Retail

Ju-C Bar Opens Location at Krog Street Market in Atlanta’s Inman Park District

by Alex Tostado July 17, 2020

ATLANTA — Ju-C Bar has opened its second location in metro Atlanta, joining the tenant lineup at Krog Street Market, a 30,000-square-foot food hall in Atlanta’s Inman Park neighborhood. Ju-C Bar is a family-owned restaurant specializing in made-order juices, smoothies, salads and wraps. Krog Street Market is situated along the Atlanta BeltLine’s Eastside Trail, two miles west of downtown Atlanta. Other tenants include Superica, Jeni’s Splendid Ice Creams, Ticonderoga Club, Fred’s Meat & Bread, Watchman’s Seafood and Spirits, Hop City and The Little Tart Bake Shop, as well as retail and office tenants including The Merchant, Iris and The Atlanta BeltLine Partnership. Ju-C Bar’s other location is in the northern suburb of Sandy Springs. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners represented the landlord, Charlotte, N.C.-based Asana Partners, in the lease transaction. Austin Wilson of Stein Investment Group represented Ju-C Bar.

July 17, 2020

Retail Texas

DFW Retail Occupancy Dropped 40 Basis Points in Second Quarter, CBRE Reports

by Taylor Williams July 17, 2020

The market-wide vacancy rate stood at 6.2 percent at the end of the second quarter, a period that included the first spate of negative net absorption in more than two years. Several retailers that are based in the metroplex, including Pier 1 Imports, Neiman Marcus, Tuesday Morning and J.C. Penney, have been among the major names to file for Chapter 11 bankruptcy and shutter stores in response to COVID-19. Investors’ concerns about rent collection and occupancy also impacted retail investment sales volume in DFW, which stood at approximately $1.6 billion at the end of the quarter, its lowest quarterly total in five years. Texas, one of the first states to reopen, has since seen a spike in new COVID-19 cases that prompted Gov. Greg Abbott to pause further reopenings in late June, a move that most notably included shutting down bars once again. The state currently has about 292,000 confirmed cases and 3,500 deaths, according to the Texas Department of State & Health Services.

July 17, 2020

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $7.2M Sale of Urban Air Adventure Park Near New Haven

by Taylor Williams July 17, 2020

ORANGE, CONN. — Marcus & Millichap has brokered the $7.2 million sale of an 84,200-square-foot retail property in Orange, a southern suburb of New Haven. The property is situated on eight acres and is net leased to Urban Air Adventure Park, an entertainment concept that features trampolines, zip lines, laser tag and virtual reality games. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, Bull Hill Associates, in the transaction. Brian Kaplan, also with Marcus & Millichap, represented the buyer, a limited liability company.

July 17, 2020

Acquisitions Colorado NAI Retail Western

NAI Shames Makovsky Arranges $1.6M Sale of Retail Property in Colorado

by Amy Works July 17, 2020

ARVADA, COLO. — NAI Shames Makovsky has arranged the sale of retail building located at 5805 Independence St. in Arvada. RHB Arvada sold the property to JBM20 for $1.6 million. The building features 1,808 square feet of retail space. Jake Malman and Evan Makovsky of NAI Shames Makovsky represented the buyer in the deal.

July 17, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Brokers $1.8M Sale of Harbor Freight-Occupied Property in Michigan

by Kristin Harlow July 17, 2020

BIG RAPIDS, MICH. — The Boulder Group has brokered the $1.8 million sale of a 24,034-square-foot property occupied by Harbor Freight in Big Rapids, about 60 miles north of Grand Rapids. The single-tenant building is located at 408 Perry Ave. Harbor Freight, a discount tool retailer, recently signed a 10-year lease for the newly renovated building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based real estate firm. A Midwest-based buyer purchased the asset.

July 17, 2020

Industrial Market Reports Multifamily Retail Texas Texas Market Reports

What’s Up Next For San Antonio?

by Taylor Williams July 17, 2020

Interviews conducted by Taylor Williams During the 10-year expansionary cycle, San Antonio posted one of the highest rates of population growth in the country, bringing new development of luxury apartment communities, modernized e-commerce facilities, bustling entertainment destinations and a landmark Class A office building. While some short- and long-term pain from COVID-19 is inevitable, there is also some optimism on the horizon. Industrial broker Cody Woodland of NAI Partners, multifamily developer David Lynd of LYND Co. and retail investment sales specialists Kevin Catalani and Price Onken of CBRE share thoughts on what’s happened and what’s coming in the Alamo City. Texas Real Estate Business: In terms of your sector, what have you seen in the San Antonio market in response to COVID-19? Cody Woodland: Much like other industrial markets, we’ve seen many tenants put their requirements on hold, including some sizable leases near execution. Most of these resulted in short-term extensions that should resurface in 2021. We’ve also seen numerous deals with essential users requiring immediate short-term space for storage purposes due to fluctuations in supply chains, primarily in the grocery and medical product sectors. Even during the pandemic, some long-term leases have still transacted, such as Dollar General’s 285,000-square-foot …

July 17, 2020

Development Hospitality Illinois Midwest Mixed-Use Multifamily Retail Top Stories

Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue

by Katie Sloan July 17, 2020

CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …

July 17, 2020

Acquisitions Colorado Net Lease Retail Western

Stan Johnson Arranges $2.4M Sale of Childhood Education Facility in Littleton, Colorado

by Amy Works July 16, 2020

LITTLETON, COLO. — Stan Johnson Co. has brokered the sale of a retail property located at 6000 Grant Ranch Blvd. in Littleton. A California- and Colorado-based family partnership sold the property to BAF Associates, a Maryland-based private investor, for $2.4 million. Knowledge Beginnings, one of several brands under the KinderCare Education group, occupies the single-tenant, 10,400-square-foot property on a net-lease basis. Kelly Largent of Stan Johnson Co. represented the buyer, while Mike Matter and Milo Spector of Stan Johnson Co. represented the seller in the transaction.

July 16, 2020

41800-W-Maricopa-Casa-Grande-Hwy-Maricopa-AZ

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $2.1M Sale of Big 5 Sporting Goods-Occupied Retail Building in Arizona

by Amy Works July 16, 2020

MARICOPA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 41800 W. Maricopa-Casa Grande Highway in Maricopa. A limited liability company sold the building to undisclosed buyer for $2.1 million. Big 5 Sporting Goods occupies the property on a net-leased basis. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

July 16, 2020

Company News Retail Texas

J.C. Penney Cuts 1,000 Jobs, Begins Talks With Potential Buyers

by Taylor Williams July 16, 2020

PLANO, TEXAS — J.C. Penney Co. announced on Wednesday that it would reduce its workforce by approximately 1,000 corporate, field management and international positions as part of its store optimization and restructuring plan. The Plano-based retailer, which employs about 90,000 people worldwide, filed for Chapter 11 bankruptcy in May and announced plans to close about 150 stores two weeks later. According to CNBC, J.C. Penney has reached an agreement with its creditors to extend submission of its new business plan and identify potential investors in the business. The network reports that mall developers Simon Property Group and Brookfield Properties are both in talks to buy the 118-year-old retailer, as are Sycamore Partners and Authentic Brands, the respective parent companies of department stores Belk and Barneys.

July 16, 2020

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