Retail

Institutional Property Advisors Brokers $26M Sale of Retail Center in Metro Cincinnati

by Alex Tostado December 21, 2018

COLD SPRING, KY. — Institutional Property Advisors (IPA) has brokered the $26 million sale of Cold Spring Crossing, a 325,383-square-foot retail center in Cold Spring, a Kentucky town about eight miles southeast of Cincinnati. The center was built in 2004 and is anchored by Kroger, Home Depot and Kohl’s. Craig Fuller and Erin Patton of IPA represented the seller, a private Cincinnati based-developer, in the transaction. Ashish Vakhariya of Marcus & Millichap’s Detroit office represented the buyer, a private investor, in a 1031 exchange. Cold Spring Crossing was 99 percent leased at the time of the sale.

December 21, 2018

Acquisitions Massachusetts Northeast Retail

Linear Retail Properties Acquires Retail Property in Boston for $5M

by David Cohen December 21, 2018

BOSTON — Linear Retail Properties has acquired a three-story, 8,131 square foot retail building in the Downtown Crossing neighborhood of Boston. The sales price was $5 million. Located at 19-21 School St., the entire building is currently vacant. Linear plans to lease up the property with a full-building retail tenant or restaurant operator. Mike Edward, Jake Golden and Jon Gifford of Perry Brokerage Associates represented the seller, Envision Bank, in the transaction.

December 21, 2018

Acquisitions Indiana Midwest Retail

Baum Arranges $1.8M Sale of Starbucks-Occupied Building Near Purdue University

by Kristin Harlow December 21, 2018

LAFAYETTE, IND. — Baum Realty Group LLC has arranged the sale of a 2,321-square-foot building occupied by Starbucks in Lafayette for $1.8 million. The single-tenant property is located near the Purdue University. Patrick Forkin of Baum represented the seller. A West Coast-based buyer purchased the asset in a tax-deferred 1031 exchange.

December 21, 2018

Market Reports Retail Texas Texas Market Reports

Market Fundamentals Show Houston Can Absorb New Retail Space

by Taylor Williams December 21, 2018

As e-commerce continues to challenge the growth, evolution and resilience of retail, brokers in Houston have reason to be optimistic about leasing velocity and absorption in the coming months, even as new construction floods the market. There’s no denying that in the past several years, the retail industry has experienced a shakeup. The move to online shopping has spared very few retailers, and Houston is no exception. The Houston MSA has seen its fair share of big box store closures, but tenants and developers alike appear ready to face the challenges head-on. The collective mood among retail professionals in Houston is one of acceptance of a new, tech-heavy retail landscape. The retail community has evolved into embracing the likes of pop-up shops, online platforms, curbside pickup options and a service-based shopping experience. Ultimately, however, it’s the consumers who decide the fate of certain retailers. The professionals who develop and lease retail properties are integrating more psychological analysis into their daily work than ever before. In today’s environment, even the slightest of nuances in consumer behavior can mold critical aspects of real estate strategies. The evolution of retail follows the evolution of human behavior. Market Fundamentals Houston is one of the …

December 21, 2018

Development North Carolina Retail Southeast

Hutton Breaks Ground on Two Retail Projects Near Raleigh

by Alex Tostado December 20, 2018

SANFORD, N.C. — Chattanooga, Tenn.-based Hutton has broken ground on two adjacent retail development projects in Sanford. One project is a 10,400-square-foot, multi-tenant building that will include retail and restaurant space. The other project is a 3,200-square-foot standalone Zips Car Wash. Hutton has already signed Jersey Mike’s, Mattress Warehouse and Sport Clips to leases at the multi-tenant building, which currently has 1,500 square feet available for lease. Sanford is located about 40 miles southwest of Raleigh.

December 20, 2018

Development Retail Texas

Reign Enterprise to Build 14,350 SF Retail Center in Metro Houston

by Taylor Williams December 20, 2018

HUMBLE, TEXAS — Local developer Reign Enterprise Inc. will build a 14,350-square-foot, multi-tenant retail center on Will Clayton Parkway in the northern Houston suburb of Humble. Adam McAlpine of McAlpine Interests represented Reign Enterprise in the acquisition of the 1.7 acres on which the property will be built. Tom Condon Jr. of Colliers International represented the seller. A timeline for construction was not disclosed.

December 20, 2018

Georgia Leasing Activity Retail Southeast

Pellerin Announces Wave of Retail Tenants Coming to The Beacon in Atlanta’s Grant Park

by Alex Tostado December 19, 2018

ATLANTA — Pellerin Real Estate has announced new tenants coming to The Beacon, a redevelopment project in Atlanta’s Grant Park neighborhood. Scheduled to open in 2019 are Bailey Room Wine Cellar, a wine bar concept created by Cynthia Bailey of “The Real Housewives of Atlanta”; Adara Clothing; Cultural Accents, a shop offering West African fashion; Squishieland, an art gallery by Ray Geier; Marguerites Bistro, a Jamaican fusion restaurant; and Third Street Market Deli & Bar. Existing tenants include A Haute Cookie; Nica Life, an artisan jewelry company; Kickstart Martial Arts; and Divine Dermatology. According to Curbed Atlanta, the $30 million development spans nine acres and 110,000 square feet. The Beacon is situated about one mile south of Zoo Atlanta and will have about 600 feet of frontage along the Atlanta BeltLine’s forthcoming Southside Trail.

December 19, 2018

Acquisitions Kentucky Retail Southeast

Kimco Sells 216,235 SF Shopping Center in Lexington to Kaden Cos.

by Alex Tostado December 19, 2018

LEXINGTON, KY. — An affiliate of Kimco Realty Corp. has sold South Park Shopping Center, a 216,235-square-foot retail center in Lexington, to Kaden T LLC, an affiliate of Louisville, Ky.-based Kaden Cos. South Park Shopping Center is anchored by Best Buy, Office Depot and Bed Bath & Beyond. Other tenants include Ulta Beauty and Value City Furniture. Bruce Isaac and Jamie Adams of NAI Isaac assisted Kevin James of Black Gate Partners in representing the seller, Kimco Lexington 140 LLC, in the transaction. The sales price was not disclosed.

December 19, 2018

Acquisitions Michigan Midwest Retail

Bedrock Purchases Broadway Clothing Store in Detroit

by Kristin Harlow December 19, 2018

DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.

December 19, 2018

Acquisitions Arizona Retail Western

Town West Realty Acquires 251,194 SF Oracle Crossings Shopping Center in Arizona for $40.8M

by Amy Works December 19, 2018

ORO VALLEY, ARIZ. — Tucson, Ariz.-based Town West Realty has purchased Oracle Crossings, a neighborhood shopping center located in Oro Valley. Houston-based Weingarten Realty sold the property for $40.8 million. Sprouts Farmers Market, Kohl’s and Home Goods anchor the 251,194-square-foot asset, which is situated at the southwest corner of Oracle and Magee roads. At the time of sale, the property was 98.2 percent leased. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

December 19, 2018

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