Retail

Avison Young Brokers $6M Sale of Single-Tenant Retail Property in West Linn, Oregon

by Amy Works April 14, 2021

WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver. Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease. Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, represented the seller in the deal.

April 14, 2021

Acquisitions Retail Texas

Tabani Group Acquires 118,967 SF McKinney Marketplace in Metro Dallas

by Taylor Williams April 14, 2021

MCKINNEY, TEXAS — Locally based investment firm Tabani Group Inc. has acquired McKinney Marketplace, a 118,967-square-foot shopping center located on the northeastern outskirts of Dallas. Built on 15.8 acres in 2000, McKinney Marketplace was 96 percent leased at the time of sale to tenants such as Kohl’s, Dollar Tree, Cato and Wendy’s. Chris Gerard, Adam Howells, Barry Brown, Ryan Shore, Greyson Fewin and Pauli Kerr of JLL represented the undisclosed institutional seller in the transaction.

April 14, 2021

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $3.4M Sale of Kroger-Occupied Property in Ohio

by Kristin Harlow April 14, 2021

MOUNT GILEAD, OHIO — Marcus & Millichap has arranged the $3.4 million sale of a 51,443-square-foot property occupied by Kroger in Mount Gilead, about 40 miles northeast of Columbus. The asset is located at 555 W. Marion St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, a publicly traded REIT. Seller information was undisclosed.

April 14, 2021

Features Retail

UBS Predicts 80,000 US Retail Stores to Shut Down by 2026

by Julia Sanders April 13, 2021

ZURICH, SWITZERLAND — According to UBS, a global finance and research firm based in Zurich, 80,000 retail stores in the United States are predicted to close their doors by 2026. This report assumes e-commerce sales will rise to represent 27 percent of total retail sales. The current share of e-commerce is 18 percent for all retail sales. There were 115,000 shopping centers at the end of 2020, which includes strip centers, outlet malls, shopping malls and other lifestyle retail centers. This figure compares to 112,000 shopping centers in 2010 and 90,000 in 2000, according to an UBS analysis using data from the International Council of Shopping Centers (ICSC). The UBS report suggests that the United States has too much retail space per capita, with about 59 square feet of shopping center space per household. Many retailers are taking advantage of how cheap rent is right now, and the plentiful amount of vacant retail space. Beauty, grocery and discount goods retailers like Ulta Beauty, Dollar General and TJX Cos. brands like T.J. Maxx and Marshalls are expecting a rebound in sales with end of the pandemic in sight. Additionally, UBS says that the government stimulus such as the $1.9 trillion stimulus …

April 13, 2021

Acquisitions Florida Mixed-Use Multifamily Restaurant Retail Southeast

Abbhi Capital Purchases One-Acre Development Parcel at Miami Worldcenter for $20M

by Julia Sanders April 13, 2021

MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. The assemblage includes 45,000 square feet of developable space. The property, known as the west parcel of Miami Worldcenter’s “Block A,” is located between Northeast 10th and 11th streets along Northeast 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million. Miami Worldcenter will total 300,000 square feet of retail, restaurant and entertainment space. Other uses include two completed residential buildings, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet …

April 13, 2021

Acquisitions Retail Southeast Virginia

Stan Johnson Brokers $11.1M Sale of Burlington-Anchored Shopping Center in Metro Richmond

by Julia Sanders April 13, 2021

CHESTERFIELD, VA. — Stan Johnson Co. has brokered the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village St. in Chesterfield. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. The buyers were private investors based in Lexington, Ky., that were represented by Jason Taylor of Equity Management Group Inc. The buyers purchased the property for $11.1 million to complete a 1031 exchange. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, a Virginia-based developer. The Hancock Village Phase II is part of a community center located 20 miles from downtown Richmond. The property was constructed in 2018 and is situated on 4.9 acres. Additional tenants include Tuesday Morning, America’s Best Contacts & Eyeglasses and Grand Nail Spa. The property is shadow-anchored by Walmart Supercenter, Hobby Lobby, Dick’s Sporting Goods and Five Below.

April 13, 2021

Leasing Activity Retail Texas

NAI Robert Lynn Negotiates 87,235 SF Retail Lease in Corsicana, Texas

by Taylor Williams April 13, 2021

CORSICANA, TEXAS — NAI Robert Lynn has negotiated an 87,235-square-foot retail lease at 3301 Corsicana Crossing Blvd. in Corsicana, about 60 miles south of Dallas. Matt Elliott and Tom Heraty of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations. John Jinks of Formation Real Estate LLC represented the tenant, Fun Town RV.

April 13, 2021

Acquisitions Industrial Retail Texas

BV Capital, Archway Acquire 79,684 SF Property Leased to Floor & Décor in Houston

by Taylor Williams April 13, 2021

HOUSTON — A fund backed by BV Capital and Archway Properties has acquired a 79,684-square-foot showroom and warehouse in Houston that is triple-net leased to home improvement merchandiser Floor & Décor. The property is located within Park Air 59, Archway’s mixed-use development near George Bush Intercontinental Airport that was completed in late 2019. The fund will continue to target single-tenant, triple-net-leased assets in Texas.

April 13, 2021

Acquisitions Massachusetts Northeast Retail

IPA Negotiates $15.8M Sale of Retail Space in Boston’s Jamaica Plain Neighborhood

by Taylor Williams April 13, 2021

BOSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.8 million sale of a 25,349-square-foot retail space within Vita, a luxury condo building in Boston’s Jamaica Plain neighborhood. The sales price equates to $626.72 per square foot. James Koury of IPA represented the seller, J.P. Property One LLC, in the transaction and procured the undisclosed buyer. The retail space is fully leased to Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.

April 13, 2021

Acquisitions Nevada Retail Western

Black Lion Investment Divests of Cheyenne Plaza in Las Vegas for $6.5M

by Amy Works April 13, 2021

LAS VEGAS — An affiliate of Black Lion Investment Group has completed the disposition of Cheyenne Plaza, located at the intersection of Cheyenne Avenue and Jones Boulevard in Las Vegas. The $6.5 million sale of the remaining 18,615 square feet of retail space was the culmination of Black Lion’s renovation and full lease-up of the property. The name of the buyer was not released. Current tenants include Cricket Wireless, Dotty’s sports bar, Aria Nails, La Michoacana Plus ice cream, 7 Plus Agua and Toro Taxes.

April 13, 2021

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