Retail

USAA Real Estate Co. Buys 85,398 SF Retail Center in Milford, Connecticut

by Amy Works November 1, 2016

MILFORD, CONN. — USAA Real Estate Co. has acquired Silver Sands Plaza, a grocery-anchored retail property located on Bridgeport Avenue in Milford. David A. Mack Properties and Keystone Development Group sold the property for an undisclosed price. The 85,398-square-foot retail center is occupied by Stop & Shop, AutoZone and AAA. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the sellers and procured the buyer. Jason Gaccione of CBRE’s Debt and Structured Finance Group Finance Group represented the buyer on its financing of the acquisition.

November 1, 2016

Arizona Retail Western

JV to Begin $25M Renovation of Arizona Center in Phoenix

by Nellie Day November 1, 2016

PHOENIX — A joint venture between Parallel Capital Partners and Angelo, Gordon and Co. is set to begin a $25 million renovation of Arizona Center, a 1 million-square-foot mixed-use development in Phoenix. The renovation will include new landscaping, lighting, fixtures, finishes, wayfinding and furnishings. The current parking garage will also be upgraded, and a valet parking element will be added. Construction is set to begin in early 2017, and will take approximately nine months to complete. All tenants at the office, retail and entertainment center will remain open during the renovation. Gensler is the architect in charge of the retail renovation. PdO will work on the interior redesign for One Arizona Center, the office component of the project, and Smith Group JJR is supporting development strategies for the entire property. Tempe-based Zion & Zion will help to rebrand the center.

November 1, 2016

Illinois Midwest Retail

L3 Capital Purchases 30,000 SF W. Fulton Market for $14.5M

by Kristin Harlow November 1, 2016

CHICAGO — Real estate investment firm L3 Capital has purchased 914-26 W. Fulton Market, a 30,000-square-foot, two-story property from El Cubano Wholesale Meats. The purchase price was $14.5 million. El Cubano had used the property as a cold storage and office facility, but the property can easily be subdivided for multiple tenants. El Cubano will be moving its production and distribution operations to a 96,000-square-foot facility at 5275 S. Archer Ave. Keely Polczynski, CBRE senior vice president, represented El Cubano in the transaction.

November 1, 2016

New Mexico Retail Western

Three New Tenants Join Coronado Center in Santa Fe

by Nellie Day November 1, 2016

SANTA FE, N.M. — Three new tenants have signed on to Coronado Center, a 117,006-square-foot shopping center in Santa Fe. The new leases include New Baking Company, for 4,500 square feet; Orangetheory Fitness, which will open a 2,640-square-foot studio; and Nutrishop, which leased 1,000 square feet. First National Bank of Santa Fe has also relocated from an in-line space to a building on the corner of St. Francis Drive and Cordova Road. Trader Joe’s anchors the shopping center, which also includes Subway, Great Clips, Party City, Wild Birds Unlimited and Dollar Tree. Phillips Edison & Co. owns the property.

November 1, 2016

Idaho Retail Western

NAS Named Commercial Property Management Consultant for Boise Retail Asset

by Nellie Day November 1, 2016

BOISE, IDAHO — National Asset Services (NAS) has been named as management consultant for BODO, an urban retail asset located in the downtown city center of Boise. BODO, which opened in 2007, is located on Broad Street between Capitol Boulevard and 9th Street. The 130,000-square-foot development features an Edward’s, theater complex, P.F. Chang’s China Bistro, Office Depot, Urban Outfitters, White House Black Market, Ann Taylor LOFT, Jos. A. Bank, Five Guys Burgers and Fries, Meraki Greek Street Food and Idaho Trust Bank, among other tenants.

November 1, 2016

Retail South Carolina Southeast

Colliers Arranges $22.4M Sale of Shopping Center in North Charleston

by John Nelson November 1, 2016

NORTH CHARLESTON, S.C. — Colliers International has arranged the $22.4 million sale of The Shoppes at Centre Pointe, a 112,302-square-foot shopping center located in North Charleston. The property is fully leased to Field & Stream, Conn’s HomePlus and La-Z-Boy. Marc Bonilla of Colliers International represented the buyer, Rose FP LLC, in the transaction. Joey Odom of Stan Johnson Co. represented the seller, SC North Charleston CPD 2G-1 1B.

November 1, 2016

Market Reports Retail Washington Western Western Market Reports

Seattle’s Retail Market Continues to Grow

by Camren Skelton November 1, 2016

The Puget Sound region may be home to the growing online retail giant of Amazon, but bricks and mortar retail development is in the best shape it’s been in since the beginning of the Great Recession. After five consecutive years of strong employment growth and resultant in-migration of highly paid tech workers, the Seattle market is continuing to enjoy gains in retail sales volumes, which are projected to grow 4.5 percent in 2016. Demand for retail space has pushed overall vacancy rates to 3.7 percent throughout the metro area. For the 12 months ending on June 30, 2016, there were only 500,000 square feet of new space built. This is in contrast to the recent annual absorption that has exceeded 1 million square feet. Overall vacancy rates reflect the demand for new space and asking rents have climbed correspondingly. The majority of new retail construction is occurring in mixed-use projects, such as ground-floor spaces at new residential developments. The largest chunk of retail space currently under construction, however, is within the $1.2 billion expansion of Kemper Freeman’s Bellevue Collection in Downtown Bellevue. In all, the project will add 375,000 square feet of new retail, which is 85 percent pre-leased. The …

November 1, 2016

Features Retail Top Stories

Finding the Right Strategies and Tactics is Key for Repositioning Retail

by Haisten Willis November 1, 2016

For real estate developers and investors, a time of transition and evolution within the retail world presents abundant opportunities to capitalize by acquiring and investing in underperforming spaces. With an infusion of capital, some strategic restructuring and re-tenanting with regional and national brands, a moribund center or underwhelming site can be transformed. Understanding the strategies deployed to effectively identify, acquire, reposition and re-tenant retail is an essential prerequisite for any commercial real estate professional looking to get involved in the process. The big picture The most critical step in the process is selecting the right opportunities to pursue in the first place. Identifying existing retail assets that are underperforming is one thing. Finding those that can be successfully reinvigorated and repositioned through an infusion of capital and the application of some expertise is a little trickier. It is a best practice to confine your search to well-established trade areas because you generally do not want a project on the fringe. The overall goal is to identify markets and trade areas where there is more demand than quality supply, and then work to find a creative and cost-effective way to deliver that supply. Once you identify those areas, familiarize yourself with …

November 1, 2016

District of Columbia Retail Southeast

PetSmart Opens First Store in D.C.

by John Nelson October 31, 2016

WASHINGTON, D.C. — PetSmart Inc. has opened a new 12,000-square-foot store at 2484 Market St. N.E. in Washington, D.C. The new store is the first location for the pet retailer inside the Washington, D.C., metro area. Located within The Shops at Dakota Crossing shopping center, the new PetSmart will feature pet food, pet products, training classes for dog owners and a full-service grooming salon for dogs and cats. PetSmart Inc. operates 1,477 pet stores in North America and employs roughly 53,000 associates.

October 31, 2016

California Retail Western

Wet Seal to Open 13 Pop-Up Stores for the Holiday Season

by Nellie Day October 31, 2016

IRVINE, CALIF. — Wet Seal will open 13 pop-up locations during the 2016 holiday season at GGP regional shopping centers throughout the United States, including Arizona and Washington. The temporary locations are slated to open simultaneously on Nov. 3. The stores will range from 3,000 to 5,000 square feet. The Tucson Mall in Tucson, Ariz., will receive a pop-up shop, as will Northtown Mall in Spokane, Wash. The Wet Seal LLC is an Irvine, Calif.-based specialty retailer of young contemporary women’s apparel and accessories with over 160 stores in the United States. Chicago-based General Growth Properties, Inc. (GGP) is an S&P 500 company focused on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States.

October 31, 2016

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