The total retail inventory in the Rochester market amounts to 62.5 million square feet. Over the past year, the market has seen an overall decrease in the vacancy rate. The vacancy rate went from 8.0 percent in first quarter 2015 to 7.9 percent in the current quarter. Overall net absorption was positive 182,160 square feet. The general retail sector of the market, which includes all freestanding retail buildings except those contained within a center, reported a vacancy of 4.3 percent at the end of the second quarter 2015. The general retail space in Rochester is 34.3 million square feet. Average rental rates are currently at $12.26 per square foot. The shopping center sector — which consists of 19 million square feet and comprises community centers, neighborhood centers and strip centers — posted 10.9 percent total vacancy and average asking rates of $10.28 in second quarter 2015. Power center space is currently reported to be nearly 4 million square feet with a vacancy rate of 7.5 percent, and a slight decrease in rental rates to $13.46 per square foot. Malls in the Rochester market consist of lifestyle centers, regional malls and super-regional malls. The vacancy rate was 21.2 percent at the …
RIALTO, CALIF. — Pieology is set to open a location at Rialto Marketplace, a new development anchored by Walmart in Rialto. Blindside 75, a multi-unit franchisee of Pieology, has signed a 10-year lease for 2,200 square feet at the center. Greg Giacopuzzi of NewMark Merrill Cos. represented the landlord, and Matt Adamczyk of Kennedy Wilson represented the tenant in the transaction.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an 11,500-square-foot retail building in Chicago. The single-tenant property, located at 4441 W. Diversey Ave., sold for $1 million. The property is 100 percent leased to Unique Thrift Store, a subsidiary of Savers Inc., and is situated on slightly less than one-half acre. The seller was a family office based in the greater Chicago area. The buyer was a Chicago-based private real estate investor. Chad Firsel of Quantum was the sole broker in the transaction.
OWINGS MILLS, MD. — Greenberg Gibbons and Vanguard have begun construction on a 110,000-square-foot Wegmans grocery store at Foundry Row, a $140 million mixed-use development in Baltimore County. The 50-acre project is a redevelopment of a former Solo Cup factory located on Reisterstown Road in Owings Mills. Wegmans expects to open its new store in September 2016. Other committed tenants at Foundry Row include LA Fitness, Sports Authority, DSW, Ulta Beauty, Panera Bread, Zoe’s Kitchen, Smashburger, Nally Fresh and LifeBridge Health. Foundry Row is expected to support 2,300 full- and part-time jobs in Baltimore County during the construction phase, and will permanently support nearly 3,100 jobs.
TUPELO, MISS. — RCG Ventures has purchased the 114,425-square-foot Kings Crossing, a shopping center anchored by Ross Dress for Less in Tupelo, for approximately $18.1 million. Located at 3980 N. Gloster St., the property is adjacent to the 700,000-square-foot Mall at Barnes Crossing. Kevin Reavey and Chris Decoufle of CBRE represented the unnamed seller in the transaction. Scott Tarbet represented RCG Ventures internally.
CHESTER BOROUGH, N.J. — Holliday Fenoglio Fowler LP (HFF) has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough. ShopRite, Marshalls and Staples anchor the property, which is 95 percent leased. Additional tenants include Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy. HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust. Dividend Capital Diversified Property Fund Inc. purchased the asset for $53.8 million (approximately $241 per square foot). The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Steve Simonelli and supported by Andrew Scandalios and Chris Munley.
PHOENIX — Cushman & Wakefield has arranged the $10.5 million sale of North Mountain Plaza, a 95,000-square-foot shopping center located in Phoenix. Dan Salley and Jack Wilson of Cushman & Wakefield represented the buyer, Pivot Development LLC, and Cam Stanton of CBRE represented the seller, CT Retail Properties Finance IV LLC, in the transaction. Fry’s grocery store anchors the center, which is 82 percent occupied.
COLLEYVILLE, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $7.6 million loan for the purchase of a mixed-use property located in Colleyville. The loan featured a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding banking relationships.
RESTON, VA. — Comstock Partners LLC has signed a roughly 10,000-square-foot lease with Farmers Restaurant Group (FRG) for restaurant space at Reston Station, a transit-oriented, mixed-use development located in the Washington, D.C., suburb of Reston. FRG’s Founding Farmers, an American eatery serving farm-to-table food, plans to open its new restaurant at Reston Station in late 2016. Currently under construction, Reston Station will serve as the gateway to the Wiehle Reston-East Metro Station and the terminus of Phase I of Metro’s new Silver Line.
DALLAS — Mellow Mushroom is opening a new location at 2326 N. Henderson Ave. in Dallas. The 5,628-square-foot, freestanding pizza restaurant is anticipated to open in spring 2016. Sean Alkek of EDGE Realty Partners represented the tenant, and Drew Downs and Matt Heisley of Open Realty Advisors represented the landlord in the transaction. Founded in 2009, EDGE Realty Partners is a commercial real estate firm providing brokerage, development and investment sales services throughout the Southwest.