EDEN PRAIRIE, MINN. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.
SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.
MEMPHIS, TENN. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking to sell its pure-play pharmacy assets. In September of last year, Fred’s struck a deal to sell prescription files of its pharmacy patients and inventory information at 179 stores across the Southeast to Walgreens (NASDAQ: WBA). The shuttered stores are located in Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky and Tennessee, according to CNN. Liquidation sales are underway at these stores, which are expected to fully close by the end of May. Fred’s CEO Joseph Anto noted that in addition to losing profitability, most of the shuttered stores are nearing the ends of their lease terms. “After a careful review, we have decided to rationalize our footprint by closing underperforming stores, …
With a staggering number of tower cranes at work every day, Nashville has delivered a record number of multifamily units, office space and hotel rooms in the past several years. Even with all this development and with tourists flocking to downtown seemingly every week of the year, one category has lagged: new retail downtown. To provide a snapshot of growth in downtown Nashville, the number of residential units downtown has grown from 3,700 in 2010 to 11,800 today. Hotel room rates since 2008 have virtually doubled, and we currently have 1.6 million square feet of office space under construction. But even with all this explosive growth, retail development downtown has lagged. Many would wonder why, and there are a number of reasons. Historically, many developers have seen downtown Nashville as an afterthought to include ground-level retail in their projects. Because of this, small amounts of retail were metered onto the market. This retail space was geographically spread out over a number of developments across downtown. This did not lead to a rich consumer experience, because consumers strongly prefer finding retail options in a concentrated environment. Another challenge to building great retail has been the limited scale of individual projects. But …
ARLINGTON, TEXAS — Dallas-based STRIVE has brokered the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. Surrouding national retailers include Walmart Neighborhood Market, Walgreens, Subway and Dollar General. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.
KINGSTON, WASH. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.
TAMPA, FLA. — The Bromley Cos. has signed True Food Kitchen to a 5,000-square-foot lease in Midtown Tampa, a $500 million, 22-acre development in Tampa. This marks True Food’s first west central Florida location. Integrative medicine expert Andrew Weil co-founded the Oprah Winfrey-backed health-driven restaurant that operates several locations in Jacksonville, Naples and Boca Raton, Fla. The Bromley Cos., in collaboration with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co., Crescent Communities and Concord Hospitality, has already signed Whole Foods Market. Whole Foods will relocate its existing Tampa store and occupy 48,000 square feet at Midtown Tampa in 2020.
GRAYSLAKE, ILL. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, about 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider of Woodmont will market the property for lease.
GALION, OHIO — Grandbridge Real Estate Capital has arranged a $1.5 million loan for the refinancing of Galion West Shopping Center in Galion, about 60 miles north of Columbus. The 59,135-square-foot property includes a Papa John’s. Craig Kegg of Grandbridge arranged the financing with an insurance company. The 10-year loan features an interest rate of 4.93 percent and a 15-year amortization schedule.
LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.