Retail

North American Properties, Nuveen Acquire Mixed-Use Property in North Atlanta Suburb

by Julia Sanders April 11, 2022

PEACHTREE CORNERS, GA. — Cincinnati-based North American Properties and Nuveen Real Estate have acquired The Forum on Peachtree Parkway, a 500,000-square-foot shopping center in Peachtree Corners, about 22.9 miles from downtown Atlanta. The seller and sales price were not disclosed. Originally opened in 2002, The Forum on Peachtree Parkway is an open-air lifestyle center that is home to a mix of retail, restaurants and office space, including lululemon, Pottery Barn, Trader Joe’s and Ulta Beauty. Property amenities include walking trails, property-wide Wi-Fi, outdoor seating areas and a pedestrian bridge connecting to Peachtree Corners Town Center. North American Properties has plans to redevelop the property, including making the public realm bigger, improving the common areas and remerchandising the retail collection. No other redevelopment plans were disclosed.

April 11, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $23M Sale of Retail Portfolio in Miami

by Julia Sanders April 11, 2022

MIAMI — Marcus & Millichap has arranged the sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The assets sold for $23 million, or $922.77 per square foot. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the German-based buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square feet of gross leasable space at 3300 N Miami Ave. and 30 NW 34 St. The property also includes 30 dedicated parking spaces. The adjacent retail assets are located about 7.5 miles from Miami International Airport and 6.4 miles from Miami Beach.

April 11, 2022

Acquisitions Florida Retail Southeast

Navarra Investments Sells Avenue Shoppes Retail Center in Orlando for $8.1M

by Julia Sanders April 11, 2022

ORLANDO, FLA. — Navarra Investments LLC has sold Avenue Shoppes, a 42,196-square-foot retail strip center and outparcel in Orlando. John Krzyminski and Max Krzyminski of JLL represented the seller and procured the buyer, House Reform Group. The sales price was $8.1 million. Originally constructed in 1988, Avenue Shoppes was most recently renovated in 2020 when the seller implemented a capital improvement plan to reposition the property. The property was 94 percent leased at the time of sale to tenants including Euro Living, Wallcoverings Mart, Toxic Lounge, Greenberg Dental, GL Staffing, Little New Orleans, Let’s Relax Spa, Le’s Alternations, Memories of Peru, Adega Gaucha and Estrella Insurance. Located on 2.7 acres at 8204 Crystal Clear Lane, the center is situated 12.4 miles from Walt Disney World Resort and 9.6 miles from Orlando International Airport.

April 11, 2022

Acquisitions Illinois Midwest Retail

Newport Capital Partners Sells Edens Plaza Shopping Center in Suburban Chicago for $110M

by Kristin Harlow April 11, 2022

WILMETTE, ILL. — Chicago-based Newport Capital Partners has sold Edens Plaza in the Chicago suburb of Wilmette for $110 million. Massachusetts-based WS Development was the buyer. The shopping center spans 350,000 square feet. Current tenants include The Fresh Market, Walgreens, Chicagoland Children’s Health Alliance, Starbucks and Big Blue Swim School. The property also comprises a two-story department store that was formerly occupied by Carson Pirie Scott and is currently vacant. Newport acquired Edens Plaza in 2018 and the vacant department store in 2019. WS plans to open the first-ever bricks-and-mortar store for online furniture retailer Wayfair in the department store. Joe Girardi of Mid-America Real Estate Group brokered the transaction.

April 11, 2022

Acquisitions Retail Texas

JLL Arranges Sale of 383,346 SF Champions Village Retail Power Center in Northwest Houston

by Taylor Williams April 8, 2022

HOUSTON — JLL has arranged the sale of Champions Village, a 383,346-square-foot retail power center situated on 31.5 acres in northwest Houston. Retailers at the property include grocer Randalls, Barnes & Noble, T.J. Maxx, Tuesday Morning, Kirklands, Jenny Craig, Supercuts, Bath & Body Works, Body & Brain Yoga and Berkeley Eye Center. Restaurant users include La Madeleine, Don Ramons Mexican Restaurant, Cassandra’s Louisiana Kitchen and MOD Pizza. Chris Gerard, Ryan West, Sherri Rollins and Ethan Goldberg of JLL represented the seller, New Market Properties LLC, a subsidiary of Atlanta-based REIT Preferred Apartment Communities Inc., in the transaction. New Jersey-based First National Realty Partners acquired the asset for an undisclosed price.

April 8, 2022

Leasing Activity Retail Southeast Virginia

Four Retailers Join Tenant Lineup at Village at Leesburg in Leesburg, Virginia

by Julia Sanders April 8, 2022

LEESBURG, VA. — Four retailers are joining the tenant lineup at Village at Leesburg, a mixed-use property with over 60 boutiques, restaurants and entertainment experiences in Leesburg. Rappaport owns, manages and leases Village at Leesburg. The tenants joining the lineup include Sienna Sky Boutique, a women’s clothing store; Mochinut, a mochi donut store; My Wellness Physicians, a weight loss and weight management provider; and Playful Pack, a doggy daycare and boarding provider. Other tenants currently at the Village at Leesburg include Wegmans, CMX Cinemas and Bowlero.

April 8, 2022

Development Illinois Leasing Activity Midwest Retail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow April 8, 2022

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

April 8, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $5.6M Sale of Tesla Auto Center in Lyndhurst, Ohio

by Kristin Harlow April 8, 2022

LYNDHURST, OHIO — Marcus & Millichap has arranged the $5.6 million sale of a Tesla dealership and service center in Lyndhurst, an eastern suburb of Cleveland. The 23,428-square-foot, net-leased property is located at 5180 Mayfield Road. Opened in 2014, the location is one of four Tesla dealerships in the state of Ohio. There are eight years remaining on the initial 10-year lease. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer, a Florida-based limited liability company. Seller information was not provided.

April 8, 2022

Acquisitions Nevada Retail Western

Dreamwork Management Buys Crossroads at Sunset Retail Center in Henderson, Nevada for $28.7M

by Amy Works April 8, 2022

HENDERSON, NEV. — Dreamwork Management has acquired Crossroads at Sunset, a 13.9-acre multi-tenant retail center at the corner of Sunset Road and Stephanie Street in Henderson. SS Capital sold the asset for $28.7 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the transaction.

April 8, 2022

Idaho Loans Restaurant Retail Western

PSRS Secures $4.6M Refinancing for Two Retail Properties in Meridian, Idaho

by Amy Works April 8, 2022

MERIDIAN, IDAHO — PSRS has secured a $4.6 million refinancing for Gramercy and Mason Creek Retail, two retail assets in Meridian. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the 65 percent loan-to-value, nonrecourse loan with a 10-year term and 30-year amortization for the undisclosed borrower. The properties consist of a total of four retail buildings featuring 14 units and 27,022 square feet. All buildings are fully occupied with a diverse mix of restaurants, local and national businesses.

April 8, 2022

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