Retail

Next Realty Acquires 67,000 SF Retail Center in Cincinnati

by Kristin Harlow July 23, 2021

CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.

July 23, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $4.8M Sale of Planet Fitness-Occupied Property in Tucson

by Amy Works July 23, 2021

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.

July 23, 2021

Acquisitions Massachusetts Northeast Retail

Horvath & Tremblay Negotiates $11M Sale of Metro Boston Retail Property Leased to Walgreens

by Taylor Williams July 23, 2021

WOBURN, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $11 million sale of a 10,646-square-foot, newly built retail property in the northern Boston suburb of Woburn. Walgreens occupies the property and has 14 years remaining on its lease. Peter Butler and Brendan Conway of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 5.37 percent.

July 23, 2021

Development Multifamily North Carolina Office Retail Southeast

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …

July 22, 2021

Illinois Midwest Minnesota Retail

Target, Ulta Beauty Reveal Brands and Locations Ahead of August Launch

by Kristin Harlow July 22, 2021

MINNEAPOLIS AND BOLINGBROOK, ILL. — Target Corp. (NYSE: TGT) and Ulta Beauty (NASDAQ: ULTA) have revealed further details about the Ulta Beauty at Target launch, which is slated to begin rolling out in more than 100 Target stores nationwide and online this August. Most of the initial locations will be concentrated in California, Colorado, Florida, Illinois, Minnesota, New York and Texas. The “shop-in-shop” retail concept will include 50 specially curated brands. The two companies are planning to roll out the concept at 800 Target stores in the coming years. Each shop-in-shop will be placed near the existing Target beauty section. Minneapolis-based Target operates more than 1,900 stores. Beauty retailer Ulta is based in Bolingbrook.

July 22, 2021

Acquisitions Midwest Retail Wisconsin

JLL Arranges $19M Sale of Shopping Center in Wauwatosa, Wisconsin

by Kristin Harlow July 22, 2021

WAUWATOSA, WIS. — JLL Capital Markets has arranged the sale of a 69,749-square-foot shopping center anchored by Pick ’n Save in Wauwatosa near Milwaukee for $19 million. The fully leased property was built in phases in 2008 and 2012. Other tenants include Mattress Firm, Firehouse Subs and Bubon Orthodontics. Clinton Mitchell, Amy Sands, Michael Nieder and Jaime Fink of JLL represented the seller, a partnership between Newport Capital Partners and Artemis. JRW Realty represented the buyer, ExchangeRight.

July 22, 2021

Acquisitions Florida Retail Southeast

Plaza Advisors Arranges Sale of 215,713 SF Horizon Park Shopping Center in Tampa

by Julia Sanders July 22, 2021

TAMPA, FLA. — Plaza Advisors has arranged the sale of Horizon Park, a 215,713-square-foot shopping center located at 3904 W Hillsborough Ave. in Tampa. An entity doing business as CRP II – Horizon Park LLC sold the property for $21.9 million. The buyer was not disclosed. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the only brokers involved in the transaction. Built in 1971, Horizon Park was renovated in 1980 and 1988 and was 86 percent leased at the time of sale. In 2011, Plaza Advisors arranged the sale of the center to the seller for $18.9 million. The shopping center’s anchor tenants include dd’s Discount, Conn’s Home Plus, Northern Tool + Equipment and Guitar Center. Additional tenants include Dollar General, Pizza Hut, Metro PCS, Amscot and Sally Beauty, as well as two outparcels occupied by Wells Fargo, Optical Outlets and Applebee’s.

July 22, 2021

Acquisitions Retail Southeast Virginia

Palomar Group Brokers $8.1M Sale of Ashland Junction Retail Property in Metro Richmond

by Julia Sanders July 22, 2021

ASHLAND, VA. — The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located in Ashland. The buyer, Peck Properties, was based out of Richmond and the seller, Phillips Edison & Co., was based out of Cincinnati. The sales price was $8.1 million. Ryan McArdle, Steve Collins and David Rivers of Palomar brokered the sale. Located at 167 Junction Drive, Ashland Junction is approximately 19.4 miles north of Richmond. The property, which was built in 1989, was 92 percent occupied at the time of sale to tenants including Roses, Anytime Fitness, CVS/pharmacy and Food Lion.

July 22, 2021

Acquisitions Colorado Restaurant Retail Western

Cushman & Wakefield Negotiates $9.8M Sale of Three-Building Retail Portfolio in Westminster, Colorado

by Amy Works July 22, 2021

WESTMINSTER, COLO. — Cushman & Wakefield has arranged the sale of a retail portfolio comprising three inline shop buildings located within Westminster Crossings shopping center in Westminster. Colorado-based Coco’s Place acquired the asset from Centre Point Properties for $9.8 million. Totaling 28,705 square feet of gross leasable space, the multi-tenant property was 100 percent leased to a mix of regional and national tenants. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the deal.

July 22, 2021

Iowa Market Reports Midwest Midwest Market Reports Retail

Greater Des Moines Retail Market Is on Track for Fast Recovery

by Kristin Harlow July 22, 2021

By Christopher Stafford, Cushman & Wakefield The Greater Des Moines retail market continues to emerge from the pandemic and is quickly regaining its footing from the closures and challenges experienced by many retailers, restaurants and businesses alike. Despite a few setbacks, occupancy rates and rents have generally held steady. Consumer spending is surging and according to a WalletHub study, Iowa’s COVID-19 recovery is the quickest in the nation, earning a total score of 75.25 out of a possible 100. The study compared all 50 states across three categories: COVID health; leisure and travel; and economy and labor market. Trends, observations A local real estate mogul recently made the analogy that the Des Moines retail market is currently much like a chessboard — lots of moving pieces and strategic repositioning by the current players. Greater Des Moines, like other Midwest cities, is experiencing a handful of post-pandemic retail trends that include: • Integrated retail approach (omnichannel): Bricks & mortar + online presence and ordering + apps + delivery/pickup. The presence of drive-thru and pickup services will shape the future of retail and are in high demand by restaurants and retailers. • Space transformation: Spaces once occupied by traditional retailers are now …

July 22, 2021

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