PALM DESERT, CALIF. — Colliers International has arranged the $19.8 million sale of Town Center Plaza, an 82,000-square-foot shopping center located in Palm Desert. Tenants at the center include Trader Joe’s, Michaels, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, The Palms Café and Uncle Don’s Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the acquisition of the property from Town Center Plaza LP.
PASADENA, CALIF. — CBRE has arranged the $13.4 million sale of Shops on Hill, a 32,685-square-foot mixed-use center in Pasadena. The two buildings are located on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue, and feature 12 apartments with ground-floor retail. Shops on Hill LLC, an entity controlled by Engine Real Estate, acquired the property.
CARROLLTON, TEXAS — Shopoff Realty Investments, a manager of value-add real estate investments, has acquired a 36,000-square-foot retail center in the Dallas suburb of Carrollton for $8.1 million. The property, Hebron Heights, is located at 1012 W. Hebron Parkway in the north Carrollton submarket. Anchored by Pet Supplies Plus, the retail center is 100 percent leased to national, regional and local tenants. Hebron Heights was constructed in 2004 on 8 acres located less than one mile east of the Sam Rayburn Tollway.
CARTERSVILLE, GA. — Morgan Construction Co. is nearing completion of Main Street Market Place, a Kroger-anchored shopping center in Cartersville, roughly 43 miles north of Atlanta. The total construction costs for the development is $24.1 million, excluding the cost of the Kroger Fuel Center. The 53-acre development includes a Kroger Marketplace and fuel center, AT&T, Pacific Dental, Vision Works, Panera Bread, Sport Clips, Las Palmas Mexican Restaurant, Willy’s Mexicana Grill. Phase II of the future development will allow 85,000 square feet for co-anchor space. The Kroger store opened to the public on Oct. 5, but the remaining retail space remains under construction. The development team is led by R.H. Ledbetter Properties of Rome, Ga. The design team includes architects CR Architecture & Design, Buckle Design Group and Schaefer Inc.; and landowner Dellinger.
SYLACAUGA, ALA. — Corporate Property Dispositions and Avison Young have represented The Home Depot in its sale of 3.6 acres of land in Sylacauga. The site is situated adjacent to The Home Depot store along U.S. Highway 280. Elcan & Associates purchased the land to develop a Dollar Store and additional retail space. Keith Valentine of Corporate Property Disposition’s Atlanta office and Patrick Arnold of Avison Young brokered the sale. Valentine represented The Home Depot on previous land sales at this location for Zaxby’s and Captain D’s.
BROOKFIELD, WIS. — The Corners of Brookfield, a 750,000-square-foot lifestyle center under development in suburban Milwaukee, has added Anthony Vince’ Nail to its tenant roster. The full-service nail salon, which also offers facials and body waxing, is the fifth first-to-Wisconsin tenant to lease space at the lifestyle center. The 3,425-square-foot salon and spa will cater to all ages with premium services for adults, including an array of manicure and pedicure offerings, relaxation massages, facials and more. The grand opening of The Corners of Brookfield is slated for spring 2017. Confirmed retailers include Anthropologie, L.L.Bean, Von Maur and others. Located at I-94 and Barker Road in the town of Brookfield, The Corners of Brookfield is a development undertaken by Brookfield Corners LLC, an affiliate of IM Properties and Bradford Real Estate. When complete, the development will be comprised of 400,000-square-feet of retail and restaurant space anchored by a 140,000-square-foot Von Maur Department Store and a 30,000-square-foot Sendik’s Food Market. The complex will also include 244 luxury apartment homes and parking for more than 1,700 cars.
BRONZEVILLE, ILL. — EXP Realty Advisors, Inc. has arranged a $34 million sale of a building occupied by grocer Mariano’s in Bronzeville. The 74,000-square-foot building is located at 3857 S. Martin Luther King Drive, five miles south of Chicago. The building is triple net leased to Mariano’s, a division of Kroger. The buyer was a New York City-based real estate investor seeking a high-quality, well-positioned asset. Andrew Greenberg of EXP Realty Advisors represented the buyer.
Mixed-use projects are booming, and for good reason: the city as we know it is fundamentally changing. Millennials are flocking away from the suburbs and into the city center, driving development in walkable urban cores that incorporate everything consumers need to live, work and play. In Chicago, a dramatic increase in mixed-use development since the last recession has completely recast the way we think about how retail concepts fit into our unique urban landscape. Mixed-use buildings anchored by residential projects are well supported by the city’s political class because they increase density in a city that’s already bursting at the seams. Changes in the way the City of Chicago approaches zoning has led to an uptick in transit-oriented development, which allows for lower parking requirements in projects centered around mass transit hubs. The city’s transit-oriented development (TOD) ordinance, which was approved in 2013 and revised in 2015, has been the driver behind the massive influx of new mixed-use projects over the last four years. Mixed-use advantages From a purely economic standpoint, mixed-use projects boast a diverse tenant roster, which typically means less risk for investors. Land prices in Chicago have reached a point where in some cases standalone retail is …
The retail marketplace continues to undergo a period of retrenchment and reinvention, the likes of which we have not seen since the rise of the suburbs starting in the late 1950s. The new period of disruption has been fueled by the rise of e-commerce, in particular Amazon, with the emergence of smartphones and tablets acting as a major accelerator since 2010. Combined with a consumer base that downshifted into frugality mode during the Great Recession, the current marketplace is one of the most challenging retail landscapes of the past 50 years. In spite of these challenges, overall shopping center vacancy has actually continued to trend downward. Despite a significant increase in retail closures (through the third quarter Cushman & Wakefield has tracked over 4,000 major chain closures for 2016, surpassing 2010’s record of 3,600), as well as multiple notable bankruptcies, the disruption has not equally impacted all retail sectors. Digital media has effectively wiped out the video and record store sectors while creating major challenges for the remaining major bookstore chains. The consumer electronics and office supplies categories continue to face major headwinds from e-commerce, as do a number of other retail categories ranging from gifts to home furnishings. The …
NEW YORK CITY — The North Face has opened its first-ever flagship store in New York City. Located at 510 Fifth Ave., the 20,000-square-foot store offers an immersive brand experience for customers by bringing the beauty of outdoor exploration inside while inspiring customers to push their limits outside. The new store features a climbing wall; custom product available only at the Fifth Avenue location, including a limited edition Original Daypack collection, a collaboration with New Era; and on-site product customization featuring vintage and new collectible patches in partnership with Lot, Stock and Barrel. Additionally, the store has specialist associates on hand to assist customers with choosing technical apparel. This year marks the 50th anniversary of The North Face, which was founded in 1966.
