ADRIAN, MICH. — Reichle Klein Group has brokered the $3.95 million sale of a multi-tenant retail building in Adrian. Reichle Klein Group’s Duke Wheeler represented the seller, Blitz Hutton One LLC. The 13,000-square-foot retail center, which is 100 percent occupied, is located at 1515 E. U.S. Route 223. Wheeler has been involved with the leasing of this asset since 2008.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of two grocery-anchored shopping centers located in San Antonio. The first property, located at 3614 Pleasanton Road near its intersection with Formosa Boulevard, spans 30,675 square feet on 2.9 acres. The second property, located at 340 Enrique Barrera Parkway, includes 50,240 square feet on 4.3 acres. Arlan’s Market, a local grocery store chain with 20 locations across south Texas, and Family Dollar anchor both properties. SACA’s Bradley Suttle negotiated the sale on behalf of the seller, 2ML Real Estate Interests Inc., and procured the buyer, a Texas-based investment group.
HOUSTON — A group of 16 tenant-in-common (TIC) investors has sold the Colonnade at West Lake Houston retail development to a local retail investment and development company. The 54,449-square-foot property, located at 18455 Lake Houston Parkway, was 94 percent leased at the time of sale. SONA Colonnades LP, which owns other area retail properties, was the buyer. Chris Dray of NewQuest Properties represented the buyer of the four-building property. The 6.8-acre Colonnade is located near the eastern shore of the 12,000-acre Lake Houston.
SPRINGFIELD, VA. AND WASHINGTON, D.C. — Saks Fifth Avenue OFF 5TH has two locations opening in the metro Washington, D.C., area within a week of each other. The new locations total more than 60,000 square feet. The retailer has opened a two-level, 30,000-square-foot store at Springfield Town Center in Springfield, with plans to open a 33,000-square-foot store at 555 12th St. N.W. in Washington, D.C., this week. The Springfield store is the first Saks OFF 5TH to open in northern Virginia and the first in PREIT’s portfolio. The D.C. store will open on Thursday within the historic Thurman Arnold Building. According to Jonathan Greller, president of Saks OFF 5TH, there will be two more locations opening in the Mid-Atlantic region in October.
It actually has become clockwork at every major retail event, be it Back to School, Christmas/Hanukkah, even July 4th. We see the inevitable “Mall is Dead” story in some newspaper or television report. Twenty years ago, catalogs and big box power centers were the killers; today, it’s e-commerce, market saturation and debt-laden millennials who will kill the mall. Only the most famous, highest-end centers in the major markets will survive, according to the doomsayers, with the remainder to be turned into any other use you can think of, from warehouses to office buildings to hotels to, yes, prisons. Except the statistics — and our experience at 30 mid-market malls and lifestyle centers at Starwood Retail Partners — don’t support that argument at all. Industry research shows that mall visitation has bounced back well after the Great Recession, that customers are shopping, eating and enjoying the growing number of experiences our centers can offer, and that our industry is finding new life at all economic tiers. This article will dispel some myths with solid fact. We’re not all just sitting at home ordering from Amazon. Myth: No one shops at malls any more. Fact: If that were so, it would only …
SAN DIEGO — Rubicon Point Partners has purchased San Mateo BayCenter, a 300,000-square-foot office campus, for an undisclosed sum. The three-building campus is located at 999 Baker Way and 901 and 951 Mariners Island Blvd. in San Mateo. The asset was renovated in 2014. Recent improvements include an indoor/outdoor community area with amenity space and cafe, full lobby renovations, revitalized fitness center and locker rooms, and new landscaping and signage. The property is 88 percent occupied by tenants such as Marketo, OpenText Corp. and Sares-Regis Group. HFF’s Michael Leggett and NGKF’s Steve Golubchik, Edmund Najera and Ben Bucci represented the seller, Rockpoint Group, in this transaction.
COLUMBUS, IND. — Namdar Realty Group has acquired the State and Mapleton Plaza shopping center located at 2150 State St. in Columbus. The seller was a private investor. The 19,425-square-foot property is 100 percent occupied. CVS/Pharmacy and Dollar General serve as anchor tenants. The acquisition was an all-cash, off-market transaction. Joel Gorjian, vice president of acquisitions and dispositions at Namdar, completed the transaction.
CHARLES, MO. — Orangetheory Fitness has opened at Streets of St. Charles in St. Charles. The 3,000-square-foot studio on Beale Street is owned and operated by St. Charles Studio LLC and is the fourth location in the St. Louis metropolitan area for the fitness franchise. Other tenants at Streets of St. Charles include Firebirds Wood Fired Grill, Think Pink Nail Salon, PF Chang’s and Sole & Blues.
AUSTIN, TEXAS — PacVentures Inc. has acquired a former Walmart located at 8201 N. FM 620 in Austin. The site totals 39 acres, and the former Walmart building spans 220,000 square feet. PacVentures is a commercial real estate investment firm based in San Diego, with affiliate offices in Austin and Phoenix. AQUILA Commercial will market the property.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of a 2,820-square-foot net leased retail property located at 4217 Bridge St. in Fort Worth. Lisa Estrada of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. Estrada also secured the buyer, another individual/personal trust. The property is located two miles from downtown Fort Worth along I-30.
