SAN ANTONIO — Houston-based NewQuest Properties has acquired a 116,404-square-foot shopping center located at 6001 NW Loop 410 in northwest San Antonio. Built on 12.7 acres in 1994, HQ Shopping Center was fully leased at the time of sale to tenants such as Best Buy, Ross Dress for Less, Bed Bath & Beyond and Petco. CBRE represented the undisclosed seller in the transaction.
CHICAGO — Summit Design + Build has completed construction of 1111 W. Addison in Chicago’s Wrigleyville neighborhood. The four-story, 59,000-square-foot project features retail space on the ground floor and a fitness and bouldering center on the second through fourth floors. The 41,895-square-foot climbing gym is home to Movement Wrigleyville, a climbing, yoga and fitness center. Hirsch/MPG Architecture + Planning was the project architect and Clausen Management Services was the owner’s representative.
MIAMI — Three retailers have signed leases to join the tenant lineup at Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway in downtown Miami. The three retailers are Sephora, a beauty and make-up retailer; Lucid Motors, an electric car company; and Bowlero, an entertainment retailer that offers bowling, interactive arcades and dining. The retailers, which are taking a combined 60,000 square feet, will open at Miami Worldcenter in 2022. CIM Group and Miami-based The Comras Co. are leading retail leasing on behalf of Miami Worldcenter Associates, the master developer of Miami Worldcenter. Sephora will occupy more than 6,000 square feet at the World Square Plaza, a 20,000-square-foot public plaza and park that will run along Miami Worldcenter’s 7th Street Promenade. Lucid Motors plans on taking about 23,000 square feet and developing a multi-use facility. The retailer will have a Lucid Studio, which will allow customers to experience the brand and its lineup of luxury electric vehicles. The location will also serve as a service facility and a delivery center. The facility will be located along 1st Avenue and 10th Street. Bowlero will occupy more than 31,000 square feet within Miami Worldcenter’s 78,000-square-foot “Jewel Box” retail building. The venue will …
THOMSON, GA. — Stan Johnson Co. has brokered the sale of Thomson Plaza, a 96,495-square-foot retail center located at 308-324 W. Hill St. in Thomson, about 33 miles west of Augusta. Doug Clyburn and Julie Clyburn of Stan Johnson Co. represented the seller, an entity doing business as Thomson Plaza LLLP, which had owned the grocery-anchored property for over 49 years. A private 1031 exchange buyer from Statham, Ga., purchased the shopping center for approximately $3.3 million. Thomson Plaza is a KJ’s Market-anchored community center situated on more than 10.5 acres. The retail center was 98 percent leased at the time of sale to 13 tenants including Bealls Outlet, Family Dollar, Aaron’s and Subway. Built in 1972, the property had renovations done in 1990.
ROANOKE, VA. — Kroger LP I has sold its former regional headquarters located at 3631 Peters Creek Road in Roanoke. Fenton Childers and Austin Newman of S.L. Nusbaum Realty Co. represented Kroger in the transaction. The buyer, Roanoke-based The Branch Group Inc., purchased the property for $3.1 million. Steve Zegarski and Jason Fountain of Waldvogel Commercial Properties Inc. represented the buyer. Built in 1983, the 58,690-square-foot, two-story office building sits on 9.5 acres and functioned as Krogers regional headquarters for the Mid-Atlantic division. Kroger occupied the property until 2020.
EVERGREEN PARK, ILL. — Evergreen Plaza, a recently redeveloped, 255,249-square-foot retail center in the Chicago suburb of Evergreen Park, has sold for $67.2 million. The sale represents the largest single-asset retail sales transaction in the Chicago area this year, according to JLL, which brokered the sale. Anchored by Whole Foods Market, Evergreen Plaza is also home to TJ Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness. The property is 94 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, a partnership between funds managed by affiliates of Fortress Investment Group LLC and Lormax Stern. LBX Investments acquired the asset. Christopher Knight and Gregg Shapiro of JLL arranged a 10-year, fixed-rate acquisition loan in the amount of $45.4 million through Angel Oak Commercial Lending.
WASHINGTON, D.C. — The majority of full-service and limited-service restaurant operators say that business conditions are worse now than they were three months ago, according to a new survey conducted by the National Restaurant Association. The study found that 44 percent of operators think it will take more than a year before business conditions return to normal, and 19 percent believe they never will. The National Restaurant Association conducted the study from Sept. 7-15 and surveyed 4,000 restaurant operators nationwide. Although the industry has added back many of the jobs lost during the pandemic, 78 percent of operators say their restaurant does not have enough employees to support current customer demand. Rising costs are impacting restaurants too. According to the survey, 91 percent of operators are paying more for their food; 84 percent have higher labor costs; and 63 percent are paying higher occupancy costs. At the same time, profitability is down — 85 percent of operators reported smaller margins than prior to the pandemic. While August is typically one of the busiest months for restaurants, 63 percent of operators reported that their sales volume for August 2021 was lower than it was in August 2019. Additionally, 78 percent of …
ATLANTA — JLL Capital Markets has arranged the $16 million sale of Main Street South Fulton, a 129,449-square-foot, Kroger-anchored shopping center in the Atlanta neighborhood of South Fulton. Main Street South Fulton is fully leased to retailers including Dollar Tree, Rainbow USA, Pizza Hut and Subway. Located at 6055 Old National Highway, the shopping center is approximately three miles south of Hartsfield-Jackson Atlanta International Airport. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based M&P Shopping Centers, in the transaction. Benjamin Bruner of the Bruner Group represented the buyer, New York City-based Irgang Group Inc.
FORT PIERCE, FLA. — Miami-based Frontier Cos. has broken ground on a new retail development located in Fort Pierce. Located 5000 Okeechobee Road, the 10,750-square-foot retail center will include a 3,750-square-foot Aspen Dental, a 3,500-square-foot CareNow urgent care clinic and another 3,500-square-foot space for a future tenant. The plaza is being built on a 1.6-acre lot and will include 87 parking spaces. A Cowboys BBQ & Steak restaurant previously occupied the development site.
ALGONQUIN, ILL. — Ashley HomeStore has signed a 48,397-square-foot retail lease at 1500 S. Randall Road within Algonquin Commons, a 600,000-square-foot lifestyle center in the northwest Chicago suburb of Algonquin. The retailer is relocating from nearby 2451 S. Randall Road where it operated for 12 years. Brad Murchison, Chris Irwin and Brad Belden of Colliers International represented the tenant in the lease transaction. Marget Graham of Mid-America Real Estate Group represented the landlord, Red Mountain Retail Group Inc. Based in Wisconsin, Ashley is a furniture manufacturer that operates more than 900 locations nationwide.
