GYPSUM, COLO. — Marcus & Millichap has arranged the sale of Brightwater Club, a golf course and residential development opportunity in Gypsum. Gypsum Creek Holdings sold the asset to Siena Development for an undisclosed price. Brightwater Club consists of a master-planned, 640-acre residential development with a Phase II development planned on the adjacent 323-acre tract that currently has four residences, three barns and two lakes. James Stewart of Marcus & Millichap represented the seller and procured the buyer in the deal.
MILFORD, CONN. — Colliers has brokered the sale of Liberty Rock Shopping Center, a 175,000-square-foot shopping center in Milford, located in the southern central part of the state. Tenants at Liberty Rock Shopping Center include Ocean State Job Lot, Dollar Tree, Walgreens and Taco Bell. John Cafasso and Ian Hunt of Colliers represented the seller and procured the buyer, a locally based development and investment firm, in the transaction. Both parties requested anonymity.
WOODBURY, N.Y. — New Jersey-based Cronheim Mortgage has arranged a $13 million loan for the refinancing of a 55,000-square-foot retail property on Long Island. Located along the Jericho Turnpike in the community of Woodbury, the property is fully occupied by grocer Stop & Shop. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and four years of interest-only payments. The borrower was full-service firm Woodpath Associates LLC. Texas-based Aurora National Life Assurance Co. provided the loan.
TEMECULA, CALIF. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. California-based Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.
By Bret Nicholson, Retail Specialist, Marcus & Millichap Reno’s retail sector is setting records as of February 2022. Vacancies are hovering near an all-time low of 4.9 percent, and asking rents have risen to new heights, averaging $1.72 per square foot on a monthly basis. Sellers are achieving cap rates comparable to those seen in core markets, resulting in sale prices that many would not have thought possible only a few years ago. A number of factors have contributed to the continued absorption of retail vacancies in Reno. On a local level, Reno now has roughly 150 percent more six-figure jobs compared to 2015. This allows for more discretionary retail spending. In addition, very high construction costs and development delays have forced businesses to consider repurposing existing retail space. For example, a 24 Hour Fitness shuttered at 6155 Neil Road, leaving behind a vacant 24,000-square-foot special-use building. Not long after the health club’s exit, the Coral Academy of Science began renovating the space and is now an operational elementary school. Despite many vacancies having been repurposed and filled since 2020, demand for retail space in Reno continues. About 265,000 square feet of new construction is expected to be completed in 2022, which will be …
LAKE WORTH BEACH AND WEST PALM BEACH, FLA. — Current Capital Management has acquired two shopping centers in Lake Worth Beach and West Palm Beach for $12.8 million. Todd Nepola of Current Capital Management led the transaction on an internal basis. Chatam Management was the seller. Benedict Gutierrez of Marcus & Millichap arranged the transaction, and South State Bank provided a $9 million acquisition loan for the buyer. The sold properties include Coco Plum Plaza, a 43,801-square-foot retail center located at 2845 N Military Trail in West Palm Beach, and Shoppes of Lake Worth, a 38,530-square-foot retail center located at 6651 Lake Worth Road in Lake Worth Beach. Both properties were fully occupied at the time of sale. The new owners plan to implement minor upgrades such as fresh paint and the addition of LED lighting throughout, as well as landscaping and signage upgrades.
CHRISTIANSBURG, VA. — SRS Real Estate Partners has brokered the $8.2 million sale of North Shops at Spradlin Farm, a 17,290-square-foot, multi-tenant retail center in Christiansburg. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented the seller, a North Carolina-based shopping center fund. Tyler Price of Price Richards Commercial represented the buyer, a California-based investment firm that was in a 1031 exchange. Built in 2000, North Shops at Spradlin Farm was fully occupied at the time of sale to tenants including Mattress Firm, AT&T, Supercuts and MedExpress. The retail property is an outparcel to Spradlin Farm Shopping Center, a 441,000-square-foot power center anchored by Target, The Home Depot, Big Lots and T.J. Maxx. Located at 10-100 Spradlin Farm Drive on two acres, North Shops at Spradlin Farm is situated at the major intersection of North Franklin Street and Spradlin Farm Drive NW. The property is also 4.6 miles from Virginia Tech Montgomery Executive Airport and 6.7 miles from Virginia Tech.
CINCINNATI — SRS Real Estate Partners has brokered the sale of Ridgewater Plaza in Cincinnati for $10.2 million. The 175,945-square-foot shopping center is located at 3240 Highland Ave. The property is 92 percent occupied by tenants such as American Freight and NAPA Auto Parts. Jack Cornell of SRS represented the seller, Oklahoma-based Frayer Enterprises, as well as the buyer, an Ohio-based private real estate investment firm.
BEACHWOOD, OHIO — The Cooper Commercial Investment Group has negotiated the $3.8 million sale of a single-tenant property occupied by P.F. Chang’s in Beachwood, a suburb of Cleveland. The restaurant’s lease expires in 2025. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the all-cash buyer. The transaction represents a cap rate of 4.62 percent. The property sold for $543 per square foot and at approximately 98 percent of the list price.
By Kenneth Katz, co-founder and principal, Baker-Katz The COVID-19 pandemic has reshaped the commercial real estate landscape, and retail has been no exception. Over the past two years, Americans have flocked to rural and suburban communities on the outskirts of major cities, seeking lower living costs and a better quality of life. An uptick in demand for residential real estate followed, and hot on its heels came increased demand for new retail and restaurant spaces to serve growing populations. Done right, retail construction can meet the emerging needs that migration trends expose, bringing new life and vitality to communities. Intelligent, efficient development practices can bring major retailers to consumers who would have previously traveled further afield, costing the city revenue. However, not every site or project is workable. Developers need to identify the right location — and the right moment. In January 2021, Houston-based Baker Katz broke ground on Brenham Crossing, a 50-acre, 250,000-square-foot shopping center in Brenham, Texas. Nestled midway between Houston and Austin, with a population of close to 75,000, Brenham and the surrounding area quickly attracted new residents as more Americans sought temperate climates and a more accessible housing market. In 2021, Texas topped U-Haul’s growth index …