Retail

Colliers Brokers $6.9M Sale of Grocery-Occupied Retail Property in Metro Richmond

by Julia Sanders March 1, 2022

MIDLOTHIAN, VA. — Colliers has brokered the sale of a 31,394-square-foot retail property located at 1200 Huguenot Road in Midlothian. The freestanding store is leased to The Fresh Market. An entity known as California-based 101 North A ST LLC acquired the grocery-occupied property for $6.9 million. Mark Williford, Will Bradley, Peter Vick and Harrison Hall of Colliers represented the California-based seller, an entity doing business as 1200 Huguenot Road LLC. Situated at the intersection of Midlothian Turnpike and Huguenot Road, the store is near other retailers and restaurants including Tazza Kitchen Alverser Plaza, DSW, Carrabba’s Italian Grill, Macy’s, Crunch Fitness and Chipotle Mexican Grill.

March 1, 2022

Acquisitions Midwest Retail Wisconsin

Quantum Brokers $4.4M Sale of Strip Center in Wisconsin Dells

by Kristin Harlow March 1, 2022

WISCONSIN DELLS, WIS. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of an 11,982-square-foot retail strip center in the Wisconsin Dells, a city in central Wisconsin. Starbucks and Applebee’s anchor the property, which is located at 320 State Highway 13. Zack Hilgendorf of Quantum represented the seller, a Midwest-based investor. A California-based buyer purchased the asset.

March 1, 2022

Acquisitions Retail Southeast Virginia

JFS Real Estate Purchases Indian River Shopping Center in Virginia Beach for $6M

by Julia Sanders March 1, 2022

VIRGINIA BEACH, VA. — JFS Real Estate LLC has purchased the Indian River Shopping Center, a 128,017-square-foot retail center in Virginia Beach. Anchored by Burlington and Food Lion, Indian River’s other tenants include It’s Fashion and One Price Cleaners. The property was fully occupied at the time of sale. The seller, Earle W. Kazis Associates Inc., sold the property for $6 million. Mike Zarpas of S.L. Nusbaum Realty Co. represented the seller, and Janet Whitbeck of Cushman Wakefield | Thalhimer represented the buyer in this transaction. Zarpas will also represent the new owner in repositioning the property. Located on 12.7 acres at 880 S. Military Highway, the property is close to the intersection of S. Military Highway and Indian River Road. The property is also 16.1 miles from Virginia Beach.

March 1, 2022

Leasing Activity Massachusetts Northeast Retail

Gymja Warrior Signs 11,345 SF Retail Lease in Peabody, Massachusetts

by Taylor Williams March 1, 2022

PEABODY, MASS. — Boutique fitness operator Gymja Warrior has signed a 11,345-square-foot retail lease at Route One Marketplace in Peabody, a northeastern suburb of Boston. Other tenants at the fully leased center include Bradford Carpet One, Namco, Crossfit 128 and Mass Bay Hockey Center. Don Mace of locally based brokerage and advisory firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations.

March 1, 2022

Acquisitions Illinois Midwest Office Retail

Marcus & Millichap Brokers $19.7M Sale of Office, Retail Property in Lake Forest, Illinois

by Kristin Harlow February 28, 2022

LAKE FOREST, ILL. — Marcus & Millichap has brokered the $19.7 million sale of Forest Square in Lake Forest, about 30 miles north of Chicago. The 53,122-square-foot office and retail property is located at 840 S. Waukegan Road and was built in 2008. The building was nearly 90 percent occupied at the time of sale. Tenants include Lake Forest Family Dental, Envision Health, Physical Therapy of Lake Forest, The Hearing Lab, Abbott Laboratories, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Jimmy Johns and Starbucks. Stephen Lieberman of Marcus & Millichap represented the seller, GCP Forest Square LLC. Woodard Properties LLC was the buyer.

February 28, 2022

Illinois Leasing Activity Midwest Retail

Several Tenants Sign Leases at Glen Town Center in Glenview, Illinois

by Kristin Harlow February 28, 2022

GLENVIEW, ILL. — Several new tenants have signed leases to join the lineup at The Glen Town Center, a shopping center in Glenview, about 20 miles north of Chicago. Offix, a regional coworking and business solutions company, recently signed a 10-year lease for 6,200 square feet for its seventh location. Another recent lease signing was Chuck Lager America’s Tavern, which is owned by Fabio Vivani who appeared on the show “Top Chef.” Also joining the center will be Stretch Zone, a national boutique fitness company with over 40 locations nationwide. Poke Burrito, a local Asian restaurant, will open its sixth location in 1,800 square feet. Last year, Perfect Wedding opened its first location at the center, and in January, Eggspresso breakfast and brunch restaurant opened. SVN Chicago Commercial is the leasing agent for the property.

February 28, 2022

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Arranges Sale of 14,000 SF Former Restaurant Building in Elmhurst, Illinois

by Kristin Harlow February 28, 2022

ELMHURST, ILL. — Adelphia Properties has arranged the sale of a 14,000-square-foot former restaurant building in Elmhurst, about 20 miles west of Chicago. Arena Sports Bar & Grille formerly occupied the property, located at 630 W. Lake St., for more than 35 years. Simeon Spirrison and George Spirrison of Adelphia represented the seller, the proprietor. A local investor purchased the asset for an undisclosed price.

February 28, 2022

Leasing Activity Midwest Missouri Retail

Salon Service Group Opens at Red Bridge Shopping Center in Kansas City

by Kristin Harlow February 28, 2022

KANSAS CITY, MO. — Salon Service Group, a wholesale salon product distributor for licensed cosmetologists, has opened at Red Bridge Shopping Center in Kansas City. The tenant occupies nearly 2,000 square feet. Lane4 Property Group manages the center, which has welcomed 12 new tenants since its redevelopment in 2018. Salon Service Group operates 51 locations in 11 states, four of which are in metro Kansas City.

February 28, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $2.3M Sale of New Wendy’s-Occupied Property in Metro Tampa

by Julia Sanders February 28, 2022

LAND O LAKES, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a newly developed, single-tenant retail property in Land O Lakes. William Wamble and Patrick Nutt of SRS represented the seller, an entity doing business as RS Roach LLC. The buyer was a private investor based in Wyoming. Built in 2022 and situated on 1.1 acres, the 2,500-square-foot ground-lease property has a 15-year tenant lease in place with Wendy’s. Located at 7775 Land O Lakes Blvd., the freestanding property is directly across the street from Connerton, a mixed-use project situated on 1,800 acres that is currently under development.

February 28, 2022

Leasing Activity Retail Texas

Kroger, Kitchen United Open 50,000 SF Fulfillment Center in Houston

by Taylor Williams February 28, 2022

HOUSTON — Kroger (NYSE: K) and Kitchen United MIX, a platform that coordinates food pickups and deliveries, have opened a 50,000-square-foot “kitchen center” at 1035 N. Shepherd Drive in The Heights neighborhood of Houston. Customers who place orders digitally for groceries or prepared meals can either pick their items at the center or have them delivered.

February 28, 2022

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