Retail

Whole Foods to Anchor $1B Mixed-Use Development in Downtown Greenville, South Carolina

by John Nelson March 21, 2023

GREENVILLE, S.C. — Whole Foods Market has signed on to anchor Greenville County Square, a $1 billion mixed-use redevelopment project in downtown Greenville. Atlanta-based RocaPoint Partners is the developer behind the 3.5 million-square-foot live-work-play destination, which will modernize and activate 40 acres along University Ridge. The Austin, Texas-based grocer will occupy a standalone building designed by MVA Architects. Whole Foods is the first tenant announced, and RocaPoint is currently pursuing other credit-worthy retailers and restaurants to join the development. “Whole Foods Market will add to the development’s lively charm and represents the quality of the tenants we’re targeting to drive economic growth while simultaneously answering public interest at Greenville County Square,” says Patrick Leonard, principal of RocaPoint. The developer says that Greenville County Square will serve as a connective hub to the city’s outdoor-oriented attractions, namely Falls Park and the new Cancer Survivor’s Park. Additionally, the project is expected to connect with the historic Swamp Rabbit Trail, a 22-mile walking and biking path that runs along the Reedy River and connects Greenville to Travelers Rest, S.C. “This redevelopment is positioned to be the ideal walkable environment for residents and visitors with a strategic blend of office, hotels, residential, restaurant, entertainment and …

March 21, 2023

Acquisitions North Carolina Retail Southeast

EverWest Sells Retail Center in Charlotte’s SouthPark District for $40.2M

by John Nelson March 20, 2023

CHARLOTTE, N.C. — EverWest Real Estate Investors has sold Specialty Shops SouthPark in Charlotte for $40.2 million. Located at 6401 Carnegie Blvd. in the city’s SouthPark submarket, the property totals 65,362 square feet. Tenants at the retail center include Williams-Sonoma, Drybar, Talbots and Paco’s Tacos & Tequila. Hill Partners, a Charlotte-based owner, developer and redeveloper of retail properties, was the buyer.

March 20, 2023

Acquisitions Oregon Retail Western

IPA Arranges Sale of 84,610 SF Jackson Creek Shopping Center in Medford, Oregon

by Jeff Shaw March 20, 2023

MEDFORD, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $6.1 million sale of Jackson Creek Center, an 84,610-square-foot shopping center in Medford. Albertson’s anchors the property, which was 93 percent occupied at the time of sale. Other tenants at the center include Oregon Internal Medicine, West Main Spirits, Ace Force One, El Arriero, Subway, UScellular and Wells Fargo. Bill Rose of IPA represented the seller, Citivest Commercial Investments, in the transaction. Adam Lewis is Marcus & Millichap’s broker of record in Oregon.

March 20, 2023

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Negotiates $1.1M Sale of Dollar General-Occupied Property in Osceola, Wisconsin

by Kristin Harlow March 20, 2023

OSCEOLA, WIS. — Marcus & Millichap has negotiated the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Osceola, about 47 miles northeast of Minneapolis. The net-leased building is located at 928 240th St. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the seller, a Milwaukee-based limited liability company. The property sold to a 1031 exchange, all-cash buyer. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.

March 20, 2023

Development Leasing Activity Mixed-Use North Carolina Retail Southeast

Publix Opens 46,791 SF Store at Marketplace at Ellis Crossing in Durham

by John Nelson March 17, 2023

DURHAM, N.C. — Publix Super Markets has opened a 46,791-square-foot store at Marketplace at Ellis Crossing, a 30-acre mixed-use development underway in Durham. Located at the northeast corner of Ellis Road and Watchorn Street, the project marks the fourth North Carolina development for Thompson Thrift. Other tenants at the property, which features an additional 25,000 square feet of retail space, include Chipotle and First National Bank, which is scheduled to open in 2024. Sheetz, Heartland Dental, Lee Nails and It’s a Southern Thing Kitchen & Bar are also expected to open at the development this summer.

March 17, 2023

Development Leasing Activity Mixed-Use North Carolina Restaurant Retail Southeast

Massage Studio, Brewery Sign Leases Totaling 5,000 SF at Oakhurst Commons in Charlotte

by John Nelson March 17, 2023

CHARLOTTE, N.C. — Two tenants have signed leases at Oakhurst Commons, a 135,000-square-foot adaptive reuse project currently underway in Charlotte. Massage studio Mood House will lease 3,000 square feet, marking the brand’s second Charlotte location. Additionally, Pop the Top Craft Beer will open a 2,000-square-foot brewery with outdoor patio space. A joint venture between MDH Partners and Parkside Partners acquired the property — located at 4000 Monroe Road and formerly home to a five-building office, warehouse and lab facility — in 2021. Upon completion, the development will include 120,000 square feet of office space and 15,000 square feet of retail space. Alex Mann of Thrift Commercial Real Estate Services handles leasing for the project.

March 17, 2023

Acquisitions Retail Texas

Partners Real Estate Arranges Sale of 5,302 SF Car Wash in Metro Austin

by Taylor Williams March 17, 2023

ROUND ROCK, TEXAS — Partners Real Estate, the Houston-based investment and brokerage firm formerly known as NAI Partners, has arranged sale of a 5,302-square-foot retail property in the northern Austin suburb of Round Rock that is leased to Mister Car Wash. Landan Dory and Jason Chtay of Partners represented the buyer, an entity doing business as AJH Williamsburg Ltd., in the transaction. Spencer Henderson and Jim Ceresnak from B&E CRE represented the undisclosed seller.

March 17, 2023

Acquisitions Midwest Restaurant Retail Wisconsin

Marcus & Millichap Arranges $1.1M Sale-Leaseback of Jimmy John’s-Occupied Property in Wisconsin

by Kristin Harlow March 17, 2023

STURGEON BAY, WIS. — Marcus & Millichap has arranged the $1.1 million sale-leaseback of a 1,650-square-foot property occupied by Jimmy John’s in Sturgeon Bay, a city in eastern Wisconsin. The single-tenant, net-leased building is located at 845 Egg Harbor Road. The property was originally built in 1995 and reconfigured for Jimmy John’s in 2017. Damien Yoder and Madison Harman of Marcus & Millichap represented the seller, a private investor. Tom Gommels of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.

March 17, 2023

Acquisitions California Retail Western

NAI Brokers Sale of 20,909 SF Atlantic Center Mini Mall in Bell, California

by Jeff Shaw March 17, 2023

BELL, CALIF. — NAI Capital Commercial has arranged the purchase of Atlantic Center Mini Mall, a 20,909-square-foot retail center located in Bell, just south of Los Angeles. Steven Weiss and Sam Kangavari of NAI represented the buyer, a private investor, in the transaction. The buyer plans to redevelop the property, converting it to a single-tenant retail building. The NAI team also negotiated a new lease with a national tenant.

March 17, 2023

Affordable Housing Civic Development Florida Loans Mixed-Use Multifamily Retail Southeast Walker & Dunlop

Walker & Dunlop Arranges $51M Construction Financing for City Hall, Affordable Housing Project in South Florida

by John Nelson March 16, 2023

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.

March 16, 2023

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