Retail

Colliers Brokers Sale of Former Car Dealership in Palatine, Illinois

by Kristin Harlow April 20, 2018

PALATINE, ILL. — Colliers International has brokered the sale of a former Jaguar car dealership in Palatine, located about 35 miles northwest of Chicago. The sales price was not disclosed, but the asking price was $3.3 million. Studio 41, a kitchen and bath plumbing fixtures manufacturer, purchased the 30,000-square-foot property with plans to convert it into a home design showroom. Upon completion, the property will be open to homeowners, contractors, designers and architects. Anne Dempsey of Colliers represented the seller, Morries Automotive Group.

April 20, 2018

Acquisitions Colorado Retail Western

Pinnacle Brokers $5M Sale of 8,318 SF Retail Property in Castle Rock, Colorado

by Amy Works April 20, 2018

CASTLE ROCK, COLO. – Pinnacle Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 1341 New Beale St. in Castle Rock. A Colorado-based developer sold the property to a California-based private investor for $5 million, or $601 per square foot, in a 1031 exchange. The newly built property features 8,318 square feet of retail space. At the time of sale, the property was fully occupied by Potbelly Sandwich Shop, Smoothie King, European Wax Center, Fine Nails and Beau Thai.

April 20, 2018

Acquisitions Northeast Pennsylvania Retail

CBRE Arranges Sale of 342,600 SF Retail Center Near Harrisburg

by David Cohen April 19, 2018

MECHANICSBURG, PA. — CBRE has arranged the sale of Silver Spring Square, a 342,600-square-foot, grocery-anchored retail center in Mechanicsburg, eight miles west of Harrisburg. CBRE represented the seller, DDR Corp. The buyer was The Wilder Companies. The sales price was not disclosed. Built in 2007, the shopping center is anchored by a 126,240-square-foot Wegmans supermarket and includes a 139,377-square-foot Target as well as an 87,000-square-foot Kohl’s. Other retail tenants include Best Buy, Ross, Bed Bath & Beyond, Petco, Lane Bryant and Ulta. The property was 98 percent occupied at the time of closing.

April 19, 2018

Acquisitions Retail Texas

Venture Commercial Brokers Sale of Two Albertsons Stores Totaling 123,737 SF in DFW

by Taylor Williams April 19, 2018

MURPHY AND WATAUGA, TEXAS — Venture Commercial has brokered the sale of Albertsons grocery stores totaling 123,737 square feet in the Dallas-Fort Worth (DFW) metros of Murphy and Watauga. The 62,322-square-foot Murphy store anchors the Shops of Murphy retail center, and the 61,415-square-foot Watauga store anchors the Shops of Watauga retail center. John Zikos and Charlotte Cooper of Venture Commercial represented Albertsons LLC, which owns the stores, in the transaction. Sean Porter of Capstone Commercial Real Estate Group represented the buyer, 356 Development LLC.

April 19, 2018

Indiana Loans Midwest Retail

NorthMarq Secures $7.7M Construction Loan for Retail Property in Jeffersonville, Indiana

by Kristin Harlow April 19, 2018

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged a $7.7 million construction loan for Jeffersonville Town Center in southern Indiana. The 64,855-square-foot retail property will be located at 1450 Veterans Parkway. The project is the first phase of a 160-acre mixed-use development. Randall Waddell of NorthMarq arranged the three-year loan with a local bank. The borrower was not disclosed.

April 19, 2018

Market Reports Midwest Midwest Market Reports Nebraska Retail

How the Omaha Retail Market Is Adapting to Big Box Store Closures

by Kristin Harlow April 19, 2018

The pace of evolution in the retail sector is accelerating in a manner that few would have anticipated even five years ago. E-commerce has proven to be a very powerful disruptor, affecting both retailers and property owners alike. For some who have had the foresight and financial resources to adapt to this change, the disruption has brought opportunities for growth and increased market share. Clearly, not all have been able to adapt — some due to lack of execution and others seemingly caught in circumstances beyond their control. Despite the turbulence within the retail category, overall U.S. retail sales grew a very respectable 4.2 percent during 2017, according to the U.S. Department of Commerce. The growth is attributed to continuing gains in employment and a marked improvement in economic growth during the second half of the year. On the local level, the Omaha retail market exhibited moderate improvement during 2017, following a year of weak performance in 2016. The market absorbed just over 364,000 square feet during the year (see chart), slightly under the average annual rate of 378,000 square feet for the past five years. The overall vacancy rate decreased from 11.2 percent to 10.5 percent during the year as …

April 19, 2018

Acquisitions New York Northeast Retail

Speedway Agrees to Acquire 78 Express Mart Locations in New York

by David Cohen April 18, 2018

SYRACUSE, ROCHESTER, BUFFALO, N.Y. — Speedway LLC has signed an agreement to purchase 78 Express Mart store locations held by Petr-All Petroleum Consulting Corp. The stores are located primarily in the Syracuse, Rochester and Buffalo markets. Following the acquisition, the stores will be rebranded as Speedway locations. The transaction is expected to close by the end of the third quarter. Speedway, headquartered in Enon, Ohio, is the nation’s second largest company-owned and operated convenience store chain with approximately 2,740 stores located in 21 states. Speedway is a subsidiary of Marathon Petroleum Corp.

April 18, 2018

Acquisitions Retail Southeast Tennessee

Time Equities Acquires Shopping Center in Eastern Tennessee for $13.9M

by Camren Skelton April 18, 2018

SEVIERVILLE, TENN. — Time Equities Inc. (TEI) has acquired Governor’s Crossing, a 140,568-square-foot shopping center in Sevierville, for $13.9 million. The center is located 24 miles southeast of downtown Knoxville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group arranged the transaction on behalf of the seller, RCG Ventures Sevierville SPE LLC. Ami Ziff and Adam Levitt represented Time Equities internally in the deal. Governor’s Crossing is home to tenants such as Books-A-Million, Jo-Ann Fabrics, Vanity Fair Outlet, Shoe Carnival, Catherine’s, Workout Anytime and CATO.

April 18, 2018

Market Reports New York Northeast Northeast Market Reports Retail

Manhattan Retail: 2018’s Challenges and Opportunities

by David Cohen April 18, 2018

Real estate experts continue to keep a close eye on the Manhattan retail market in 2018. Having wrapped up 2017 with challenges and opportunities for landlords and tenants alike, it appears the biggest strides toward adjusting to new conditions are behind us, though further rent adjustments are never out of the mix. At year-end 2017, average asking rents across Manhattan’s 16 main retail corridors declined by 18.4 percent, compared to those from year-end 2016, while availabilities ticked up slightly. Leasing velocity was strong in 2017 with 2.6 million square feet of transactions closing during the year, posting a year-over-year increase of 8.2 percent. Food and beverage tenants dominated the market in terms of deal volume, inking 172 leases (the most in Manhattan) at year-end 2017, which encompassed nearly 556,000 square feet. The apparel industry also posted strong numbers in 2017, leasing 459,200 square feet of space across 91 deals. 2017 data shows that SoHo was the most active neighborhood in terms of square footage leased (approximately 227,000 square feet) and the number of closed deals (43). The neighborhood outpaced the runner up, Midtown West, by more than 60,000 square feet. After suffering from consistently high vacancy rates, SoHo is …

April 18, 2018

Development Property Type Retail Texas

VillaSport to Open 121,000 SF Athletic Facility in Metro Houston

by John Nelson April 17, 2018

KATY, TEXAS — VillaSport Athletic Club & Spa, an operator of upscale fitness clubs, will open a 121,000-square-foot athletic facility within Stableside at Falcon Landing, a 270,000-square-foot retail development in Katy. The facility will feature NBA-size basketball courts, yoga and Pilates studios, indoor and outdoor pools and a 12,000-square-foot kids club. Development of the center, which marks Phase II of Stableside at Falcon Landing, is expected to be complete by late summer 2019. Austin Alvis and Brad Elmore of NewQuest Properties, the master developer of Stableside at Falcon Landing, represented the landlord internally in the lease negotiations. Jason Baker and Lunden McGill of Baker Katz represented VillaSport, which currently operates five fitness facilities throughout the country.

April 17, 2018

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