Retail

WHEELING, ILL. — The Lynmark Group has broken ground on the retail portion of Wheeling Town Center, including anchor tenant CMX Cinemas, City Works Eatery and Pour House and Starbucks. The developer has also unveiled new tenants such as Mia’s Cantina and 312 Nails & Spa. The 100,000-square-foot commercial plaza is set to open in early 2019. Mexican grill and tequila bar Mia’s Cantina will occupy 4,000 square feet, while 312 Nails & Spa will occupy 2,500 square feet. Wheeling Town Center is a mixed-use development featuring a 300-unit luxury apartment building in addition to retail space.

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MANCHESTER, MO. — Kimco Realty Corp. has sold an 89,305-square-foot retail building occupied by Kohl’s in Manchester, a suburb of St. Louis, for $8.6 million. Kohl’s has occupied the property since 1998 and recently executed a 10-year lease extension. The single-tenant building is situated on 9.5 acres at 14425 Andersohn Drive. Marc Mandel, Steve Schrenk and Danny Kaufman of HFF represented Kimco in the sale. The buyer was not disclosed.

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Amazon-Pop-Up-Store-Miami

LAS VEGAS — E-commerce has disrupted the market for retail real estate on a seismic level, but it has not obliterated the need for brick-and-mortar shops. Instead, the online shopping craze has functioned as an evolutionary mechanism. E-commerce has forced retail operators and landlords to both bolster their digital platforms and enhance their in-store shopping experiences. “Much has been made of the need for brick-and-mortar retail to adapt to e-commerce, but we’ve also seen a shift in the other direction with a number of e-retailers opening brick-and-mortar showrooms to complement online offerings,” said Mike Conway, vice president of national accounts and retailer partnerships at Phillips Edison. “Overall, we’re confident that the future for retail is bright, and we can’t wait to see how these trends continue to unfold.” For consumers, this evolutionary shift means that retailers are looking to interact more with shoppers in their stores. The manner in which retailers enhance the shopping experience varies from concept to concept. But some trends are beginning to emerge, according to a recent report from Phillips Edison, a REIT specializing in grocery-anchored retail properties. And the use of pop-up spaces and showrooms are two of the leading practices for retailers to consider …

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Hotworx-Dallas-Texas

ADDISON AND KELLER, TEXAS — Hotworx, a fitness concept that centers on virtual exercise programs in high-temperature settings, will open two new gyms in the Dallas area. The company will open a 2,100-square-foot gym in Addison and a 1,750-square-foot gym in Keller, with both locations targeting August openings. Sean Lockovich of Henry S. Miller Brokerage (HSM) represented Hotworx in both lease negotiations. The gyms will be the third and fourth locations for Hotworx in the Dallas area.

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CYPRESS, TEXAS — CBRE has brokered the sale of a 67,334-square-foot retail property in Cypress, a northwestern suburb of Houston. The property is situated on 6.9 acres at 12220 Barker Cypress Road. Matthew Berry of CBRE represented the seller, Randall’s Food & Drugs LP, which operates out of the property. Williamsburg Acquisitions LLC purchased the property for an undisclosed price.

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MIAMI GARDENS, FLA. — Macken Cos. has sold Palmetto Design Center, a 62,500-square-foot shopping center in Miami Gardens, located roughly 15 miles north of Miami. Rise Star LLC acquired the asset for $11.9 million. A joint venture between Macken Cos. and Zvi Shiff of DZD Holdings completed construction on the center in 2016. A 41,800-square-foot Walmart Neighborhood Market anchors Palmetto Design Center. Additional tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromat. In addition, the sale included a 0.75-acre outparcel that will be the site of a full-service Spin Car Wash. Walmart has 17 years remaining on its lease with 16 five-year extension options. The other tenants all have four years remaining on their respective leases, with extension options ranging from five to 25 years.

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ALLENTOWN, PA. — HFF has arranged the $55.2 million sale of MacArthur Commons, a 371,886-square-foot, grocery-anchored retail center located at 2631 MacArthur Road in Lehigh Valley. HFF represented the seller, an affiliate of Abrams Realty & Development, in the transaction. HFF also arranged $50.4 million in acquisition financing for the undisclosed buyer. The buyer was able to obtain long-term lease extensions with the anchor tenants. Current tenants at the 47-acre center include GIANT Food Stores, Dick’s Sporting Goods, Big Lots and T.J.Maxx.

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SHELTON, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Shelton Town Center, a 19,450-square-foot retail center in Shelton. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The undisclosed buyer purchased the property in all cash. Shelton Town Center is located at 350 Bridgeport Ave. and was originally built by the seller in 2006. Tenants at the retail center include a nail salon, pizza shop, liquor store and car rental company.

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MICHIGAN — Northern Diamond Management has signed an agreement with Smoothie King to develop 50 locations to be occupied by Smoothie King in Michigan. The firm plans to open three of those locations by the end of this year. Smoothie King expects to open 150 new locations in 2018, the most it has ever opened in the United States in a single year, according to Smoothie King Franchises Inc. There are currently more than 900 Smothie King locations worldwide. Northern Diamond Management is a Brighton, Mich.-based limited liability company.

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2790-Lytton-St-San-Diego-CA

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail and office property located at 2790 Lytton St. in San Diego. Greentree Enterprises sold the property to Global Disposal for $2.1 million. The property features 13,428 square feet of retail and office space. David Dilday and Erik Anderson of Pacific Coast represented the buyer and seller in the deal.

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