Retail

Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington

by Amy Works November 12, 2021

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.

November 12, 2021

Acquisitions Louisiana Retail Southeast

SRS Brokers $10.9M Sale of Two Winn-Dixie Properties in Metro New Orleans

by Julia Sanders November 11, 2021

SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was self-represented. Located at 2985 Gause Blvd. and 3030 Pontchartrain Drive, the properties are the only Winn-Dixie stores located within Slidell. Built in 1998, the Gause Boulevard location occupies 44,788 square feet and is situated on 5.7 acres of land. Built in 1973 on 6.7 acres of land, the Pontchartrain Drive store occupies 44,780 square feet.

November 11, 2021

Acquisitions California Mixed-Use Multifamily Retail Western

Taiwan-Based Investor Purchases Mixed-Use Project in Arcadia, California for $39.2M

by Amy Works November 11, 2021

ARCADIA, CALIF. — A private investor from Taiwan has acquired a mixed-use residential and retail property, located at 57 Wheeler Ave. in Arcadia, from a local developer for $39.2 million. Joyce Goldstein and Eric Chen of CBRE represented the buyer and the seller in the deal. Completed in 2019, the property features 38 apartments and 17,000 square feet of ground-floor retail space, which Universal Bank and Tap Lounge occupy. Community amenities include elevators, an outdoor barbecue area and courtyard, ample guest parking, storage spaces and electric vehicle charging stations. Apartments offer double vanities, stainless steel appliances, hardwood flooring and in-unit washers/dryers.

November 11, 2021

Acquisitions Midwest Ohio Retail

Nassimi Realty Acquires Medina Grande Shops in Metro Cleveland

by Kristin Harlow November 11, 2021

MEDINA, OHIO — Nassimi Realty has acquired Medina Grande Shops in the Cleveland-area community of Medina for an undisclosed price. The 150,288-square-foot shopping center is located at 4895 Grande Blvd. Tenants at the property include Ashley HomeStore, PetSmart, Jo-Ann Stores, FedEx Kinko and Dental One. CBRE represented the undisclosed seller.

November 11, 2021

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $3.1M Sale of Retail Property in Middleton, Wisconsin

by Kristin Harlow November 10, 2021

MIDDLETON, WIS. — Marcus & Millichap has arranged the $3.1 million sale of Cornerstone Mall in Middleton, a northwest suburb of Madison. The 18,733-square-foot retail property is located at 2831 Parmenter St. and is 92 percent leased to tenants such as Hurts Donut Co. and Jet’s Pizza. Austin Weisenbeck, Sean Sharko and Marc Sitzer of Marcus & Millichap represented the seller, a Madison-based limited liability company. The buyer was undisclosed.

November 10, 2021

Acquisitions California Retail Western

Local Investors Acquire Retail Property in San Diego County for $5.6M

by Amy Works November 10, 2021

RANCHO SANTA FE, CALIF. — Undisclosed local investors have purchased a commercial and retail building located in the village of Rancho Santa Fe in San Diego County. Francisco Family Partnership, which owned the property for 83 years, sold the freestanding asset for $5.6 million. The iconic property is located at 6015 Paseo Delicias. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield represented the seller in the deal.

November 10, 2021

Acquisitions Florida Retail Southeast

Tabani Group Acquires Retail Center in Central Florida for $9.2M

by Julia Sanders November 9, 2021

EUSTIS, FLA. — Tabani Group Inc., a Dallas-based commercial real estate firm, has acquired Shoppes at Eustis Village, a 29,367-square-foot retail strip center in Eustis, about 37.9 miles north from Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, Miami-based CORE Investment Properties, in the transaction. The sales price was approximately $9.2 million. Completed in 2006, the Shoppes at Eustis Village is fully leased to nine tenants including Starbucks Coffee, Verizon Wireless, Pep Boys, Greenberg Dental, Liberty Health Sciences and Planet Smoothie. Located at 15439 US Highway 441, the three-building property is shadow-anchored by Publix and Bealls.

November 9, 2021

Acquisitions California Retail Western

Sunbelt Investment Buys Largest Home Depot Location on West Coast in Anaheim Hills

by Amy Works November 9, 2021

ANAHEIM HILLS, CALIF. — San Diego-based Sunbelt Investment Holdings has purchased a Home Depot Superstore in Anaheim Hills for an undisclosed price. The name of the seller was not released. The 205,000-square-foot flagship store is situated on 18 acres along the north side of Interstate 91. The property is the largest Home Depot on the West Coast and the second largest in the nation, according to the buyer. Sunbelt Investment now owns 18 shopping centers in Southern California and three in Arizona, representing approximately 4 million square feet of Class A retail space. The company also owns Home Depot locations at Genesse Plaza and on Sports Arena Boulevard in San Diego and a store in San Bernardino.

November 9, 2021

Development New Jersey Northeast Retail

Accurate Builders Breaks Ground on 140,000 SF Retail Redevelopment in Northern New Jersey

by Taylor Williams November 9, 2021

MORRIS TOWNSHIP, N.J. — Accurate Builders & Developers has broken ground on Morris Marketplace, a 140,000-square-foot retail redevelopment project located on the 64-acre former Colgate-Palmolive corporate campus in Northern New Jersey. Accurate Builders is co-developing the project with New Jersey-based DeVimy Equities Inc. Morris Marketplace will feature children’s play areas, pocket parks, splash pads and seating areas, as well as outdoor dining and recreational spaces. Committed tenants include German discount grocer Lidl, Starbucks, AT&T, Orangetheory Fitness and Restore Wellness & Cryotherapy. Construction is expected to be complete in the fourth quarter of 2022, at which point the space will be turned over to the retail providers to build out.

November 9, 2021

Acquisitions Midwest Minnesota Retail

Northwoods Management Acquires 205,009 SF Grocery-Anchored Shopping Center in Minnesota

by Kristin Harlow November 8, 2021

ELK RIVER, MINN. — Northwoods Management has acquired Elk Park, a 205,009-square-foot shopping center in Elk River, about 34 miles northwest of Minneapolis. The purchase price was undisclosed. Grocer Cub Foods is the anchor tenant. The property, which is located at 19216 Freeport Ave., is also home to Planet Fitness, Famous Footwear and Maurice’s. CBRE represented the seller, Brixmor Property Group.

November 8, 2021

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