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Leasing ActivityNorth CarolinaRetailSoutheast

Four Retailers Join Mixed-Use Fenton Development Near Raleigh

by Alex Tostado

CARY, N.C. — Hines, Columbia Development and USAA Real Estate have signed four retailers to join the lineup at Fenton in Cary. Cosmetic retailer Sephora will occupy 4,400 square feet, women’s clothing retailer Free People will occupy 4,000 square feet and Bailey’s Fine Jewelry will occupy 5,000 square feet. CMX CineBistro will join Wegmans as the 69-acre development’s anchor tenants. Construction on Fenton is expected to begin next summer with completion anticipated for fall 2021. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, 350 multifamily residences and a 175-room boutique hotel. The mixed-use project is located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown Raleigh.

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AcquisitionsRetailSoutheastTennessee

NKF Brokers Sale of 106,495 SF Shoppes at Millington Farms in Metro Memphis

by Alex Tostado

MILLINGTON, TENN. — Newmark Knight Frank (NKF) has brokered the sale of the 106,495-square-foot Shoppes at Millington Farms, a 106,495–square-foot shopping center located at 8540 U.S. Highway 51 N. in Millington. Real estate firm Ryan Cos. sold the center, located 18 miles northeast of Memphis, to Living for Life Apartments LLC. Drew Fleming, Mark Joines and Henry Kushner of NKF represented the seller in the transaction. Built in 2017, the shopping center was fully leased to tenants including Ross Dress for Less, Five Below, Petco, Burkes Outlet and Dunham’s Sports. The sales price was not disclosed.

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Covington-Esplanade-Covington-WA
AcquisitionsRetailWashingtonWestern

Weingarten Realty Investors Buys 187,388 SF Covington Esplanade Shopping Center in Metro Seattle

by Amy Works

COVINGTON, WASH. — Weingarten Realty Investors has acquired Covington Esplanade, a daily needs-focused shopping center located in Covington, a suburb 25 miles southeast of Seattle. Situated on 15.3 acres at 27027 S.E. 185th Ave., Covington Esplanade features 187,388 square feet of retail space spread across seven separate parcels with uniform facades. At the time of sale, the property was 97.7 percent leased to a variety of tenants, including The Home Depot, Red Robin Gourmet Burgers and Brews, NorthWest Family Dental Care, IHOP, Bank of America, Verizon and Starbucks Coffee. Nick Kassab and Bryan Ley of JLL Retail Capital Markets represented the undisclosed seller in the deal. The price was not disclosed.

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AcquisitionsRetailWashingtonWestern

NKF Brokers Sale of 8,660 SF Wallingford Bartell Drugs Building in Seattle

by Amy Works

SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of the Wallingford Bartell Drugs Building, a standalone retail building located in Seattle. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank’s Retail Investments Team represented the undisclosed seller in the deal. Terms of the transaction, including the name of buyer and acquisition price, were not released. Located at the corner of North 45th Street and Burke Avenue North, the single-tenant property features 8,660 square feet of retail space.

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AcquisitionsIndianaMidwestRetail

SRS Arranges $30M Sale of Regional Shopping Center in Jeffersonville, Indiana

by Kristin Harlow

JEFFERSONVILLE, IND. — SRS Real Estate Partners National Net Lease Group has arranged the sale of Jefferson Town Center West in Jeffersonville for $30 million. The newly developed, 184,663-square-foot regional shopping center is located at 4251 Town Center Blvd. It is fully leased to tenants such as Hobby Lobby, Burlington, TJ Maxx, HomeGoods, Petco, Five Below and Ulta. Michael Carter and Frank Rogers of SRS represented the seller, a Louisville, Ky.-based developer. Carter and Rogers also represented the buyer, a private investor based in Newport Beach, Calif.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Brokers $2.7M Sale of Firestone-Occupied Property in East Lansing

by Kristin Harlow

EAST LANSING, MICH. — Marcus & Millichap has brokered the sale of a 10,000-square-foot property leased to Firestone Complete Auto Care in East Lansing for $2.7 million. The building, renovated this year, is located at 2700 E. Grand River Ave. Don McMinn of Marcus & Millichap represented the seller, East Lansing BF Retail LLC. Andrew Irvine of Marcus & Millichap represented the buyer, Lincoln Street Commercial LLC. “This Firestone traded at 99 percent of list price with a 1031 buyer with multiple back up offers. This speaks to the strong investor demand for Firestone deals due to its strong credit, long-term NNN leases with increases, solid retail locations and internet-resistant business model,” says McMinn.

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AcquisitionsMassachusettsNortheastRetail

JLL Brokers $24.1M Sale of Wonderland Marketplace in Metro Boston

by Taylor Williams

REVERE, MASS. — JLL has brokered the $24.1 million sale of Wonderland Marketplace, a 139,507-square-foot shopping center in Revere, a northeastern suburb of Boston. The shopping center is anchored by Marshalls, Big Lots and Planet Fitness and is adjacent to the Massachusetts Bay Transportation Authority Wonderland Station. Nat Heald and Chris Angelone of JLL represented the seller, a partnership between Winstanley Enterprises and Surrey Equities, in the transaction. Urban Edge Properties purchased the asset.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado

CHESTER, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including Petco, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler of Thalhimer represented the seller, Giant Food Stores, in the sale. David Crawford and Pete Waldbauer, also of Thalhimer, served as leasing advisers during the disposition.

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AcquisitionsCaliforniaRetailWestern

Sares Regis Divests of The Ashton Retail Center in San Francisco Bay Area

by Amy Works

BELMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. Terms of the transaction, including acquisition price and buyer, were not disclosed. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the Belmont Caltrain station. The development team included Tricon Capital, Dahlin Group, BKF Engineers, Nishkian Menniger and Regis Contractors Bay Area.

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AcquisitionsIllinoisMidwestRetail

JLL Negotiates Sale of Single-Tenant Retail Building in Chicago

by Kristin Harlow

CHICAGO — JLL has negotiated the sale of a 9,794-square-foot, single-tenant retail building in Chicago for an undisclosed price. The property is triple net leased to Walter E. Smithe, a family-owned and operated local furniture business. Located at 2009 N. Clybourn Ave., the building is one of the tenant’s 10 Chicagoland showrooms. Nicholas Kanich and Alex Sharrin of JLL represented the seller, a Chicago-based private partnership. JLL also procured the buyer, a California-based family office, which purchased the asset while completing a 1031 tax-deferred exchange.

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