Retail

Regency Properties Acquires Two Shopping Centers in Michigan Totaling 115,623 SF

by Kristin Harlow December 21, 2017

CARO, MICH. — Regency Properties has acquired Caro Centre and Sugarcreek Plaza in Caro, located east of Saginaw in Michigan’s Thumb region. The sales price and seller were not disclosed. The 71,706-square-foot Caro Centre is home to tenants including Family Dollar, Peebles, Goodwill and Caro Ace Hardware. Regency Properties plans to invest approximately $200,000 to renovate the property’s façade. Sugarcreek Plaza totals 43,916 square feet and is home to two tenants — Tractor Supply Co. and Save-A-Lot. In addition, the property includes a nearly one-acre outlot that is available for development.

December 21, 2017

Florida Retail Southeast

Barneys New York to Anchor $400M Expansion of Bal Harbour Shops in South Florida

by Camren Skelton December 21, 2017

BAL HARBOUR, FLA. — Whitman Family Development LLC has signed a 53,000-square-foot lease with Barneys New York to anchor the $400 million expansion of Bal Harbour Shops, an upscale, open-air shopping center in South Florida’s Bal Harbour. The store will be the brand’s first Barney’s New York location in Florida, and will include Freds at Barneys New York, a European-inspired restaurant that serves contemporary American cuisine. Barneys New York, along with Freds, is scheduled to open in 2023 in conjunction with the 350,000-square-foot Bal Harbour expansion, which will add roughly 70 new retailers. The family-owned Bal Harbour Shops originally opened in 1965 and was the first all-luxury fashion center in the United States.

December 21, 2017

Georgia Retail Southeast

IKEA to Open New Location in Metro Atlanta

by Camren Skelton December 21, 2017

MARIETTA, GA. — IKEA U.S. will submit plans to the City of Marietta for its second Atlanta-area store. Situated roughly 15 miles northwest of downtown Atlanta, IKEA Marietta is expected to be built on 34 acres on the western side of Interstate 75 on Franklin Gateway, between the Marietta Parkway and Delk Road exit interchanges. A construction timeline for the new store has not been determined. The Swedish home furnishings retailer currently operates a store in Midtown near Atlantic Station.

December 21, 2017

California Retail Western

Wilson Torrance Acquires 127,400 SF Retail Property in Torrance for $47.5M

by Nellie Day December 21, 2017

TORRANCE, CALIF. — Wilson Torrance LLC has purchased a freestanding retail property located at 2255 S. Western Ave. in Torrance. The Shorestein Co. sold the property for $47.5 million. Lowe’s Cos. fully leases the property, which is occupied by Lowe’s Home Improvement Warehouse. Situated on 12.7 acres, the 127,400-square-foot building features a 30,000-square-foot garden center and 750 parking spaces with six street access points. Christopher Sheldon, Andrew Bogardus, Douglas Longyear and Stephen Algermissen of Cushman & Wakefield represented the seller, while the buyer represented itself in the transaction.

December 21, 2017

California Retail Western

ROIC Buys Village at Nellie Gail Ranch in Laguna Hills for $46M

by Nellie Day December 21, 2017

LAGUNA HILLS, CALIF. — Retail Opportunity Investment Corp. (ROIC) has acquired The Village at Nellie Gail Ranch, located at 26532-62 Moulton Parkway in Laguna Hills. Vintage Real Estate sold the property for $46 million. The 88,486-square-foot, grocery-anchored shopping center was developed in 1987 and renovated in 2015. At the time of sale, the property was 98.3 percent occupied by a variety of tenants, including Smart & Final Extra, MOD Pizza, Chuck E. Cheese’s, Cycle Bar and BLS Nail Resort. Dave Monahan, Geoff Tranchina and Cameron Pittman of JLL represented the seller in the sale.

December 21, 2017

California Retail Western

CBRE Brokers $3.7M Sale of Restaurant Property in Temecula

by Nellie Day December 21, 2017

TEMECULA, CALIF. — CBRE has arranged the all-cash sale of a freestanding restaurant property located at 29540 Rancho California Road in Temecula. New World LP acquired the property from a private Arizona-based limited liability company for $3.7 million. Claim Jumper occupies the 11,200-square-foot property. Reg Kobzi and Jeff Pion of CBRE represented the seller and buyer in the deal.

December 21, 2017

California Retail Western

Retail California Facilitates Sale of 4,800 SF Retail Building in Corcoran, California

by Nellie Day December 21, 2017

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.

December 21, 2017

Features Retail Top Stories

Report: Compressing Cap Rates Don’t Slow Investor Appetite for 7-Eleven, Circle K Stores

by Taylor Williams December 21, 2017

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 …

December 21, 2017

Northeast Pennsylvania Retail

Katz Properties Acquires 266,565 SF Retail Property in Quakertown, Pennsylvania, for $47.2M

by Amy Works December 20, 2017

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.

December 20, 2017

New York Northeast Office Retail

Domain Cos. Acquires Development Site in Brooklyn for $26.5M

by Amy Works December 20, 2017

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.

December 20, 2017

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