Retail

Motown Museum to Undergo $50M Expansion in Detroit

by Amy Works October 18, 2016

DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.

October 18, 2016

Illinois Midwest Retail

Podolsky|Circle CORFAC Brokers Sale of 100,000 SF Retail Center in Normal, Illinois

by Amy Works October 18, 2016

NORMAL, ILL. — Podolsky|Circle CORFAC International has arranged the sale of College Plaza Shopping Center, a retail center located in Normal’s primary retail trade area near Bloomington. Phillips Edison acquired the property from Normal Properties of Illinois LLC for an undisclosed price. In 1999, the single-tenant property was redeveloped into a 100,000-square-foot multi-tenant retail center. Alissa Adler, John Homsher and Steven Tick of Podolsky|Circle CORFAC International represented the seller in the transaction.

October 18, 2016

Mixed-Use Multifamily Office Retail Texas

Rosewood Property to Purchase 44 Acres in San Antonio for Mixed-Use Development

by Haisten Willis October 18, 2016

SAN ANTONIO — The Tobin Endowment has closed on the sale of 44 acres surrounding the original residence of the late Robert L. B. Tobin. Dallas-based Rosewood Property Co. purchased the property and plans to build a mixed-use development on the tract. The property is in the Oakwell Farms area of north-central San Antonio. The sale will preserve the residence, which was designed by Tobin, a San Antonio arts patron, philanthropist and businessman. Two surrounding acres will also be preserved. Before his death in 2000, Tobin converted the residence to the offices of The Tobin Endowment.

October 18, 2016

Retail Texas

M&M Brokers Sale of 19,456 SF Retail Property in Metro Houston

by Haisten Willis October 18, 2016

TOMBALL, TEXAS — Marcus & Millichap has brokered the sale of North Eldridge Showrooms, a 19,456-square-foot retail property located in Tomball. Ron Hebert of Marcus & Millichap’s Dallas office and Christopher Jones of the firm’s Houston office marketed the property on behalf of the seller, a limited partnership. Watt Harrison of Marcus & Millichap’s Houston office secured and represented the buyer, a limited liability company. North Eldridge Showrooms is located at 16121 N. Eldridge Parkway.

October 18, 2016

North Carolina Retail Southeast

Slate Retail REIT Buys Shopping Center in Metro Charlotte for $16.7M

by John Nelson October 18, 2016

MOORESVILLE, N.C. — Slate Retail REIT, a Toronto-based owner and operator of U.S. grocery-anchored properties, has acquired Mooresville Town Square, a Lowes Foods-anchored retail center in Mooresville, a northern suburb of Charlotte. The publicly traded REIT purchased the asset for $16.7 million, or $186 per square foot. The shopping center was 88 percent leased at the time of sale to tenants such as Famous Toastery, Jimmy Johns, Firestorm Pizza and Fusion Bowl. Mooresville Town Square is the sixth property in North Carolina for Slate Retail REIT.

October 18, 2016

Arizona Market Reports Retail Western Western Market Reports

Retail Occupancy Rises in Phoenix

by Camren Skelton October 18, 2016

As we approach the fourth quarter of 2016, the Phoenix retail market is experiencing its lowest vacancy rates since 2008. Vacancy has dropped to just under 9 percent, a slight improvement from the start of 2015, while rental rates have climbed 0.8 percent to $14.53 per square foot. Positive economic indicators such as population growth, a favorable job market, and new-home construction are all contributing toward a healthy retail market in Phoenix. Consumer confidence continues to rise and demand for retail space has become stronger than previous years. Vacant spaces in core locations are being absorbed by national, regional and local retailers as well. Anchor space activity continues to be geared around value-oriented retailers, fitness users, family entertainment concepts and alternative uses. Quick-serve restaurants are the most active tenants in the market. These concepts include Panera Bread, Starbucks, Café Rio, Pieology, MOD Pizza and Jimmy John’s. In addition, new health-conscious restaurants are starting to look at Phoenix for store openings in 2017, such as Ahi Poki, Eat Fit Go, Grabba Green and Nekter. Supermarkets are driving new development in core trade areas of Phoenix, as well as in high-growth markets. Fry’s Food & Drug has started construction on seven new …

October 18, 2016

California Retail Western

Faris Lee Arranges $7.8M Sale of CVS/pharmacy in Metro San Francisco

by Nellie Day October 17, 2016

DALY CITY, CALIF. — Faris Lee Investments has arranged the $7.8 million sale of a freestanding, 14,500-square-foot retail property occupied by CVS/pharmacy in Daly City, roughly nine miles outside San Francisco. Rick Chichester, Donald MacLellan and Thomas Chichester of Faris Lee represented the seller, 550 Larkin Street LLC, and the buyer, Barchester Corp., in the 1031 exchange transaction. CVS/pharmacy has 23 years remaining on its lease.

October 17, 2016

California Colorado Midwest North Dakota Retail South Dakota Western

Ross Stores Opens 34 New Locations, Adds 93 Total Stores in 2016

by Nellie Day October 17, 2016

DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.

October 17, 2016

cinemark-theatres-valley-ranch-town-center

Retail Texas

Cinemark Theatres to Open 10-Screen Location in Valley Ranch Town Center

by Haisten Willis October 17, 2016

NEW CANEY, TEXAS — Cinemark Theatres is planning to begin construction on a 10-screen theater in the entertainment district at Valley Ranch Town Center, a development of The Signorelli Co. Valley Ranch is a 240-acre retail district located at the intersection of I-69 and the Grand Parkway. The new theater will be Cinemark’s 13th location in the Houston area and the first new construction, all-reclining seat theater for Cinemark in metro Houston. Each auditorium will feature electric reclining seats with adjustable head and foot rests, and the theater will offer reserved seating, online ticketing and self-serve concessions. The theater is expected to be 40,000 square feet and will open in late 2017 or early 2018.

October 17, 2016

Loans Retail Texas

BMC Capital Arranges $6.2M Refinancing of Retail Property in San Marcos

by Haisten Willis October 17, 2016

SAN MARCOS, TEXAS — BMC Capital has arranged the $6.2 million refinancing of a North Carolina Furniture Direct store located in San Marcos. The five-year, fixed-rate loan features a 25-year amortization schedule. Hank Crane of BMC secured the financing on behalf of the borrower through an undisclosed bank.

October 17, 2016

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