Retail

Dick’s Sporting Goods to Open ’75 to 100′ New House of Sport Stores Over Next Five Years

by John Nelson March 8, 2023

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) plans to open as many as “75 to 100” new House of Sport stores over the next five years, according to Lauren Hobart, CEO of the Pittsburgh-based retailer. House of Sport is a retail concept that provides interaction and experiences including putting greens, rock walls, batting cages and turf baseball fields, along with sports-related apparel and equipment for sale. There are currently three House of Sport stores in Rochester, N.Y.; Knoxville, Tenn.; and Minnetonka, Minn. “House of Sport will be a significant part of our future growth story,” says Hobart. “Over the next two years, we plan to open around 20 additional locations, including downtown Boston and our two hometowns of Pittsburgh and Binghamton, N.Y.” Hobart’s comments came during an earnings call following the release of Dick’s Sporting Goods’ fiscal fourth-quarter 2022 earnings report. According to CNBC, Dick’s outperformed expectations with a 5.3 percent increase in same-store sales during its fiscal 2022, which ended Jan. 28. Analysts predicted the retailer’s same-store sales would rise only 2.1 percent. Dick’s recently announced its decision to exit its Field & Stream brand, which focused on outdoor sports such as fishing and hunting. As a result, the …

March 8, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Merrillville, Indiana

by Kristin Harlow March 7, 2023

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza in Merrillville, a city in Northwest Indiana. The 18,215-square-foot retail property is located at 3999 E. 81st Ave. and is home to tenants such as Panera. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.

March 7, 2023

Leasing Activity Michigan Midwest Retail

Destruction Depot Rage Room Signs 4,240 SF Retail Lease in Fenton, Michigan

by Kristin Harlow March 7, 2023

FENTON, MICH. — Destruction Depot Rage Room has signed a 4,240-square-foot retail lease at Fenton Town Center in Fenton, a far northwest suburb of Detroit. The space was formerly occupied by a hydroponics store. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group. VG’s Grocery anchors the shopping center. Destruction Depot Rage Room is an entertainment concept where users wear safety gear and get to smash items such as computers, TVs, vases and dishes.

March 7, 2023

Acquisitions California Restaurant Retail Western

Covenant Real Estate Group Divests of Two-Tenant Retail Pad in Roseville, California

by Amy Works March 7, 2023

ROSEVILLE, CALIF. — Irvine-based Covenant Real Estate Group has completed the sale of a newly constructed, two-tenant retail pad at Freedom Point Plaza in Roseville. A Stockton-based private investor acquired the asset for $4 million. Chipotlane, a Chipotle digital order drive-thru location, and Roku Sushi occupy the 4,808-square-foot building, which is located at 4200 Thrive Drive. Tenants at Freedom Point Plaza include TopGolf and Living Spaces. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Scott Pesch of Eureka-based CB Commercial Pacific Partners represented the buyer in the transaction.

March 7, 2023

Acquisitions Colorado Net Lease Retail Western

RealSource Brokers $3.1M Sale of Grease Monkey-Occupied Retail Property in Monument, Colorado

by Amy Works March 7, 2023

MONUMENT, COLO. — RealSource Group has arranged the sale of a single-tenant retail building located at 213 W. Highway 105 in Monument, approximately 50 miles south of Denver. A Monument-based private investor sold the asset to a Houston-based private real estate investment firm for $3.1 million. Oil change service provider Grease Monkey occupies the 5,309-square-foot building, which was built in 1995 and renovated in 2007. The tenant recently signed a 10-year initial lease with 10 percent rental increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented the seller in the deal.

March 7, 2023

Acquisitions Florida Retail Southeast

Azor Advisory Brokers $13.9M Sale of Retail Center in South Florida

by John Nelson March 6, 2023

SUNRISE, FLA. — Azor Advisory Services has brokered the $13.9 million sale of The Sawgrass Home Design Center, a retail center located at 13001-13191 W. Sunrise Blvd. in Sunrise, approximately 30 miles northwest of Miami in Broward County. The 45,000-square-foot property was 83 percent leased at the time of sale to tenants including DXL Casual Male, Bella Salon Suites, Lighting Outlet, Compass Research and Caremax. Beth Azor of Azor Advisory represented the seller, a partnership doing business as FVP Sawgrass LLC, which originally acquired the property in 2011. Apogee Realty Inc. and an entity doing business as Capital Group Realty 2004 LLC represented the buyer, Harvest International Investments.

March 6, 2023

Development Retail Texas

SVN | J. Beard Real Estate Begins Leasing 9,615 SF Retail Project in Magnolia, Texas

by Taylor Williams March 6, 2023

MAGNOLIA, TEXAS — SVN | J. Beard Real Estate has begun leasing Country Forest Plaza, a 9,615-square-foot retail project located at 11828 FM 1488 in Magnolia, about 45 miles northwest of Houston. Retail spaces will range in size from 1,300 to 5,715 square feet. Kane Dunbar served as general contractor for the project, construction of which began in January and is expected to be complete during the summer.

March 6, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 124,262 SF Shopping Center in Metro Philadelphia

by Taylor Williams March 6, 2023

NEW BRITAIN, PA. — JLL has brokered the sale of Town Center of New Britain, a 124,262-square-foot shopping center located on the northern outskirts of Philadelphia. Giant Food anchors the center, which was built in 1990 and renovated in 2002. At the time of sale, Town Center of New Britain was 91 percent leased, and other tenants include Rite Aid, Dollar Tree, Verizon Wireless and AutoZone. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, Federal Realty Investment Trust, in the transaction. Milbrook Properties acquired the asset for an undisclosed price.

March 6, 2023

Acquisitions Kansas Midwest Retail

Marcus & Millichap Arranges $2.3M Sale of Retail Property in Liberal, Kansas

by Kristin Harlow March 6, 2023

LIBERAL, KAN. — Marcus & Millichap has arranged the $2.3 million sale of a 4,743-square-foot retail property in Liberal, a city in Southwest Kansas. Starbucks and T-Mobile occupy the building, which was constructed in 2022 and is located at 1411 N. Kansas Ave. Alex Van Krevel, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer, a private 1031 exchange investor. James Litzler of Marcus & Millichap Capital Corp. arranged an acquisition loan, which featured a fixed interest rate of 5.84 percent and a 68 percent loan-to-value ratio.

March 6, 2023

Acquisitions California Retail Western

SRS Brokers $5.4M Sale of Multi-Tenant Retail Property in Palmdale, California

by Amy Works March 6, 2023

PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sale of a multi-tenant retail property located at 39178 10th St. West in Palmdale. A Texas-based owner and operator of retail properties sold the asset to a private investor for $5.4 million. At the time of sale, the 11,788-square-foot property was fully occupied by six tenants, including Jenny Craig and Verizon. The property is a portion of Palmdale Marketplace, a 450,000-square-foot power center anchored by Target, Lowe’s Home Improvement Warehouse and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented the seller and buyer in the transaction.

March 6, 2023

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