Retail

Progressive Real Estate Partners Negotiates $4.5M Sale of Multi-Tenant Retail Property in Carlsbad, California

by Amy Works December 2, 2022

CARLSBAD, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail center located at 711 Grand Ave. in Carlsbad. A New York-based private investor sold the asset to a San Diego-based private investor for $4.5 million, or $976 per square foot. Built in 2019, the 4,584-square-foot property is fully leased to three tenants: Harumana Noodles + Buns, Village Optical and The Shop Salon, all of which are on triple-net leases. Mike Lin of Progressive Real Estate Partners represented the seller, while Josh Simms and Ryan King of Voit Real Estate Services represented the buyer in the transaction.

December 2, 2022

Healthcare Leasing Activity New Jersey Northeast Retail

Azarian Realty Secures Two Retail Leases Totaling 5,400 SF in Northern New Jersey

by Taylor Williams December 2, 2022

ALLENDALE, N.J. — Azarian Realty Co. has secured two new leases at Allendale Town Center, a 90,000-square-foot shopping center located in Northern New Jersey. Bergen County Pediatric Dentistry will occupy 2,270 square feet, and AM/PM Walk-In Urgent Care will occupy 3,100 square feet. Kevin Pelio of Azarian represented the landlord and tenant in both sets of lease negotiations. Primo Hoagies, a sandwich shop, is also scheduled to open a 2,008-square-foot shop at the center in 2023.

December 2, 2022

Colorado Loans Retail Western

JLL Arranges $28.8M Refinancing for Northglenn Marketplace in Colorado

by Amy Works December 1, 2022

NORTHGLENN, COLO. — JLL Capital Markets has arranged the $28.8 million refinancing of Northglenn Marketplace, a regional shopping center located at 421 W 104th Ave. in Northglenn. Eric Tupler and Rob Bova of JLL Capital Markets Debt Advisory secured the five-year, floating-rate loan through HTLF for the borrower, a joint venture managed by Hutensky Capital Partners. Lowe’s Home Improvement Warehouse, JO-ANN Fabrics and Crafts, Ross Dress for Less, PetSmart, Woodley’s, Office Depot, Painted Tree Boutiques, dd’s Discounts, Five Below, K&G Fashion Superstore and Cinzetti’s are tenants at Northglenn Marketplace, which was built in 1999.

December 1, 2022

Acquisitions Colorado Retail Western

Capstone Brokers Sale of Former Sears Site in Lakewood, Colorado

by Amy Works December 1, 2022

LAKEWOOD, COLO. — Capstone Colorado Land Team has brokered the sale of a 7.65-acre lot at 10785 Colfax Ave. in Lakewood. Austin, Texas-based Artesia Real Estate Investors acquired the land parcel for an undisclosed price. The site includes the former Sears department store and a separate outparcel building that previously operated as the Sears Automotive Center. The two unoccupied buildings offer a total of 163,957 square feet of commercial space. Travis Hodge and Anthony Bobay of Capstone represented the undisclosed seller, while Artesia Real Estate Investors was self-represented in the transaction.

December 1, 2022

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 10,000 SF Retail Property in Houston

by Taylor Williams December 1, 2022

HOUSTON — Marcus & Millichap has brokered the sale of a 10,000-square-foot retail property located at 6300 North Main St. in Houston’s Heights neighborhood. According to LoopNet Inc., the property was built in 2015. Justin Miller of Marcus & Millichap represented the seller, a locally based developer, in the transaction and procured a 1031 exchange investor as the buyer. Both parties requested anonymity.

December 1, 2022

Acquisitions Retail Texas

STRIVE Arranges Sale of 8,953 SF Retail Strip Center in Flower Mound, Texas

by Taylor Williams December 1, 2022

FLOWER MOUND, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of an 8,953-square-foot retail strip center in Flower Mound, a northern suburb of Fort Worth. The property sits at the front of the 158-acre Riverwalk mixed-use development and was fully leased to three tenants at the time of sale. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were locally based entities that requested anonymity.

December 1, 2022

Acquisitions New York Northeast Office Retail

Newmark Arranges $127.4M Loan for Refinancing of Office Building in Manhattan’s SoHo District

by Taylor Williams December 1, 2022

NEW YORK CITY — Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a 176,000-square-foot office building in Manhattan’s SoHo neighborhood. American business magnate John Jacob Astor originally developed the building in 1882, and in 1991, the property was redesigned to become the Guggenheim Museum SoHo. The museum subsequently occupied the site for the next decade. Today, the property is owned by entrepreneur Peter Brant and houses an array of traditional office and retail users such as Estee Lauder, H&M and the New York City flagship location of Prada. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani of Newmark arranged the loan through Citigroup and Société Générale.

December 1, 2022

Development Hospitality Mixed-Use Multifamily Office Retail Texas Top Stories

StreetLights Residential Plans $3B The Mix Development in Frisco, Texas

by Katie Sloan December 1, 2022

FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development. The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space. The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026. The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …

December 1, 2022

Healthcare Leasing Activity Maryland Retail Southeast

Edge Negotiates 20,000 SF Retail Lease With Vet Clinic at Frederick Crossing in Maryland

by John Nelson November 30, 2022

FREDERICK, MD. — Edge has negotiated a 20,000-square-foot retail lease with Partner Veterinary Emergency and Specialty Center at Frederick Crossing, a nearly 300,000-square-foot power retail center located at 7330 Guilford Drive in Frederick. Kristin Rebeck of Edge represented the tenant, which plans to open the clinic in the spring and employ roughly 70 people once fully operational. Adam Greenberg of DLC Management Group represented the landlord, a partnership between DLC and Acadia Realty Trust. Situated near I-70, Frederick Crossing’s tenant roster includes Kohl’s, Best Buy, Regency Furniture, Ross Dress for Less, Off Broadway Shoes, Five Below, Ulta Beauty and Dollar Tree.

November 30, 2022

Colorado Development Office Retail Western

Broe Real Estate Group Begins Second Phase of $200M Cherry Creek North Mixed-Use Development in Denver

by Amy Works November 30, 2022

DENVER — Broe Real Estate Group has unveiled plans for the second phase of its $200 million Cherry Creek North redevelopment project in Denver. 250 Clayton, an eight-story, 175,000-square-foot mixed-use building, will complement 200 Clayton, the company’s eight-story, 76,000-square-foot first phase. Fully preleased, 200 Clayton is on track for delivery in spring 2023. The Beck Group designed 250 Clayton, which will feature retail space and institutional-quality commercial office space with floor plates as large as 27,000 square feet. Construction of the second phase is scheduled to begin in fourth-quarter 2023.

November 30, 2022

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