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Antelope-Marketplace-Antelope-CA
AcquisitionsCaliforniaRetailWestern

Agora Realty Buys 115,522 SF Antelope Marketplace Near Sacramento

by Amy Works

ANTELOPE, CALIF. — Agora Realty and Management has purchased Antelope Marketplace, a retail center located at 7901 Walerga Road in Antelope, a suburb of Sacramento. Philips Edison & Co. sold the asset for $33 million. Built in 1992 and remodeled in 2005, the 115,522-square-foot shopping center was 98 percent occupied at the time of sale. Current tenants include Bel Air, 24 Hour Fitness, Banfield Pet Hospital, Round Table Pizza, Leslie’s Pool Supplies, Wing Stop, Jamba Juice, Supercuts and State Farm Insurance. Ryan Thompson and Roman Benvenuti of Palmer Capital represented the buyer and seller in the transaction.

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1245-E-Southern-Ave-Mesa-AZ
AcquisitionsArizonaRetailWestern

Marcus & Millichap Brokers Sale of La Gran Plaza Retail Center in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Marcus & Millichap has arranged the sale of La Gran Plaza, a retail property located at 1245 E. Southern Ave. in Mesa. An Arizona-based developer sold the asset to a California-based investor for $12.3 million. Sanford Burstyn of Marcus & Millichap represented the seller, while Bryan Ledbetter and Bryan Baits of Western Retail Advisors represented the buyer in the deal. Built in 1986 and remodeled in 2014, La Gran Plaza features 79,743 square feet of retail space. At the time of sale, the property was 96 percent occupied. Current tenants include El Super Grocery, Panda Express, Los Altos Ranch Market, dd’s Fashion, Taco Bell, WSS Shoes, Aaron’s, Walgreens and T-Mobile.

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FloridaMarket ReportsRetailSoutheastSoutheast Market Reports

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

by John Nelson

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet significant debt obligations, while those in stronger positions took the opportunity to evict struggling tenants and refresh inventory, hoping that more creditworthy tenants would come calling. Fast forward two years and any lingering uncertainty about the survival of retail has waned, and, today, we seem to be in one of the stronger landlord markets in recent memory. What drove this radical shift from fear and hesitation to boundless market optimism? Increased competition among tenants with strong financial backing. Two factors have changed the landscape: private equity-sponsored healthcare companies and capital-rich restaurant groups. Medtail in Miami Healthcare businesses appeared to thrive during the pandemic as most were able to remain operational through state and local “shut down” orders. Many of these businesses used the pandemic as an opportunity to pounce on large spaces vacated by big box retailers and service-oriented businesses, like nail salons, barbershops and dry …

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AcquisitionsGeorgiaOfficeRetailSoutheast

Marcus & Millichap Brokers $9.1M Acquisition of Plantation Village Retail/Office Property in Macon, Georgia

by Amy Works

MACON, GA. — Marcus & Millichap has arranged the purchase of Plantation Village, a retail and office property located at 6255 Zebulon Road in Macon. A limited liability company acquired the 18-suite property from an undisclosed seller for $9.1 million. Jared Kaye and Sonny Molly of Marcus & Millichap represented the buyer in the deal. Built in 2005 on 7.9 acres, Plantation Village features 52,228 square feet of retail and office space. Current tenants include Moe’s Southwest Grill, Goodwill, Great Clips and T-Mobile.

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CaliforniaLoansRetailWestern

BridgeCore Funds $2M Refinancing for Family Dollar-Occupied Property in Escondido, California

by Amy Works

ESCONDIDO, CALIF. — BridgeCore has provided a $2 million bridge loan for the refinancing of a retail property located at 607 W. 9th Ave. in Escondido. The undisclosed borrower required a bridge loan to refinance a matured loan and to obtain cash-out funds to resolve a mechanic’s lien, pay-off delinquent property taxes and cover upgrades and renovations to two of the in-line units. Family Dollar occupies the retail property. BridgeCore funded the loan with a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The loan’s 12-month term, including one six-month extension option, is providing the borrower the necessary time to execute an exit strategy to sell the property.

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2625-2635-Mall-View-Road-Bakersfield-CA
AcquisitionsCaliforniaRetailWestern

ZDI Purchases 29,387 SF Retail Center in Bakersfield, California

by Amy Works

BAKERSFIELD, CALIF. — Southern California-based ZDI Inc. has acquired a retail center, located at 2625-2635 Mall View Road in Bakersfield, for $8.1 million through a 1031 exchange. The seller was a local partnership of real estate professionals, which has owned the property for more than 15 years after purchasing it from the original developer. Built in 2005, the 29,387-square-foot retail property is fully occupied by a variety of tenants, including a major office supply retailer. Cushman & Wakefield’s Duane Keathley and Vincent Roche represented the seller in transaction.

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LoansNortheastPennsylvaniaRetail

MMCC Arranges $4.8M Acquisition Loan for Retail Property in Monroeville, Pennsylvania

by Taylor Williams

MONROEVILLE, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $4.8 million acquisition loan for a 12,738-square-foot retail property in Monroeville, an eastern suburb of Pittsburgh, that is fully leased to Rite Aid. Jared Cassidy of MMCC arranged the loan, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule, through an undisclosed credit union. The undisclosed borrower acquired the asset via a 1031 exchange.

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Leasing ActivityNortheastPennsylvaniaRetail

T.J. Maxx Opens 25,000 SF Store at Westfall Town Center in Matamoras, Pennsylvania

by Taylor Williams

MATAMORAS, PA. — Discount retailer T.J. Maxx has opened a 25,000-square-foot store at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. The representative of the tenant was not disclosed.

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DevelopmentNevadaRetailTop StoriesWestern

Institutional Mall Investors Starts Renovations at 500,000 SF Miracle Mile Shops on Las Vegas Strip

by Jeff Shaw

LAS VEGAS — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip. The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed. New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded restaurants. “Miracle Mile Shops has been a highly successful shopping and entertainment destination in Las Vegas for over 20 years, attracting locals, visitors and international tourists,” says Robert Buchanan, vice president and general manager of Miracle Mile Shops. “The renovations are coming at the ideal time as our city welcomes the return of domestic and international tourists.” The revitalized interior will include new flooring, lighting, ceilings, seating and a new sound system. The “rainstorm” attraction, a free daily show that features thunder, lightning, fog and rain, will also be enhanced. The renovation includes a redesign to Miracle Mile Shops’ exterior entrances on the Las Vegas Strip and Harmon Avenue, featuring …

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

San Diego’s Unique Retail Environment Proves Pandemic-Resilient

by Jeff Shaw

By John Hickman, Managing Director, NewMark Merrill San Diego may be California’s second most populous county, but you wouldn’t know it by strolling through one of its many business districts. The county has grown up since its early days as a small military outpost, yet today its hundreds of communities and neighborhoods still impart a small-town feel. The retail real estate market reflects an intimate beach town vibe with a tightly knit brokerage and landlord community. Brokers and investors can cover the market with a limited footprint, while many retailers can achieve a major presence with a handful of locations. This is opposed to the dozens of locations they may require in other California markets, such as Los Angeles, Orange County and the Bay Area. And big, national brands aren’t the only retailers finding success — 98 percent of firms in San Diego are small businesses. Retailers in San Diego are open to taking chances on new concepts and structuring different types of leases. They’re also willing to pay slightly higher rent to gain access to the area’s strong demographics and limited supply of new shopping centers. This uniqueness provided resiliency during the pandemic and will contribute to a thriving …

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