Retail

Café, Juicery Sign Leases at $49M Apartment Project in Overland Park, Kansas

by Kristin Harlow August 31, 2018

OVERLAND PARK, KAN. — Parisi Café and Evolve Juicery & Kitchen have signed leases to occupy a combined 4,135 square feet of ground-level retail space at The Vue in Overland Park. Hunt Midwest is developing the $49 million apartment project. Parisi will occupy 2,293 square feet, including a 400-square-foot outdoor patio. Upon opening in early 2019, the café will serve espresso and coffee drinks, pastries, sandwiches and soups. This is the brand’s second location in metro Kansas City. Evolve will offer a selection of freshly prepared meals, side dishes and organic juices in its 1,842-square-foot space. The Vue will include 219 apartment units above 8,650 square feet. Residents are scheduled to begin moving into the property in December.

August 31, 2018

Market Reports Retail Texas Texas Market Reports

Out-of-State Investors Eye Surging Dallas Retail Market

by Taylor Williams August 31, 2018

The Dallas retail market has been on a historic run over the last five years. Dallas is attracting significant attention from foreign and domestic retail investors alike for several reasons. Cap rates continue to compress, big box spaces are experiencing steady absorption, occupancy is at an all-time high of 94.6 percent, unemployment is at a historic low of 3.7 percent, population growth is holding steady and residential development remains robust. The Dallas-Fort Worth (DFW) MSA recently ranked second in the Americas for real estate investor interest, according to a recent poll conducted by CBRE. In particular, there has been a strong increase in demand for retail properties from California buyers. Many of these investors are used to paying 4 to 5 percent cap rates. So when these California buyers have the opportunity to invest in a market showing stronger signs of growth than their local regions, they jump at the chance. According to CoStar Group, over the last 18 months, the average cap rate for a Dallas retail asset purchased by a California buyer was 6.1 percent. In contrast, the average for a Texas-based buyer was 7 percent. This statistic clearly shows that private retail investors based in California are …

August 31, 2018

Acquisitions California Retail Western

Sterling Organization Buys 86,520 SF Shopping Center in Westlake Village for $35M

by Amy Works August 30, 2018

WESTLAKE VILLAGE, CALIF. — Sterling Organization has purchased North Ranch Gateway, a shopping center located at the intersection of Lindero Canyon Road and Thousand Oaks Boulevard in Westlake Village. The asset was acquired on behalf of Sterling Value Add Partners LLL, one of Sterling’s latest institutional funds, for $35 million Preston Fetrow and Sam Alison of CBRE brokered the transaction. Originally built in 1989, the 86,520-square-foot center recently underwent significant renovations. TJ Maxx, Bank of America, Dunkin’ Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathnasium and Domino’s Pizza are tenants at the property, which was 74 percent occupied at the time of sale.

August 30, 2018

Acquisitions Retail Texas

Davidson Bogel Arranges Sale of 22,000 SF Retail Center in Fort Worth

by Taylor Williams August 30, 2018

FORT WORTH, TEXAS — Davidson Bogel Real Estate has arranged the sale of 2800 Bledsoe, a 22,000-square-foot retail center located in the West 7th Entertainment District in Fort Worth. The property was 100 percent leased at the time of sale to tenants such as Whisky Garden, Trophy Ranch and The Local. Cameron Deptula of Davidson Bogel represented the seller, TLC Urban, in the transaction. Houston-based Fifth Corner purchased the asset for an undisclosed price.

August 30, 2018

Georgia Leasing Activity Retail Southeast

Braves Development Signs Four New Tenants at The Battery Atlanta

by Camren Skelton August 30, 2018

ATLANTA — Braves Development Co. (BDC) has signed four new tenants to The Battery Atlanta in Cobb County. The 1.5 million-square-foot mixed-use development surrounds SunTrust Park, home ballpark of the Atlanta Braves that opened in April 2017. The VOID, a social activity that combines virtual reality technology, physical stages and multi-sensory effects, will open a 9,000-square-foot space adjacent to the Coca-Cola Roxy music venue. Scheduled to open in 2019, the space will mark The VOID’s first location in Georgia. Chattanooga, Tenn.-based Rock/Creek, an outdoor industry retailer, will open a 17,000-square-foot store that carries gear for sports such as kayaking, rock climbing, camping and hiking. Rock/Creek is scheduled to open at the development in 2019. Escape room concept The Escape Game will open a 5,000-square-foot space along Battery Avenue in 2019. The fourth tenant, Allure Nail Bar, will open a 3,100-square-foot location next to Select Shades. Gary Lewis of Gary Lewis & Associates Real Estate represented BDC in the lease transactions with The VOID, Rock/Creek and The Escape Game. JLL assisted with the Allure Nail Bar lease. The new signings come on the heels of the recently announced additions of Silverspot Cinema, Aloft Hotel and Savi Provisions, as well as the announcement …

August 30, 2018

Acquisitions Illinois Midwest Retail

NARE Acquires Retail Center in Suburban Chicago for $20M

by Kristin Harlow August 30, 2018

WOODRIDGE, ILL. — North American Real Estate (NARE) has acquired Woodgrove Festival in Woodridge, about 29 miles west of Chicago, for $20 million. The 157,276-square-foot retail center is situated on 15 acres at 1001 W. 75th St. Completed in 1985 and renovated and expanded in 2010, the property is 88.3 percent leased to tenants such as Hollywood Blvd. Cinema, Five Below, Carter’s, Shoe Carnival, Pearle Vision, Starbucks, T-Mobile, Carrabba’s Italian Grill, Jameson’s Charhouse and Panera Bread. Amy Sands and Clinton Mitchell of HFF represented the seller, Kimco Realty Corp.

August 30, 2018

Acquisitions Kansas Midwest Retail

PEBB Enterprises Buys 126,909 SF Shopping Center in Overland Park, Kansas

by Kristin Harlow August 30, 2018

OVERLAND PARK, KAN. — PEBB Enterprises has purchased Pinnacle Village in Overland Park for an undisclosed price. The 126,909-square-foot shopping center is located at the intersection of Blue Valley Parkway and W. 119th Street. The property is currently 74 percent occupied by tenants such as DSW and Michaels. PEBB purchased the asset by acquiring the non-performing loan and foreclosing on the underlying collateral.

August 30, 2018

Leasing Activity Retail Texas

Kids Empire to Open 15,000 SF Venue in Mesquite, Texas

by Taylor Williams August 29, 2018

MESQUITE, TEXAS — Kids Empire, an entertainment concept that provides indoor playgrounds for children, will open a 15,000-square-foot venue within Towne Crossing Shopping Center in Mesquite, an eastern suburb of Dallas. The location will be the first in Texas for the company, which started in California. Robin Barrow and Eddie Liebman of Weitzman represented Kids Empire in the lease negotiations. Chris Young of Phillips Edison represented the landlord on an internal basis. The Mesquite venue is scheduled to open during the fourth quarter.

August 29, 2018

Acquisitions Midwest Net Lease Ohio Retail

Marcus & Millichap Brokers $2.2M Sale of Net Leased Retail Property in Harrison, Ohio

by Kristin Harlow August 29, 2018

HARRISON, OHIO — Marcus & Millichap has brokered the $2.2 million sale of an 18,888-square-foot retail property net leased to Tractor Supply Co. in Harrison, about 20 miles northwest of Cincinnati. The property is located at 389 Comfort Drive near I-74. Tractor Supply Co. has operated at the building since 1999. Dan Yozwiak and Justin Fenn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.

August 29, 2018

Acquisitions Georgia Retail Southeast

SRS Arranges $5.3M Sale of Crunch Fitness-Leased Building in Metro Atlanta

by Camren Skelton August 29, 2018

LAWRENCEVILLE, GA. — SRS Real Estate Partners has arranged the $5.3 million sale of a freestanding retail building leased to Crunch Fitness in Lawrenceville, located 34 miles northeast of Atlanta. The 22,000-square-foot property opened in March and is triple-net-leased to Crunch Fitness for 12.5 years. Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the seller, a local developer, and procured the buyer, a public REIT.

August 29, 2018

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