ROCK HILL, S.C. — Charlotte, N.C.-based Madison Capital has purchased Kmart Plaza, a retail property located off of Cherry and North Anderson roads in Rock Hill, a suburb of Charlotte in South Carolina. Seritage Growth Properties sold the center for $6 million. The property features 89,298 square feet of retail space. Marc Ozburn and Alex McDonald of Berkeley Capital Advisors represented the seller in the deal.
Atlanta is recognizing that the nature of retail has changed. Shopping centers and mixed-use projects in Atlanta emphasize restaurants, fitness, entertainment and service retail. The changes in the market are happening quickly and consumers want the urban environment where everything they need is at their fingertips. Destination Retail The BeltLine is providing an unmatched opportunity for this business model. The Eastside trail proves that Atlanta has welcomed this type of retail. New developments without a true parking option or main street access have started to capture the population who use the BeltLine on a daily or weekly basis. Ponce City Market encapsulates experiential retail, taking an existing warehouse structure and transforming it into a food hall, rooftop entertainment and a place to work, congregate or live your daily life. It’s not a shopping center — it’s a destination. The modern shopping center isn’t about being a shopping center, it’s about providing all you need at once. Restaurants, Food Halls The restaurant business is always evolving, and the variety in Atlanta is unparalleled. Yet, while there are an abundance of restaurant openings, there are still several that will need to reinvent themselves to stay relevant. The biggest buzz has been food …
A mere 80 miles separates Austin and San Antonio, the anchors of the growing Interstate 35 corridor. The two cities have some fundamental cultural differences but share certain economic drivers that have produced healthy retail real estate markets in both metros, albeit with varied results. The most basic economic drivers common to both metro areas are population and employment growth. Like other Texas cities, the Austin and San Antonio metro areas continue to experience a steady stream of new residents and jobs. Although San Antonio often takes a backseat to Austin in various rankings, the Alamo City topped this year’s national list for largest raw numeric growth in population among all U.S. cities of 50,000 or more, according to the U.S. Census Bureau. Austin landed at No. 12 in this category. However, Forbes ranks Austin second among America’s Best Cities for Jobs while San Antonio lags at No. 13. Joined at the Hip Because both cities and the small towns that surround them are growing at phenomenal paces, central Texas is starting to be identified in terms of Austin and San Antonio, not Austin vs. San Antonio. And although this concept has been talked about for years, retail development along …
MALDEN, MASS. — Encore Real Estate Investment Services has negotiated the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden. The property is located three miles from the massive Encore Boston Harbor casino project that is currently under construction. Danny Samona and James Roberts of Encore Real Estate represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PAULSBORO, N.J. — Marcus & Millichap has brokered the sale of a 4,854-square-foot retail property occupied by Wawa in Paulsboro. The property, which is located at 51 Berkley Road, sold for $3.5 million at a 4.69 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
CHINO, CALIF. — CBRE has secured a $24.3 million loan for the refinance of Stater Bros. Plaza, a neighborhood retail center in Chino. Situated on 6.9 acres at 6989 Schaefer Ave., the property consists of 73,641 square feet of rentable space. Stater Bros. Market anchors the center, which was built in 2008. Other tenants include Chase Bank, Subway, Sprint, The UPS Store and Mountain Mike’s Pizza, among others. Marina Massari and Sharon Kline of CBRE’s Newport Beach, Calif., office arranged the five-year loan featuring 36 months of interest-only payments for the borrower, Euclid Plaza LLC. Buchanan Mortgage Holdings, a division of Buchanan Street Partners, provided the loan. Joseph Maehler of Buchanan Street Partners represented the lender in the financing.
COLORADO SPRINGS, COLO. — Confluent Development is nearing completion of an 8,265-square-foot, multi-tenant retail center in Colorado Springs. The property will be home to a 3,800-square-foot Snooze: an A.M. Eatery restaurant and a 1,491-square-foot Bishops Cuts/Color barbershop. Both locations are set to open in early 2019. The project is designed to also house a third future retailer in the remaining 3,000 square feet of space. Studio DH Architecture served as the architect on the project and Epic Construction as the general contractor.
CHICAGO — Three new retailers have joined the tenant lineup at Optima Signature, a 57-story luxury apartment tower in Chicago’s Streeterville neighborhood. GoodVets Streeterville, a full-service veterinarian, has opened its 2,000-square-foot office. RUNAWAY, a run conditioning fitness studio, will occupy 4,200 square feet starting in November. Guidepost Montessori, a California-based school serving toddlers and preschoolers, is scheduled to open an 11,500-square-foot school later this year. Located at 220 E. Illinois St., Optima Signature features 490 apartment units and 58,000 square feet of retail and commercial space. Developer Optima Inc. completed the LEED Silver-certified property in 2017. Monthly rents start at $2,265.
KAUKAUNA, WIS. — Dollar Tree has signed a 9,525-square-foot lease in Kaukauna, about nine miles east of Appleton. The property is located at 321 W. Main St. Ross Koepsel and Nick Tice of Founders 3 Real Estate Services represented the tenant in the lease transaction. The landlord was not disclosed.
MCKINNEY, MISSOURI CITY AND LEAGUE CITY, TEXAS — CBRE has negotiated the sale of a three-property retail portfolio located on the outskirts of Dallas and Houston. Combined, McKinney Towne Crossing in metro Dallas, and Riverstone Shopping Center and Victory Lakes Town Center in metro Houston, feature more than 885,000 square feet of Class A retail space. Chris Gerard, Mark Witcher and Blaine Dozier of CBRE represented the seller, Chicago-based InvenTrust Properties, in the transaction. Houston-based Fidelis Realty Partners purchased the assets for an undisclosed price. The portfolio was 94 percent leased at the time of sale.
