Retail

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COUNCIL BLUFFS, IOWA — Pine Tree LLC has purchased Metro Crossing Shopping Center in the Omaha suburb of Council Bluffs, Iowa. Dick’s Sporting Goods, TJ Maxx, Hobby Lobby, PetSmart, Bed Bath & Beyond, Dollar Tree and Ulta anchor the 299,578-square-foot shopping center. First developed in 2008 with additional construction phases occurring through 2015, the shopping center sits at the intersection of I-29 and Highway 275. George Good of CBRE brokered the acquisition and Bank of America provided financing. The name of the seller was undisclosed. Kimco Realty Corp. was the developer of the shopping center, according to the Omaha World Herald.

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MCKINNEY, TEXAS — A private institutional partnership has proposed The Village at McKinney, a mixed-use development on 76.2 acres in the city of McKinney in Collin County. Chris Burrow and Dillon Cook with Henry S. Miller, a commercial real estate firm based in Dallas, are marketing a proposal for the large mixed-use project, which would be known as The Village at McKinney, to developers. The out-of-state institutional partnership currently owns the property. “We have been working very closely with the City of McKinney and our clients on The Village at McKinney and we are very excited to bring this new development opportunity onto the market,” says Burrow. The final project could include a mix of retail, restaurant, office, hospitality and multifamily uses. The Village at McKinney would be located at the corner of U.S. Highway 75 and Laud Howell Parkway. The 76.2-acre site has been divided into four separate parcels ranging in size from 8.9 acres to 34 acres, but can also be sold to a single developer. On-site utilities are scheduled to be in place by 2018. “The City of McKinney recognizes the area around U.S. 75 and Laud Howell as a prime location for a range of commercial opportunities …

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GRAND PRAIRIE, TEXAS — United Development Co. has begun redevelopment of the former UA Theater Grand Prairie 10, transforming it into a 60,000-square-foot retail center featuring Starbucks, R Taco and Panera. UDC acquired the site, located on the southeast corner of Westchester Parkway and Carrier Parkway, in March 2015. Sean Strull of Falcon Realty Advisors brokered the transaction. The first tenant will open for business in fall 2016.

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To get a sense of what is happening in Southeast Michigan retail these days, the place to start looking is the past. It’s interesting and important to recognize that the seeds of many of the retail trends manifesting themselves today were planted years ago. Fortunately, the overall retail marketplace in Southeast Michigan remains generally strong. The marketplace may change over time, but one constant that remains unaltered is that quality rises to the top. Thoughtfully designed and developed retail projects in favorable locations have always done well — and that has remained the case through recessionary ups and downs and the whims of a consumer base that can be quick to change. Rethinking e-commerce  Today, one of the most discussed topics of conversation for any retailer is the competitive pressure of the online and mobile marketplace. The convenience of virtual transactions, the rise of Internet powers like Amazon, and an increasingly tech-savvy population of shoppers who are comfortable and confident shopping online for a wider variety of goods and services has prompted the vast majority of brick-and-mortar retailers to work hard to carve out their own space in the digital marketplace. Online and mobile growth has had less of a …

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UKIAH, CALIF. — Hanley Investment Group has arranged the $15 million sale of Ukiah Crossroads, a 106,460-square-foot shopping center located in Ukiah. Ed Hanley and Kevin Fryman of Hanley represented both the buyer, a San Pedro, Calif.-based private investor, and the seller, Columbus Pacific Properties, in the 1031 exchange transaction. Raley’s Supermarkets anchors the 98 percent occupied center, which is also home to Dollar Tree, O’Reilly Auto Parts, Rue 21, Rent-A-Center, U.S. Cellular and Advance America. The purchase also included a developable 1.39-acre pad site.

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DES MOINES, IOWA — Des Moines-based BW GAS & Convenience Holdings LLC, an affiliate of Brookwood Financial Partners LLC, will acquire 21 convenience stores located in Iowa from Kum & Go L.C. The first three stores, located in Mason City, are being acquired this week, and the remaining 18 acquisitions will take place over the next four weeks. With these acquisitions, BW GAS & Convenience will own 31 stores in Iowa, and the company plans to acquire between 600 and 1,000 convenience stores throughout the United States over the next several years. In conjunction with the acquisitions, BW GAS & Convenience will begin rolling out a new national convenience store brand named Yesway, which will also be headquartered in Des Moines. BW GAS & Convenience plans to spend approximately $6.7 million to upgrade and remodel the stores that will be rolled into the Yesway portfolio, which will feature an expanded product assortment and food service offerings.

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SAGINAW, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 141,231-square-foot retail building in Saginaw for an undisclosed price. LNR Partners LLC sold the single-tenant building, located at 3828 Bay Road, to A.T. Frank Floor Covering via Ten-X. The store was formerly occupied by Value City and is situated on a 17.2-acre site. A.T. Frank Floor Covering will occupy the building, which will serve as the company’s seventh location. Rich Deptula of Friedman represented both parties in the transaction.

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WOODBRIDGE, VA. — The JBG Cos. has signed seven new retailers and restaurants at Stonebridge at Potomac Town Center, a 482,631-square-foot retail center located in the Washington, D.C., suburb of Woodbridge. The new tenants include a 4,026–square-foot Brew Republic Bierwerks; a 2,256-square-foot Duck Donuts; a 2,693-square-foot BurgerFI; a 1,255-square-foot Sushi Jin Next Door; a 5,561-square-foot Lane Bryant; a 3,201-square-foot Massage Envy; and a 3,354-square-foot Sleep Number. BurgerFI, Sushi Jin Next Door, Lane Bryant and Massage Envy are already open. Brew Republic Bierwerks, Duck Donuts and Sleep Number will open later this summer. Stonebridge at Potomac Town Center is now 93 percent leased to tenants such as Apple, REI, DSW Shoe Warehouse, Orvis, Uncle Julio’s and South Moon Under.

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AVON, CONN. — Midwood Investment & Development has completed the disposition of Shops at Nod Brook, a grocery-anchored shopping center located at 315 W. Main in Avon. A joint venture between Wilder Cos. and Principal Real Estate Investors acquired the 99,788-square-foot property for $29 million. At the time of sale, the property was 91.5 percent occupied by The Fresh Market, Marshalls, Michaels, Top Nail, Music & Arts, Lane Bryant and Great Clips. Jim Koury of HFF represented the seller in the deal. Additionally, Porter Terry and Lauren O’Neil of HFF arranged a five-year, fixed-rate acquisition loan for $16.2 million through a global life insurance company for the buyer.

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VENTURA, CALIF. — IRA Capital Advisors has acquired Poinsettia Plaza, a specialty retail shopping center in Ventura. Poinsettia Plaza LLC sold the property for $50 million. Located at 4220-4360 E. Main St. and 4687-4731 Telephone Road, the 153,200-square-foot shopping center is 84 percent leased to a variety of tenants, including Ross Dress For Less, Office Depot, Lamps Plus, FedEx Office, Petco, Starbucks Coffee, Sally Beauty Supply, The Coffee Bean, Sherwin Williams and The Avenue. Dixie Walker and Charley Simpson of Cushman & Wakefield’s Retail Services group represented the seller, while the buyer represented itself.

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