Retail

Mast Capital Acquires Mixed-Use Shopping Center in Fort Lauderdale for $43M

by Alex Tostado April 5, 2019

FORT LAUDERDALE, FLA. — Mast Capital has acquired The Quay, a 73,000-square-foot mixed-use shopping center in Fort Lauderdale. The Quay sits on seven acres along South 17th Street near the Stranahan River, three miles south of downtown Fort Lauderdale. The asset was fully leased at the time of the sale to tenants including Boatyard Restaurant, the United States Postal Service and Chipotle Mexican Grill. The property also includes a two-story office building and Boathouse of Fort Lauderdale marina. Hudson Capital Group Inc. sold The Quay. CIT Bank provided acquisition financing, and Roberto Susi of Axiom Capital Advisors arranged the sale.

April 5, 2019

Acquisitions Georgia Retail Southeast

Cushman & Wakefield Arranges Sale of 199,594 SF Retail Center in Metro Atlanta

by Alex Tostado April 5, 2019

SUWANEE, GA. — Cushman & Wakefield has arranged the sale of Brookwood Marketplace, a 199,594-square-foot retail center in Suwanee shadow-anchored by Super Target. The property is located at 2615-2635 Peachtree Parkway, about 34 miles north of downtown Atlanta in Gwinnett County. Brookwood Marketplace was 98 percent leased at the time of the sale to tenants including The Home Depot, Bed Bath & Beyond and OfficeMax. Fain Hicks and Mark Gilbert of Cushman & Wakefield represented the seller, Weingarten Realty, in the transaction. A private individual acquired the asset for an undisclosed price.

April 5, 2019

California Development Retail Western

Donahue Schriber Launches $120M Expansion at Del Mar Highlands Town Center in San Diego

by Amy Works April 5, 2019

SAN DIEGO — Donahue Schriber has announced a $120 million expansion at Del Mar Highlands Town Center, a destination mixed-use property at 12925 El Camino Real in San Diego. The expansion will bring the asset to more than 400,000 square feet of retail, dining and entertainment space. The expansion, known The Collection at Del Mar Highlands Town Center, will bring an additional 120,000 square feet space, offering 40 new retailers, restaurants, fitness studios and new spaces to work, play and lounge. The project centers around relocation of Jimbo’s…Naturally, as the grocery store expands to 25,000 square feet. The grocer’s new space is slated to open this summer. Additional tenants at The Collection will be OH! Juice; Cascade Spa; Perlman Wellness Center; Head Lettuce, a healthy dining concept; and Diesel, a Brentwood, Calif.-based bookstore. CermaiCafe will also relocate to the new space. The expansion includes a boutique fitness row, which is slated to open in 2020. The new collection of fitness brands will offer a variety of fitness options, including StretchLab, Row House and an expanded Club Pilates location. Located above the expanded Jimbo’s…Naturally, The Sky Deck will bring eight to 10 dining destinations, a central cocktail bar and an elevated …

April 5, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers Sale of Two Multi-Tenant Retail Pads in Rialto, California

by Amy Works April 5, 2019

RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.

April 5, 2019

Acquisitions Lee & Associates New York Northeast Retail

Lee & Associates Brokers $32M Sale of Parking Garage in Manhattan

by David Cohen April 5, 2019

NEW YORK CITY — Lee & Associates has brokered the $32.2 million sale of a 50,000-square-foot parking garage in Manhattan’s Flatiron district. Located at 41-47 E. 21st St., the four-story garage is six blocks from the 4, 5, 6, L, N, Q, R and W trains. Steve Lorenzo, Mitchell Salmon and Christopher Ventura of Lee & Associates represented the buyer, Mequity Cos., in the transaction. Sidney Rosenthal of Lee & Associates represented the seller, Zucker Organization.

April 5, 2019

New York Northeast Retail

Houlihan-Parnes Secures $1.7M Refinancing for Shopping Center in Ardsley, New York

by David Cohen April 5, 2019

ARDSLEY, N.Y. — Houlihan-Parnes Realtors has secured a $1.7 million loan to refinance Ardsley Shopping Center in Ardsley. Located at 717-725 Saw Mill River Road, the center, which is anchored by a CVS Pharmacy, is approximately 19 miles north of Manhattan. James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan of Houlihan-Parnes secured the financing on behalf of the undisclosed borrower. The lender was a local bank. Terms of the financing included a five-year term with a 4.6 percent interest rate.

April 5, 2019

Illinois Leasing Activity Midwest Retail

Tide Cleaners to Open Seventh Chicagoland Location

by Kristin Harlow April 5, 2019

LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.

April 5, 2019

Market Reports Restaurant Retail Texas Texas Market Reports

Originality, Variety Define Success in Austin’s Restaurant Scene

by Taylor Williams April 5, 2019

Austin’s retail and restaurant market is rapidly becoming one of the hippest and most dynamic scenes in the country, as new concepts are flocking to the state capital in lockstep with its remarkable job and population growth. The push by both new and established retailers and restaurants to grab a piece of the Austin pie has driven the city’s retail occupancy rate to roughly 93 percent. Annual rent growth has exceeded 10 percent at Class A properties in submarkets such as the Central Business District (CBD) and East Austin. But while demand for retail and restaurant space in Austin’s urban core is at an all-time high, so too are rates of turnover among these users. A Gentrified Market The driving factors behind these trends are fairly straightforward. Buoyed by the still-surging job growth in the tech industry, the median age of Austin’s population is getting lower, currently sitting at about 34 years. Many of these residents have high-paying jobs, are new to the city and are eager to take advantage of its thriving food, beverage and entertainment options. The gentrification of some of Austin’s historic neighborhoods is well underway and expected to continue in the near future as tech giants …

April 5, 2019

Acquisitions Georgia North Carolina Retail Southeast

Branch Properties Acquires Two Grocery-Anchored Shopping Centers for $57M

by Alex Tostado April 4, 2019

ROSWELL, GA. AND LELAND, N.C. — Branch Properties has acquired two grocery-anchored shopping centers in the Southeast. The first, Roswell Market Place, is a 95,522-square-foot shopping center anchored by Sprouts Farmers Market. Branch Properties bought the asset for $32 million. The center, which is located at 10800 Alpharetta Highway, 24 miles north of downtown Atlanta, was built in 1986 and renovated two years ago. Roswell Market Place was 88 percent leased at the time of the sale. The second property is Waterford Village, a 108,249-square-foot shopping center anchored by Harris Teeter that was purchased for $25 million. Waterford Village sits on 15.8 acres at 2013 Olde Waterford Way in Leland, nine miles west of downtown Wilmington. The asset was 90 percent leased at the time of the sale.

April 4, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $2.7M Sale of Net-Leased Walgreens Property in Ohio

by Kristin Harlow April 4, 2019

DELAWARE, OHIO — Marcus & Millichap has brokered the sale of a 14,490-square-foot property net leased to Walgreens for $2.7 million. The building is situated on 1.7 acres at 19 London Road in Delaware, about 30 miles north of Columbus. The property was built in 2001. Walgreens recently extended its lease through 2026. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Brandon Hanna of Encore Real Estate Investment Services secured and represented the buyer, a private investor.

April 4, 2019

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