Retail

Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social

by John Nelson December 7, 2022

MIAMI — Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be home to Bowlero and the recently announced Sports & Social, will feature an open-air rooftop restaurant overlooking Miami Worldcenter’s World Square public plaza and park. Block F-East is located at the confluence of the 7th Street Promenade and World Paseo open-air retail pedestrian streets. The site is directly west of Miami Worldcenter’s upcoming citizenM boutique hotel and north of the completed luxury apartment tower Bezel Miami. In addition to the jewel box’s tenants, other retailers at Miami Worldcenter include Sephora (now open), lululemon athletica, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts such as Brasserie Laurel (now open), El Vecino and Chicago’s Maple & Ash and etta restaurants.

December 7, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $57M Sale of Doral Shops in Metro Miami

by John Nelson December 7, 2022

DORAL, FLA. — Marcus & Millichap has brokered the $57 million sale of Doral Shops, a 113,354-square-foot shopping center located at 11402 N. West 41st St. in Doral, a suburb of Miami. Built in 2002 on nearly six acres, the shopping center was 99 percent leased at the time of sale to Navarro Discount Pharmacy, as well as 12 restaurants and several service-oriented tenants on the ground floor. The second floor of Doral Shops, which spans roughly 40,000 square feet, houses service retailers and some offices. Scott Sandelin and Edward Romo of Marcus & Millichap’s Miami office represented the seller, a limited liability company that developed Doral Shops 20 years ago. The buyer was also a limited liability company. Both parties requested anonymity.

December 7, 2022

Acquisitions California Retail Western

Combined Properties Sells Three Grocery-Anchored Shopping Centers in Los Angeles County for $136.8M

by Amy Works December 7, 2022

LA VERNE AND MONTEBELLO, CALIF. — Beverly Hills-based Combined Properties has completed the disposition of three grocery-anchored shopping centers totaling more than 400,000 square feet in Los Angeles County. EDENS, an institutional investor, acquired the portfolio for $136.8 million. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller in the transaction. The portfolio includes: The Commons at La Verne, a 120,720-square-foot asset in La Verne anchored by Vons and Ross Dress for Less Montebello Mix, a 216,385-square-foot property in Montebello that is 94 percent occupied and anchored by Vons, Rite Aid, Ross Dress for Less and Marshalls Foothill Plaza, a 65,000-square-foot center located at 1375 Foothill Blvd. in La Verne and anchored by Sprouts Farmers Market and Bank of America

December 7, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $6.8M Sale of Westridge Shopping Center in Phoenix

by Amy Works December 7, 2022

PHOENIX — Cushman & Wakefield has brokered the sale of Westridge Shopping Center, located at 7540 and 7606 W. Indian Road in Phoenix. New Jersey-based Westridge Phoenix acquired the asset from DPM Westridge Shopping Center for $6.8 million. Built in 1985 and renovated in 2017, Westridge Shopping Center features 58,670 square feet of retail space on 5.3 acres. At the time of sale, the property was 81 percent leased. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal.

December 7, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $24.6M Sale of Philadelphia Retail Center

by Taylor Williams December 7, 2022

PHILADELPHIA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of City Avenue Center, a 20,220-square-foot shopping center in Philadelphia. Shadow-anchored by Target, the center was fully leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon, Sleep Number and PNC Bank. Brad Nathanson, David Crotts and Dean Zang of IPA represented the undisclosed seller in the transaction and secured the buyer, a Maryland-based family office.

December 7, 2022

California Market Reports Retail Western Western Market Reports

San Bernardino’s Retail Leasing Market Thrives

by Jeff Shaw December 7, 2022

By Ryan Gast, Vice President, Ontario/Inland Empire, CBRE We are currently seeing a very strong leasing market in San Bernardino County, which is mostly driven by the amount of new housing developments in the market and the lack of new retail product being built. Tenants are hungry for the top-tier shopping centers, which has driven the vacancy rates down and rents up in a market where there seems to be a lot of uncertainty in the air. Some of the most active retail categories include the fast feeders (QSRs), gas stations and car wash groups. Discount retailers also hold great appeal, particularly due to inflation. The market has also seen an increase in activity from fitness users who stopped dead in their tracks during 2020 and 2021 due to COVID. As active retailers go, Stater Bros, Hobby Lobby, Burlington, 99 Ranch Market, Ross and Planet Fitness have all recently inked deals in the area. Sprouts, Quick Quack, Shell, Raising Cane’s and Dutch Bros Coffee also remain active. Many of these retailers are seeking high-growth areas where there has been an influx of residential development nearby. In terms of developers, Lewis Retail, Wood Investments and Rich Development are some of the …

December 7, 2022

Leasing Activity Retail Texas

Baker Katz Arranges Three Retail Leases Totaling 144,260 SF in Houston Area for Fitness Concept

by Taylor Williams December 6, 2022

HOUSTON — Baker Katz has arranged three retail leases in the Houston area for EōS Fitness. The tenant has committed to 51,130 square feet in Sugar Land, 42,000 square feet in Atascocita and 51,130 square feet in Katy. The Sugar Land gym will open in 2024, and the Atascocita and Katy facilities will open in 2025. Jason Baker of Baker Katz represented EōS Fitness in all three sets of lease negotiations. Wendell Nault of Whitestone REIT, Jarrett Adame with First Hartford Realty and Clay McDaniel of Excel Commercial Real Estate respectively represented the landlords in each deal.

December 6, 2022

Acquisitions New Jersey Northeast Retail

IPA Negotiates $63M Sale of Coastal New Jersey Retail Center

by Taylor Williams December 6, 2022

WEST LONG BRANCH, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the center, which was built in 1993, from Site Centers Inc. Brad Nathanson of IPA brokered the deal. At the time of sale, Consumer Centre was 96 percent leased to tenants including The Home Depot, Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.

December 6, 2022

Acquisitions Connecticut Northeast Retail

FNRP Buys 259,104 SF Shopping Center in West Hartford, Connecticut

by Taylor Williams December 6, 2022

WEST HARTFORD, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of the state capital. Tenants at the center, which is anchored by a 59,000-square-foot Target, include Marshalls, HomeGoods, The Paper Store, Mattress Firm, Orangetheory Fitness, AT&T, Bank of America, TD Bank, Noodles & Co., GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.

December 6, 2022

Acquisitions Retail Southeast Virginia

Divaris Arranges $8.2M Sale of Yorktown Shopping Center in Virginia

by John Nelson December 5, 2022

YORKTOWN, VA. — Divaris Real Estate’s Investment Sales Group has brokered the sale of The Villages at Kiln Creek, a 45,255-square-foot shopping center located in Yorktown, about 13 miles north of Newport News, Va. Jason Oliver, Rachel Salasky and George Fox of Divaris represented the seller, Glazer Properties, in the transaction. Liberty Investment Partners acquired the property for $8.2 million. The center was fully leased at the time of sale to tenants including Riverside Health System, Guitar Center and McCormick Paint. George Fox and Caroline Zarpas of Divaris will handle leasing at the center on behalf of Liberty Investment Partners.

December 5, 2022

Newer Posts

Older Posts