Retail

The-Shops-at-Chisholm-Trail-Ranch-Fort-Worth

2GR Equity to Develop 215,000 SF Retail Power Center in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Grapevine, Texas-based 2GR Equity, in a joint venture with Paravest Capital and StreetLevel Investments, will develop a 215,000-square-foot retail power center at the corner of Chisholm Trail Parkway and McPherson Road in Fort Worth. The center, which will be branded The Shops at Chisholm Trail Ranch, will be situated on 35 acres within the Chisholm Trail Ranch master-planned development. The property is 70 percent preleased to tenants such as Marshalls, Old Navy, Ulta Beauty, Five Below and Sprint. The project is scheduled for completion during the first half of 2020.

January 3, 2019

Acquisitions Michigan Midwest Retail

Cooper Group Brokers $14.7M Sale of Shopping Center in Chesterfield, Michigan

by Kristin Harlow January 3, 2019

CHESTERFIELD, MICH. — The Cooper Commercial Investment Group has brokered the $14.7 million sale of Chesterfield Village, a 155,958-square-foot shopping center in Chesterfield, about 35 miles north of Detroit. Notable tenants include Applebee’s, Panera Bread, Buffalo Wild Wings, Harbor Freight Tools, Famous Footwear, Dunham’s, Sally Beauty Supply, Staples and Anytime Fitness. Dan Cooper of Cooper Group represented the seller, a private investment group. The buyer was not disclosed. The sales price represents a cap rate of 8.77 percent.

January 3, 2019

Acquisitions Midwest Retail Wisconsin

Gorjian Acquisitions Purchases Two Retail Properties in Milwaukee

by Kristin Harlow January 3, 2019

MILWAUKEE — Gorjian Acquisitions has purchased two retail properties in Milwaukee for an undisclosed price. A private seller sold both properties as a portfolio. Bradley Square, located on North 76th Street, spans 19,545 square feet. The building is 86 percent occupied by tenants that include a State Farm insurance office, podiatry office, mortgage office and a senior day care. The other property, Teutonia Square, is fully occupied and spans 8,303 square feet.

January 3, 2019

Acquisitions Indiana Midwest Retail

ACH Purchases 77,871 SF Shopping Center in Muncie, Indiana

by Kristin Harlow January 2, 2019

MUNCIE, IND. — Albanese Cormier Holdings (ACH) has purchased Muncie Marketplace for an undisclosed price. Built in 2014, the 77,871-square-foot shopping center is located at 600 E. McGalliard Road in Muncie. Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Men’s Wearhouse, Kay Jewelers and GameStop fully occupy the property. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.

January 2, 2019

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers $8.2M Sale of Retail Property in Suburban St. Louis

by Kristin Harlow January 2, 2019

KIRKWOOD, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of Kirkwood Square near St. Louis for $8.2 million. Built in 2017, the 15,944-square-foot retail center is situated on 1.3 acres on Manchester Road in Kirkwood. Mercyhealth Family Medicine, Mercy-GoHealth Urgent Care, AT&T, Treats Unleashed and Sport Clips fully occupy the property. Jeff Lefko and Bill Asher of Hanley, along with Kevin Shapiro of L3 Corp., represented the seller, Kirkwood Square LLC. Steve Maynard of Maynard Group represented the buyer, a Los Angeles-based private investor.

January 2, 2019

Acquisitions New York Northeast Retail

Compass Commercial Arranges Sale of 8,400 SF Retail Center in Greenwich Village

by David Cohen January 2, 2019

NEW YORK CITY — Compass Commercial has arranged the sale of an 8,400-square-foot retail center in the Greenwich Village neighborhood of Manhattan. The sales price was not disclosed. Located at 44-58 E. 8th St., the property is comprised of seven retail units. The tenant roster includes Dunkin’ Donuts, Verizon, uBreakiFix and a Chinese restaurant. Also included in the sale is an underground parking garage with 40 spaces. Adelaide Polsinelli and Mitchell Goldstick of Compass represented both the seller, Three Street Realty Co., and the buyer, a local investor, in the transaction.

January 2, 2019

Loans New Jersey Northeast Property Type Retail

Procida Funding Provides $7M Refinancing for Banquet Hall in New Jersey

by David Cohen January 2, 2019

WOOD-RIDGE, N.J. — Procida Funding has provided a $7 million loan to refinance the Fiesta Banquet Hall, a two-story event venue in Wood-Ridge. Located at 255 Route 17, the property has been hosting events for more than 60 years and consists of four banquet rooms, two bridal suites and two commercial kitchens. Brian Foley of Procida arranged the financing on behalf of the 100 Mile Fund. The loan was used to consolidate existing debt and complete minor property improvements. Terms of the financing were not disclosed.

January 2, 2019

New York Northeast Retail

New York Real Estate Powerhouse Faith Hope Consolo Passes at 73

by David Cohen December 26, 2018

Longtime New York City retail broker Faith Hope Consolo passed away Sunday, December 23 in her Upper East Side home. Consolo, the Chairman of Retail at Douglas Elliman Real Estate, was 73. Consolo, New York’s self-appointed “Queen of Retail,” was a powerhouse in the New York real estate community. She was well known for her larger-than-life personality and for her “You Need Faith” motto. In a companywide memo, Douglas Elliman’s President and CEO Steven James wrote: “Faith was a legend in New York commercial real estate, especially the New York City retail stores and businesses. Many of her clients were long term ones. They believed in her to get the job done! And she did! She was a high-voltage character but deep down there was a heart that just wanted to be loved.” Prior to joining Douglas Elliman in 2005, Consolo was a vice chairman at Garrick-Aug Worldwide for 20 years. Her clients included Cartier, Versace, Zara and Louis Vuitton. Consolo was a frequent contributor to several France Media publications, including Shopping Center Business and Northeast Real Estate Business.

December 26, 2018

Market Reports New Jersey Northeast Northeast Market Reports Retail

Why Betting on Vitality of New Jersey’s Retail Real Estate Sector is a Smart Play

by David Cohen December 26, 2018

It’s too early to tell the impact of the new federal tax law on retail here in New Jersey, or how things might change now that we have a new governor. But one can place a sizable bet, literally, on the fact that medical marijuana dispensaries now given the go-ahead here will lead to recreational use, and that sports betting in New Jersey is going to also be a hit. Betting on Jersey’s retail sector is a great wager too. North Jersey’s top markets — Paramus, Wayne, Woodbridge, Bridgewater and Princeton — are all in great shape. Vacancy rates are low and rents are stable. Although the area was hit hard dur- ing the financial crisis and onetime retail juggernauts such as A&P and Sports Authority had to shutter their doors, much of that space was redeveloped. The space vacated by retailers due to the big impact of the Internet — Toys ‘R Us was stung badly by e-commerce, for example — has quickly been absorbed. Opportunity is at such a premium, it’s tough to find a steal at any of the area’s major regional malls or power centers, or the other desirable retail corridors for that matter. North Jersey retail is that …

December 26, 2018

Georgia Market Reports Property Type Retail Southeast Southeast Market Reports

Retailers Attracted to Atlanta’s Mixed-Use Projects, Infill Locations

by John Nelson December 24, 2018

If we had to sum up the 2018 Atlanta retail environment with a single word, it would be “change.” Atlanta’s builders have turned away from the traditional suburban models in favor of modern mixed-use developments featuring high-end office and residential units on the upper floors, along with street-level retail shops. Many planners see such projects as a means of creating more walkable, safe and vibrant neighborhoods. Retailers are drawn to intown opportunities such as Modera by Mill Creek’s mixed-use apartment communities (existing locations in Midtown, Sandy Springs and Vinings, with Reynoldstown coming soon), or Revel, a planned $900 million, 118-acre mixed-use and entertainment destination being developed by North American Properties in Duluth in Gwinnett County. With a limited supply of real estate inventory for shops and restaurants and the continued demand from new concepts entering or growing in the Atlanta metro market, the competition for space has grown fierce. For example, Franklin Street’s client City Barbeque waited 18 months for a premier location to become available for its new eatery in Johns Creek. The restaurant group made a lease agreement offer within three days of the prior tenant going dark to secure the spot before other bidders could jump in. …

December 24, 2018

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