Retail

Boyle Investment Sells Whole Foods-Anchored Retail Center in Metro Birmingham

by Amy Works November 6, 2018

HOOVER, ALA. — Boyle Investment Co.’s Midsouth Capital Fund has completed the sale of Whole Foods Market Plaza, a retail property situated on 18.9 acres at 3780 Riverchase Village in Hoover, a suburb of Birmingham. TH Real Estate, an affiliate of Nuveen, purchased the assets for an undisclosed price. Originally developed in 1980 and renovated in 2016, the 175,673-square-foot property is occupied by Whole Foods Market, PetSmart, Best Buy, Bella’s Bridal and Formal and Newk’s Eatery. Jim Hamilton and Shea Patrick of HFF represented the seller in the deal.

November 6, 2018

Hopkinsville-Town-Center-Hopkinsville-KY

Kentucky Loans Retail Southeast

Cohen Financial Secures $18.2M Acquisition Loan for New Retail Center in Hopkinsville, Kentucky

by Amy Works November 6, 2018

HOPKINSVILLE, KY. — Cohen Financial has arranged $18.2 million for the acquisition of the newly constructed Hopkinsville Town Center, a neighborhood retail center in Hopkinsville near the Kentucky-Tennessee border. Hobby Lobby, T.J. Maxx, Ross Dress for Less and Five Below are tenants at the 184,761-square-foot retail center. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the loan for the undisclosed borrower.

November 6, 2018

Leasing Activity Midwest Ohio Retail

Ross Dress for Less to Open First Store in Ohio

by Kristin Harlow November 6, 2018

AKRON, OHIO — Off-price department store Ross Dress for Less has signed a 25,200-square-foot lease to open its first store in Ohio. The retailer will occupy space within The Plaza at Chapel Hill shopping center. The company expects the store to open in summer 2019. The Plaza at Chapel Hill is a 456,055-square-foot shopping center anchored by Giant Eagle. Other tenants include Dick’s Sporting Goods, Shoe Carnival, Great Clips, Ideal Image and El Papas Mexican Restaurant. ShopOne Centers REIT Inc. is the property landlord. California-based Ross operates more than 1,600 stores in 37 states. The retailer sells women’s, men’s and kid’s apparel, as well as shoes and home décor.

November 6, 2018

Acquisitions Massachusetts Northeast Retail

KeyPoint Partners Orchestrates $3.4M Sale of Retail Center in Metro Boston

by David Cohen November 6, 2018

WEST BRIDGEWATER, MASS. — KeyPoint Partners has negotiated the $3.4 million sale of West Bridgewater Plaza, a retail property in West Bridgewater. The 133,000-square-foot retail center is located off Route 28. Don Mace of KeyPoint represented the buyer, the owner and operator of indoor entertainment concept FunZ. The buyer plans to open a FunZ location in the former Shaw’s space at the center.

November 6, 2018

Acquisitions New Jersey Northeast Retail

HFF Negotiates Sale of 255,940 SF Retail Center in Forked River, New Jersey

by David Cohen November 6, 2018

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.

November 6, 2018

Development Retail Texas

CBL Properties Begins Work on 110,000 SF Retail Redevelopment of Beaumont Mall

by Taylor Williams November 6, 2018

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.

November 6, 2018

Market Reports Nevada Retail Western Western Market Reports

Big Box Absorption Leads to Market Stabilization in Reno

by Taylor Williams November 6, 2018

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 …

November 6, 2018

Acquisitions New York Northeast Property Type Retail

Encore Real Estate Brokers $9.4 Million Sale of Retail Property Occupied by Rite Aid in Bronx

by David Cohen November 5, 2018

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.

November 5, 2018

Acquisitions California Retail Western

Northern California Investor Buys 36,469 SF Retail Center in Garden Grove for $5.1M

by Amy Works November 5, 2018

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.

November 5, 2018

California Development Retail Top Stories Western

Taubman Centers Completes $500M Redevelopment of Los Angeles Mall

by Taylor Williams November 5, 2018

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 …

November 5, 2018

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