Retail

Cooper Commercial Negotiates $1.5M Sale of Net Leased Chipotle Property in Sidney, Ohio

by Kristin Harlow April 12, 2017

SIDNEY, OHIO — Cooper Commercial Investment Group has negotiated the sale of a single-tenant property net leased to Chipotle Mexican Grill in Sidney for $1.5 million. The property is located about 40 miles north of Dayton near I-75. Chipotle signed a 10-year lease in 2016. Dan Cooper of Cooper Commercial represented both parties in the sales transaction. The buyer, an Ohio-based private investor, purchased the property in a 1031 exchange. The seller was a private investment group also based in Ohio.

April 12, 2017

Michigan Midwest Retail

Friedman Brokers Sale of 2,585 SF Retail Building in Royal Oak, Michigan

by Kristin Harlow April 12, 2017

ROYAL OAK, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 2,585-square-foot retail building in Royal Oak, about 15 miles north of Detroit. The sales price was not disclosed. PNC Bank owned and occupied the building located at 1710 E. 12 Mile Road. Robert Hibbert and Todd Hawley of Friedman represented both the seller and the buyer, 2015 Bellaire LLC.

April 12, 2017

Mixed-Use Multifamily Northeast Office Retail Vermont

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

Hospitality Industrial Mixed-Use Northeast Pennsylvania Retail

MRA Group Buys 133-Acre Mixed-Use Complex in Metro Philadelphia

by Haisten Willis April 12, 2017

SPRING HOUSE, PA. — MRA Group has acquired the former Rohm & Haas research and development campus located at 727 Norristown Road in the Philadelphia suburb of Spring House. Now known as the Spring House Technology Park, the complex spans 591,000 square feet across 11 buildings. The 133-acre campus is located near the Fort Washington exit of the Pennsylvania Turnpike. MRA will renovate the park to include office and laboratory facilities, a hotel, co-working space, on-site daycare, a gym and a 40,000-square-foot retail village. The property was initially acquired in 1962 by Rohm & Haas Co. and developed into Spring House Technical Center, a research and development campus. The existing buildings were constructed between 1963 and 1995, with 75 percent dedicated to laboratory use and the rest used for offices. The Dow Co. acquired Rohm & Haas in 2012, and by 2015 Dow relocated its employees to a new facility in Collegeville, Pa. In 2015 MRA Group entered into discussions with Dow to acquire the property in its entirety, with closing occurring in late March 2017.

April 12, 2017

New York Northeast Retail

Colliers Arranges $16.9M Acquisition of BJ’s Wholesale Club in Metro Rochester, N.Y.

by Haisten Willis April 12, 2017

GREECE, N.Y. — Colliers International has represented the buyer in the $16.9 million purchase of a freestanding BJ’s Wholesale Club located at 300 Bellwood Dr. in the Rochester suburb of Greece. The net leased structure spans 119,600 square feet on 11 acres and includes 485 parking spaces. The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the buyer, Professional Properties LLC.

April 12, 2017

Features Retail Top Stories

Reis: Despite Bankruptcies, Retail Vacancy Holds Steady, Rents Increase

by Jeff Shaw April 12, 2017

NEW YORK CITY — Despite a rash of bankruptcies and store closures by major retailers during the first quarter of 2017, the U.S. retail market overall is quite healthy, according to a report by Reis, a New York-based commercial real estate analytics firm. To gather its data, Reis tracked multi-tenant neighborhood and community shopping centers of 10,000 square feet or larger in 77 primary metro areas throughout the United States. Last week, Payless ShoeSource became the 10th retailer to file for Chapter 11 bankruptcy so far this year, according to CNBC. Others include Gander Mountain, BCBG Max Azria, Wet Seal, Limited Stores, Gordmans Stores, hhgregg, Eastern Outfitters, RadioShack, General Wireless Operations and Michigan Sporting Goods Distributors. Aeropostale also closed nearly 600 locations in 2017, while Sports Authority gave back 460 storefronts after its liquidation. Macy’s, JC Penney and Sears are undertaking additional store closures Despite the headline-grabbing stories that would imply retail is struggling, Reis reports that the vacancy rate held steady at 9.9 percent during the first quarter of 2017 — identical to both the previous quarter and previous year. Both asking and effective rents increased as well. Asking rents rose to $20.55 per square foot, an increase of …

April 12, 2017

Company News Indiana Midwest Retail

On Heels of Bankruptcy Filing, hhgregg to Liquidate Assets

by Kristin Harlow April 11, 2017

INDIANAPOLIS — Appliance, electronics and furniture retailer hhgregg Inc. is liquidating its assets. The United States Bankruptcy Court for the Southern District of Indiana approved the initiation of the liquidation process, which began April 8. As previously announced, Tiger Capital Group LLC and Great American Group LLC will conduct a sale of the merchandise and equipment located at the company’s retail stores and distribution centers. Headquartered in Indianapolis, hhgregg was unable to secure a buyer within the expedited timeline set by creditors after previously filing for Chapter 11 bankruptcy on March 6. The company expects to close all 220 stores by the end of May, resulting in about 5,000 layoffs across the country, according to The Indianapolis Star, the local newspaper. hhgregg has not disclosed a complete list of stores, but click here to see the previously announced store closings listed as part of the bankruptcy filing. Approximately 60 hhgregg stores are located in the Midwest.

April 11, 2017

Illinois Midwest Retail

Boulder Group Arranges $24.3M Sale of Retail Property in Chicago

by Kristin Harlow April 11, 2017

CHICAGO — The Boulder Group has arranged the sale of Archer Station in Chicago for $24.3 million. The retail property is fully leased to four tenants including LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical therapy. The property is located at 2640 W. Pershing Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller, a Midwest-based real estate development company, and the buyer, an institutional investor.

April 11, 2017

Florida Retail Southeast

Regency Centers to Develop $16.4M Retail Center in Miami

by John Nelson April 11, 2017

MIAMI — Regency Centers Corp. plans to develop Pinecrest Place, a $16.4 million retail center situated off U.S. Highway 1 (South Dixie Highway) in Miami. Whole Foods Market will anchor the 70,000-square-foot center with a 46,000-square-foot store. The shopping center will be located adjacent to a 173,000-square-foot Target. Regency Centers plans to deliver Pinecrest Place in the second quarter of 2018. Regency has developed 225 shopping centers since 2000, representing an investment at completion of more than $3.5 billion.

April 11, 2017

North Carolina Retail Southeast

Aston Properties Signs Up New Retailers at Shopping Center Underway in Charlotte

by John Nelson April 11, 2017

CHARLOTTE, N.C. — Aston Properties has announced retailers and restaurants joining City Park Village, an 11,600-square-foot shopping center under construction in Charlotte. Situated on a 2.6-acre site at the corner of West Tyvola Road and Potomac River Parkway, the property is nearly 90 percent pre-leased to tenants including Panera Bread, Chipotle Mexican Grill, Starbucks Coffee and Firehouse Subs. The $6 million property will serve as the entrance to City Park, a 170-acre mixed-use development that Pope & Land Enterprises is developing on the former site of the Charlotte Coliseum. The Shopping Center Group is leasing City Park Village, which has 1,575 square feet available, as well as retail pads fronting West Tyvola Road.

April 11, 2017

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