Retail

Seritage Growth Properties Sells $23M Stake in West Hartford Retail Redevelopment

by David Cohen May 24, 2018

WEST HARTFORD, CONN. — Seritage Growth Properties has sold a $23 million stake in The Corbin Collection, a 163,700-square-foot retail redevelopment in West Hartford, to First Washington Realty. The transaction values The Corbin Collection at $52 million, including costs to complete the project. The $23 million was used by Seritage to repay existing mortgage debt associated with the property. The newly established joint venture partnership between Seritage and First Washington Realty simultaneously closed on a $20 million loan with M&T Bank. The Corbin Collection is a former Sears store and auto center. Retailers who have opened or signed leases at the development include REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.

May 24, 2018

Leasing Activity Retail Texas

Alamo Drafthouse to Open Eight-Screen Theater in Frisco Station

by Taylor Williams May 24, 2018

FRISCO, TEXAS — Food, drink and movie concept Alamo Drafthouse will open an eight-screen theater at Frisco Station, a 242-acre mixed-use development in the northern Dallas metro of Frisco. The theater, which is expected to open in 2020, will be able to accommodate up to 1,200 guests. This location will also include a Video Vortex concept, which provides craft cocktails and beer for customers looking to rent older movies. The Frisco venue will be the company’s seventh location in North Texas.

May 24, 2018

Development Retail Texas

Urban Air Adventure Park Plans 31,000 SF Venue in Fort Worth

by Taylor Williams May 24, 2018

FORT WORTH, TEXAS — Urban Air Adventure Park, a Texas-based entertainment concept that features climbing walls, ropes courses and trampoline pits, will open a 31,000-square-foot venue in Fort Worth. The property will be located within Summer Creek Station, a 26-acre retail development on the city’s south side, and will open during the fourth quarter. Steve Williamson, Larry Jordan and Mason Bishop of Transwestern represented the landlord and developer, Wilson & Stonaker LLC, in the lease negotiations.

May 24, 2018

Indiana Leasing Activity Midwest Retail

Healthy Smiles Northwest Indiana to Open at Mixed-Use Development in Portage, Indiana

by Kristin Harlow May 24, 2018

PORTAGE, IND. — Healthy Smiles Northwest Indiana will open a 2,000-square-foot location at the Promenade at Founders Square in Portage. The dental practice will join Big Time Burgers and Brew and the Greater Portage Chamber of Commerce as tenants at the mixed-use development, which includes residential units. Holladay Properties provides leasing and property management services for the Promenade at Founders Square, which is owned by an investment group led by the Portage office of Holladay Properties. Michael O’Connor of Holladay Properties represented the building ownership group in the lease transaction with Healthy Smiles.

May 24, 2018

Acquisitions Florida Retail Southeast

Cushman & Wakefield Brokers $19M Sale of Shopping Center on Florida’s East Coast

by Camren Skelton May 24, 2018

JENSEN BEACH, FLA. — Cushman & Wakefield has brokered the sale of Marketplace Square, a 169,223-square-foot shopping center located at 3181 N.W. Federal Highway in Jensen Beach. Patrick Berman, Jason Donald and Todd Tolbert of Cushman & Wakefield arranged the transaction on behalf of the seller, Leon Capital Group. Exchange Solutions Inc. acquired the asset. Hobby Lobby anchors Marketplace Square, which was 89 percent leased at the time of sale. Additional tenants include Dollar Tree, Buffalo Wild Wings, Buddy’s Home Furnishings, Once Upon a Child and Rush Trampoline Park. The center also houses two outparcels, occupied by KFC and Sonic.

May 24, 2018

Georgia Leasing Activity Retail Southeast

Gourmet Market Concept to Open 4,500 SF Location at The Battery Atlanta

by Camren Skelton May 24, 2018

ATLANTA — Braves Development Co. has signed Savi Provisions to a 4,500-square-foot lease at The Battery Atlanta. The Atlanta-based gourmet market concept will open its seventh location at the 1.5 million-square-foot mixed-use development in late 2019. The store will feature chef-driven prepared food as well as grab-and-go meals. Customers will be able to order from a menu to enjoy on-site or to take out with them. The market will also deliver anywhere inside The Battery Atlanta. Athens, Ga.-based Jittery Joe’s Coffee will share space within the market as part of the continued expansion of its partnership with Savi Provisions. Gary Lewis of Gary Lewis & Associates Real Estate represented Braves Development Co. in the lease transaction.

May 24, 2018

California Development Mixed-Use Multifamily Restaurant Retail Western

City of Alameda, Alameda Point Partners Break Ground on $1B Mixed-Use Development on Former Naval Air Station

by Amy Works May 24, 2018

ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …

May 24, 2018

Acquisitions Arizona Retail Western

West Valley Properties Sells 89,804 SF Shopping Center in Arizona for $26M

by Amy Works May 24, 2018

CHANDLER, ARIZ. — Los Altos, Calif.-based West Valley Properties has completed the disposition of The Boardwalk at Anderson Springs, a shopping center located at the southeast corner of Dobson and Ray roads in Chandler. Los Angeles-based Westwood Financial purchased the property for $26 million. The original Sprouts Farmers Market anchors the 89,804-square-foot property. Sprouts originally opened in 2005 and is currently undergoing a $1 million renovation. At the time of sale, the property was 97 percent occupied by a variety of tenants, including Pita Jungle, State Farm, Pet Planet and Desert Financial Credit Union. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller.

May 24, 2018

Acquisitions California Retail Western

Colliers Negotiates Sales of Two Retail Properties in Sonoma and Los Angeles Counties

by Amy Works May 24, 2018

SOUTH PASADENA AND CLOVERDALE, CALIF. — Colliers International has arranged two sales of retail properties located in Sonoma and Los Angeles counties totaling $12 million. In the first deal, Guillermo Olaiz and John Archibald of Colliers represented a family trust in the $5.3 million sale of a corner lot located at 815 Freemont Ave. in South Pasadena. The property is short-term leased to Carrow’s Restaurant. The buyer was a San Gabriel Valley-based builder. In the second transaction, the family trust purchased a single-tenant, net-leased retail property located in Cloverdale for $6.7 million. Grocery Outlet, a regional discount grocer, occupies the 15,756-square-foot property. Olaiz and Archibald of Colliers represented the family trust in this 1031 exchange transaction.

May 24, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Negotiates $9.9M Sale of Retail Building in Queens

by David Cohen May 23, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $9.9 million sale of 43-10/24 Queens Blvd., an 8,521-square-foot retail building in the Sunnyside neighborhood of Queens. The single-story property features 95 feet of retail frontage and currently houses eight retail tenants. Tom Donovan, Will Suarez, Eugene Kim, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the seller in the transaction. The buyer was undisclosed.

May 23, 2018

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