SAN ANTONIO — San Antonio Commercial Advisors (SACA) has brokered the sale of Oak Grove Square Shopping Center, an 8,890-square-foot shopping center located at 3203 Nacogdoches Road in San Antonio. The property was 75 percent leased at the time of sale to tenants such as Lefty’s Barbers, Primo Tax and Mobilex USA. Bradley Suttle of SACA represented the buyer, a California-based investor, in the transaction. Other terms of sale were not released.
CHICAGO — The Missner Group has been selected to renovate the Berman Mid City Subaru car dealership, located at 4330 and 4444 Irving Park Road in Chicago. Renovations will be made to two buildings, and include improvements to both the office and service areas of the dealership. The project will encompass 40,000 square feet, and include a new, 22,000-square-foot service area. This new space will feature a customer lounge, café and service bays. The Missner Group will also install a new HVAC system. Robert Papineau will lead the project on behalf of The Missner Group with Steve Bulger serving as project superintendent. Becker Architects is providing the architectural services. The project is slated for completion late this fall.
The recent announcement that online retail giant Amazon plans to acquire upscale grocery chain Whole Foods for $13.7 billion sent ripples through the commercial real estate industry when it was announced in June. The move signals a lot of trends and changes within the retail sector, according to a newly released report by real estate brokerage firm Marcus & Millichap. “The purchase highlights the importance of omnichannel platforms, which incorporate a blend of brick-and-mortar establishments with an online footprint to drive traffic and sales,” states the report. “In addition, grocery stores are typically retail center anchors, underscoring the importance of strip and neighborhood centers in the retail landscape.” The 11 largest grocery chains in the country all plan to expand this year, with many doing so aggressively. Discount grocer Aldi, which already has more than 1,600 locations, expects to open 900 new stores by 2022. This expansion within the grocery sector is snapping up a lot of available real estate. Combined with a low rate of new retail construction over the past seven years since the Great Recession, retail vacancy has reached a 16-year low of 5.4 percent. The flip side is that existing space is extremely constrained, and increased …
WARWICK, R.I. — Colliers International has arranged $31 million in refinancing for a parking asset and adjacent retail site located at 1960 Post Road at T.F. Green Airport in Warwick. The borrower was New England Parking LLC. Patrick Boyle and Kevin Phelan of Colliers secured the financing through Blue Hills Bank for the borrower. The 1,536-space parking asset, known as Garage C, offers long-term parking for T.F. Green travelers, and Bertucci’s occupies the 6,000-square-foot retail building.
NEW YORK CITY — Savanna has purchased a 12-story, 144,500-square-foot office and retail building located at 31 W. 27th St. in Manhattan’s NoMad District for an undisclosed price. Originally constructed in 1910, the building features 11,578-square-foot open floorplates, 12-foot to 16-foot barrel-arched ceilings and abundant natural light. Savanna plans to implement a comprehensive capital improvement plan at the property. The scope of the plan includes renovations of the lobby, building systems, façade, roofs and sidewalk vault, as well as the reposition and renovation of the retail storefront. Will Silverman, Paul Gillen and Daniel Parker of Hodges Ward Elliott represented the undisclosed seller in the transaction. Aareal Capital Corp., a subsidiary of Germany-based Aareal Bank AG, provided acquisition financing. Lawrence Britvan, Matt Jacobs and Michael Straw, also of Hodges Ward Elliott, arranged the financing for Savanna.
CHERRY HILL, N.J. — Eastern Consolidated has brokered the acquisition of a free-standing retail property located at 504 Kings Highway North in Cherry Hill. A private investor acquired the property from Phoenix Realty Group for $8.9 million. Walgreens occupies the property under a long-term triple-net lease. Evan Street and Matthew Leist of Eastern Consolidated represented the buyer, while Horvath & Tremblay represented the seller in the transaction.
FAYETTEVILLE, N.Y. — CBRE|Syracuse has arranged the sale of a retail property located at 6901 E. Genesee St. in Fayetteville. A Miami-based private buyer acquired the two-building asset, which totals 7,285 square feet, from Lyndon Corners Plaza. The buyer plans to raze one building and renovate the remaining 3,000-square-foot building for use as a Verizon Wireless distributor location. Ed Kiesa and Marty Dowd of CBRE|Syracuse represented the seller, while Michael Hotarek of Eastern Retail Properties represented the buyer in the transaction.
GLEN ALLEN, VA. — The Peterson Cos. has opened the first Publix in Virginia at Nuckols Place, a shopping center located at Nuckols Road and Twin Hickory Drive in Glen Allen, about 13 miles north of Richmond. Connie Jordan Nielsen and Alicia Farrell of Cushman & Wakefield | Thalhimer represented Peterson Cos. in the lease negotiations. In addition to Publix, Chipotle, Hair Cuttery, Lee Nails and PetValu joined the shopping center. Zaxby’s, Sedona Taphouse, MOD Pizza, GNC and Dynamic Dental will open their shops at Nuckols Place in the fall.
CHICAGO — Chicago Harley-Davidson has signed a 10,000-square-foot retail lease at Addison & Clark, a mixed-use project under development in Chicago’s Lakeview neighborhood. The retail and residential complex is located directly across from Wrigley Field. One of three Chicago-area Harley-Davidson stores owned by Grand Rapids, Mich.-based Fox Motors, Chicago Harley-Davidson will occupy 10,000 square feet of retail space at the development. The showroom will primarily be a retail outlet offering new and used sales, light maintenance services, Harley-Davidson parts and accessories and MotorClothes.
CHAMPLIN, MINN. — Marcus & Millichap has brokered the sale of South Pond Center in Champlin, a northern suburb of Minneapolis, for $2.5 million. The 26,020-square-foot retail property is located at 11350 Aquila Drive North. Tenants include Hudy’s Café, Totally Tan, Trailhead Cycling and Champlin Nails. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Claire J. Roberts and Marc C. Paylor of Marcus & Millichap secured and represented the buyer, also a limited liability company.
