Retail

Mid-America Brokers $10.2M Sale of Shopping Center in Oshkosh, Wisconsin

by Kristin Harlow August 9, 2018

OSHKOSH, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oshkosh Center II for $10.2 million. The 107,456-square-foot shopping center is located at the northeast corner of 20th Avenue and Koeller Street in Oshkosh, nearly 90 miles northwest of Milwaukee. Anchor tenants include Pick ’n Save and Office Max. The sale also includes a 4,150-square-foot outlot building for a total of 111,606 square feet. Carly Gallagher, Rick Drogosz and Dan Rosenfeld of Mid-America brokered the transaction on behalf of the seller, Marlin Properties. Cincinnati-based Midland Atlantic purchased the asset.

August 9, 2018

Acquisitions Midwest Retail South Dakota

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Rapid City, South Dakota

by Kristin Harlow August 9, 2018

RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a developer.

August 9, 2018

Acquisitions California Retail Western

NKF Capital Markets Arranges $59.3 Million Sale of Elk Grove Commons Near Sacramento

by Amy Works August 9, 2018

ELK GROVE, CALIF. — NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Elk Grove, a southern suburb of Sacramento. The sales price was not disclosed, but the Sacramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transaction on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe’s, HomeGoods and Kohl’s.

August 9, 2018

Colorado Development Retail Western

Kimco Unveils $14.5 Million Redevelopment Plans for Village on the Park in Colorado

by Amy Works August 9, 2018

AURORA, COLO. — Kimco Realty Corp. has unveiled plans for its $14.5 million redevelopment of Village on the Park, a 179,862-square-foot shopping center in Aurora. As part of the redevelopment, Kimco will demolish and reconstruct the four currently vacant retail spaces located south of Ross Dress for Less. The company has signed a lease with Old Navy to occupy a 13,800-square-foot space in the new section. America’s Best Contacts & Eyeglasses will fill a 3,515-square-foot space located on the pad adjacent to TJ Maxx. Kimco will break ground on the redevelopment this fall, with completion scheduled for summer 2019. America’s Best Contacts & Eyeglasses is expected to open this year.

August 9, 2018

Company News Idaho Northeast Pennsylvania Retail Top Stories Western

Rite Aid, Albertsons Terminate $24B Merger Amid Stockholder Pushback

by Camren Skelton August 9, 2018

CAMP HILL PA. AND BOISE, IDAHO — Rite Aid Corp. (NYSE: RAD) announced Wednesday it has called off its previously announced merger with Boise-based grocery chain Alberstons Cos. The $24 billion deal, first announced in February, would have allowed Albertsons to go public. Under the terms of the transaction, Rite Aid shareholders would have held a 29 percent stake in the combined company. The integrated company would have operated about 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C. “While we believe in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said John Standley, chairman and CEO of Rite Aid, in a prepared statement. The merger has faced pushback from a number of stockholders and investors in the months leading up to a shareholder vote over the deal, which was originally scheduled for Thursday, Aug. 9, but has since been called off. In June, Highfields Capital Management, an investment management firm that holds approximately 47 million Rite Aid shares, said it would vote against the merger, claiming it did not offer compelling value …

August 9, 2018

Acquisitions Michigan Midwest Net Lease Retail

Encore Arranges Sale of Retail Property Net Leased to Advance Auto Parts in Kalamazoo, Michigan

by Kristin Harlow August 8, 2018

KALAMAZOO, MICH. — Encore Real Estate Investment Services has arranged the sale of a single-tenant retail property net leased to Advance Auto Parts in Kalamazoo. The sales price was not disclosed. Advance Auto Parts has 2.5 years left on its lease at the 8,016-square-foot standalone building. Evan Lyons and Joe Lopez of Encore represented both the Michigan-based buyer and California-based seller in the transaction. The buyer completed a 1031 tax-deferred exchange.

August 8, 2018

Acquisitions Nevada Retail Western

ShopOne Acquires 113,376 SF Shopping Center in Reno for $18M

by Amy Works August 8, 2018

RENO, NEV. — ShopOne Centers REIT has entered the Nevada market with the purchase of Caughlin Ranch Shopping Center, a 113,376-square-foot shopping center located within the Caughlin Rancho master-planned community in Reno. An undisclosed seller sold the property for $18 million. A 50,451-square-foot Raley’s Supermarket anchors the property. ShopOne has already improved the property by increasing occupancy from 88 percent to 91 percent and securing a long-term lease with Raley’s to replace the previous tenant, Scolari’s Warehouse Markets. This purchase further advances the company’s strategy of owning well-located shopping centers in densely populated, fundamentally strong markets across the country.

August 8, 2018

Acquisitions Kentucky Retail Southeast

RJ Thieneman, Seay Properties Acquire 140,000 SF Shopping Center in Lexington

by Camren Skelton August 8, 2018

LEXINGTON, KY. — RJ Thieneman, in partnership with Seay Properties and a group of private investors, has acquired Regency Centre, a 140,000-square-foot shopping center located at 2325 Nicholasville Road in Lexington. The sales price and name of the seller were not disclosed. Regency Centre is home to tenants such as Kroger, T.J. Maxx, Five Below, Pet Supermarket, Title Boxing Club, IHOP and BB&T. The acquisition marks the third purchase in Central Kentucky for RJ Thieneman, which also owns and manages Franklin Square in Frankfort and Kroger Plaza in Winchester.

August 8, 2018

Development Florida Retail Southeast

Topgolf to Open Second Miami-Area Location on Friday

by Camren Skelton August 8, 2018

DORAL, FLA. — Golf entertainment concept Topgolf will open its second Miami-area location on Friday, Aug. 10. The three-level, 65,000-square-foot venue is located at 11850 N.W. 22nd St. in Doral, roughly 15 miles northwest of Miami. Topgolf features food and beverage options, big screen TVs, private event spaces and music in climate-controlled hitting bays. The entertainment concept has four existing locations in Florida in Jacksonville, Miami Gardens, Orlando and Tampa. The Doral location marks the brand’s 45th venue worldwide.

August 8, 2018

Acquisitions Retail Texas

SHOP Cos. Arranges Sale of 22,327 SF Retail Center in Metro Dallas

by Taylor Williams August 7, 2018

CARROLLTON, TEXAS — SHOP Cos. has arranged the sale of Hebron Crossing, a 22,327-square-foot retail center located in the northern Dallas metro of Carrollton. Shadow-anchored by Kroger, the property was 100 percent leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon Wireless and Sylvan Learning. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the Los Angeles-based seller in the transaction. The buyer was a private partnership also based in California.

August 7, 2018

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