AUSTIN, TEXAS — EDGE Realty Capital Markets has brokered the sale of The Grove at Lakeline, a 16,253-square-foot retail property in Austin. Located at the northwest corner of State Highway 183 and Ranch Road 620, the center houses tenants such as Mattress Firm, T-Mobile and Orangetheory Fitness. Brandon Beeson and Garrett Wood of EDGE represented the seller, 183-620 LP in the transaction. A limited liability firm purchased the asset for an undisclosed price.
Anxiety and hand-wringing about the future of retail were evident at this year’s ICSC RECon event, as developers, retailers and restaurant operators continue trying to make sense of the persistent march of online buying, while also looking to inject new enthusiasm into the bricks-and-mortar shopping experience. In the greater Baltimore metropolitan region, we are experiencing many of same issues as the balance of the country. But, like always, we believe this region has several built-in advantages that will continue to buoy the retail environment, including a diversified business climate, proximity to Washington, D.C., and presence of defense contractors. While “caution ahead” signs seem to be lurking around every corner, there are numerous developments in Baltimore that are screaming “full steam ahead.” Darwinism is in full effect locally, as shopping centers embedded within planned-unit developments or retail destinations offering e-commerce-resistant experiences are the venues with the brightest futures. The developers and retailers that are willing to accept and adapt to changing trends, such as millennials’ preference for experiences rather than ownership, are the entities that will be left standing after this latest seismic shift. Here is a quick look around the Baltimore area landscape, with a focus on the various starts …
RANCHO BERNARDO, CALIF. — CBRE has brokered the sale of Rancho Carmel Village Center, a retail center located at 12125-12165 Alta Carmel Court in Rancho Bernardo. New World Limited Partnership acquired the 27,132-square-foot property from AP-Rancho Carmel LLC for $10.5 million. Situated on 3.3 acres, the property consists of three one-story buildings with a total of 14 tenants. At the time of sale, the center was fully occupied. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the buyer, while Kobzi, Kirk Brummer and Phil Voorhees, also of CBRE, represented the seller in the deal.
SAN DIEGO — The Port of San Diego has issued a request for proposals (RFP) to select a third-party management and operation company on an interim basis for Seaport Village after the current lease expires on Sept. 30, 2018. The port wants to ensure the shopping and dining complex remains a waterfront destination for residents and visitors until the Port’s planned redevelopment of the Central Embarcadero. The presentation to the Board of Port Commissioners is scheduled for Dec. 5. The board selected the 1HWY1 team and their “Seaport San Diego” concept in late 2016 for the redevelopment of the Central Embarcadero, which includes Seaport Village and surrounding areas. The design, planning and permitting will likely take several years due to the size of the redevelopment and uniqueness of some of the proposed programmatic components.
DUNWOODY, GA. — Marcus & Millichap has arranged the $8.6 million sale of a three-tenant retail property located near Perimeter Mall in the Atlanta suburb of Dunwoody. At the time of sale, the 10,350-square-foot property was leased to Corner Bakery Café and Sleep Number. Tim Giambrone of Marcus & Millichap represented the seller, an Atlanta-based limited liability company, and the buyer, a Santa Monica, Calif.-based private investor.
BROOKFIELD, WIS. — MBH Investment Real Estate LLC has arranged the sale of Triangle Plaza in Brookfield, a suburb of Milwaukee, for $1 million. The 11,567-square-foot retail center, built in 1984, is located at 13805 W. Capitol Drive. The property is 100 percent occupied by seven tenants. Matson Holbrook of MBH represented the seller, Keren Properties 9 LLC. A private investor purchased the property.
SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $15.5 million sale of Seco Canyon Village, a 42,134-square-foot shopping center located in Santa Clarita, 35 miles northwest of downtown Los Angeles. CVS/pharmacy anchors the property, which is home to tenants including AIM Mail Center, Papa John’s Pizza, Verizon Wireless and Supercuts. Ed Hanley and Kevin Fryman of Hanley Investment represented both the private 1031 exchange buyer and the seller, a private investor based in Beverly Hills, in the transaction.
SACRAMENTO, CALIF. — Dick’s Sporting Goods plans to open three new stores in California in the first half of September. The company will have 711 Dick’s locations and 34 Field & Stream locations across the country. The new stores will open in Delta Shores in Sacramento, Stanford Ranch Crossing in Roseville and Solano Town Center in Fairfield.
ALTOONA, PA. — PREIT has sold Logan Valley Mall, a regional mall located in Altoona for $33.2 million. Macy’s, J.C. Penney and Sears anchor the property, which is home to tenants including AMC Theatres, Victoria’s Secret, Old Navy, Maurices, GNC and GameStop. The buyer in the transaction was undisclosed.
BUFFALO, N.Y. — Sinatra & Company Real Estate has acquired 10 mixed-use properties in Buffalo for a combined total of $12.7 million. Roger Chainani’s 1000 Elmwood Associates LLC and 1256 Hertel Avenue Associates LLC sold the properties. The properties include a variety of uses and tenants: – 427 Elmwood features a three-story, 10,246-square-foot mixed-use building with two retail businesses, a restaurant space, 4,000 square feet of vacant office space and two apartments. – 494 Elmwood is a 12,938-square-foot restaurant property occupied by Tokyo Shanghai Restaurant. – 500 Elmwood is a 3,024-square-foot building with restaurant, retail and apartment space. – 502 Elmwood is a single-story, 2,464-square-foot restaurant building, which will be occupied by House of Hummus. – Saigon Café occupies the 6,992-square-foot restaurant property at 520 Elmwood. – Mezza Restaurant & Lounge occupies the 3,747-square-foot building at 929 Elmwood. – 1000 Elmwood is a 10,560-square-foot mixed-use building currently occupied by The Market on Elmwood and Ashker’s on the first floor with residential or office space on the second floor. – India Gate and Hong Kong Kitchen occupy the 6,710-square-foot building at 1116 Elmwood. – The properties at 1122 Elmwood and 1256 Hertel Ave. both offer retail space.
