LONG BEACH, CALIF. — Triss LLC has completed the disposition of a retail strip center located on the corner of East Pacific Coast Highway and Martin Luther King Jr. Avenue in Long Beach. A family trust acquired the asset for $4.4 million, or $175 per square foot. 7-Eleven anchors the 25,148-square-foot property. Tina LaMonica and Cheryl Pester of NAI Capital Commercial’s Investment Services represented the seller in the deal.
DETROIT — Meijer is scheduled to open its new Rivertown Market in Detroit’s East Jefferson Corridor on Wednesday, Oct. 6. This will be the fourth neighborhood market opened by Meijer and the second in metro Detroit. The small-format grocery concept is focused on bringing a mix of local, fresh food and value to customers in the area. The 42,000-square-foot store will include an assortment of fresh and prepared foods, including bakery items, fresh meat and deli offerings. The Rivertown Market will include a Great Lakes Coffee shop. The garage-style doors will open to an outdoor fresh produce and floral area in warmer months. Local artists Desiree Kelly and Cameron Jenkins painted a mural on the store exterior near the parking lot entrance.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated the sale of Alpine Summit Shopping Center in Grand Rapids for an undisclosed price. The 136,942-square-foot shopping center is located at 3165 Alpine Ave. The center is fully occupied by Ulta, HomeGoods, Marshalls, Petco, Party City, CATO, Sola Salons, America’s Bride and ABC Warehouse. Bob Lotzar and Bill Tyson of NAI Wisinski represented the buyer. NAI Wisinski also serves as the property manager.
By Glenn Brill, managing director, FTI Consulting Inc. Despite the growth of e-commerce as consumer expenditures and retailers adapt to omni-channel sales, digital marketing strategies and shifts in consumer behaviors resulting from COVID-19, most shoppers still go to stores. Eighty-six percent of consumer sales take place in a brick-and-mortar store environment, according to the U.S. Department of Commerce’s second-quarter e-commerce retail sales report. Still, upscale retailers are increasingly consolidating local market share into exclusively Class A retail properties. The death of the shopping mall is widely discussed and perhaps greatly exaggerated; high-end malls continue to find success as upscale consumers unleash pent-up demand and savings accumulated during the pandemic. However, due in large part to stagnant middle-class incomes and the struggles of stalwart anchors of middle-class consumption like J.C. Penney and Sears — as well as the general decline of department stores — many Class B and C malls have been left to compete with each other for declining shares of middle-market tenants in oversaturated markets. According to CoStar Group, U.S. mall properties had a vacancy rate of approximately 7.3 percent as of August 2021, representing the fourth consecutive annual increase. In an August report, Coresight Research estimated that 25 …
RICHMOND, VA. — Cushman & Wakefield has arranged the sale of Short Pump Station, a 91,369-square-foot, grocery-anchored shopping center in Richmond. Wafra Inc., a global alternative investment manager, purchased the property for $46.8 million. Located at 11800 West Broad St., Short Pump Station is situated about 15.4 miles from downtown Richmond and is close to Route 288 and Interstates 64 and 295. The retail center is anchored by Trader Joe’s, Ulta Beauty and Petco, and was 91 percent leased at the time of sale. John Owendoff of Cushman & Wakefield represented the sellers, a joint venture between BayNorth Capital and AmCap Inc. Michael Zelin and Marshall Scallan of Cushman & Wakefield secured an undisclosed amount of acquisition financing for the buyer through an undisclosed life insurance company.
LOUISVILLE, KY. — Publix Super Markets Inc., a Florida-based grocery store chain, has signed a 55,702-square-foot lease at the Terra Crossing development located at the northwest corner of Terra Crossing Boulevard and Old Henry Road in Louisville. This location will be Publix’s first store in Kentucky. With the new Louisville location, Publix has over 1,280 stores now in eight states across the Southeast and Mid-Atlantic. The Terra Crossing shopping center will soon be under construction. The 10-acre retail project will include the Publix and an additional 4,800 square feet of in-line retail space, as well as two outparcels. Skiken Gold is the developer for the project and expects to break ground in the spring of 2022. Terra Crossing will feature a Publix supermarket and an adjacent Publix Liquors store that will offer beer, wine and spirits. The Publix Liquors store will be the first location outside the state of Florida. The grand opening date has yet to be determined, however the store is anticipated to open during the fourth quarter of 2023.
OAK BROOK, ILL. — Game of Irons, a golf simulation facility, has leased 18,361 square feet at Oak Brook Promenade in Oak Brook, a western suburb of Chicago. Featuring 16 bays, Game of Irons will be the largest golf simulation facility in the Midwest when it opens in November. One to six players can play in each bay and enjoy full food and beverage service. Chris Irwin of Colliers International represented Game of Irons in its lease. Brendan Reedy and Jimmy Danahe of CBRE represented the landlord, Retail Properties of America Inc.
ST. PETERS, MO. — Cooper’s Hawk Winery & Restaurant has purchased a nearly two-acre site at The Shoppes of Mid Rivers in St. Peters, a northwest suburb of St. Louis. Construction is scheduled to begin immediately on the 10,000-square-foot restaurant and bar with a planned opening for next spring. This will be the third Missouri location for Downers Grove, Ill.-based Cooper’s Hawk. GBT Realty Corp. owns The Shoppes of Mid Rivers, which was completed in 2019. The 270,000-square-foot shopping center is now 95 percent leased to tenants such as Burlington, Academy Sports, HomeGoods, Marshalls, Ross Dress for Less, Ulta Beauty, Five Below, Outback Steakhouse and Pappy’s Smokehouse. Also joining the tenant roster is Gulf Shores Restaurant & Grill, a casual seafood restaurant that is currently under construction.
FORT LAUDERDALE AND HIALEAH GARDENS, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of two convenience store and gas stations in South Florida that are leased to Wawa. The properties include a 6,119-square-foot Wawa currently under construction at 7878 N.W. 103rd St. in Hialeah Gardens and a newly built, 5,991-square-foot Wawa located at 6191 N. Powerline Road in Fort Lauderdale. Ferber Co. sold the Hialeah Gardens property for $11.6 million to an entity doing business as Hialeah WW LLC. Brightwork Real Estate sold the Fort Lauderdale Wawa for $10.8 million to an entity doing business as Powerline Wawa LLC. Patrick Nutt of SRS represented the sellers in both transactions.
SEATTLE — Amazon is expanding its presence in the Mid-Atlantic by opening several new delivery stations and a career center in Maryland and Virginia. The first facility set to open is a 72,000-square-foot delivery station located at 2100 Van Deman St. in Baltimore, Amazon’s first delivery station in Baltimore City. The e-commerce giant also plans to open a 194,000-square-foot facility at 7226 Preston Gateway Drive in Hanover, Md., which will be Amazon’s third delivery station in the city. Since 2010, Amazon has created more than 29,000 jobs in Maryland, and the company has invested over $9.5 billion for infrastructure and compensation in the state. Additionally, Amazon announced it will open an Amazon Career Center at 1989 S. Military Highway in Chesapeake, Va. This center will be used for hiring and orientation duties for the company’s Hampton Roads operations facilities. Additionally, the company will open two new delivery stations in the area including a 165,000-square-foot facility at 1400 Sewells Point Road in Norfolk and a 111,600-square-foot facility at 223 W Mercury Blvd. in Hampton, which was formerly a Kmart store. Since 2010, Amazon has provided more than 27,000 jobs in Virginia. The company has 15 delivery stations in the Commonwealth.
