Retail

Klein Enterprises Buys Shopping Center in Northeast Maryland for $11.6M

by Camren Skelton November 27, 2017

NORTH EAST, MD. — Klein Enterprises has acquired North East Station Shopping Center, an 87,006-square-foot retail center in North East, a town in northeast Maryland situated between Baltimore and Philadelphia, for $11.6 million. The seller was not disclosed. Food Lion anchors the center, which was 90.3 percent leased at the time of sale to tenants including Walgreens, Waffle House, AutoZone, Wendy’s and West Marine. North East Station is less than a mile from the Principio Industrial Park, which will house the new Amazon distribution center and its 700 full-time employees.

November 27, 2017

Retail Top Stories

ICSC Report: Brick-and-Mortar Retailers Capture 75 Percent of Thanksgiving Sales

by Taylor Williams November 27, 2017

NEW YORK — Retailers with a brick-and-mortar presence captured approximately 75 percent of all sales transacted over Thanksgiving weekend 2017, according to a report by the International Council of Shopping Centers (ICSC) released Monday, Nov. 27. Combined, online and brick-and-mortar retail sales during Thanksgiving and Black Friday clocked in just shy of $8 billion, an 18 percent increase over the same two-day period in 2016, according to Adobe Analytics, which measures transactions of the 100 largest American web retailers. On Black Friday itself, online sales eclipsed $ 5 billion, up from $3.34 billion in 2016. The ICSC report found that over the course of the weekend, more than 145 million Americans shopped at malls and shopping centers — 105 million on Black Friday alone — where they spent an average of $377.50 per shopper. Approximately one-quarter of the average shopper’s total expenditure went to dining and other experiences. All told, consumers spent an average of $78.70 per head at dining and entertainment destinations in association with Black Friday 2017. “Shopping centers across the country should feel very optimistic about the season ahead,” says Tom McGee, president and CEO of ICSC. “What we are seeing over the course of the year, and …

November 27, 2017

Florida Retail Southeast

CPAC Joint Venture Sells Retail Center in South Florida for $12.6M

by Camren Skelton November 22, 2017

SUNRISE, FLA. — CPAC, a joint venture between CREC and members of the Lindemann family, has sold University Shoppes of Sunrise in Broward County for $12.6 million. Andrew Remick of CREC and Peter Mekras of Aztec Group represented CPAC in the transaction. Luxcom acquired the asset. CPAC originally acquired the property through foreclosure in 2012 and repositioned the property, executing a ground lease with Aldi and selling a portion of the land for a new multifamily development. At the time of sale, the property was 95 percent leased to tenants including Chuck E. Cheese, Sprint and Sherwin Williams.

November 22, 2017

Georgia Retail Southeast

Studio Movie Grill Opens 11-Screen Theater in Metro Atlanta

by Camren Skelton November 22, 2017

MARIETTA, GA. — Studio Movie Grill, a privately owned dine-in theater concept based in Dallas, has opened its newest theater at 40 Powers Ferry Road in Marietta, a northern suburb of Atlanta in Cobb County. The 11-screen SMG Marietta is backfilling a former Sports Authority store in a shopping center that was once anchored by Harry’s Farmers Market, a subsidiary of Whole Foods Market. SMG Marietta is Studio Movie Grill’s third location in Georgia and its 29th nationwide. The property features a spacious lounge, wraparound bar, outdoor patio and luxury recliners in each theater. The theater employs roughly 200 people, according to Marietta Mayor Steve Tumlin. SMG Marietta is a participating theater in the company’s Special Needs Screenings and Chefs for Children programs.

November 22, 2017

California Retail Western

CBRE Arranges $8.2M Sale of Single-Tenant Retail Property in LA

by Nellie Day November 21, 2017

LOS ANGELES — CBRE has arranged the $8.2 million sale of a 12,715-square-foot retail property leased to CVS/pharmacy in Los Angeles. Alex Kozakov and Patrick Wade of CBRE arranged the transaction on behalf of the seller, Paragon Commercial Group. Millenium Investment LLC acquired the asset. The property is located three miles from downtown Los Angeles.

November 21, 2017

Georgia Retail Southeast

Palomar Group Brokers $24.7M Sale of Shopping Center in Augusta, Georgia

by Camren Skelton November 21, 2017

AUGUSTA, GA. — The Palomar Group has brokered the $24.7 million sale of National Hills, a 159,855-square-foot shopping center in Augusta, located across from the Augusta National Golf Club. The Fresh Market anchors the center, which was 94 percent occupied at the time of sale by tenants including Electrolux, Sprint, Sally Beauty Supply, Legend’s Club and Merle Norman. The Palomar Group arranged the transaction on behalf of the seller, a regional investor, and the buyer, an international REIT.

November 21, 2017

Florida Retail Southeast

MMG Buys Grocery-Anchored Center in Palm Beach County for $17M

by Camren Skelton November 21, 2017

BOYNTON BEACH, FLA. — MMG Equity Partners has acquired Meadows Square Shopping Center, a 94,708-square-foot retail center in Boynton Beach, a city in Palm Beach County, for $17 million. Presidente Supermarket anchors the center, which was 97 percent leased at the time of sale to tenants including Dollar Tree and Bank of America. Casey Rosen of CBRE arranged the transaction on behalf of the undisclosed seller. HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company on behalf of MMG Equity Partners.

November 21, 2017

Retail Texas

STRIVE Brokers Sale of 45,804 SF Shopping Center in Metro Dallas

by Taylor Williams November 21, 2017

RED OAK, TEXAS — STRIVE has brokered the sale of Sierra Marketplace, a 45,804-square-foot shopping center located at 132 E. Ovilla Road in Red Oak, about 20 miles south of Dallas. The center was 100 percent leased at the time of sale to tenants such as Anytime Fitness, Dollar Tree and Jackson Hewitt Tax Services. The buyer and seller were not disclosed, but both parties are based in Texas.

November 21, 2017

Colorado Office Retail Western

HFF Brokers $5.1M Sale of Retail, Office Center in Broomfield, Colorado

by Nellie Day November 20, 2017

BROOMFIELD, COLO. — HFF has arranged the $5.1 million sale of MainStreet at FlatIron, a 93,657-square-foot retail and office center in Broomfield. Jules Sherwood of HFF arranged the transaction on behalf of the undisclosed seller, and procured the buyer, a private investment group based in Boulder. MainStreet at FlatIron includes two multi-tenant buildings with 59,224 square feet of office space and 34,433 square feet of retail space. At the time of sale, the property was 56.3 percent leased to tenants 10 tenants including Jason’s Deli and CorePower Yoga.

November 20, 2017

Kansas Midwest Retail

Block & Co. Negotiates Sale of 106,324 SF Shopping Center in Olathe, Kansas

by Kristin Harlow November 20, 2017

OLATHE, KAN. — Block & Co. Inc. Realtors has negotiated the sale of Rosebud Plaza Shopping Center in Olathe for an undisclosed price. The 106,324-square-foot shopping center is located on the northeast corner of 135th Street and Mur Len Road. Hobby Lobby and Goodwill anchor the property, which sits on 8.2 acres. David M. Block and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, Sixteen Main Co. LLC. The buyer was not disclosed.

November 20, 2017

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