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AcquisitionsMidwestMissouriRetail

Colliers Brokers $32M Sale of Twin Creeks Shopping Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Colliers has brokered the sale of Twin Creeks Shopping Center in Kansas City for $32 million. The 257,450-square-foot property is located along North Madison Avenue. The center is 99 percent leased to 14 tenants, including Kohl’s, Ross Dress for Less, Ulta, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T. A Target store at the property was not included in the sale. El Warner, Charley Simpson, Caitlin Zirpolo and Drew Quinn of Colliers represented the seller, an entity doing business as AREP III BT LLC. Buyer information was not provided.

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AcquisitionsRetailSoutheastVirginia

First National Realty Partners Acquires Home Depot-Anchored Shopping Center in Manassas, Virginia

by John Nelson

MANASSAS, VA. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot local international grocer, Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

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AcquisitionsKentuckyRetailSoutheast

Fimiani Development Buys 85,000 SF Pennyrile Marketplace Shopping Center in Hopkinsville, Kentucky

by John Nelson

HOPKINSVILLE, KY. — Fimiani Development Corp. has acquired Pennyrile Marketplace, an 85,000-square-foot shopping center located at 3010 Fort Campbell Blvd. in Hopkinsville. Seritage KMT Finance sold the property to the Boca Raton-based retail investment firm for $3.8 million. Built in 1978, Pennyrile Marketplace sits on 12 acres near Fort Campbell Army base and houses tenants including Harbor Freight Tools, Bargain Hunt and Farmers Home Furniture. Mike Fimiani represented the buyer in the transaction on an internal basis, and Marc Ozburn and Ross Robison of Berkeley Capital Advisors represented the seller. Fimiani Development plans to make renovations to Pennyrile Marketplace, including landscaping, improved signage and resurfacing of the parking lot.

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Champions-Village-Houston
AcquisitionsCompany NewsRetailTop Stories

Kroger Agrees to Acquire Albertsons in $24.6B Merger of Grocery Giants

by Jeff Shaw

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger under which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both companies’ boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on Oct. 12, and 29.7 percent to the 30-day volume-weighted average price. The exact motivation for the merger was not stated in the press release, but The Wall Street Journal notes that by combining, the companies would have greater leverage in negotiations with vendors and compete better with companies such as Walmart and Amazon. Together, Boise-based Albertsons and Cincinnati-based Kroger currently operate a total of 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies and 2,015 fuel centers. The two companies employ a combined 710,000 associates. On a combined basis, the companies delivered approximately $210 billion in revenue and $3.3 billion in net earnings in the fiscal year 2021. The …

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DevelopmentRetailTexas

Weitzman Completes Renovation of 162,925 SF Retail Center in Metro Dallas

by Taylor Williams

RICHARDSON, TEXAS — Weitzman has completed the renovation of Dal-Rich Towne Square, a 162,925-square-foot retail center located in the northeastern Dallas suburb of Richardson. A 50,000-square-foot Cottonwood Market anchors the center, and other tenants include Jason’s Deli, Little Caesars and McDonald’s. Weitzman upgraded various aesthetic components and amenity spaces at Dal Rich Towne Square, which was originally built in 1965, and implemented a new digital marketing program for the center and individual tenants.    

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DevelopmentMidwestMissouriRetail

Topgolf Underway on Construction of Second Location in Metro St. Louis

by Kristin Harlow

ST. LOUIS — Topgolf is underway on the construction of its new venue in Midtown St. Louis. The location marks Topgolf’s second in the greater St. Louis market, following one in Chesterfield. Completion is slated for late 2023. Situated within view of the Gateway Arch, the three-level venue will feature 102 outdoor hitting bays along with a full-service restaurant and bar. Guests will also enjoy an outdoor patio, rooftop terrace and private event space. Topgolf acquired the land for the venue from Saint Louis University. The new Topgolf location is part of the 400-acre development area guided by the St. Louis Midtown Redevelopment Corp. (STLMRC). Saint Louis University formed STLMRC in partnership with SSM Health five years ago in effort to spearhead the development of new entertainment, recreational and community facilities.

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Thompson-Thrift-Arizona
ArizonaDevelopmentIndustrialMixed-UseRetailTop StoriesWestern

Thompson Thrift Breaks Ground on 1 MSF Elliot Tech Center Mixed-Use Campus in Mesa, Arizona

by Katie Sloan

MESA, ARIZ. — Thompson Thrift has broken ground on Elliot Tech Center, a 1 million-square-foot industrial and retail campus located at the intersection of Elliot and Signal Butte roads within Mesa’s Elliot Road Technology Corridor. At full build-out, the project will span 75 acres and include eight industrial and retail buildings. The project is located northeast of Phoenix-Mesa Gateway Airport, north of Apple’s Global Command Center and east of Meta’s Mesa Data Center, which is currently under construction.  Phase I of the development is scheduled for completion in fall 2023 and will include three industrial buildings ranging from 79,000 square feet to 89,000 square feet and five retail pads. The industrial buildings will feature secure truck courts, a variety of bay sizes and clear heights from 28 feet to 32 feet.  Black Rock Coffee Bar and an unnamed convenience store are set to open within the retail portion of Phase I, and lease negotiations are currently underway for a 4,000-square-foot, full-service restaurant.  Ken McQueen and Chris McClurg of Lee & Associates are handling leasing for the industrial portions of the development, and Phoenix Commercial Advisors is marketing the retail component. The design-build team for Phase I of the project includes Butler …

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Birdsmouth Beer to Open 12,080 SF Brewery in Oceanport, New Jersey on Oct. 15

by Taylor Williams

OCEANPORT, N.J. — Birdsmouth Beer will open a 12,080-square-foot brewery in the coastal New Jersey community of Oceanport on Saturday, Oct. 15. The craft beer provider will operate out of The Commissary, a 53,000-square-foot food hall that is part of the redevelopment of the former Fort Monmouth military base. Gary Krauss of Pierson Commercial represented Birdsmouth Beer in the lease negotiations. Suzanne Macknow of CBRE represented the owner, Denholtz Properties, which also recently inked a 19,567-square-foot lease with MGT Foods.

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DevelopmentIllinoisMidwestRetail

PENN Entertainment to Build $185M Casino at Rock Run Crossings in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.

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12547-Hawthorne-Blvd-Hawthorne-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

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