Retail

Confluent Breaks Ground on Grocery Component of 20,000 SF Retail Project in Colorado

by Nellie Day December 19, 2017

CENTENNIAL, COLO. — Confluent Development has broken ground on the grocery portion of a 20,000-square-foot retail project located within The Ridge, a mixed-use development in the Denver suburb of Centennial. Upon completion, the project will feature three freestanding retail buildings. Confluent Development is partnering with Equity Ventures Commercial Development to deliver a 13,300-square-foot, build-to-suit building for Natural Grocers. The organic grocer will move into the new space in the third quarter of 2018. The project also includes a 2,000-square-foot, freestanding Starbucks Coffee, which opened in September. The third portion of the project will add an additional freestanding building, totaling 4,200 square feet. The Ridge mixed-use development includes a Holiday Inn, Centennial Gun Club, two office buildings and additional retail and restaurant buildings.

December 19, 2017

Massachusetts Northeast Retail

Black Creek Capital Sells 49,561 SF Shopping Center in Cohasset, Massachusetts, to Crosspoint Associates

by Amy Works December 19, 2017

COHASSET, MASS. — Black Creek Capital has completed the disposition of Cohasset Village Plaza, a convenience-oriented shopping center located in Cohasset. Crosspoint Associates acquired the 49,561-square-foot property for an undisclosed price. Situated along Route 3A, the property is co-tenanted by CVS/pharmacy, Curtis Liquors and Starbucks Coffee. Geoffrey Millerd, Justin Smith and Christian Brannelly of NKF Capital Markets’ Boston office represented the seller in the transaction.

December 19, 2017

Florida Retail Southeast

GBT Realty Buys 108,500 SF Vacant Kmart Site in Southwest Florida

by Camren Skelton December 19, 2017

PORT CHARLOTTE, FLA. — GBT Realty Corp. has acquired a 75-year ground lease, including a 108,500-square-foot retail building and nine-acre land site, in Port Charlotte, roughly 40 miles south of Sarasota. The Brentwood, Tenn.-based real estate firm acquired the asset from 19400 Cochran Boulevard Holdings LLC for an undisclosed price. GBT Realty plans to renovate and upgrade the building, which currently houses a vacant Kmart. The firm will also expand the building with new structures to accommodate retail, services and restaurant tenants. Best Buy, Walmart and The Home Depot anchor the corridor, located at the intersection of Tamiami Trail/US Highway 41 and Cochran Boulevard.

December 19, 2017

Illinois Midwest Retail

Marcus & Millichap Brokers $2.4M Sale of Retail Property in Crestwood, Illinois

by Kristin Harlow December 19, 2017

CRESTWOOD, ILL. — Marcus & Millichap has brokered the sale of a 4,800-square-foot retail property in Crestwood, about 25 miles southwest of Chicago, for $2.4 million. The building, located at 13430 South Cicero Ave., is 100 percent leased to T-Mobile, Jersey Mike’s and Sport Clips. Sean R. Sharko and Austin Weisenbeck of Marcus & Millichap marketed the property on behalf of the seller, a developer. Brendan Lee of Marcus & Millichap secured and represented the buyer, a limited liability company.

December 19, 2017

Indiana Midwest Net Lease Retail

Lamb Net Lease Negotiates Sale of Auto Shop in Kokomo, Indiana

by Kristin Harlow December 19, 2017

KOKOMO, IND. — Lamb Net Lease LLC has negotiated the sale of a 14,592-square-foot building net leased to Gerber Collision & Glass in Kokomo, 60 miles north of Indianapolis. The sales price was not disclosed. Gerber Collision & Glass is a wholly owned subsidiary of Boyd Group Income Fund. A Midwest-based REIT purchased the property, which is located at 418 Kentucky Drive. Mike Lamb of Lamb Net Lease negotiated the transaction between both parties. David Bickell of SVN represented the private equity seller.

December 19, 2017

Hospitality Northeast Pennsylvania Retail Top Stories

Gaming Giant Penn National to Acquire Pinnacle Entertainment in $2.8B Deal

by John Nelson December 19, 2017

LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has agreed to purchase fellow gaming property owner Pinnacle Entertainment Inc. (NASDAQ: PNK) in a cash and stock transaction valued at $2.8 billion. The deal has been approved by the boards of directors of both companies and is expected to close in the second half of 2018 following an approvals process involving the two companies’ shareholders and applicable gaming authorities. Pinnacle employs roughly 16,000 team members and owns and operates 16 gaming and entertainment facilities located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Las Vegas-based company is also a manager and majority owner of Retama Park Racetrack near San Antonio. As part of the transaction, Wyomissing, Pa.-based Penn National will sell four of the newly acquired assets to Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) for $575 million. The properties include Ameristar St. Charles and Ameristar Kansas City in Missouri; Belterra Casino Resort in Florence, Ind.; and Belterra Park in Cincinnati. Penn National has also negotiated with Gaming and Leisure Properties (NASDAQ: GLPI), the landlord for Penn National and Pinnacle’s master lease agreements, to sell and lease back the real estate associated with Belterra Park and …

December 19, 2017

Retail Texas

Marcus & Millichap Closes Sale of 9,600 SF Retail Center in Denton

by Taylor Williams December 18, 2017

DENTON, TEXAS — Marcus & Millichap has closed the sale of Elm Street Center, a 9,600-square-foot retail property located at 1803 Elm St. in Denton. Built in 1975, the property was 85 percent leased at the time of sale to tenants such as Musician’s Hub, Orbit Press and Guatelinda Café. Lisa Estrada and Austin DiCambio of Marcus & Millichap represented the seller, an individual/personal trust, in the all-cash transaction. The property sold to an out-of-state buyer.

December 18, 2017

Retail South Carolina Southeast

Belk | Lucy Arranges $3.6M Sale of Retail Center Near Charleston

by Camren Skelton December 18, 2017

JOHNS ISLAND, S.C. — Belk | Lucy, a Charleston-based real estate firm, has arranged the $3.6 million sale of Bees Ferry Landing, a 15,159-square-foot shopping center located at 3750 Savannah Highway on Johns Island, a suburb of Charleston. Chris Dion of Belk | Lucy arranged the transaction on behalf of the buyer, El Cid Alpha LLC. Genco Olive Oil Co. LLC sold the asset. The center currently houses tenants such as Domino’s Pizza, Chucktown Fitness and Subway.

December 18, 2017

Louisiana Market Reports Restaurant Retail Southeast Southeast Market Reports

Restaurants Prove to be New Orleans Retail Market’s Bread and Butter

by John Nelson December 18, 2017

Take a look at the current retail landscape, not only in New Orleans, but far beyond the Big Easy, and you will find this sector has changed drastically over the past decade. Some argue retail is dead, while others cling to the notion that every market goes through cycles, and this has been going on long before the dawn of any Tricentennial festivities. Somewhere between these two extremes is the confluence of trends, data, outliers, gossip and pontificating cries, that when carefully dissected, should provide the necessary context to obtain an understanding of the current retail market in New Orleans, as well as the opportunities that exist in the future. Make no mistake, retail in New Orleans is changing, but the restaurant sector is a bedrock, creating fresh concepts, diversifying the city’s food offering and strengthening the overall retail market. It’s futile to deny the impact technology has had on the overall retail market, and New Orleans is no exception. Retailers that derive a large portion of revenues from the sale of goods that can be purchased online are finding it difficult to compete due to the cost of operating a brick and mortar location. Of course, this is only …

December 18, 2017

California Retail Western

HFF Arranges Sale of 150,148 SF Shopping Center in Inland Empire

by Nellie Day December 15, 2017

PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.

December 15, 2017

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