Retail

Rising Oil Prices Seep Into Midland-Odessa Retail Development, Sales

by Taylor Williams July 20, 2018

The Midland-Odessa retail market continues to get stronger due to the rise in oil prices over the last year. West Texas intermediate crude oil prices have risen from around $46 per barrel in June 2017 to more than $72 per barrel as of June 27, 2018. According to a recent survey from the Dallas branch of the Federal Reserve, new technology is allowing energy companies to break even at $25 per barrel. In addition, the Midland Development Corp. (MDC) notes that the combined Midland-Odessa unemployment rate is down to 2.8 percent, which is the lowest on record. The rise in prices, combined with this scaling of the oil-driven economy, is contributing to local consumers having more disposable income. In turn, spending at restaurants, hotels and retail stores in the Midland-Odessa area is up across the board. Housing Connects The Dots Due to the rise in oil prices and strong economic growth, demand for more housing developments in the Midland-Odessa market is strong and getting stronger. And wherever there’s a boom in housing, a new wave of retail development is likely to follow. According to the MDC, roughly 500 single-family building permits had been issued as of March, the highest first-quarter …

July 20, 2018

Acquisitions Midwest Ohio Retail

Gorjian Acquisitions Purchases 16,000 SF Shopping Center in Toledo, Ohio

by Kristin Harlow July 19, 2018

TOLEDO, OHIO — Joel J. Gorjian, principal of Gorjian Acquisitions, has completed the purchase of the Airport Plaza shopping center in Toledo for an undisclosed price. The 16,000-square-foot center is located on a 2.1-acre site along Airport Highway. Tenants include a nail salon and a laundry mat. The seller was a private investor. Gorjian has acquired 24 properties across the country in the last year.

July 19, 2018

Acquisitions Colorado Retail Western

LIG, Hanley Investment Negotiate $3.2M Sale of Retail Center in Metro Denver

by Amy Works July 19, 2018

WESTMINSTER, COLO. — Legend Investment Group (LIG), a division of Legend Partners, and Hanley Investment Group Real Estate Advisors have arranged the sale of a retail strip center located at 13591 Huron St. in Westminster, a northwest suburb of Denver. An East Coast-based private investor acquired the property from Redlands, Calif.-based Mark Development for $3.2 million, or $603 per square foot. At the time of sale, the 5,389-square-foot property was fully occupied by Dunkin’ Donuts, Bank of America and Huron Liquor. Built in 2016, the retail center is situated on 1.1 acres within the Quail Crossing Commercial subdivision. LIG and Peter Peluso of Legend Partners represented the buyer in the deal, while Jeff Lefko, Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller.

July 19, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $68.8M Sale of Retail Portfolio in Miami Beach

by Camren Skelton July 19, 2018

MIAMI BEACH, FLA. — HFF has arranged the sale of a seven-property retail portfolio located in Miami Beach’s Sunset Harbour neighborhood. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF arranged the transaction on behalf of the seller, Scott Robins Cos. Charlotte-based Asana Partners acquired the assets for $68.8 million, according to the Miami Herald. The portfolio includes single- and multi-tenant properties located at 1900, 1916 and 1930 Bay Road; 1787, 1929 and 1919 Purdy Ave.; and 1935 West Ave. The portfolio was fully leased at the time of sale to tenants such as NaiYaRa, Lucali, DIRT, SHIFT, Barry’s Bootcamp and Flywheel Sports.

July 19, 2018

Florida Loans Retail Southeast

Ocean Bank Provides $60M Loan for Refinancing of Shopping Center in Miami

by Camren Skelton July 19, 2018

MIAMI — Ocean Bank has provided a $60 million loan for the refinancing of Kendall Village, a 256,000-square-foot shopping center located at the intersection of Kendall Drive and S.W. 124th Avenue in Miami. Ocean Bank provided the loan on behalf of the borrower, Kendall Village Associates LLC. The center is fully leased to tenants such as Regal Cinema, Old Navy, Gap, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports and Duffy’s Sports Grill. Kendall Village was constructed in 2000 and renovated in 2005. The next phase of the project, which will include an 82,311-square-foot Floor & Décor, is currently under construction and scheduled for completion in the first quarter of 2019.

July 19, 2018

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Milwaukee Market Displays Strong Fundamentals Despite Retailer Struggles

by Kristin Harlow July 19, 2018

Like many other Midwestern markets, Milwaukee is experiencing a mixed bag in retail. While headlines have been dominated primarily by closures, there has also been an abundance of new activity in the market. While it’s taken its hits, the retail market has fought back and retail vacancy has actually decreased slightly to 4.4 percent in the first quarter, according to CoStar Group. Rents are edging up and Class A space is difficult to find. The inventory of Class B and C space is more robust. Due to low demand, landlords are not enjoying much negotiating leverage. Market turbulence On the surface, multiple big box closings that have occurred in metro Milwaukee this year paint a gloomy picture of the retail marketplace. Grocery, wholesale, apparel, toys, restaurants and other categories of retailers have closed fairly rapidly. These include Pick ‘n Save (Kroger) in Cudahy, Sendik’s in West Milwaukee, Sam’s Club in West Allis, Toys ‘R’ Us and Babies ‘R’ Us in Brookfield and iPic Theater at Bayshore Town Center in Glendale. Another ominous cloud is the Bon-Ton bankruptcy and the closure of seven area Boston Store locations, including the company’s clearance center and furniture gallery in metro Milwaukee. Compound that with …

July 19, 2018

Acquisitions Retail Southeast Tennessee

Sembler, Forge Acquire Kroger-Anchored Shopping Center in Memphis for $13M

by Camren Skelton July 18, 2018

MEMPHIS, TENN. — The Sembler Co. and Forge Capital Partners have acquired Summer Center, a shopping center located at 4304 Summer Ave. in Memphis, for $13 million. The 136,425-square-foot center was 89 percent leased at the time of sale to tenants such as Kroger, Ross Dress for Less, Rainbow, Hibbett Sports and H&R Block. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, BDB Summer Center LLC.

July 18, 2018

Georgia Leasing Activity Retail Southeast

TSCG Signs Blasted Barley Beer at Student Housing Community in Athens, Georgia

by Camren Skelton July 18, 2018

ATHENS, GA. — The Shopping Center Group (TSCG) has signed Blasted Barley Beer Co. to a 5,000-square-foot lease at Georgia Heights, a student housing community with 40,000 square feet of ground-floor retail space in Athens. The Phoenix-based restaurant and brewery plans to offer more then 30 craft beer varieties on tap, including its own signature brews, along with bar food. Harry Croxton and Amy Kennedy of TSCG arranged the 10-year lease on behalf of the landlord, Memphis-based EdR Collegiate Housing. Blasted Barley is expected to open at the 317-unit community early next year, bringing the property to full occupancy. Additional tenants include CVS/pharmacy, J.Crew, The Athlete’s Foot, SunTrust Bank, Dress Up, D.P. Dough, Cinnaholic, European Wax and Treehouse Interiors. The property encompasses a city block between Broad Street, at the main entrance to the University of Georgia, and Clayton Street, home to the Georgia Theatre.

July 18, 2018

Leasing Activity North Carolina Retail Southeast

Branch Signs Three Tenants to 215,000 SF Shopping Center in North Carolina’s Triad Region

by Camren Skelton July 18, 2018

GREENSBORO, N.C. — Branch Properties LLC has signed three tenants to Westridge Square, a 215,000-square-foot shopping center in Greensboro. The Atlanta-based real estate company originally acquired the center and its seven outparcel buildings in 2015, and is currently re-tenanting the property. Kohl’s will reduce its footprint at the center from 87,000 square feet to 55,000 square feet, and Planet Fitness will occupy the vacated space. The gym is expected to open in late 2018 or early 2019. According to local media reports, Sprouts Farmers Market will backfill 30,524 square feet of the 47,452-square-foot space formerly occupied by Harris Teeter, which closed in December. Later this summer, Title Boxing Club will open at one of Westridge Square’s outparcels. Negotiations are underway for an additional tenant to occupy the remaining space. In addition to remerchandising Westridge Square, Branch will modernize the shopping center with planned renovations including raising the parapets and upgrading the building materials to include brick, metal and wood.

July 18, 2018

California Loans Retail Western

MetLife, Northwestern Mutual Provide $450M Refinancing for Broadway Plaza in California

by Amy Works July 18, 2018

WALNUT CREEK, CALIF. — MetLife Investment Management and Northwestern Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek. The 12-year loan was provided on behalf of the property owner, a joint venture between The Macerich Co. and Northwestern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and anchored by Nordstrom, Neiman Marcus and Macy’s. Additional tenants include Aldo, LUSH, Madewell, lululemon athletica, Nespresso, Zara, Kate Spade and Sephora, among others.

July 18, 2018

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