $3 million. The 82,946-square-foot shopping center is located at 633-759 W. Coshocton St. in Johnstown, about 25 miles northeast of Columbus. The property sits on 10.7 acres and is currently 67 percent occupied. Tenants include Tractor Supply, Goodwill, Dollar Tree and H&R Block. Alterra plans to make improvements to the property. The firm will lease and manage the property.
APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.
HOUSTON — Houston-based Gordon Partners has acquired University Plaza, a 95,960-square-foot retail center in Houston. The property was built in 1979 and is leased to tenants such as Goodwill, Dollar Tree, Arby’s and The UPS Store. Micha van Marcke and Chace Henke of EDGE Realty Capital Markets represented the undisclosed seller in the transaction.
COOKEVILLE, TENN. — CBL Properties, along with Browning Development Solutions and CHM LLC, has opened The Shoppes at Eagle Point, a power retail center located on Interstate Drive in Cookeville. Publix, Academy Sports + Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival and Ulta Beauty anchor the 228,000-square-foot shopping center. Additional tenants include Panera Beach and Chipotle Mexican Grille, among other shops and restaurants.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.