MOORESVILLE, IND. — Midland Atlantic Properties has completed the lease-up of a former 55,000-square-foot grocery store in Mooresville, about 20 miles southwest of Indianapolis. The property is located at 435 Town Center Drive. Tracey Holtzman of Midland Atlantic Properties represented the landlord, Grenadier Indiana LLC, in the lease transactions. Tractor Supply Co. leased 23,556 square feet while Ollie’s Bargain Outlet leased 31,444 square feet.
STILWELL, KAN. — Block & Co. Inc. Realtors has brokered the $1.1 million sale of a 2,887-square-foot gas station and convenience store net leased to Shell in Stilwell, about 30 miles south of Kansas City. The property is located on a 2.4-acre lot at 7770 W. 199th St. David Block and Daniel Brocato of Block & Co. represented the seller, 8386 Blackburn Partners LLC. Arshad Mahmood purchased the asset.
The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …
DALLAS — Real estate developer and operator Oaxaca Interests will open Nowhere, TX, a 2.8-acre entertainment venue that will be located on a former industrial site in west Dallas. The concept will feature pop-up events and biergarten-style dining with rotating menus. Hocker Design Group designed the three-building venue, which is scheduled to open this summer.
HOUSTON — EDGE Capital Markets has closed the sale of seven shopping centers totaling 137,742 square feet in the Houston area. The properties are: the 19,826-square-foot Coles Crossing III in Cypress; the 16,205-square-foot River Pointe Center in Richmond; the 21,830-square-foot River Gate Center in Richmond; the 20,085-square-foot Highway 290 & Mueschke in Cypress; the 21,975-square-foot Miramesa Retail Center in Cypress; the 18,151-square-foot Canyon Lakes Shopping Center in Humble; and the 19,670-square-foot Clay Road Crossings in Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed sellers in the transactions.
LEXINGTON, S.C. — Ziff Properties Inc. has sold Lexington Towne Center, a 131,809-square-foot retail center in Lexington, for $12.6 million. The property is located at 934 N. Lake Drive, roughly 15 miles west of Columbia. Berkeley Capital and The Palomar Group arranged the transaction on behalf of Ziff Properties. A New York-based private buyer acquired Lexington Towne Center, which is home to tenants such as Food Lion, Stein Mart, Tuesday Morning, Urban Nirvana, Cold Stone Creamery, Moe’s Southwest Grill and Hibbett Sporting Goods.
BELLFLOWER, CALIF. — Developer Howard CDM, along with SteelCraft founder Kimberly Gros and Bellflower Mayor Ray Bunton, has broken ground on SteelCraft Bellflower, an outdoor urban eatery located at 16500 Bellflower Blvd. in Bellflower. Comprised of repurposed shipping containers, SteelCraft Bellflower will feature 12,500 square feet, totaling 14 shipping containers and approximately 400 seats. Studio One Eleven and Turpin Design Group are serving as architect and kitchen designer, respectively, for the project. When completed in this fall, the development will bring nine new businesses to the downtown area: five food offerings, craft beer, wine, coffee and dessert. The coffee and dessert operators will be open to the street to accommodate street traffic, as well as SteelCraft Bellflower patrons. The current tenant roster includes: Ten Mile Brewing – A pet- and kid-friendly space opening its satellite taproom at SteelCraft Bellflower. Solid Coffee Roasters – The Artesia, Calif.-based company roasts its own beans in-house for fresh pour-overs and Nitro Cold Brews. Cassidy’s Corner – The bakery will serve freshly baked bagels, bagel bites, sandwiches, fresh-pressed juices and acai bowls all day. The Standing Room – Lowell Bakke’s restaurant, which earned him a cult following, will open its third location at SteelCraft Bellflower. …
LAS VEGAS — Another massive spate of store closures is coming in America, and both retail landlords and operators should expect to feel the strains of an over-retailed market until the next recession, according to one of the nation’s leading analysts of retail real estate. Garrick Brown, vice president of retail intelligence at Cushman & Wakefield’s Rancho Cordova, California, office, believes that an overall economic downturn will be a key catalyst in alleviating America’s excess retail space, as a recession will push retailers that are eking out a profit over the red line. The arrival of an economic slump that reduces consumers’ disposable incomes should trigger the next wave of store closures, said Brown. The victims are bound to be retailers that have yet to distinguish themselves from their competitors in terms of either product pricing or shopping experience. Brown spoke to REBusinessOnline at ICSC RECon in Las Vegas, the world’s largest retail trade show that was held on May 20-23. In addition to laying down some tough realities for American retail, Brown noted that the next couple years are likely to see more leveraged buyouts of struggling retailers as well as a rise in food hall concepts. Brown’s edited …
HOUSTON — HFF has arranged the sale of Tanglewood Court, a 125,500-square-foot shopping center located in Galleria/Uptown area of Houston. An H-E-B grocery store anchors the property, which was built in 2014 and fully leased at the time of sale. Other tenants include Mattress Firm, La Madeleine, SH Salon and Memorial Hermann. Rusty Tamlyn, Ryan West, John Indelli and Charlie Strauss of HFF represented the seller, a partnership between Fidelis Realty Partners and BayNorth Capital LLC, in the transaction. Colby Mueck and Michael Johnson of HFF secured an undisclosed amount of acquisition financing through a national life insurance company on behalf of the new owner, American Realty Advisors.
ST. JOSEPH, MO. — Block & Co. Inc. Realtors has brokered the sale of a 90,348-square-foot retail building in St. Joseph, about 55 miles north of Kansas City. Orscheln Farm & Home, a farm and ranch supply store company, purchased the property for its new location. The building is part of a shopping center that includes Hy-Vee, Shoe Carnival, Fashion Bug and Sally Beauty. Tony DeTommaso and Mark McConahay of Block represented the seller, Heartland Health Business Plaza LLC. Carl LaSala of NAI LaSala-Sonnenberg Heartland represented the buyer.