Retail

Columbus Crew Soccer Club Releases New Renderings for $230M Downtown Stadium

by Kristin Harlow May 15, 2020

COLUMBUS, OHIO — Columbus Crew SC, a Major League Soccer organization, has released new renderings for its stadium, which is currently under construction downtown. Completion is slated for summer 2021. Situated in the city’s Arena District, the stadium will feature a beer garden and a “crewhouse.” Premium club members will have access to an exclusive covered entrance. Project costs of the 20,000-seat venue are estimated at $230 million. The larger Confluence Village development will feature nearly 1,000 residential units as well as office and commercial space. The Crew’s current stadium is expected to be repurposed into a community sports park.

May 15, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.6M Sale of Two-Tenant Retail Property in Lockport, Illinois

by Kristin Harlow May 15, 2020

LOCKPORT, ILL. — Marcus & Millichap has arranged the $1.6 million sale of a two-tenant retail property in Lockport, about 30 miles southwest of Chicago. The 3,670-square-foot building is home to Arby’s and Bank of America. It is located at 16545 W. 159th St. and serves as an outlot to a Jewel-Osco grocery store. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was a limited liability company affiliated with one of the tenants.

May 15, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.1M Sale of Alberstons-Occupied Retail Asset in San Diego

by Amy Works May 15, 2020

SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

May 15, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 31,450 SF Shopping Center in Bethlehem, Pennsylvania

by Alex Patton May 14, 2020

BETHLEHEM, PA. — Colliers International has brokered the $4.5 million sale of Bethlehem Village Shoppes, a 31,450-square-foot retail center in Bethlehem, an eastern suburb of Allentown. At the time of sale, tenants included the Northampton County Court of Common Pleas, H&R Block and several restaurants. Jeff Algatt, Derek Zerfass and Scott Horner represented the seller, a locally based private investor, in the transaction. W.C. Weiss of Equis Commercial Real Estate represented the undisclosed buyer. QNB Bank provided acquisition financing.

May 14, 2020

Acquisitions Retail Texas

EDGE Realty Partners Brokers Sale of 49,865 SF Retail Center in Houston

by Taylor Williams May 14, 2020

HOUSTON — EDGE Realty Partners Capital Markets has brokered the sale of a 49,865-square-foot retail center located at the junction of Interstate 45 and Monroe Boulevard in Houston. According to LoopNet Inc., the property was built on 1.9 acres in 1970. Tenants include Chinese restaurant Oriental Gourmet and Majestic Tuxedos. Burdette Huffman of EDGE Realty Partners represented the undisclosed seller in the transaction. The buyer was also undisclosed.

May 14, 2020

Acquisitions California Retail Western

Matthews Brokers Sale of Recently Vacated 104,980 SF Retail Lot in Costa Mesa

by Amy Works May 14, 2020

COSTA MESA, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with the Ace Hardware lease. Bill Pedersen, Michael Pakravan and Matthew Sundberg of Matthews Real Estate handled the transaction.

May 14, 2020

Acquisitions Illinois Midwest Restaurant Retail

Historic Restaurant Property in Chicago’s Lincoln Square Sells for $3.1M

by Kristin Harlow May 14, 2020

CHICAGO — SVN Chicago Commercial has arranged the sale of the Chicago BrauHaus restaurant property for $3.1 million. The historic building is located at 4732 N. Lincoln Ave. within Chicago’s Lincoln Square. Tim Rasmussen and Marcus Sullivan of SVN represented the buyer, GW Properties. Matt Feo of Essex Realty Group represented the sellers, Harry and Guenter Kempf, who are longtime owners of the Chicago BrauHaus. The restaurant closed in late 2017 after 52 years.

May 14, 2020

Acquisitions Midwest Retail Wisconsin

KW Commercial Brokers Sale of 52,290 SF Retail Center in Wisconsin

by Kristin Harlow May 14, 2020

NEW LONDON, WIS. — KW Commercial has brokered the sale of Wolf River Plaza in New London, about 40 miles west of Green Bay. Anchored by Family Dollar, the 52,280-square-foot retail center is home to a mix of regional and national tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Sunnyside Retail Partners LLC. The seller and sales price were undisclosed.

May 14, 2020

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of North Hills Retail Portfolio in Los Angeles

by Amy Works May 14, 2020

LOS ANGELES — Marcus & Millichap has brokered the sale of a two-property retail asset located in Los Angeles’ North Hills neighborhood. A limited liability company sold the portfolio to a partnership for $6.2 million. The asset consists of two adjacent parcels featuring 7,835 square feet of building space and 52,260 square feet of commercial-zoned land. According to Marcus & Millichap, the sales price represents a market-leading price per square foot of $798 for the existing structures and $120 per square feet for the land. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

May 14, 2020

Retail Southeast Virginia

Virginia on Track to Begin Phase I of Retail Reopenings on Friday, Says Gov. Northam

by Alex Tostado May 13, 2020

RICHMOND, VA. — Virginia Gov. Ralph Northam says the state is still on track to begin “Virginia Forward,” the state’s Phase I plan for reopening stores, restaurants and select businesses and organizations starting Friday, May 15. Northam said in a press release Tuesday, however, that Northern Virginia localities are able to delay reopenings to Thursday, May 28 if they feel it is unsafe to reopen Friday. The new guidelines outline more relaxed restrictions, including upping the capacity of non-essential retail from a 10-person limit to 50 percent capacity; allowing restaurants to open outdoor seating with a 50 percent capacity limit; allowing places of worship to have a 50 percent capacity, up from its previous 10-person limit; fitness centers may operate outdoor classes; and allowing for personal grooming services to reopen to appointment-only customers. Some restrictions that are unchanged include schools remaining closed, childcare remaining open only to working families and entertainment and public amusement remaining closed. As of this writing, there were 927 deaths and 26,746 total confirmed cases of COVID-19 in Virginia, according to the Virginia Department of Health.

May 13, 2020

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