VISTA, CALIF. — Lee & Associates has arranged the sale of a 4.6-acre land parcel located on E. Vista Way and Monte Mar Road in Vista. J&T Business Management purchased the site for $3 million. The buyer has plans to build and operate a gas station and additional retail on the site. Matt Weaver, Al Alpuzzo and Patrick Miller of Lee & Associates – North San Diego County represented the sellers, Monte Mar Land LLC and ALB Land LLC, while Brian Bielatowicz of Lee & Associates – Temecula represented the buyer in the deal.
LOS ANGELES — A local family trust has acquired a single-tenant, net-leased Del Taco property located at 2060 S. La Cienega Blvd. in Los Angeles. An Orange County, Calif.-based private investor sold the 1,804-square-foot property for $2.5 million, or $1,386 per square foot. Built in 1965, the 24-hour Del Taco features a drive-thru lane and was remodeled in 2004. Jeremy McChesney of Hanley Investment Group represented the seller, while Shah Noorvash of Coldwell Banker Commercial represented the buyer in the all-cash transaction.
In 2016, uncertainty in the oil and gas industry has made a major impact on the Fort Worth commercial real estate market. While each submarket is affected differently, the need for relocations and renovations will lead to a rising demand for quality office and retail spaces across the area. Development of Fort Worth real estate is expected to remain strong in 2016, with growing opportunities that create a strong and healthy market. Office Opportunity Downtown Fort Worth has become a hub for major players in the oil and gas industry, such as Holland Services, Forestar Oil & Gas and FTS International. Within the last 180 days, these tenants have put over 125,000 square feet of office space up on the market for sublease. However, the rest of the office sector has been consistently absorbing large blocks of space, proving healthy despite oil and gas concerns. We have seen at least six transactions totaling over 385,000 square feet within the last six months. Transactions included Charles Schwab’s 130,000-square-foot lease at Circle T in Westlake, and Teague Nall & Perkins’ 42,000-square-foot lease of the former Everest College building at the Mercantile Center in Fort Worth. The consistently strong demand for quality office …
DENVILLE, N.J. — CBRE Group has arranged the sale of The Shoppes at Union Hill, a lifestyle center located at 3056 State Route 10 West in Denville. Stanbery Development sold the 92,431-square-foot retail property for an undisclosed price. Built in 2003, the property was 93 percent occupied at the time of sale to a variety of tenants, including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos. A. Bank, Starbucks Coffee and Panera Bread. Brad Nathanson and Jeff Dunne of CBRE represented the seller in the transaction. The name of the buyer was not released.
CHAMBERSBURG, PA. — Bennett Williams Commercial has brokered the sale of Gateway Center, a shopping center located at 400-498 Gateway Ave. in Chambersburg. Gateway Ventures Inc. sold the 49,882-square-foot property to 400 Gateway Associates Inc. for $7.4 million. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the seller in the transaction.
DECATUR, GA. — Whole Foods Market has selected Decatur as one of the first cities to introduce its new 365 by Whole Foods Market concept. Set to open at North Decatur Square in spring 2018, the new grocery store will feature affordable and convenient groceries that still meet the Austin-based grocer’s high standard of quality. Fairburn, Ga.-based S.J. Collins Enterprises is developing North Decatur Square, a new 90,000-square-foot shopping plaza underway at North Decatur Road and Church Street. The first 365 by Whole Foods will open in Silver Lake, Calif., on May 25, 2016, followed by about 10 more over the next year in cities including Lake Oswego, Ore.; Bellevue, Wash.; Santa Monica, Calif.; Evergreen Park, Ill.; Sycamore Township, Ohio and Gainesville, Fla.
MIAMI — Meridian Capital has arranged an $11 million loan to refinance Village Portico, a 28,700-square-foot retail center located at 201-299 S.W. Eighth St. in Miami’s Brickell neighborhood. The property is anchored by a CVS/pharmacy, McDonald’s and Subway and is zoned for an additional 600,000 square feet of air rights. Eric Trombly of Meridian Capital’s Boca Raton, Fla., office arranged the seven-year loan through a regional balance sheet lender. The financing features a fixed interest rate and flexible prepayment terms.
FRISCO, TEXAS — The Dallas Cowboys have unveiled plans for a 200,000-square-foot retail block at The Star in Frisco, a $1.5 billion, 91-acre mixed-use development that will include the NFL team’s new headquarters. In addition to the retail space and corporate headquarters, The Star in Frisco will feature the Cowboys’ training complex, a 12,000-seat multi-use event center and an Omni hotel. “The retail area will allow visitors to enjoy The Star whether there’s an event happening or simply a Friday night out with friends and family,” says Jerry Jones Jr., executive vice president and chief sales and marketing officer for the Dallas Cowboys. Storefronts will line The Star Boulevard, Winning Drive and Cowboys Way at The Star, and will provide shoppers and diners with a Dallas Cowboys brand experience. The restaurants that will be opening locations at The Star include City Works, Dee Lincoln Prime, Liberty Burger, Mi Cocina, Neighborhood Services, Nestlé Toll House Café by Chip and Tupelo Honey Café. The retail space will be located south of the Cowboys’ headquarters and The Ford Center, which will house the event center and the team’s training complex. Neighborhood Services will be located inside the Omni hotel. Next Step Dance, a …
TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of Great Eastern Shopping Center, a 335,000-square-foot retail center in Toledo for an undisclosed price. Super Dollar Tree, Dollar General and McDonald’s anchor the retail property. A New York-based private investment group acquired the property from a large institutional seller out of New York. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.
The battle between physical stores and online retail rages on, but the recent explosion in smartphone usage is blurring the battle lines. Using smartphones, consumers in a store now can simultaneously shop and compare pricing and product availability at competing stores or online. The practice is sometimes referred to as “showrooming.” Increasingly, retailers must simultaneously invest in a combination of brick-and-mortar stores, websites, digital marketing and merchandise delivery to sell goods. Only the real estate component of that infrastructure is subject to property tax. If property owners identify the portion of store sales attributable at least partially to online shopping, they can argue for taxable property values more accurately based on the remaining sales volume attributable to a store’s physical location and condition. Retailers that think mobile is a channel use the wrong metrics to measure the smartphone’s impact on retail. Smart retailers focus on the impact on overall business rather than trying to measure only app downloads or channel sales. Extrapolating a retail property’s value from base rent is relatively easy, but what happens when rent is based on sales? How do sales that take place in the store via smartphone, or online transactions that stem from a store …