Retail

Topcoat Nail Bar Opens 2,000 SF Nail Salon in Lenexa City Center

by Kristin Harlow March 3, 2022

LENEXA, KAN. — Topcoat Nail Bar has opened at The District at Lenexa City Center in Kansas. Topcoat’s new space spans 2,000 square feet and is located on the south side of City Center Drive. Topcoat provides a full suite of nail and waxing services. Erin Johnston of Copaken Brooks represented ownership on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa; nearly 1 million square feet of office and retail space; and 375 residential units.

March 3, 2022

Acquisitions Massachusetts Northeast Retail

Linear Retail Acquires Two Buildings Totaling 17,000 SF in Wellesley, Massachusetts

by Taylor Williams March 3, 2022

WELLESLEY, MASS. — Linear Retail Properties LLC has acquired two buildings totaling 17,000 square feet in Wellesley, located west of Boston in Norfolk County, for a combined price of $12.2 million. The two-story building at 25-35 Central St. houses 8,500 square feet of retail space that is leased to Footstock, Laurel Grove, Marika’s Salon, Skinscapes and Winston Flowers, as well as 2,500 square feet of residential space. The building at 53-61 Central St. spans 6,000 square feet of retail space that is leased to Cocobeet, Eileen Fisher, Lacrosse Unlimited, O’Neil Jewelers and Wellesley Toy Shop. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed sellers in the transactions.

March 3, 2022

Acquisitions Company News Northeast Retail Southeast Top Stories

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2B

by Katie Sloan March 3, 2022

MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers. In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …

March 3, 2022

Market Reports Midwest Midwest Market Reports Minnesota Retail

Work-from-Home Boosts Suburban Minneapolis Retail Market

by Kristin Harlow March 3, 2022

The metro Minneapolis retail real estate market is healthy overall coming out of 2021, with suburban submarkets on fire in many cases and urban submarkets generally subdued. A major overhang of supply was absorbed across the region last year as construction slowed dramatically, pushing retail vacancies down, rents up and sales prices of single and multi-tenant assets higher overall. It’s a testament to the market’s overall stability and resilience given the multiple waves of COVID, and events surrounding the George Floyd case that was prosecuted last year in the city. Work-from-home effect With many white-collar professionals still working from home and the center-cities tougher on mask mandates and vaccine requirements, the suburbs have shone the brightest. Vacancies were as low as 6 percent in some areas, with the overall market at 8.2 percent at year-end, according to the Minnesota Commercial Association of Real Estate/Realtors (MNCAR). Among the strongest performing submarkets have been Apple Valley, Maple Grove, Coon Rapids and Woodbury. The metro’s eight regional malls are generally faring well, unlike in some other markets across the U.S. that are more over-supplied. That said, there’s some adaptive reuse going on, including in the northwest suburb of Maple Grove where a freestanding …

March 3, 2022

Acquisitions California Hospitality Mixed-Use Retail Western

Stockdale Capital Acquires 186,000 SF Los Angeles Athletic Club

by Amy Works March 2, 2022

LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.

March 2, 2022

Leasing Activity Restaurant Retail Texas

Federal American Grill Opens 7,218 SF Restaurant in The Woodlands, Texas

by Taylor Williams March 2, 2022

THE WOODLANDS, TEXAS — Federal American Grill, a concept focused on steaks, seafood and whiskey cocktails, has opened a 7,218-square-foot restaurant in The Woodlands, located about 30 miles north of Houston. The location at Wood Ridge Plaza Shopping Center is the restaurant’s fourth in the Houston area. David Littwitz of Littwitz Investments represented Federal American Grill in the lease negotiations. Katherine Wildman of Wulfe & Co. represented the landlord, and entity doing business as CH Realty VI/R Houston Wood Ridge LP.

March 2, 2022

Acquisitions Michigan Midwest Retail

Mid-America Brokers Sale of 333,329 SF Shopping Center Near Muskegon, Michigan

by Kristin Harlow March 2, 2022

NORTON SHORES, MICH. — Mid-America Real Estate Corp. has brokered the sale of Lakeshore Marketplace in Norton Shores, a city in western Michigan near Muskegon. Milwaukee-based Berengaria Development purchased the 333,329-square-foot shopping center for an undisclosed price. Tenants include T.J. Maxx, HomeGoods, Burlington, Hobby Lobby, Dunham’s Sports, Petco, Dollar Tree, Barnes & Noble, Old Navy and Five Below. Ben Wineman and Daniel Stern of Mid-America represented the seller, a joint venture between an affiliate of Atlanta-based RCG Ventures LLC and a New York City-based partner.

March 2, 2022

Acquisitions Midwest Ohio Retail

First National Realty Partners Acquires 218,000 SF Shopping Center in Columbus

by Kristin Harlow March 2, 2022

COLUMBUS, OHIO — First National Realty Partners (FNRP) has acquired Consumer Square West in Columbus for an undisclosed price. The 218,000-square-foot shopping center is situated on 25 acres along Soldano Boulevard. A nearly 65,000-square-foot Kroger store anchors the center. Other tenants include Planet Fitness, Rainbow Apparel, Dollar Tree, Shoe Show, Bargain Hunt, Pet Supplies Plus and Sally Beauty. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New Jersey-based private investor. The transaction marks the fifth purchase in Ohio for New Jersey-based FNRP.

March 2, 2022

Leasing Activity Michigan Midwest Retail

FURN on Leonard Opens 4,000 SF Furniture Store in Grand Rapids

by Kristin Harlow March 2, 2022

GRAND RAPIDS, MICH. — FURN on Leonard, a liquidation furniture boutique, has opened a 4,400-square-foot store at 444 Leonard St. NW in the West Grand neighborhood of Grand Rapids. The boutique sells a variety of furniture and décor items at affordable prices. The space includes a retail showroom and a warehouse in the back. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted FURN on Leonard in securing the lease. Meg Giampapa is the store’s owner.

March 2, 2022

Loans New York Northeast Retail

IDB Bank Provides $19M Loan for Refinancing of Retail Property in Nanuet, New York

by Taylor Williams March 2, 2022

NANUET, N.Y. — IDB Bank has provided a $19 million loan for the refinancing of a 220,000-square-foot retail property located north of New York City. The property, which formerly housed a Macy’s but is now anchored by home improvement retailer At Home, sits adjacent to Shops at Nanuet, an outdoor lifestyle center owned by Simon Property Group. Chris Kramer, Dustin Stolly and Jordan Roeschlaub of Newmark placed the loan with IDB Bank on behalf of the borrower, a partnership between Metropolitan Realty Associates and New York-based private equity firm Angelo Gordon that acquired the asset in 2018.

March 2, 2022

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