Retail

MacKenzie Arranges Sale of 35,500 SF Facility Occupied by Harley-Davidson Dealership in Delaware

by David Cohen June 15, 2018

NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.

June 15, 2018

Development Kentucky Retail Southeast

Brown-Forman Opens $45M Distillery on Louisville’s Whiskey Row

by Camren Skelton June 15, 2018

LOUISVILLE, KY. — Louisville-based Brown-Forman Corp. has opened Old Forester Distilling Co. at 119 W. Main St. on Louisville’s famed Whiskey Row. The 70,000-square-foot distillery represents a $45 million investment and is housed in the same building that the brand called home in the early 1900s. The distillery features a 44-foot-tall copper column still, designed and constructed by Vendome Copper & Brass Works. The new distillery will add production capacity of approximately 100,000 gallons annually and will be open for tours seven days a week, with tastings available in the Old Forester Tasting Room. Old Forester Distilling joins 10 other distilleries as an official member of the Kentucky Bourbon Trails tour. In addition to Old Forester, Brown-Forman Corp. produces Jack Daniel’s Tennessee Whiskey, el Jimador and Woodford Reserve.

June 15, 2018

California Development Retail Western

Primestor Development Breaks Ground on 115,000 SF Shopping Center in Los Angeles

by Amy Works June 15, 2018

LOS ANGELES — Primestor Development is breaking ground today for Jordan Downs Plaza, a shopping center located within the Jordan Downs project in the Watts area of Los Angeles. As part of the Jordan Downs revitalization project, the shopping center will bring 115,000 square feet of retail space to the area. Situated on 9.5 acres, the open-air project will include a full-service supermarket, fitness center and a variety of local and national retailers. Jordan Downs Plaza is a public/private partnership, and the project would not be possible without a financial investment of the federal government through its New Market Tax Credit Program and the conveyance of property by ground lease from the U.S. Department of Housing and Urban Development and the Housing Authority of the City of Los Angeles. Financing for the project is provided by Federal Realty Investment Trust, Genesis LA, Chase, California Statewide Communities Development Corp. and Los Angeles Development Fund.

June 15, 2018

Acquisitions California Office Retail Western

Frontier Group Acquires Office, Retail Building in Downtown San Francisco for $14.5M

by Amy Works June 15, 2018

SAN FRANCISCO — Frontier Group has purchased 570 Market Street, a retail and office building located in downtown San Francisco. An undisclosed seller sold the property for $14.5 million. Built in 1922, the two-story building is occupied by a variety of retail and office tenants, including Daiso Japan, Creative Marketing Concepts, ABC Cleaners, Lucky Nails, Mercury Maintenance and Jack’s Shoe Repair. Frank Chiu of Starboard Commercial Real Estate represented the buyer in the deal.

June 15, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $3.5 Million Sale of Starbucks Near University of Southern California

by Amy Works June 15, 2018

LOS ANGELES — Hanley Investment Group Real Estate Advisors has arranged the $3.5 million sale of a single-tenant building triple-net-leased to Starbucks Coffee in Los Angeles. The newly constructed building is located less than one mile from the University of Southern California (USC) campus. Bill Asher, Jeremy McChesney and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of both the seller, an undisclosed private developer, and the buyer, a Los Angeles-based private investor. Starbucks has 19 years remaining on its lease.

June 15, 2018

Market Reports Retail Texas Texas Market Reports

University Submarket Emerging as Retail Hotspot in Fort Worth

by Taylor Williams June 15, 2018

For the last several years, Fort Worth’s retail market has posted a vacancy rate of 5 to 6 percent, suggesting that absorption is strong yet new construction is still permissible. However, there is a difference between Fort Worth’s vacancy rate and that of comparably sized markets wherein 95 percent of the retail space is occupied. In Fort Worth, occupancy is evenly distributed from submarket to submarket. Because of this balance, the metro’s most thriving retail neighborhood — the university corridor — and the driving forces behind its growth often go overlooked. Perhaps because it has only one campus that is located within a large city and even larger metropolex, Texas Christian University (TCU) doesn’t always get the credit it deserves for driving retail growth in Fort Worth. Rarely in recent history, however, has the connection between the two been more visible. According to the school’s website, its total enrollment was approximately 10,400 students during the academic year ending in May 2017. Three years earlier, that figure stood at roughly 9,700. That difference of 700 or so students may not seem like much at first. But it bears reminding that these are young adults attending a private university. This means that …

June 15, 2018

Features Retail

Redevelopment Defines CBL’s Strategy, Says CEO

by Kristin Harlow June 14, 2018

LAS VEGAS — Over the past five years, CBL Properties (NYSE: CBL) has been disposing of “lower-productivity properties” and redeveloping several others. These moves reflect efforts to boost performance and upgrade the overall portfolio, which is largely concentrated in the Southeast and Midwest. Since 2013, the Chattanooga, Tenn.-based REIT has disposed of 21 mall assets and a number of other non-mall properties. In 2017 alone, CBL sold an outlet center, three malls, two office buildings and outparcel locations for a total of more than $180 million in proceeds. During the first quarter of 2018, $40 million in disposition activity was either completed or in process, including a binding contract for the sale of Janesville Mall, a tier-three shopping center located in Janesville, Wisconsin. Due to a combination of factors — including the threat of e-commerce and slipping occupancy for a period of time — the company’s stock price has taken a tumble during the past few years. Shares of CBL, which traded at $14.20 per share on Aug. 26, 2016, had fallen to $5.43 per share by the close of business on Wednesday, June 13. The key to righting the ship lies in redeveloping existing properties rather than conducting a …

June 14, 2018

Acquisitions Retail Texas

Fifth Corner Acquires Two Retail Properties in Greater Houston Totaling 39,000 SF

by Taylor Williams June 14, 2018

HOUSTON AND SUGAR LAND, TEXAS — Fifth Corner, a Houston-based investment firm, has acquired two retail properties totaling 39,000 square feet in the greater Houston area. One property is located in the Washington corridor area of Houston and the other is located in the southwestern suburb of Sugar Land. Tenants at the centers include Memorial Hermann, Five Guys Burgers & Fries and Buffalo Wild Wings.

June 14, 2018

Illinois Leasing Activity Midwest Retail

Planet Granite to Open 40,000 SF Climbing Gym at Planned Development in Chicago’s Lincoln Park

by Kristin Harlow June 14, 2018

CHICAGO — Planet Granite has signed a 40,000-square-foot lease to open a climbing gym at The Shops at Big Deahl in Chicago’s Lincoln Park. The freestanding facility, which will be located at the corner of Blackhawk and Dayton streets, is scheduled to open in spring 2020. The three-level gym will feature climbing walls as high as 55 feet. The facility will include roped climbing, bouldering, yoga and a retail shop. Groundbreaking is slated for spring 2019. The Shops at Big Deahl, from developer Structured Development, is slated to include 150,000 square feet of retail and commercial space.

June 14, 2018

Acquisitions Arizona Development Mixed-Use Multifamily Retail Western

Akara Partners Acquires Development Site in Phoenix for Mixed-Use Property

by Amy Works June 14, 2018

PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.

June 14, 2018

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