Retail

Newport Buys 183,000 SF Shopping Center in Wilmette, Illinois for $72M

by Kristin Harlow January 8, 2019

WILMETTE, ILL. — Newport Capital Partners has purchased Edens Plaza in Wilmette for $72 million. Built in 1956 and redeveloped in 1994, the 183,000-square-foot shopping center is located on Lake Avenue. The property is 92 percent leased to tenants such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A pediatric care center, which will be jointly run by NorthShore University HealthSystem and Advocate Health Care, is expected to open this year and backfill 35,000 square feet at the former Carson’s Furniture Gallery space at the property. Ben Greazel and Joel Simmons of Newmark Knight Frank arranged debt financing for the transaction through LoanCore Capital.

January 8, 2019

Acquisitions Midwest Missouri Retail

Block & Co. Arranges Sale of 44,330 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow January 8, 2019

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Valle Vista shopping center in Lee’s Summit for an undisclosed price. The property sits on 5.4 acres on the southwest corner of 291 Highway and Chipman Road. Tenants at the fully occupied property include IHOP, Celsius Tannery, Ted’s Café Escondido, Vintage Stock and Five Guys. David Block and Max DiCarlo of Block represented the buyer, LS Valle Vista 2018 LLC. Block & Co. will handle leasing and property management for the new owner. Block Real Estate Services represented the seller.

January 8, 2019

Acquisitions California Retail Western

Brixmor Property Sells San Bernardino Target Center to International Properties Holdings

by Amy Works January 8, 2019

SAN BERNARDINO, CALIF. — Brixmor Property Group has completed the sale of San Bernardino Target Center, a shopping center located at 499 W. Orange Show Road in San Bernardino. International Properties Holdings Group acquired the 143,082-square-foot asset for an undisclosed price. A 105,565-square-foot Target and a 37,367-square-foot Big Lots anchor the property, which was fully occupied at the time of sale. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.

January 8, 2019

Acquisitions Colorado Mixed-Use Office Restaurant Retail Western

Legend Investment Group Directs $6.1M Acquisition of Mixed-Use Building in Lone Tree, Colorado

by Amy Works January 8, 2019

LONE TREE, COLO. — Legend Investment Group, a division of Legend Partners, has arranged the purchase of Bridge Center, a mixed-use retail and office property located at 9233 Park Meadow Drive in Lone Tree. A local real estate investment group acquired the property for $6.1 million, or $215 per square foot. At the time of sale, the 28,325-square-foot property was 98 percent occupied by a variety of tenants, including Panera Bread, Office Evolution and RE/MAX. The property was built in 1999 and renovated in 2003. The name of the seller was not released.

January 8, 2019

Company News Retail Top Stories

Reports: Sears Reaches Temporary Deal to Avoid Liquidation, Will Keep 425 Stores Open

by Taylor Williams January 8, 2019

Editor’s Note: This story has been updated to reflect new developments. HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLDQ) has reached a temporary deal to avoid liquidation and keep 425 of its stores open, according to media sources. After it was widely speculated that Sears Chairman Eddie Lampert’s $4.4 billion bid to save the company would be rejected, representatives of Sears agreed Tuesday to a revised bid from Lampert’s hedge fund, ESL Investments, that gives the 126-year-old company another small shot at survival. Liquidation remains a possibility for Sears. According to USA Today, ESL Investments has until 4 p.m. Wednesday to come up with a $120 million deposit to keep the deal alive. In addition, the company’s assets will be auctioned off on Monday, Jan. 14. The original bid by Lampert, the man behind the retailer’s merge with Kmart in the 2000s, would have theoretically saved 50,000 of the retail chain’s 68,000 jobs nationwide, per the network. CNBC reported that Hoffman Estates-based Sears considered the bid by Lampert’s hedge fund, ESL Investments, to be insufficient, particularly with regard to covering fees and payments owed to vendors. In October 2018, Sears filed for Chapter 11 bankruptcy after it failed to …

January 8, 2019

California Market Reports Retail Western Western Market Reports

Orange County’s Retail Market Remains Scrappy

by Taylor Williams January 8, 2019

The Orange County retail real estate market remains resilient despite continued pressure from growing ecommerce sales and a new tranche of retailer bankruptcies. Sears is the latest retailer to file for bankruptcy in the Amazon era. Toys“R”Us, Fallas Paredes and Mattress Firm have all declared bankruptcy, while Lowe’s announced it would close all Orchard Supply Hardware stores. In comparison, ecommerce sales continue to experience double-digit increases year-over-year and analysts are quick to conclude the so-called “retail apocalypse” is imminent. Does this mean it’s time to panic if you are in the retail real estate business? Definitely not, but it does mean the edge belongs to those who are proactive and adaptable in their decision making. We are also seeing many retailers and developers step up their game in the wake of ecommerce popularity. Retailers like Walmart and Ralph’s/Kroger are offering free same-day delivery and, in the case of groceries, food delivery in as little as one hour. Retailers like Best Buy are not only price matching but offering better product education and experience via what the company calls a “stickier” relationship. Developers are getting better at placemaking, the multi-faceted approach to planning, design and management of space, giving people more …

January 8, 2019

Acquisitions Alabama Retail Southeast

Publix to Acquire Two Western Market Locations Near Birmingham

by Alex Tostado January 7, 2019

MOUTAIN BROOK AND VESTAVIA HILLS, ALA. — Publix Super Markets will acquire two Western Supermarket locations in Alabama as the grocer expands its Birmingham footprint. The location in Vestavia Hills, about nine miles south of downtown Birmingham, will open as a Publix grocery store. The location in Mountain Brook, four miles south of downtown Birmingham, will open as a GreenWise Market. GreenWise Market is a specialty, natural and organic store featuring a variety of house-prepared meals and grab-and-go items. It is the seventh announced GreenWise Market and is expected to open in third-quarter 2019. The other location will be torn down and rebuilt into a 35,000-square-foot Publix. An opening date has not been announced. The sales prices of the properties were not disclosed.

January 7, 2019

Acquisitions Louisiana Retail Southeast

Chase Properties Purchases 135,000 SF Shopping Center in Lake Charles, Louisiana

by Alex Tostado January 7, 2019

LAKE CHARLES, LA. — Chase Properties has purchased Prien Lake Shopping Center in Lake Charles. The 135,000-square-foot shopping center is anchored by Marshalls, Ross Dress for Less and Bed Bath & Beyond. The seller and sales price were not disclosed. CBRE brokered the sale.

January 7, 2019

Acquisitions New Jersey Northeast Retail

Deka Immobilien Acquires 75,000 SF Shopping Center in Paramus, New Jersey

by David Cohen January 7, 2019

PARAMUS, N.J. — Deka Immobilien GmBH has acquired Paramus Junction, a fully leased, grocery-anchored shopping center in Paramus. The sales price was not disclosed. Located at 60 N. Route 17, the 75,000-square-foot property is occupied by a tenant roster that includes Asian grocer H Mart, DSW, PetSmart and BJ’s Wholesale Club. Deka Immobilien was represented by Madison Marquette in the transaction. The seller, a joint venture between Invesco Real Estate and Advance Realty was represented by Cushman & Wakefield’s New Jersey capital markets team.

January 7, 2019

Development Office Retail Washington Western

City of Seattle Approves Development of 1.2 MSF Urban Visions Office Campus

by Amy Works January 7, 2019

SEATTLE — Urban Visions has received permit approval from the City of Seattle for S, an office and retail campus project located on a seven-acre land parcel adjoining Seattle’s Pioneer Square and Chinatown districts. Designed by NBBJ, S will feature five buildings offering large, flexible office floorplates, rooftop decks on each building and outdoor terrace spaces on every floor, as well as ground-floor retail space. The development is located directly east of CenturyLink Field and at the hub of the region’s Link light rail transportation network. Jesse Ottele, Cavan O’Keefe, Daniel Seger and David Marks of Newmark Knight Frank are representing the developer. With permit approval, Urban Visions is able to commence construction as early as the first quarter of 2020.

January 7, 2019

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