Retail

IKEA Nixes Plans for 289,000 SF Store in Fort Worth

by Taylor Williams June 11, 2018

FORT WORTH, TEXAS — Swedish furniture giant IKEA has nixed its plans to build a 289,000-square-foot store in Fort Worth, according to an emailed statement sent to the Dallas Business Journal. The store was slated to be part of a 478,000-square-foot development. Construction was scheduled to begin this year with the store targeting summer 2019 for opening. According to the statement and industry sources, the abandoning of the project stems from a changing retail landscape, not an issue with financing or incentives from the city.

June 11, 2018

Development Retail Texas

PECO to Build 8,500 SF Retail Property in Metro Dallas

by Taylor Williams June 11, 2018

MCKINNEY, TEXAS — Phillips Edison & Co. (PECO), an owner and operator of grocery-anchored retail centers, will build an 8,500-square-foot retail property in McKinney, a northern suburb of Dallas. Expected to be completed later this year, the property will be part of McKinney Market Street, an 88,389-square-foot shopping center anchored by Market Street, a subsidiary of Idaho-based grocer Albertsons. Tenants that have preleased space at the new development include Sport Clips, The Gelato Cone and Credit Union of Texas.

June 11, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Negotiates Sale of 3,321 SF Retail Building in Englewood, N.J.

by Jeff Shaw June 11, 2018

ENGLEWOOD, N.J. — New Jersey-based NAI Hanson has negotiated the sale of a 3,321-square-foot retail building located at 491 Grand Ave. in Englewood. The property is directly across the Hudson River from The Bronx. The price was undisclosed. The building, which is currently unoccupied, consists of two retail storefronts on the main level and a two-bedroom apartment on the second floor. The buyer, NWR Realty Corp., plans to convert the retail space into offices for its business. Pablo Castro of NAI Hanson represented the seller, 491 Grand Avenue LLC, in the transaction.

June 11, 2018

Acquisitions Georgia Retail Southeast

B+E Arranges $11.4M Sale of Publix-Anchored Shopping Center in Perry, Georgia

by Camren Skelton June 11, 2018

PERRY, GA. — Brokers + Engineers (B+E), a newly formed triple-net-lease brokerage firm, has arranged the $11.4 million sale of a Publix-anchored shopping center located at 275 Perry Parkway in Perry. Boston-based Flag Wharf Inc. purchased the 72,200-square-foot shopping center from a private developer based in Florida. Publix Super Markets Inc. has 11 years remaining on its lease.

June 11, 2018

Acquisitions Iowa Midwest Net Lease Retail

Boulder Group Arranges $4.7M Sale of Property Net Leased to Walgreens in Bettendorf, Iowa

by Kristin Harlow June 11, 2018

BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.

June 11, 2018

Loans New Jersey Northeast Retail

HFF Arranges $19M Refinancing for Grocery-Anchored Retail Center in Northern New Jersey

by David Cohen June 8, 2018

BOUND BROOK, N.J. — HFF has arranged the $19 million refinancing for Middle Brook Center, a 104,331-square-foot, grocery-anchored retail center in the Northern New Jersey community of Bound Brook. The fully leased, three-building retail center sits on more than 12 acres and is anchored by ShopRite. Other tenants include Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King. HFF represented the borrower, Advance Realty, to place an 11-year, full-term, interest-only loan with Nationwide Life Insurance Co.

June 8, 2018

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 71,915 SF Retail Center in Arlington

by Taylor Williams June 8, 2018

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Landmark Village Shopping Center, a 71,915-square-foot retail center in Arlington. Situated on 5.9 acres, the property was built in 1985 and was 86 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not released.

June 8, 2018

Development Retail Texas

KWA Breaks Ground on 11,404 SF Amenities Center in Wylie, Texas

by Taylor Williams June 8, 2018

WYLIE, TEXAS — KWA Construction has broken ground on Club Inspiration, an 11,404-square-foot amenities center in the northeastern Dallas metro of Wylie. The property will be part of Inspiration Texas, a 600-acre master-planned development. Valued at roughly $3.8 million, the project will bring multiple pools and a lazy river to the development, as well as a fitness center, volleyball and tennis courts, a playground and walking trails. Completion is slated for October.

June 8, 2018

Acquisitions Midwest Net Lease Retail South Dakota

Boulder Group Arranges $11.7M Sale of Property Net Leased to Shopko in Sioux Falls, South Dakota

by Kristin Harlow June 8, 2018

SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.

June 8, 2018

Acquisitions Oregon Retail Western

Savills Studley Arranges Sale of 147,943 SF Regional Shopping Center in Medford, Oregon

by Amy Works June 8, 2018

MEDFORD, ORE. — Savills Studley has brokered the sale of WinCo Plaza, a regional shopping center located in Medford. Larkspur, Calif.-based Argonaut Investments purchased the 147,943-square-foot property from a private family office for an undisclosed price. Located at Barnett Road and Interstate 5 Freeway, the property is anchored by WinCo Foods, which occupies 94,500 square feet. Additional tenants include Dollar Tree, McDonald’s, Payless ShoeSource and Valley Immediate Care. Maurice Nieman of Savills Studley handled the transaction.

June 8, 2018

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