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FeaturesKentuckyRestaurantRetailSoutheastSoutheast Feature Archive

Quick-Service Restaurants Are Powering the Rise of the 15-Minute City

by John Nelson

By Casey Smallwood of SRS Real Estate Partners The quick-service restaurant (QSR) industry is reshaping retail real estate by capitalizing on the “15-minute city” trend — a movement where people can access essentials within a short walk, bike ride or delivery window from home. This shift, fueled by evolving consumer behavior, urban densification and the rise of digital ordering, is pushing QSRs to prioritize hyper-local presence over traditional highway or regional ‘hubs. The result is a transformation in both real estate development and the metrics that define success in the foodservice sector. Embedding into daily life Hyper-localization is about placing restaurants within the flow of everyday life — close to where people live, work and socialize. Rather than clustering around big-box retail or commuter corridors, many brands now target neighborhood locations near apartment clusters, schools and small mixed-use developments. 7 Brew Coffee, a drive-thru-only brand, exemplifies this model. Its small footprint and fast service make it ideal for small lots and secondary intersection spots once overlooked by national tenants. These locations are now thriving due to residential growth and proximity to commuter paths. With minimal barriers to entry and an emphasis on quick-service, 7 Brew is establishing a strong local …

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DevelopmentRetailTexas

GBT Realty to Develop 56,000 SF Shopping Center in Celina, Texas

by Taylor Williams

CELINA, TEXAS — Metro Nashville-based GBT Realty Corp. will develop Preston Crossroads, a 56,000-square-foot neighborhood shopping center that will be located in the North Texas city of Celina. Sprouts Farmers Market will anchor the center with a 23,262-square-foot grocery store. Preston Crossroads will feature an additional 33,000 or so square feet of inline retail space across three buildings. Construction is scheduled to begin in January and to be complete in summer 2027.

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Shoppes at River Forest
AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Negotiates $8.9M Sale of Retail Strip Center in Chester, Virginia

by Abby Cox

CHESTER, VA. — Cushman & Wakefield | Thalhimer has negotiated the $8.9 million sale of The Shoppes at River Forest, a 30,070-square-foot, unanchored retail center located along Iron Bridge Road in Chester. Catharine Spangler of Thalhimer’s Capital Markets Group represented the seller, Prudent Growth Partners, in the transaction. Originally constructed in 2007 on roughly 3.7 acres, the property was 95 percent leased at the time of sale to 12 tenants including GameStop, Sweet Frog, State Farm and the U.S. Marine Corps.

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Village at Westfork
AcquisitionsGeorgiaRetailSoutheast

Columbia Properties Acquires 75,947 SF Grocery-Anchored Shopping Center in Metro Atlanta

by Abby Cox

LITHIA SPRINGS, GA. — Columbia Properties has acquired Village at Westfork, a 75,947-square-foot, grocery-anchored shopping center located in Lithia Springs, roughly 20 miles west of downtown Atlanta. Jim Hamilton, Brad Buchanan, Andrew Kahn and Charlie Merrigan of JLL represented the seller, KPR Centers, in the transaction. The purchase price was $14.2 million. Built in 1994, Village at Westfork comprises 12 tenant suites and was fully leased at the time of sale. A 54,322-square-foot Kroger anchors the property, which also houses JPMorgan Chase, The UPS Store, H&R Block and Cricket Wireless.

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7863-7877-Girard-Ave-San-Diego-CA
AcquisitionsCaliforniaRetailWestern

CBRE Brokers $10.2M Ground Lease Sale of La Plaza La Jolla in San Diego

by Amy Works

SAN DIEGO — CBRE has arranged the sale of La Plaza La Jolla, a multi-tenant retail ground lease located at 7863-7877 Girard Ave. within La Jolla Village in San Diego. A private family office acquired the asset from La Plaza Investment for $10.2 million. Built in 1986 and renovated in 2015, the 28,866-square-foot property is fully leased to a mix of restaurant, boutique and experiential tenants. Michael Peterson, Reg Kobzi and Jimmy Slusher of CBRE represented the seller in the transaction.

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6315-S-Rainbow-Blvd-Las-Vegas-NV
AcquisitionsNevadaRetailWestern

Avison Young Negotiates $6.6M Sale of 18,000 SF Retail Building in Las Vegas

by Amy Works

LAS VEGAS — Avison Young has facilitated the sale of an 18,000-square-foot retail property located at 6315 S. Rainbow Blvd. in Las Vegas. A Las Vegas-based private trust sold the asset to Syndicate MMA, a mixed martial arts gym and property tenant since 2019, for $6.6 million. Syndicate MMA occupies 15,000 square feet of the building, with a salon and medical practice occupying the remaining space. Hillary Steinberg and Corina Towle of Avison Young represented the seller, while Kevin Jacobson of Iron Will LLC represented the buyer in the deal.

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AcquisitionsNortheastPennsylvaniaRetail

CBRE Brokers Sale of 63,392 SF Shopping Center in Lancaster, Pennsylvania

by Taylor Williams

LANCASTER, PA. — CBRE has brokered the sale of The Shops at Prospect, a 63,392-square-foot shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Grocer Giant anchors the center, which is also home to tenants such as Penn State Health and Hillcrest Pharmacy. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, Brixmor Property Group, in the transaction. Bennett Williams Commercial represented the buyer, Deerin Cos.

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Shattuck-Plaza-Berkeley-CA
AcquisitionsCaliforniaRetailWestern

Flying Horse Investments Buys 29,187 SF Shattuck Plaza in Northern California, Plans Renovation

by Amy Works

BERKELEY, CALIF. — Flying Horse Investments LLC (FHI) has acquired Shattuck Plaza, a 29,187-square-foot, street-front retail property located in downtown Berkeley, with plans to renovate the center. Renovations will include lease-ready storefronts on the 17,767-square-foot ground-level. The building’s 11,430-square-foot lower-level space will also be reactivated to feature community-serving tenants, such as fitness, education and wellness concepts. The renovation is expected to begin immediately, with FHI targeting approximately six to nine months for initial building upgrades and another six to nine months for tenant build-outs, subject to permitting and city approvals. D-Scheme Studio and Aecore Inc. will lead the redevelopment, while Pegasus Asset Management will oversee property and construction management. The Econic Co. will handle leasing for the property. Bolour Associates financed the acquisition and Pegasus Capital Markets served as debt advisor for the transaction. Nicolas Bicardo of Newmark represented the seller, Hill Street Realty (HSR), which originally acquired the property in October 2012. In March 2021, following a condominium adjustment that formally separated the retail portion from the movie theater and office components of the property, HSR sold the latter portion of the property to Article Student Living, while retaining ownership of the retail frontage.

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AcquisitionsColoradoRetailWestern

Boulder Group Arranges $2.2M Sale of Dollar General-Occupied Retail Property in Evans, Colorado

by Amy Works

EVANS, COLO. — The Boulder Group has brokered the sale of a single-tenant retail property located at 3312 11th Ave. in Evans. A commercial real estate development company sold the asset to a California-based 1031 exchange investor for $2.2 million in an all-cash transaction. Dollar General occupies the property, which was built in 2022, on a long-term lease with rental increases every five years and no landlord responsibilities. Zach Wright and Brandon Wright of The Boulder Group represented the seller in the deal.

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DevelopmentIllinoisMidwestRetail

Nicholas Family Opens $34.5M Indoor Ice Arena in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — The Nicholas Family of Cos. has opened Rosemont Ice Arena, a new $34.5 million indoor ice arena in the Chicago suburb of Rosemont. The twin-sheet arena totals 103,000 square feet. Located steps away from Allstate Arena, Rosemont Ice Arena offers ice time for youth hockey groups and figure skating, evening ice time for adult hockey leagues and exclusive daytime use by the Chicago Wolves professional hockey team for their practices ahead of home games at Allstate Arena. The project includes new practice facilities for the Chicago Wolves equipped with a dedicated sauna, steam room, cold plunge, film room and team lounge. Constructed by Nicholas & Associates and designed by ARCON Associates Inc., the new arena features a food and coffee area called Market by Hatty’s, a sports bar and supper club concept named Hatty’s Club, a lounge area and a physical therapy clinic. The Nicholas Family’s Spectate Group will operate the arena. Spectate Group will pay the Village of Rosemont an annual licensing fee to operate and manage the year-round facility.

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