ST. LOUIS — Marcus & Millichap has negotiated the sale of a Chipotle-occupied retail property in St. Louis for $3.1 million. The 2,415-square-foot building, located at 3547 Hampton Ave., features a “Chipotlane” drive-thru. Chipotle opened for business at the location in 2020. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. The buyer was not disclosed.
BOURNE, MASS. — Boston-based brokerage firm Horvath & Tremblay has negotiated the $6 million sale of Bourne Bridge Crossing, a 23,968-square-foot retail strip center located south of Boston in Barnstable County. Tenants at the three-acre property include PetSmart, Starbucks and Domino’s. Bob Horvath and Todd Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
As the pandemic recedes, unusual supply and demand trends have taken root in retail and industrial markets throughout the nation. Factors that caused upheaval even before the arrival of COVID — the changing face of retail due to e-commerce and the growing demand for industrial real estate — continue unabated two years past the pandemic lockdowns. Los Angeles County may act as a bellwether for the rest of the country in retail and industrial trends, especially in high-cost, high-density areas, where these two real estate types often compete for space. Bayard (By) Cartmell, senior director at Walker & Dunlop, Los Angeles, has extensive experience with commercial real estate in the Los Angeles area. He has seen unprecedented demand for industrial space and growing investor interest in retail cap rates in the Los Angeles area. Cartmell sat down with REBusinessOnline to talk about the outlook for industrial and retail in Los Angeles, their intersections and the sector trends he expects to see in the coming year. Los Angeles Industrial — High Demand REBusiness: What are you seeing in terms of demand for industrial space — particularly in Los Angeles? Cartmell: There is currently almost unlimited demand for industrial space, of any size, …
ADDISON, TEXAS — AMLI Residential and Stream Realty Partners have been named master developers for a $472 million, 18-acre, mixed-use development in Addison, roughly 15 miles north of Dallas. The Town of Addison has been acquiring land for the project since the inception of the DART Light Rail system in 1983 with plans for a transit-oriented development. The project is centered on a DART Silver Line station currently under construction near Addison Circle Park, a 10-acre, master-planned public park. DART has partnered with the Town of Addison through a ground-lease structure that allows for the inclusion of both the train and bus stations in the development. Phase I of the project is set to include: A six-story, Class A office building with 150,000 square feet of leasable space and 9,000 square feet of ground-floor retail; a 13-story luxury multifamily community with 9,000 square feet of ground-floor retail space; a seven-story luxury multifamily building with 5,000 square feet of ground-floor retail space; a 650-stall parking structure with ground-floor retail; and a 45,000-square-foot entertainment complex operated by The HUB, a Texas-based creator of entertainment and restaurant venues with an emphasis on daily events and festivals. Cushman & Wakefield has represented the Town …
OMAHA, NEB. — JLL Capital Markets has brokered the sale of One Pacific Place in Omaha for $34 million. Trader Joe’s anchors the 90,945-square-foot retail center, which is 93 percent leased. Other tenants include Talbots, Chico’s, Wheatfield’s, Dentistry for Health, Five Salon, Hand & Stone Massage & Facial Spa, Bath & Body Works, Eddie Bauer, Club Champion, Power Life, Nothing Bundt Cake and Andre’s. Completed in 1989, the property was last renovated in 2010. Amy Sands, Clinton Mitchell, Michael Nieder and Chris Gerard of JLL represented the seller, a joint venture between RED Development and BIG Shopping Centers. Lund Co. Investments Inc. was the buyer.
WEST BLOOMFIELD, MICH. — Tranquility Healing Spa has leased 2,000 square feet at a retail property located at 6765 Orchard Lake Road in West Bloomfield. The property, which is also occupied by Beyond Juice, is now fully leased. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Zeerco Development. Murphy and Gerdom also represented Zeerco in the sale of the building to a local investor. Jon Kouza of AQRE Advisors represented the buyer.
ALLEN, TEXAS — CTO Realty Growth (NYSE: CTO) has entered into an agreement to acquire a $30 million preferred equity stake in Watters Creek at Montgomery Farm, a 458,000-square-foot office and retail property located in the northeastern Dallas suburb of Allen. Retail tenants at the property include Market Street, Anthropologie, Mi Cocina, DSW, The Cheesecake Factory, Brio Italian Grille and Michaels. The owner/seller of the property was not disclosed.
MCKINNEY, TEXAS — Weitzman has arranged the sale of McKinney Marketplace, a 16,918-square-foot retail strip center located on the northern outskirts of Dallas. Shadow-anchored by Sprouts Farmers Market and LA Fitness, the property was fully leased at the time of sale to tenants such as Hollywood Feed, McKinney Emergency Vet, Waterview Dentistry, Little Caesars Pizza and Club Pilates. Derek Schuster and Kevin Butkus of Weitzman represented the seller, a Plano-based investment group, in the transaction.
DEPTFORD, N.J. — JLL has negotiated the sale of Deptford Landing, a 517,096-square-foot retail power center located in Southern New Jersey’s Gloucester County. The property sits on a 67.3-acre site that sees more than 107,000 vehicles per day and was fully leased at the time of sale. Tenants include Designer Shoe Warehouse, Michaels, Five Below, PetSmart, Raymour’s Furniture, The Mattress Factory, Hand & Stone, Carter’s, Five Guys, Great Clips, Chipotle Mexican Grill and National Vision. Jose Cruz, Chris Munley, Steve Simonelli, J.B. Bruno, Jim Galbally, Colin Behr and Austin Pierce of JLL represented the undisclosed seller in the transaction. New Jersey-based Wharton Realty Group purchased the asset for an undisclosed price.
PORTSMOUTH, N.H. — New York City-based shopping center REIT RPT Realty (NYSE: RPT) has acquired The Crossings, a 510,000-square-foot retail power center located near the Massachusetts-New Hampshire border in Portsmouth, for $104 million. The open-air center was 95 percent leased at the time of sale, with grocers Trader Joe’s and Aldi anchoring the property. Other major users include Dick’s Sporting Goods, Best Buy, Kohl’s, Five Below, Ulta Beauty, Chipotle Mexican Grill and McDonald’s. The seller was not disclosed.