Retail

Hanley Investment Group Arranges $2.6M Sale of Two-Tenant Retail Property in Merced

by Amy Works April 29, 2019

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail asset, located at 360 W. 16th St. in Merced. Novato, Calif.-based Ares Commercial Properties acquired the property from a Bakersfield, Calif.-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of San Francisco-based Starboard Commercial Real Estate represented the buyer in the transaction.

April 29, 2019

Development Illinois Midwest Retail

Englewood Construction to Build Two Chicago-Area Projects

by Kristin Harlow April 26, 2019

CHICAGO — Englewood Construction has been named general contractor for two Chicago-area projects. The first is the conversion of a former meatpacking building in Chicago’s Fulton Market neighborhood for commercial use. Construction on the 19,000-square-foot, four-story building will begin this summer. Entrepreneur Aiman Humadieh is the developer. The second project is the construction of a new 6,000-square-foot retail building on the border of Chicago’s Uptown and Buena Park neighborhoods. The project, which is part of the development plans for the neighboring Eight Eleven Uptown residential tower, is a joint venture between Harlem Irving Co. and JDL Development. OKW Architects Inc. is the architect. Completion is slated for late this summer.

April 26, 2019

Leasing Activity Michigan Midwest Retail

Gerdom Realty Completes Three Lease Transactions at Retail Center in Troy, Michigan

by Kristin Harlow April 26, 2019

TROY, MICH. — Gerdom Realty & Investment has completed three retail lease transactions at Century Plaza in Troy. Quickly Tea, Michigan College of Beauty and Breakfast Club Restaurant together will occupy 6,942 square feet. The approximately 34,500-square-foot property is located at the intersection of Big Beaver and Rochester roads. Tjader Gerdom, Mike Murphy and Larry Siedell of Gerdom represented the landlord, Beztek Properties.

April 26, 2019

Colorado Development Mixed-Use Office Restaurant Retail Western

Confluent, Kelmore Break Ground on 140,000 SF Boulevard at Lowry Mixed-Use Project in Denver

by Amy Works April 26, 2019

DENVER — Confluent Development and Kelmore Development have broken ground on The Boulevard at Lowry, a commercial mixed-use redevelopment project in Denver’s Lowry neighborhood. Situated on 1.5 acres, the infill development will feature 140,000 square feet of restaurant, retail and office space. A 25,000-square-foot Lucky’s Market will anchor the property. Additional tenants will include a 1,750-square-foot Logan House Coffee Co. Completion is slated for fourth-quarter 2020.

April 26, 2019

Acquisitions Retail Texas Top Stories

Four Retail Centers in Texas Trade for $90.8M

by Kristin Harlow April 26, 2019

KYLE, TEMPLE, SAN ANTONIO AND GARLAND, TEXAS — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million. Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, about 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller. Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, approximately 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres. In San Antonio, Stonefield Investment Advisory & REATA Assets purchased Brooks Corner, a 173,041-square-foot center located at 3143 Southeast Military Drive. InvenTrust sold the asset, which is situated on 35.4 acres. Lastly, Los Angeles-based Shayan Holdings LLC acquired Firewheel Commons in Garland, about 20 miles northeast of Dallas. The 64,719-square-foot property is situated on 5.6 acres at 3046 Lavon Drive. Elm Creek Real Estate and Reserve Development LLC was the seller. Adam Howells, Tom Salanty and Caroline Binning of JLL represented the seller in each transaction. All four properties are located in high-growth markets backed by exceptional demographic fundamentals. The DFW metroplex topped the nation in population growth in …

April 26, 2019

Georgia Hospitality Mixed-Use Retail Southeast

Tri-Land Breaks Ground on Redevelopment of 253,000 SF Shopping Center in Metro Atlanta

by John Nelson April 25, 2019

CONYERS, GA. — Tri-Land Properties Inc. has begun construction on the overhaul of Salem Gate Market, a 253,000-square-foot grocery-anchored shopping center in Conyers, about 25 miles southeast of Atlanta. The multimillion-dollar redevelopment will include a 55,000-square-foot Hobby Lobby, 20,000-square-foot Northern Tool + Supply, a 103-room hotel and an Allure Nail & Spa. Tri-Land is rebuilding Salem Gate in a public-private partnership with the City of Conyers. Salem Gate is the first project underway as part of the Conyers Gateway Village District, the product of a new zoning ordinance adopted by the City of Conyers in 2016. In February, the city approved a new Tax Allocation District designation allocating future tax revenues to repay Tri-Land for its infrastructure improvement costs. The metro Chicago-based developer plans to announce additional tenants in the family fashion, sporting goods and value retail segments in the near future. Tri-Land expects to deliver Salem Gate in early summer 2020.

April 25, 2019

Features Retail

Nothing New About the Old ‘Dark Store Theory’

by Jeff Shaw April 25, 2019

Assessors and their minions frequently take the position that an occupied store is more valuable than an unoccupied store, a conclusion commonly referred to as the “dark store theory.” Owners of big-box retail properties and their tax advisers bristle at this erroneous contention because real property taxes are just that — a tax on the value of the real estate. It is the assessor’s function to value the property’s real estate components, which consist primarily of land, bricks and mortar. In the case of most big boxes, the real estate components include land, concrete, pop-up concrete or metal slabs. It is a common but mistaken practice of assessors to place a greater taxable value on a big box occupied by a major retailer than on a vacant building of equal design, construction and utility. This errant valuation methodology has given rise to controversy played out through expert testimony and sophisticated argument before administrative agencies and the courts. It is in this context that the term “dark store theory” has come into play. A call to action Owners of big-box real estate need to deliver a consistent response in the face of this increasingly pervasive and costly misconception. And because informal meetings …

April 25, 2019

Acquisitions California Retail Western

Brixton Capital Sells 290,000 SF Towngate Center in Moreno Valley for $50.9M

by Amy Works April 25, 2019

MORENO VALLEY, CALIF. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by national and regional credit tenants, including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA Beauty, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.

April 25, 2019

Loans Midwest Ohio Retail

NorthMarq Arranges $4.4M Acquisition Loan for Retail Property in Dayton

by Kristin Harlow April 25, 2019

DAYTON, OHIO — NorthMarq Capital has arranged a $4.4 million loan for the acquisition of Northwest Plaza in Dayton. The 220,000-square-foot retail property is located at 3295 W. Siebenthaler Ave. Citi Trends is one of the tenants. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule. A regional bank provided the loan.

April 25, 2019

Acquisitions Alabama Retail Southeast

Marcus & Millichap Brokers $7.8M Sale of Retail Center in Eastern Alabama

by Alex Tostado April 24, 2019

GADSDEN, ALA. — Marcus & Millichap has arranged the $7.8 million sale of Riverview Plaza, a 148,860-square-foot shopping center in Gadsden. Bargain Hunt, Harbor Freight Tools, Tuesday Morning and Dollar Tree anchor the center. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, EIG Riverview Plaza LLC, in the transaction. Louise Jennings of Real Estate Southeast represented the buyer, MR Stealth LLC, which is a private investor.

April 24, 2019

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