CORCORAN, CALIF. — Retail California has arranged the sale of a retail building located at 1100 Whitley Ave. in Corcoran. HD Corcoran LLC purchased the 4,800-square-foot property from Reedley Community Hospital for an undisclosed price. John Lee of Retail California brokered the transaction.
CHICAGO — In an era wherein investors are generally bearish on the performance of retail properties, single-tenant, small-footprint assets leased to convenience stores may be an exception to the rule, according to a recent report from Chicago-based Quantum Real Estate Advisors Inc. The average capitalization rates for convenience stores flying under two brands — 7-Eleven and Alimentation Couche-Tard, which owns Circle K and Kangaroo Express — decreased from 2016 to 2017, according to the report. Despite the cap rate compression, though, investor interest in single-tenant retail properties leased to either of these firms is on the rise. The report found that the average cap rate for 7-Eleven stores decreased by six basis points between 2016 and 2017, while Couche-Tard stores experienced an average cap rate compression of 74 basis points during that stretch. Average cap rates for these 7-Eleven and Couche-Tard stores, which typically operate on 10- to 20-year leases, now stand at 5.1 and 6.1 percent, respectively. And while cap rates for both chains appear to be trending downward, they also reflect stability in the sense that they are bucking the larger trend in retail real estate — a key appeal to investors. As such, investor demand for these …
QUAKERTOWN, PA. — Katz Properties has purchased Richland Marketplace, a shopping center located on 36.9 acres on Route 309 in Quakertown. An undisclosed seller sold the property, which was built in 2008, for $47.2 million. Aldi, Best Buy and BJ’s Warehouse anchor the 266,565-square-foot retail center. At the time of acquisition, the property was 90 percent occupied. Additional tenants include Petsmart, Five Below, Mattress Firm, Ulta, Red Robin, Chick-fil-A, WaWa and BB&T Bank. Chris Munley of HFF represented the buyer and seller in the deal. Katz Properties will provide leasing and property management services for the retail center.
NEW YORK CITY — The Domain Cos. has acquired a development site located at 545 Sackett St. in the Gowanus section of Brooklyn for $26.5 million. The site, which includes an existing 42,000-square-foot building, is zoned for up to 80,000 square feet of development. The site is a part of the area covered by the Bridging Gowanus community planning and land use process, an initiative to create a sustainable, livable and inclusive future for the Gowanus area. Dan Marks, Ofer Cohen and Mike Hernandez of TerraCRG represented the seller, ATS Realty Inc., in the deal.
HOUSTON — Signorelli Co., the developer of the 240-acre Valley Ranch Town Center (VRTC) mixed-use development in northeast Houston, will welcome nine new restaurants to its tenant roster by summer 2018. Breakfast and lunch eatery The Toasted Yolk Café and frozen yogurt franchise Menchies are both scheduled to open in the spring of 2018, along with a third location at VRTC for Italian restaurant Pizza Cucinova. Japanese restaurant Airi Poke and Ramen is slated to open next summer. Other dining options opening soon include Gringo’s Mexican Kitchen, Buffalo Wild Wings, RC’s NYC Pizza & Pasta, Shogun Japanese Grill & Sushi Bar and Schlotzky’s.
HUDSON OAKS, TEXAS — Texas-based grocer H-E-B will open a new store in Hudson Oaks, a western suburb of Fort Worth, in 2019. The store will be located at the corner of U.S. Highway 180 and Hudson Oaks Drive. The Hudson Oaks store, the size of which has not yet been determined, will be the company’s fourth location in North Texas.
ST. PETERS, MO. — Knoebel Construction has completed The Shoppes at Mid Rivers in St. Peters, a suburb of St. Louis. The project is the largest mall to be built in St. Charles County since 2008. The 270,000-square-foot shopping center includes 14 buildings on 28 acres just north of I-70. Academy Sports + Outdoor, Burlington, Marshalls, Home Goods, Ulta Beauty, OshKosh B’gosh, Five Below, Famous Footwear and Aspen Dental have opened at the property. Ross Dress for Less, Sleep Number, Sprint and World Financial are slated to open in early 2018. Approximately 50 subcontractor companies worked on the project. The shopping center will employ 750 full- and part-time employees, according to developer GBT Realty Corp.
LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the sale of Millennium Park shopping center, a 273,029-square-foot retail center in Livonia, a suburb of Detroit. Grand Sakwa Properties acquired the asset for an undisclosed price. Ben Wineman of Mid-America arranged the transaction on behalf of the seller, Ramco-Gershenson Properties Trust. Millennium Park shopping center is home to tenants including The Home Depot, Marshalls, Michaels, PetSmart and Ulta Beauty. Costco and Meijer anchor the center.
BOWIE, MD. — Neuman Commercial Group LLC has arranged the $21 million sale of The Shoppes at Bowie Town Center, a 104,000-square-foot retail center in Bowie, a suburb 18 miles east of Washington, D.C. Gil Neuman of Neuman Commercial Group arranged the transaction on behalf of the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT. The center was 98 percent leased at the time of sale to 12 tenants including Five Below, Party City, Goodwill, Bank of America, A.C. Moore, Music & Arts, David’s Bridal, Sprint and California Tortilla. The Shoppes at Bowie Town Center is a specialty extension of the 578,000-square-foot Bowie Town Center, an open-air shopping center leased to tenants including Safeway, Macy’s, Best Buy, Off Broadway Shoes, LA Fitness, Chipotle Mexican Grill and Barnes & Noble.
CHANDLER, ARIZ. — Cushman & Wakefield has arranged the $25.8 million sale of The Plant, a newly developed, 56,831-square-foot shopping center in Chandler. Ryan Schubert and Michael Hackett of Cushman & Wakefield arranged the transaction on behalf of the seller, Common Bond Development Group. Sarofim Realty Advisors acquired the asset. Sprouts Farmers Market anchors the center, which was fully leased at the time of sale to tenants including Dairy Queen, Café Rio and Starbucks Coffee.