Retail

Hanley Investment Group Brokers $19.3M Sales of Four Single-Tenant Investments at Retail Center in Rosamond, California

by Amy Works January 27, 2022

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of four single-tenant, net-leased investments at a shopping center in Rosamond for a total consideration of $19.3 million. Four separate buyers acquired the assets, which offer a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Pasadena-based Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property at 2550 Rosamond Blvd. A San Diego-based private partnership purchased the asset for $7.1 million. Mike Conger of San Diego-based CAA represented the buyer in the deal. A Los Angeles-based private investor acquired a 2,200-square-foot Starbucks Café and Drive-Thru at 2544 Rosamond Blvd. for $3.5 million. Joey Kim of Irvine-based eXp Realty represented the buyer, while Asher and Lefko represented the seller. In the third deal, Asher and Lefko arranged the sale of a 3,062-square-foot 7-Eleven convenience store with a gas station at 2536 Rosamond Blvd. A San Diego-based private investor acquired the property for $5.6 million. Lindsey Kalal of Coronado-based Kalal Investment Realty represented the buyer, while …

January 27, 2022

Georgia Midwest Missouri Mixed-Use Retail Southeast Top Stories

Two Class B Mall Redevelopment Projects Near Atlanta, St. Louis Unveiled

by Katie Sloan January 27, 2022

NORTH DECATUR, GA. AND CRESTWOOD, MO. — Real estate developer EDENS and the City of Crestwood have separately announced two massive mall redevelopment projects in the Atlanta and St. Louis metropolitan areas, respectively. The redevelopment of Class B malls into mixed-use, open-air centers has continued to grow in popularity as shopping center owners and operators look to compete with e-commerce through the delivery of thoughtful spaces that provide an experience for visitors. North Dekalb Mall EDENS purchased North Dekalb Mall last year with plans to redevelop the property into a mixed-use project. This week, a Development of Regional Impact (DRI) application was filed with the Georgia Department of Community Affairs detailing plans for the project. Located roughly seven miles outside in Atlanta in North Decatur, the development is set to include 300,000 square feet of office space, 200,000 square feet of hospitality, 150 multifamily units and 1,700 townhomes, in addition to retail and restaurant space. A timeline for the project and further information was not disclosed. The property’s previous owner, Sterling Organization, teamed up with developer Hendon Properties and Lennar Commercial Investors in 2014 with plans to turn the 622,297-square-foot enclosed mall into an open-air shopping center, which ultimately did …

January 27, 2022

Market Reports Retail Texas Texas Market Reports

Demand Resurfaces in Dallas Retail Market as Supply Wanes, New Households Arrive

by Taylor Williams January 27, 2022

By Philip Levy, senior managing director, investments, Marcus & Millichap The Dallas retail climate is more favorable entering 2022 than it has been for most of the COVID-19 crisis. Overall, the marketwide retail vacancy rate fell 50 basis points during the first three quarters of 2021, ending at an even 6 percent in September. Nevertheless, that rate is about 100 basis points above the pre-pandemic level. A strong rebound in tenant demand is helping lower vacancy, however, with net absorption across the opening nine months of 2021 totaling more than 2.2 million square feet, compared with a net loss of 1.5 million square feet in 2020. Additionally, the construction pipeline has shrunk considerably, helping mitigate supply-side pressure as the market bounces back. As of the fourth quarter of 2021, less than 1 million square feet of new retail product with an expected completion date in 2022 was under construction in the greater Dallas area. This is a sharp contrast to the 2 million-plus square feet that developers delivered in each year between 2014 and 2020. Strengthening demand drivers amid a reduction in development suggest that downward pressure on vacancy will continue in the coming quarters. New Households Spend Near-term uncertainty …

January 27, 2022

Acquisitions Retail Texas

Fidelis Realty Partners Buys 613,468 SF Retail Power Center in Metro Houston

by Taylor Williams January 26, 2022

PEARLAND, TEXAS — Locally based investment and development firm Fidelis Realty Partners has purchased Shadow Creek Ranch, a 613,468-square-foot retail power center located in the southern Houston suburb of Pearland. Built in 2008 and anchored by grocer H-E-B, Shadow Creek Ranch was roughly 98 percent leased at the time of sale. Other retailers include Academy Sports + Outdoors, Ashley HomeStore, Burlington, Dynamic Fitness, Hobby Lobby, Men’s Wearhouse and Pure Barre. Restaurant users include Salata, Taco Cabana, Longhorn Steakhouse and Subway. Ryan West, Chris Gerard, Barry Brown, Wendy Vandeventer and Katherine Miller of JLL represented the seller, Edens, in the transaction. Fidelis also tapped JLL to arrange post-acquisition financing for the property.

January 26, 2022

Acquisitions Development Mixed-Use Office Retail Southeast Tennessee

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Acquisitions Georgia Retail Southeast

SRS Brokers $11.6M Sale of Shopping Center in Metro Atlanta

by Julia Sanders January 26, 2022

DOUGLASVILLE, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Douglasville Marketplace, an 86,166-square-foot shopping center located in Douglasville. The seller, a family office out of Dallas, sold the property for $11.6 million to Continental Property Group LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented. Built in 2000 on 9.4 acres, Douglasville Marketplace was fully occupied at the time of sale to tenants including Kaiser Permanente, Ashley Homestore and Best Buy. The property is shadow-anchored by Lowe’s Home Improvement. Located at 775 Douglas Blvd., the property is situated 23.6 miles west from downtown Atlanta and 27.9 miles from the University of West Georgia. The property is also located close to Douglas County High School, Wellstar Douglas Hospital and the Douglas County Courthouse.

January 26, 2022

Acquisitions California Retail Western

NewMark Merrill Cos. Acquires North Broadway Plaza Shopping Center in Santa Maria, California

by Amy Works January 26, 2022

SANTA MARIA, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased North Broadway Plaza, a grocery-anchored neighborhood retail center at the northeast corner of North Broadway and East Grant Street in Santa Maria. Terms of the transaction were not released. North Broadway Plaza features 97,555 square feet of retail space. Current tenants include Food Maxx and CVS/pharmacy. Reza Investment Group represented NewMark Merrill and the seller in the deal.

January 26, 2022

Acquisitions Illinois Midwest Retail

Joint Venture Acquires 160,301 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow January 26, 2022

SCHAUMBURG, ILL. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property is also home to Bob’s Furniture, Office Depot, Petco and H Mart. Kensington Development Partners was the seller.

January 26, 2022

Acquisitions Massachusetts Northeast Retail

JLL Negotiates $39.5M Sale of Grocery-Anchored Shopping Center in Saugus, Massachusetts

by Taylor Williams January 26, 2022

SAUGUS, MASS. — JLL has negotiated the $39.5 million sale of Saugus Plaza, a 165,800-square-foot shopping center in the northern Boston suburb of Saugus that is anchored by grocer Stop & Shop. Floor & Décor serves as the second anchor tenant of the center, which was 97 percent leased at the time of sale. Other tenants include Buffalo Wild Wings, North Shore Liquor and King Crab. Federal Realty Investment Trust (NYSE: FRT) sold the property to a partnership between The Grossman Cos. Inc. and Boston-based North Colony Asset Management. Nat Heald, Chris Angelone and Zach Nitsche of JLL brokered the deal.

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

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