SOMERS, N.Y. — CBRE has arranged the sale of a 68,842-square-foot retail building in Somers, about 40 miles north of Manhattan, that is fully leased to grocer Stop & Shop. The store is located within Somers Commons, a 134,760-square-foot center that fronts U.S Route 6. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Ceruzzi Properties, in the transaction. CBRE also procured the buyer, an undisclosed institutional investor.
PLEASANTON, CALIF. — Newmark has arranged the sale of Pacific Pearl, an ethnic grocery-anchored retail center in Pleasanton. Terms of the transaction were not released. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction. Developed in 2018, Pacific Pearl features 110,511 square feet of retail space. 99 Ranch Market, a Chinese and Pan-Asian supermarket, anchors the asset. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and retained Vestar as manager.
KIRKLAND, WASH. — Gantry has secured a $30 million permanent loan to refinance the Lee Johnson Family’s automotive dealership property in Kirkland. Located at 11845 NE 85th St., the asset features a 100,000-square-foot commercial facility and showroom. Demetri Koston and Mike Taylor of Gantry arranged the nine-year, low-leverage loan that features a fixed rate and 30-year amortization for the borrower, a private partnership.
— Jennifer Seversen, Vice President, CBRE — Suburban retail is emerging as the main driver of retail growth in Seattle. In the height of the pandemic, many consumers stayed close to home, rediscovered their neighborhoods and began shopping primarily in their communities. These habits have continued and, as a result, retailers on once-heavily trafficked commute paths have experienced declining sales revenue. Retailers are taking notes, particularly those in city office districts that rely heavily on daytime foot traffic. The white-hot activity in suburban retail has led to vacancy rates under 2 percent, healthy rent growth and record-breaking absorption within new developments. Rents in suburban markets like Totem Lake, Bothell and Woodinville are outpacing downtown Seattle by 50 percent, something that would not have been conceivable three years ago. Well-located mixed-use retail projects and neighborhood centers have led the way in pushing rent growth, while grocery-anchored developments have been attractive assets to investors. Restaurants have proven to be a major driver of retail activity, with Seattle having a 7 percent increase in diners year over year through the second quarter, the fifth highest increase in the U.S., according to OpenTable. An example of the rise in suburban retail demand is Harvest, …
AUSTIN, TEXAS — Fitness operator House of Gainz will open a 41,000-square-foot gym at 235 Canyon Ridge Drive in northeast Austin. The facility, which will be the company’s second in the Austin area, will offer boxing, HIIT and boot camp classes, a range of fitness equipment and weights, posing room, cold plunge, sauna and a wellness center. The opening is scheduled for November. Kristiana Beck of Realty Austin represented House of Gainz in the lease negotiations. Bryan McMurrey of Transwestern represented the landlord.
TAYLOR, MICH. — KJ Commercial has brokered the $10.8 million sale of the Goddard Square shopping center in Taylor, just east of the Detroit Metropolitan Wayne County Airport. The property comprises a 77,340-square-foot shopping center, a 6,624-square-foot retail outlot building and an adjoining five-acre land parcel. Some of the tenants include Planet Fitness, Dunham’s Sports, Cattleman’s Grocery and Del Taco. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial represented the buyer in the transaction, which closed in 75 days. Buyer and seller information was not provided.
CHARLOTTE, N.C. — Northwood Investors, along with affiliate firm Northwood Retail, has signed two new restaurant brands from Fox Restaurant Concepts to join the tenant roster at Bowl at Ballantyne, a mixed-use development on the south side of Charlotte. The concepts include North Italia, an Italian restaurant that will occupy 6,480 square feet, and Flower Child, a healthy restaurant chain that will occupy 3,555 square feet. The restaurants will be situated across Bowl Street from each other and will open in 2024. Other committed tenants include Olde Mecklenburg Brewery, Fly Kid Fly, Honeysuckle Gelato, Roosters, drybar and solidcore, among others. Situated within the 2,000-acre Ballantyne master-planned community, the Bowl will also include two residential towers and a concert venue called The Amp Ballantyne.
BYRON, GA. — Halpern Enterprises Inc. has delivered a 2,600-square-foot build-to-suit Starbucks location at 321 N. Highway 49 N in Byron. The Seattle-based coffeehouse chain signed a 10-year net lease at the freestanding property, which is located near I-75 and Robins Air Force Base. Brad Oppenheimer, Caleb Adams and Cary Halpern of Halpern Enterprises teamed up to complete the project. In addition to Starbucks, the Atlanta-based developer has recently delivered three build-to-suit properties in the Southeast for The Learning Experience.
OAKLAND PARK, FLA. — Newrock Partners has completed Oaklyn, an 11-story mixed-use tower located at 3333 N. Federal Highway in Oakland Park, a city in South Florida’s Broward County. The project comprises 274 apartments and 19,000 square feet of ground-level retail space. Managed by Bozzuto, Oaklyn’s residences comprise studio, one- and two-bedroom apartments spanning from 451 to 1,172 square feet. Rental rates begin at $1,850, according to the property website. Amenities include Oak Three, a rooftop experience with an indoor/outdoor lounge, entertainment kitchen, communal games, art activations, resort-style pool deck, hot tub, outdoor dining and kitchen areas with grilling stations and oversized day beds. Other amenities include podcast studios, maker spaces, an indoor/outdoor fitness center, dog spa and a dog park. The design-build team includes general contractor First Florida and architect Kobi Karp Architecture & Interior Design Inc.
ACWORTH, GA. — Tobin Real Estate has arranged the $15 million sale of Acworth Crossing Shopping Center, a 120,829-square-foot retail center located on a 15.3-acre site along Cobb Parkway in Acworth, a northwest suburb of Atlanta. Built in 2006, the property’s tenant roster includes Crunch Fitness, PetSmart, popshelf and Dollar Tree. Louie Granteed of Tobin represented the seller, an entity doing business as Monarch at Acworth Crossing LLC, in the transaction. Collin Cambas and Johnny Craig of Matthews Real Estate Investment Services represented the buyer, an entity doing business as Acworth Properties LLC.