Retail

City Council Approves Retail Redevelopment of Historic Building in Downtown Orlando

by Alex Tostado March 12, 2019

ORLANDO, FLA. — Orlando’s City Council has approved the retail redevelopment and reposition One South Orange Building, which was built in the early 1900s. One Orange Development will lead efforts on the redesign, which will focus on 7,000 square feet of the ground floor retail space and deliver an updated canopy and glass wall system and outdoor lighting and signage. The project will also maintain the historic brick detailing from the original building’s design, as well as bringing in a Taco Bell Cantina, which will offer an open kitchen, appetizers and alcoholic beverages. JLL will handle leasing efforts.

March 12, 2019

Acquisitions Colorado Retail Western

Lone Star Partners Sells The Shops at Green Valley Ranch in Denver for $8.6M

by Amy Works March 12, 2019

DENVER — Houston-based Lone Star Partners has completed the disposition of The Shops at Green Valley Ranch, a newly constructed retail center located at 4906-4998 N. Tower Road in Denver. A California-based investment partnership acquired the property for $8.6 million. Matthew Henrichs and Brad Lyons of CBRE represented the seller, while Seshu Velpuri of The AMR Group represented the buyer in the transaction. Built in 2017, The Shops at Green Valley Ranch includes two Class A, freestanding retail buildings, totaling 19,840 square feet on 2.8 acres. The property is fully leased to a mix of 11 national and local retailers, including Burger King, Sport Clips, Pizza Hut, Jimmy John’s Gourmet Sandwiches, Cold Stone Creamery, David Nails & Spa and GVR Dental and Orthodontics.

March 12, 2019

Development Office Retail Texas

MARCEL to Develop 76,000 SF Retail, Office Project in Fulshear, Texas

by Taylor Williams March 12, 2019

FULSHEAR, TEXAS — MARCEL, a privately owned real estate firm based in The Woodlands, will develop Cross Creek Town Center, a 76,000-square-foot retail and office project in Fulshear, about 35 miles west of Houston. The development, completion of which is set for spring 2020, will include restaurant and entertainment space as part of its retail use.

March 12, 2019

Acquisitions Midwest Minnesota Retail

Upland Arranges $4.6M Sale of Retail Center in Waconia, Minnesota

by Kristin Harlow March 12, 2019

WACONIA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Waconia Crossing for $4.6 million. The newly constructed retail center is situated on Highway 5, approximately 35 miles southwest of Minneapolis. The sale includes a freestanding Dollar Tree and a property occupied by Starbucks, Sport Clips, AT&T and Qdoba for a total of 16,695 square feet. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the seller. The buyer completed a 1031 tax-deferred exchange.

March 12, 2019

Healthcare Leasing Activity Michigan Midwest Retail

Athletico Physical Therapy to Open in Westland, Michigan

by Kristin Harlow March 12, 2019

WESTLAND, MICH. — Athletico Physical Therapy has signed a 3,964-square-foot lease to open a location in Westland, a western suburb of Detroit. The company will open in the space formerly occupied by Anytime Fitness at Bayview Plaza. Larry Siedell, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord. Luke Paterson of Swearingen Realty Group represented Athletico.

March 12, 2019

Acquisitions Arizona Retail Western

Larsen Baker Acquires 116,400 SF Manzanita Plaza in Tucson for $15.1M

by Amy Works March 11, 2019

TUCSON, ARIZ. — Larsen Baker, through its affiliate Manzanita Investment Group, has purchased Manzanita Plaza, a neighborhood retail center located at the northwest corner of Valencia and Cardinal roads in Tucson. Community Centers of America-Glendale LLC sold the property for $15.1 million. Built in 1986, Safeway anchors the 116,400-square-foot plaza. The property includes McDonalds, Chase Bank and KFC out-parcels. At the time of purchase, the property was fully occupied. David Murphy and David Bernstein of Bernstein Murphy represented the seller, while Larsen Baker represented the buyer in the deal.

March 11, 2019

Acquisitions Illinois Indiana Iowa Michigan Midwest Minnesota Retail

A&G Realty Completes Auction of Several Properties Formerly Owned by The Bon-Ton Stores Inc.

by Kristin Harlow March 11, 2019

ILLINOIS, IOWA AND MICHIGAN — Real estate advisory and brokerage firm A&G Realty Partners has announced the results of its Jan. 28 bankruptcy auction of the final department store properties formerly owned by The Bon-Ton Stores Inc. The stores, located in the Midwest, formerly operated under the Bergner’s Carson’s, Younkers, Elder-Beerman and Bon-Ton names. In Coralville, Iowa, a home furnishings retailer acquired the 98,458-square-foot Younkers at Coral Ridge Mall. Mall owner Abbell Associates purchased the 165,000-square-foot Younkers at Merle Hay Mall in Des Moines. Mall owner Brookfield Properties acquired the 128,000-square-foot Carson’s at Spring Hill Mall in Dundee Township, Ill., as well as the 150,081-square-foot Younkers in Grandville, Mich. Mall owner Simon Property Group purchased the 125,000-square-foot Bergner’s at White Oaks Mall in Springfield, Ill. In Indiana, the Economic Development Corp. of Wayne County purchased 100,000-square-foot Elder-Beerman in Richmond. HOM Furniture acquired the 46,660-square-foot Bon-Ton at Lewistown Mall in Lewistown, Pa. Two Herberger’s stores in Minnesota were removed from the auction. In late January and early March, A&G completed private sales on two other store properties from the Bon-Ton portfolio. This includes the sale of the former Younkers building at Miller Hill Mall in Duluth, Minn. Buyer Essentia Health plans …

March 11, 2019

Acquisitions Illinois Midwest Retail

Silver Group Arranges Sale of Property Occupied by Jewel-Osco in Sycamore, Illinois

by Kristin Harlow March 11, 2019

SYCAMORE, ILL. — The Silver Group has arranged the sale of a single-tenant property occupied by Jewel-Osco in Sycamore, about 40 miles southeast of Rockford. The sales price was not disclosed. The 61,567-square-foot building, constructed in 2008, sits on 8.4 acres. The store contains a pharmacy and Starbucks. At the time of sale, there were 19 years remaining on the lease from Albertsons Cos. LLC. The Silver Group represented the buyer, a family partnership completing a tax-deferred exchange. An insurance company provided an acquisition loan.

March 11, 2019

Acquisitions Development New York Northeast Office Retail

Marcus & Millichap Arranges $1.1M Sale of Two Development Sites in New York

by David Cohen March 8, 2019

MIDDLETOWN, N.Y. — Marcus & Millichap has arranged the $1.1 million sale of two, one-acre pad sites at Middletown Commons, a retail center in Middletown. Located at 193 Dolson Ave., the properties have 235 feet of street frontage and are zoned for a variety of permitted uses, including retail and office. Alan Cafiero, Ben Sgambati, John Moroz and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.

March 8, 2019

Acquisitions Retail Texas

Rainier Realty Purchases 150,582 SF Retail Power Center in San Antonio

by Taylor Williams March 8, 2019

SAN ANTONIO — Dallas-based Rainier Realty Investments LP has purchased HEB Crossing, a 150,582-square-foot retail power center in northwest San Antonio. Shadow-anchored by a 182,000-square-foot H-E-B grocery store, the property was fully leased at the time of sale to anchor tenants Conn’s HomePlus and Academy Sports + Outdoors, as well as smaller users like Starbucks, Chase Bank and H&R Block. Rainier acquired the asset via a joint venture with an affiliate of Continuum Investments LLC. The seller was not disclosed. Metropolitan Capital Advisors arranged acquisition financing for the transaction.

March 8, 2019

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