Retail

CBRE Arranges $3.1M Sale of Tampa Bay Retail Strip Center

by Julia Sanders January 19, 2022

ST. PETERSBURG, FLA. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises, a Tennessee-based real estate firm, purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Sarasota, Fla.-based ICORR Properties. Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H & R Block, MCI Metro, Critical Hit Games and Thai Wok restaurant. Located at 11270 4th St. N, the property is situated adjacent to Bayview Office Building and Bayview Plaza, a 78,000-square-foot, Winn-Dixie-anchored shopping center. The property is located 14.7 miles from Tampa and 7.3 miles from downtown St. Petersburg.

January 19, 2022

Acquisitions Retail Texas

Steeplechase Ventures Acquires 166,225 SF Shopping Center in Denton, Texas

by Taylor Williams January 19, 2022

DENTON, TEXAS — Dallas-based investment firm Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in the North Texas city of Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, locally based firm LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.

January 19, 2022

Development New York Northeast Retail

Federal Realty to Undertake $75M Redevelopment of Long Island Shopping Center

by Taylor Williams January 19, 2022

HUNTINGTON STATION, N.Y. — Federal Realty Investment Trust (NYSE: FRT) will undertake a $75 million redevelopment of Huntington Shopping Center, a 21-acre shopping center in the Long Island community of Huntington Station. Enhancements to the center will include updated facades; reconstructed parking lots; new landscaping and walkways; the development of two pad sites; and the addition of outdoor seating areas. In addition, Whole Foods Market will open a new store as part of the redevelopment. The center currently houses tenants such as PetSmart, Ulta Beauty and Michaels, all of which will remain open during construction. The site will span 277,000 square feet upon completion of the redevelopment, which is slated for 2024.

January 19, 2022

Acquisitions Midwest Minnesota Retail

JLL Brokers Sale of Ridgehaven Shopping Center in Suburban Minneapolis

by Kristin Harlow January 19, 2022

MINNETONKA, MINN. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.

January 19, 2022

Acquisitions Arizona Restaurant Retail Western

Hanley Investment Negotiates $7.1M Sale of Portillo’s Drive-Thru Property in Glendale, Arizona

by Amy Works January 19, 2022

GLENDALE, ARIZ. — Hanley Investment Real Estate Advisors has brokered the sale of a newly constructed, single-tenant restaurant property located 17125 N. 79th Ave. in Glendale. An Orange County, Calif.-based private investor sold the asset to a Los Angeles County-based private investor for $7.1 million. Portillo’s occupies the 7,800-square-foot restaurant building, which is situated on 1.9 acres. The property features an outdoor patio and a double-lane drive-thru. The diner-themed restaurant, which opened in April 2021, serves Chicago-style hot dogs, Italian beef sandwiches, chargrilled burgers, fresh salads and chocolate cake. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investments represented the seller, while Chuck Wilson and Kenny Patricia of Colliers’ Irvine, Calif., office represented the buyer in the deal. Lee Csenar of Hanley Investment Real Estate Advisors served as broker of record in Arizona.

January 19, 2022

District of Columbia Retail Southeast

Holiday Sales in 2021 Increased by 14.1 Percent from 2020, Says NRF

by Julia Sanders January 18, 2022

WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during last year’s holiday season totaled $886.7 billion, a 14.1 percent increase from 2020 ($777.3 billion). The 2021 numbers were greater than what the NRF had predicted and sets a new record despite ongoing problems such as supply chain issues and the spread of the COVID-19 Omicron variant. Retail sales were tracked from Nov. 1 to Dec. 31 and exclude data from automobile dealers, gas stations and restaurants. Retail sales fell by 2.7 percent seasonally adjusted in December from November but increased by 13.4 percent unadjusted year-over-year. The sector with the biggest sales gain during the holidays were clothing and clothing accessory stores, which saw an increase of 33.1 percent. Additionally, sporting goods stores were up 20.9 percent; general merchandise stores were up 15.2 percent; furniture and home furnishings stores were up 15 percent; building materials and garden supply stores increased its sales by 13.5 percent; and health and personal care stores were up 9.6 percent. Also online and other non-store sales were up 11.3 percent, which falls in line with NRF’s prediction made in October of a growth rate between 11 to 15 percent. “Consumers were …

January 18, 2022

Acquisitions Midwest Minnesota Retail

KW Commercial Brokers Sale of 104,080 SF Shopping Center in Robbinsdale, Minnesota

by Kristin Harlow January 18, 2022

ROBBINSDALE, MINN. — KW Commercial | AMK Properties has brokered the sale of Robin Center in Robbinsdale, a northwest suburb of Minneapolis. The 104,080-square-foot shopping center sold for an undisclosed price. Located on Lakeland Avenue, the property is home to Dollar Tree, CVS Pharmacy, Car-X and other local, regional and national tenants. Matthew Klein of KW Commercial represented the buyer, Robin Center Partners LLC. Steven Nelson and Kyle Thompson of Hoyt Properties, along with Chet Masserano of Corporate Real Estate Brokers, represented the seller, Robin Center LLP.

January 18, 2022

Acquisitions Midwest Nebraska Restaurant Retail

Marcus & Millichap Arranges Sale of Starbucks-Occupied Property in Omaha

by Kristin Harlow January 18, 2022

OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 2,225-square-foot retail property occupied by Starbucks in Omaha for an undisclosed price. The seller, Monfort Cos., developed the property as a build-to-suit for Starbucks. Located at 9004 Fort St., the building features a drive-thru. Drew Isaac of Marcus & Millichap represented the seller. James Rassenfoss and Boomer Beatty of Marcus & Millichap represented the buyer, a private investor completing a 1031 exchange.

January 18, 2022

Colorado Development Multifamily Restaurant Retail Western

Hilco Brokers Sale of 134-Acre Development Site Near Denver International Airport

by Amy Works January 18, 2022

AURORA, COLO. — Hilco Real Estate has arranged the acquisition of approximately 134 acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora. Hilltop at DIA purchased the property, which is just south of Denver International Airport, for $18.1 million. The asset was acquired through a bankruptcy sale. Hilltop at DIA plans to develop a master-planned community, dubbed Avelon, on the site. The community would include hospitality, residential and commercial space, as well as single-family residences and greenspace.

January 18, 2022

Market Reports Nevada Retail Western Western Market Reports

Vegas Shows Resilience with Strong Economic Growth in Retail

by Jeff Shaw January 18, 2022

By Jeffrey Mitchell, Principal Broker, Mountain West Commercial Real Estate Las Vegas experienced the second largest unemployment rate at the start of the COVID-19 pandemic in April 2020. Since then, the Las Vegas Metro has come a long way in recovering economically. It continues to see growth, particularly in the retail sector. Some key factors as to why Las Vegas has been on a continued trajectory of growth include the migration of residents, capital from across the country (with California being the primary source) and substantial tourism to the Vegas Strip. This has all fueled the flames for a hot Las Vegas that’s attracting investors, big box tenants and franchises looking to expand with a fury. The migration of California residents has helped increase residential growth by 2.2 percent in Clark County. California residents typically have a higher disposable income, which has flooded the housing market with prices increasing by 20.9 percent. New residents translate to new sales, which have also bolstered the food and beverage and retail markets by creating demand for more retail tenants around them. Ironically, high-end retailers have set records throughout the pandemic with their sales on the Strip. Other business owners have strategically managed PPE from the government or capital …

January 18, 2022

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