Retail

Marcus & Millichap Brokers Sale of 41,839 SF Retail Property in Hurst, Texas Leased to Walmart

by Taylor Williams April 19, 2017

HURST, TEXAS — Marcus & Millichap has brokered the sale of a 41,839-square-foot retail property located at 740-760 W. Pipeline Road in the Dallas-Fort Worth metro of Hurst. Built in 2015, the property is fully leased to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jamie Medress and Mark Ruble, also with Marcus & Millichap, represented the buyer, a private investor who purchased the store at a 4.5 percent capitalization rate.

April 19, 2017

Cooper Commercial Arranges $1.7M Sale of Starbucks Property in Fairfield, Ohio

by Kristin Harlow April 19, 2017

FAIRFIELD, OHIO — Cooper Commercial Investment Group has arranged the sale of a net leased Starbucks property in Fairfield, a suburb of Cincinnati, for $1.7 million. The property was newly constructed in 2017 and includes an initial lease term of 10 years. Dan Cooper of Cooper Commercial represented the undisclosed seller. The buyer was based in Michigan.

April 19, 2017

Florida Retail Southeast

Earth Fare Opens at RD Management’s Shady Oaks Shopping Center in North Florida

by John Nelson April 19, 2017

OCALA, FLA. — Earth Fare has opened its newest store today at Shady Oaks Shopping Center, a 260,419-square-foot retail center located at 2401-2499 S.W. 27th Ave. in Ocala. The Fletcher, N.C.-based organic grocer operates the 29,618-square-foot store, which features more than 4,000 non-GMO items and the Heirloom Organic Café, an organic salad bar, hot food bar and ready-to-go packaged meals. The Ocala store is the fifth Earth Fare in Florida and its 40th nationwide. RD Management recently wrapped up a $2.2 million renovation of the shopping center, which is situated on 25.5 acres.

April 19, 2017

Oregon Retail Western

Cracker Barrel Opens First Store in Oregon

by Nellie Day April 18, 2017

TUALATIN, ORE. — Cracker Barrel Old Country Store has opened a store in the Portland suburb of Tualatin, the first Cracker Barrel location in Oregon. William Morrison has been named general manager of the new location and has worked at Cracker Barrel for nearly 20 years. Established in 1969 in Lebanon, Tenn., Cracker Barrel Old Country Store Inc. and its affiliates operate 643 Cracker Barrel Old Country Store company-owned locations in 44 states and own the fast-casual restaurants Holler & Dash.

April 18, 2017

Retail Texas

Faris Lee Brokers $4.6M Sale of 8,500 SF Retail Center in Katy

by Taylor Williams April 18, 2017

KATY, TEXAS — Faris Lee Investments, a California-based retail advisory and investment sales firm, has brokered the $4.6 million sale of a 8,500-square-foot, multi-tenant retail property within Grand Crossing, a mixed-use development in Katy. Located at 23641 Katy Freeway, the center was 100 percent leased at the time of sale to tenants such as Sleep Number, Carus Dental and Lux Nail Salon. Jeff Conover of Faris Lee represented the buyer, Los Angeles-based Caswell Development LLC. Edifice GC Katy, TX, the developer of the property, was the seller.

April 18, 2017

Florida Retail Southeast

Konover South to Develop Grocery-Anchored Shopping Center in Orlando

by John Nelson April 18, 2017

ORLANDO, FLA. — Konover South LLC plans to build Landstar Marketplace, a 62,222-square-foot, grocery-anchored shopping center located at 13891 Landstar Blvd. in Orlando. Designed by architect Cuhaci & Peterson, the property will be anchored by a 43,865-square-foot Walmart Neighborhood Market. David Lipp of Atlantic Commercial Group represented Walmart Neighborhood Market in its long-term lease. Other project team members include civil engineer Kimley-Horn and general contractor R.A. Rogers Construction Co. Konover South purchased the 18-acre site from Rodolfo Stern and David Serviansky for $3.3 million. Steve DeWitt of Shorecrest Retail Partners represented the sellers in the transaction. Konover South plans to deliver the shopping center in the first quarter of 2018.

April 18, 2017

Northeast Pennsylvania Retail Top Stories

Teen Retailer rue21 to Close 400 Stores, Focus on Online Sales

by Katie Sloan April 18, 2017

WARRENDALE, PA. — Teen clothing retailer rue21 is set to close about one-third of its stores nationwide as it shifts its focus to e-commerce. The privately held company will shutter 400 stores, according to reports by The Associated Press, leaving more than 700 rue21 locations in 48 states. The retailer confirmed upcoming closures in a Facebook post, stating that “it was a difficult but necessary decision.” A spokeswoman for rue21 recently alluded to the retailer’s unfavorable financial state, according to reports by Women’s Wear Daily. The decision to shrink the company’s store footprint comes about two weeks after entering into forbearance agreements with lenders in order to stave off a default. In 2002, the company filed for bankruptcy under its former name — Pennsylvania Fashions Inc. It emerged under the name rue21 the following year. The company, based in the Pittsburgh suburb of Warrendale, didn’t say how soon the stores would close. Rue21 took to Facebook, once again, to explain to customers that they could search for stores near them on the company’s “Store Locator” page. Those set to close will show a “Closing Store” label above the address. Rue21 is the latest retailer to struggle amid the expansion of …

April 18, 2017

Retail Texas Top Stories

TriGate Capital Acquires 410,121 SF Retail Center in Metro Houston

by Taylor Williams April 17, 2017

SUGAR LAND, TEXAS — TriGate Capital, a Dallas-based real estate private equity firm, has purchased First Colony Commons, a 410,121-square-foot retail center in the Houston suburb of Sugar Land. Covington Realty Partners, a Chicago-based investment firm that specializes in Class A assets in primary markets, sold the property. HFF arranged the $38.2 million in acquisition financing for the property and represented both parties in the sales transaction. Nexbank SSB provided the floating-rate, non-recourse loan for the property, which features a 12-year term and a five-year extension option. Situated on 37.8 acres at 15201-15555 Southwest Freeway near Interstate 69 on Houston’s southwestern outskirts, the center was 99 percent leased at the time of sale. Tenants include The Home Depot, Tuesday Morning, Babies “R” Us and Office Depot. More than 85,000 residents earning an average annual household income of $134,000 or more live within three miles of First Colony Commons. Rusty Tamlyn and Ryan West of HFF headed the investment sales effort. Jim Curtin of HFF led the debt placement transaction. “This power center had a lot of moving parts, which presented challenges for buyers and lenders,” says Tamlyn. “TriGate was able to navigate through the issues and will have potential value-add opportunities …

April 17, 2017

Florida Restaurant Southeast

Brodson Construction Completes Shake Shack Expansion in Miami Beach

by John Nelson April 17, 2017

MIAMI BEACH, FLA. — Brodson Construction has wrapped up construction on the expansion of Shake Shack on Lincoln Road in Miami Beach. Brodson expanded the restaurant by 586 square feet, bringing the eatery’s interior square footage to 2,231 square feet. Brodson has completed five Shake Shack locations in the Southeast and is currently building another in Orlando.

April 17, 2017

Retail Texas

Colliers Arranges Sale of Retail Strip Center in South Houston

by Taylor Williams April 17, 2017

HOUSTON — Colliers International Inc. has arranged the sale of a retail center located at 9335 Gulf Freeway in south Houston. Built in 2004, the strip center features 7,500 square feet of gross leasable space. Jason Tangen of Colliers represented the seller, a Hawaii-based private investor, in the transaction. At the time of sale, the property was 85 percent leased with a T-Mobile location on the end-cap.

April 17, 2017

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