FORKED RIVER, N.J. — HFF has negotiated the sale of Sunrise Plaza, a 255,940-square-foot retail center in Forked River. Located on more than 27 acres, the center is fully occupied by a tenant roster that includes Aldi, Kohl’s and The Home Depot. The center was built in 2007. Jose Cruz, Stephen Simonelli, Kevin O’Hearn and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was a public entity.
BEAUMONT, TEXAS — CBL Properties (NYSE: CBL) has begun work on a 110,000-square-foot retail redevelopment project in Beaumont. The company will backfill a former Macy’s store located at Parkdale Mall with a Dick’s Sporting Goods, Five Below and a national home furnishing store. The openings are slated for spring 2019. Parkdale Mall’s tenant roster includes Dillard’s, JC Penney, Sears, H&M, 2nd & Charles and Tilt Studio.
The retail market in Reno/Sparks continues to improve with big box retailers moving to the market and a steady decrease in the vacancy rate. The retail market in Reno/Sparks has seen an overall decrease in vacancy for the fifth consecutive quarter with the current vacancy rate hovering just under 7 percent. Average market rent is currently $1.50 per square foot, triple net, and appears to be slowly climbing as we continue to experience positive net absorption. Tenants moving and expanding in the area include Big Lots leasing 30,112 square feet in Spanish Springs, and Harbor Freight and Tractor Supply Company leasing 16,016 square feet and 38,326 square feet, respectively, in Sparks. Sprouts Farmers Market has opened two new locations in Reno and Sparks over the past 12 months, absorbing roughly 60,000 square feet. Grocery Outlet, Tuesday Morning, Marshall’s Home Goods, Burlington and Raley’s Supermarkets have also expanded in northern Nevada. The Reno/Sparks market has seen increased activity in the finance services and fast-casual restaurant industries. New fast-casual restaurants in the area include Mod Pizza, California Pizza Kitchen, Burrito Bandito, Sizzle Pie, Pine State Biscuits and Habit Burger. Chase Bank and United Federal Credit Union have opened several locations in Northern …
NEW YORK CITY — Encore Real Estate Investment Services has brokered the $9.4 million sale of a retail property occupied by Rite Aid in the Bronx. Brandon Hanna and Charles Slane of Encore represented the seller, a private developer and landowner in New York City, in the transaction. The buyer was undisclosed.
GARDEN GROVE, CALIF. — A private Northern California-based investor has purchased a retail center located at 11072 Magnolia St. in Garden Grove. DECMAC II, a local investor, sold the property for $5.1 million. 99 Cents Only occupies approximately half of the 36,469-square-foot property, with the remaining space vacant. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller, while Jeff Helm of Helm Properties represented the buyer.
LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …
If you mention the phrase “retail apocalypse” to anyone in the Richmond market, you will immediately receive a puzzled look back. The Richmond retail market is about as far away from a retail apocalypse as any market in the country. Yes, we have seen the Toys ‘R’ Us, Sears, Macy’s and Kmart closures, but with close to 83 million square feet of retail space in the Richmond MSA, the current retail vacancy rate is below 5 percent. The vacancy rate is at, or near, a record low and demand for more space remains robust. New retail development projects are leasing quickly and several noteworthy redevelopment projects are in the works. In May 2016, Wegmans opened its first 120,000-square-foot Richmond store at Stonehenge Village along Midlothian Turnpike. In August of that same year, Wegmans opened its second store at West Broad Marketplace in Short Pump. Since those two openings, Richmond has received new attention from many national tenants, developers, and investors looking to enter the market. Market activity has been driven by the likes of Wegmans, Kroger, Publix, Aldi, Lidl and Whole Foods Market, as well as Gold’s Gym, Planet Fitness and Crunch Fitness. In 2016, Ahold announced it would sell …
ARLINGTON, TEXAS — Weitzman has negotiated the sale of Matlock Oaks, an 86,777-square-foot retail center in Arlington. Specialty grocer Indo Pak World Market anchors the center, which was renovated in 2014. Other tenants include Subway, Allstate Insurance and Matlock Family Dental. Kevin Butkus of Weitzman represented the seller, a Dallas-based joint venture. Michael Uhm of The Michael Group represented the buyer. Both parties requested anonymity.
PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …
EUREKA, CALIF. — NAI Northern California has negotiated the $11.4 million sale of the Eureka Safeway, located at 2555 Harris St. in Eureka. Doug Sharpe of NAI Northern California represented the undisclosed buyer in the deal. Safeway occupies the 49,145-square-foot grocery store on a new 20-year, absolute triple-net lease with fixed rent increases. The name of the seller was not released.
