Retail

Palomar Group Arranges $16.8M Sale of Shopping Center in Metro Atlanta

by Julia Sanders February 1, 2022

STONECREST, GA. — The Palomar Group has arranged the sale of Turner Hill Marketplace, a 124,294-square-foot shopping center in Stonecrest, about 21.4 miles east of downtown Atlanta. A joint venture between Miami-based firms M Street Holdings and Highline Real Estate Capital acquired the property for $16.8 million. The Palomar Group represented the seller, Atlanta-based RCG Ventures, in the transaction. Built in 2001 and renovated in 2017, Turner Hill Marketplace is fully occupied by tenants such as Burlington, American Signature Furniture and Chapel Beauty. There are seven years remaining on the Burlington lease, and the American Signature Furniture and Chapel Beauty locations have new 10-year leases. Located on 2918 Turner Hill Road, Turner Hill Marketplace has access to Interstate 20 is situated 27 miles from Hartsfield-Jackson Atlanta International Airport.

February 1, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $11.9M Sale of Kroger-Anchored Shopping Center in Lake City, Georgia

by Julia Sanders February 1, 2022

LAKE CITY, GA. — Marcus & Millichap has brokered the $11.9 million sale of Lake City Commons, a 91,494-square-foot, Kroger-anchored shopping center in Lake City. Zach Taylor of Marcus & Millichap’s Taylor-McMinn Retail Group represented the seller, New York City-based SomeraRoad. The buyer, Forge Capital, a private real estate fund based in Tampa, completed an assumption of existing CMBS debt on the property. “Selling property with existing CMBS debt that must be assumed is historically difficult, but with the demand for well-located, grocery-anchored centers as high as it has ever been, there were many bidders competing for Lake City Commons,” says Taylor.

February 1, 2022

Acquisitions Retail Southeast Tennessee

Matthews Negotiates $11.8M Sale of Shopping Center in Metro Nashville

by Julia Sanders February 1, 2022

FRANKLIN, TENN. — Matthews Real Estate Investment Services has negotiated the $11.8 million sale of Carothers Crossing, a shopping center located in Franklin. Hutt Cooke and Clay Smith of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. The buyer was also not disclosed. Carothers Crossing is fully occupied by tenants such as Starbucks, FirstBank and Pacific Dental. The property includes an outparcel occupied by Life Time Fitness. The property also includes seven triple net leases. Located at 5040 Carothers Parkway, the property is situated off Interstate 65 and is 21.8 miles from Nashville.

February 1, 2022

Acquisitions Illinois Midwest Retail

Quantum Arranges Sale of REI-Occupied Retail Property in Suburban Chicago

by Kristin Harlow February 1, 2022

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by REI in Orland Park, a southern suburb of Chicago. The sales price was undisclosed. The property was fully renovated in 2021 and leased to REI on a new, long-term net lease. Chad Firsel of Quantum represented the seller, a Chicago-based development group. George Pino of Commercial Brokers International represented the buyer, a California-based private investor.

February 1, 2022

Development Kansas Midwest Restaurant Retail

IHOP, Paris Baguette to Open Near Oak Park Mall in Overland Park, Kansas

by Kristin Harlow February 1, 2022

OVERLAND PARK, KAN. — IHOP and Paris Baguette will open new locations at a pad development site fronting Oak Park Mall in Overland Park. Currently, a 34,371-square-foot office building is undergoing demolition to make way for the construction of the new pad development. IHOP will occupy 4,500 square feet and Paris Baguette will lease 1,500 square feet of the 6,000-square-foot building. Additionally, negotiations are underway with a national bank to occupy the corner pad. Alex Block of Block & Co. Inc. Realtors represented the tenants, while colleagues Daniel Brocato and David Block represented ownership. Paris Baguette is a rapidly expanding bakery café concept with dozens of locations nationwide. This will be the first location in metro Kansas City for the brand.

February 1, 2022

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 128,394 SF Shopping Center in Metro Dallas

by Taylor Williams February 1, 2022

MCKINNEY, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Craig Crossing, a 128,394-square-foot shopping center in the northern Dallas suburb of McKinney. Anchored by Club 4 Fitness, Boot Barn and Chair King, Craig Crossing was 90 percent leased at the time of sale. Other tenants include Half Price Books, Sport Clips, Fuzzy’s Taco Shop, AT&T Wireless and America’s Best Eyeglasses. David Disney and Adam Crockett of DIG represented the seller, Dallas-based Centcom Realty Corp., and procured the buyer, ALTO Real Estate Funds, in the transaction.

February 1, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Inspire Development Breaks Ground on $2B Mixed-Use Campus in Northwest Austin

by John Nelson February 1, 2022

AUSTIN, TEXAS — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and some lifestyle retail space. “We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible,” says Brett Ames, managing principal of Inspire Development, as well as president and CEO of Austin-based Ames Design Build. “Frankly, we feel a true sense of obligation to get it fully right.” The Pearson Ranch site is located on 156 acres at the corner of State Highway 45 and West Parmer Lane, which is approximately two miles north of Apple’s new $1 billion corporate campus. Other nearby employers include Dell, PayPal, Amazon and Visa. Pearson Ranch will include a 48-acre …

February 1, 2022

Company News North Carolina Retail South Carolina Southeast

Petco to Launch New In-Store Concept at Select Lowe’s Stores in Sun Belt

by Julia Sanders January 31, 2022

MORRESVILLE, N.C. AND SAN DIEGO — Mooresville-based Lowe’s and San Diego-based Petco Health and Wellness Co. Inc. have plans to open a new in-store concept that will offer both home and pet products within select Lowe’s locations. The first Lowe’s + Petco store-in-store concept is slated to open at the Lowe’s Alamo Ranch store in San Antonio at the beginning of February. The companies plan to also expand to 14 additional Lowe’s locations in Texas, North Carolina and South Carolina by the end of March. The purpose of the new Lowe’s + Petco locations is to provide a unique customer experience where customers can support their pet’s health and wellness through an assortment of Petco’s pet food, supplies and services and improve the home they share in one shopping trip. The new store locations are also expected to offer a selection of Petco’s pet services, including Vetco vaccination clinics, microchipping, prescription pest prevention and mobile grooming at select times and locations.

January 31, 2022

Development Restaurant Retail Texas

Karlin Real Estate Opens Dining, Entertainment Venue at Austin FC Training Facility

by Taylor Williams January 31, 2022

AUSTIN, TEXAS — Karlin Real Estate has opened The Pitch, a dining and entertainment venue at the training facility of Austin FC, the city’s professional soccer team. The venue features food and beverage concepts Ranger Burger, Taco Flats, Sand Bar, Coffee Club and Corner Kick Bar. In addition, The Pitch houses a 1,200-seat stadium with an artificial soccer field, a five-acre pond with jogging trails and sand volleyball courts, an events center and a TV viewing area. Mark Odom Studio and STG Design served as the project architects. Corner Kick Hospitality Group operates the venue.

January 31, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $7.3M Sale of Retail Center in Wheaton, Illinois

by Kristin Harlow January 31, 2022

WHEATON, ILL. — Marcus & Millichap has brokered the sale of Shops of Wheaton for $7.3 million. The 79,151-square-foot retail center is located at 1101 Butterfield Road in Wheaton, about 25 miles west of Chicago. The property is 91 percent occupied, and anchor tenants include Anytime Fitness and Fox Bowl. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local private investor. Weisenbeck, Sharko and colleague Kevin Wiersema secured and represented the buyer, a New Jersey-based limited liability company.

January 31, 2022

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