Retail

CBRE Negotiates $46.5M Sale of 165,508 SF Shopping Center in Orange County

by Amy Works June 7, 2018

SANTA ANA, CALIF. — CBRE has arranged the sale of Bristol Center, a community shopping center located at 3601-3825 S. Bristol St. in Santa Ana. Dallas-based Sarofim Realty Advisors sold the retail center to Orange County, Calif.-based JH Real Estate Partners for $46.6 million. Preston Fetrow, Kirk Brummer, Megan Wood, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West represented the seller and buyer in the deal. Built in 1974, Bristol Center features 165,508 square feet of retail space and is situated on 14.2 acres directly across from South Coast Plaza. At the time of sale the property was 97 percent leased to a variety of tenants, including CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care.

June 7, 2018

Features Retail

E-Commerce Works Because it Appeals to Human Nature, Says Coldwell Banker Commercial’s Scott McLain

by Jeff Shaw June 7, 2018

LAS VEGAS — After nearly 35 years of developing and brokering commercial real estate, Scott McLain has no doubt about the deep connection between retail and human nature. McLain, principal and managing broker of Huntsville, Ala.-based Coldwell Banker Commercial McLain Real Estate, sees e-commerce and other new forms of delivering retail products and services as mechanisms that hit on the most basic wants and needs of consumers. For all the talk about how e-commerce is putting retailers out of business, McLain’s view is that retailers that don’t offer value, convenience or the ability to delight consumers are the most vulnerable and have been exposed by online competitors. That holds equally true for online-based and brick-and-mortar retailers. REBusinessOnline.com caught up with McLain at the RECon show in Las Vegas in late May for a quick lesson in human psychology and how it applies to Amazon, store closures and retail real estate in the 21st century. His edited responses are as follows: REBusinessOnline.com: In your opinion, have we seen the worst of the store closures yet? How do you see the closures playing out over the next 12 months? Scott McLain: What I’ve discerned recently about this industry is that there’s a …

June 7, 2018

Acquisitions Retail Texas

REATA Brokers Sale of Marshalls-Anchored Shopping Center in San Antonio

by Taylor Williams June 7, 2018

SAN ANTONIO — REATA Real Estate Services LP has brokered the sale of Valley View Shopping Center, an 86,196-square-foot retail center located at 8523 Blanco Road on San Antonio’s north side. Anchored by Marshalls, the property was 89 percent occupied at the time of sale. Kevin Catalani of REATA represented the seller, Weingarten Realty, in the transaction. Dallas-based LRIC Properties purchased the center for an undisclosed price.

June 7, 2018

Development Retail Texas

ARCO/Murray Completes 10,000 SF Ping Pong Club in Austin

by Taylor Williams June 7, 2018

AUSTIN, TEXAS — Illinois-based design/build firm ARCO/Murray has completed a 10,000-square-foot entertainment facility in Austin for table-tennis club operator SPiN Global. The retail property, which was previously occupied by Antone’s Nightclub, features 11 ping pong tables and can hold more than 500 people. ARCO/Murray has now built facilities for SPiN Global in several major cities, including Chicago, New York, Seattle, Philadelphia and San Francisco.

June 7, 2018

Acquisitions Retail Texas

HFF Arranges Sale of 6,880 SF Retail Strip Center in Houston

by Taylor Williams June 7, 2018

HOUSTON — HFF has arranged the sale of a 6,880-square-foot retail strip center located at 4902-4930 Washington Ave. in the Washington Memorial Heights area of Houston. Completed in 1999, the property was fully leased at the time of sale to tenants such as FedEx Kinko’s, Subway and Bell Cleaners. Ryan West, John Indelli and Charlie Strauss of HFF represented the seller, Orr Commercial, a development and brokerage firm founded by former NHL player Bobby Orr. A private investor purchased the asset for an undisclosed price.

June 7, 2018

Acquisitions Georgia Retail Southeast

InvenTrust Buys Newly Constructed, Whole Foods-Anchored Center in Metro Atlanta for $64.3M

by Camren Skelton June 6, 2018

KENNESAW, GA. — InvenTrust Properties Corp. has acquired Kennesaw Marketplace, a 114,000-square-foot retail center in the northwest Atlanta suburb of Kennesaw, for $64.3 million. Atlanta-based Fuqua Development delivered the center in 2017. Whole Foods Market anchors the development, which was 99 percent leased at the time of sale to tenants including Starbucks Coffee, MOD Pizza, PNC Bank, AT&T, Sports Clips, Del Taco, Zoe’s Kitchen, Newk’s Eatery and Navy Federal Credit Union.

June 6, 2018

Acquisitions New Jersey Northeast Retail

HFF Arranges $41.5M Sale of Wall Towne Center in New Jersey

by David Cohen June 5, 2018

WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.

June 5, 2018

Development Leasing Activity Maryland Retail Southeast

Kimco Realty Adds Five Anchors at $108M Retail Development Near Baltimore

by Camren Skelton June 5, 2018

OWINGS MILLS, MD. — Kimco Realty Corp. has signed five new tenants to Mill Station, a $108 million open-air retail development in Owings Mills, located roughly 20 miles northwest of Baltimore. Lowe’s Home Improvement, Marshalls, HomeSense, Burlington and Five Below will join the anchor lineup at the development, located at the site of the former Owings Mills Mall. With the addition of the new retailers, the project is 75 percent preleased. Previously announced tenants include AMC Theatre and Costco, which is expected to open later this year. The other announced tenants are scheduled to open throughout the first half of 2019. At full build-out, Mill Station will total 620,000 square feet and will house up to 30 retailers and restaurants.

June 5, 2018

Acquisitions Georgia Retail Southeast

Sterling Organization Acquires Kroger-Anchored Center in Metro Atlanta from Kimco for $10.5M

by Camren Skelton June 4, 2018

LILBURN, GA. — Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot shopping center located at the intersection of Five Forks Trickum and Oak roads in Lilburn, roughly 20 miles northeast of Atlanta. Kimco Realty sold the asset for $10.5 million, or $142 per square foot. A 62,000-square-foot Kroger anchors the center. Additional tenants include Great Clips, The UPS Store and Coast Dental. Five Forks Crossing is Palm Beach, Fla.-based Sterling Organization’s seventh property in Georgia.

June 4, 2018

Acquisitions California Retail Western

Artisan Realty Advisors Acquires 40,000 SF Retail Property in Hollywood for $61M

by Amy Works June 4, 2018

HOLLYWOOD, CALIF. — Santa Monica, Calif.-based Artisan Realty Advisors has purchased Space 15 Twenty, a retail property located at 1520, 1534, 1538 and 1542 N. Cahuenga Blvd. and 1535 Ivar Ave. in Hollywood. Cahuenga Lofts and Ivar Group sold the property for $61 million. Situated on a 71,000-square-foot land parcel, the property consists of two buildings with an open space area and a surface parking lot. Urban Outfitters, Umami Burgers, Free People and Pharmacy Boardshop, a skate shop, occupy the property. The asset was built in the mid-1920s and renovated in 2007. Cory Stehr of Lee & Associates-LA North/Ventura represented the sellers in the transaction.

June 4, 2018

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