AUSTIN, TEXAS — Colliers International has arranged the $7.4 million sale of a 12,900-square-foot retail property Austin. The tenant, CVS, has 13 years remaining on its 25-year lease. Jon Busse and Volmey Campbell of Colliers represented the San Diego-based seller in the transaction. Brad Kritzer and David Chasin of Pegasus Investments represented the buyer, a California-based 1031 exchange investor.
THOUSAND OAKS, CALIF. — Dekel Capital has arranged $59 million in construction financing on behalf of The Latigo Group for the construction of 299 Thousand Oaks, a mixed-use development located in Thousand Oaks. Situated on 3.2 acres, 299 Thousand Oaks will feature 142 Class A apartments, 9,820 square feet of ground-floor retail space and parking for 239 vehicles. The four-story property will offer studio, one- and two-bedroom units, with 11 units designated as affordable housing for low-income families. Community amenities will include a 3,000-square-foot fitness center, pool, garden courtyards and open space. Additionally, the project will feature smart technology, including keyless entry and remote thermostat control. Shlomi Ronen of Dekel Capital secured the financing, which a publicly traded REIT and a life insurance company provided.
MESA, ARIZ. — Stratis-Mesa Properties has completed the disposition of The Shoppes at Higley Village, a neighborhood retail center in Mesa. An undisclosed buyer acquired the asset for $5.5 million, or $224 per square foot. The three-building, 24,580-square-foot property features 14 tenants, including Walmart Neighborhood Market, Bahama Buck’s, Great Clips and Marco’s Pizza. At the time of sale, the property was 85 percent occupied. Derek Buescher of Orion Investment Real Estate represented the seller in the transaction.
FORT MOHAVE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 4751 Highway 95 in Fort Mohave. A limited liability company sold the property to a private investor for $2.1 million. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Andrew Irvine of Marcus & Millichap’s Ontario, Calif., office procured the buyer in the deal. Starbucks Coffee occupies the 2,021-square-foot property, which was constructed in 2020. The tenant has a new 10-year lease, including 10 percent rental increases every five years and four five-year renewal options. The double-net lease is backed by Starbucks Corp.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. (NYSE: ADC) recorded $21.2 million in net income during the first quarter, up from $18.3 million the same period a year ago, a 15.7 percent increase. As of March 31, the retail REIT’s portfolio consisted of 868 properties located in 46 states totaling 16.3 million square feet of gross leasable area. The portfolio was approximately 99.3 percent leased. In regard to COVID-19, as of April 17, Agree received April rent payments from over 87 percent of its portfolio. All of the company’s investment-grade tenants paid April rent. Agree received short-term rent relief requests or requests for further discussions regarding rent from approximately 33 percent of its portfolio. Not all tenant requests will result in modification agreements, nor is the company forgoing its contractual rights under lease agreements. Approximately 81 percent of stores within Agree’s portfolio are currently open, 26 percent of which are operating on a limited basis. The remaining 19 percent are closed. Total acquisition volume for the first quarter of 2020, excluding acquisition and closing costs, totaled $227.7 million and included 51 assets net leased to off-price retail, auto parts, general merchandise, dollar store, home improvement, grocery and auto service retailers. …
Over the past few decades, Omaha has grown in both size and reputation as a Midwest gem that offers affordable housing, a solid job market, excellent schools and a central location that makes both business and leisure travel a relative breeze. As our city has grown, our lifestyle has adapted, which has had an interesting impact on commercial real estate. While some developments are flourishing, others have been struggling. Overall, retail growth in Omaha is slow, but occupancy is robust in Class A-located centers. The main corridors in west Omaha (Center, Dodge and Maple streets) have strong occupancy and rents now pushing $40 per square foot NNN for new construction. Restaurants, medical/retail (or “medtail”) and fitness have become the main drivers of recent retail space use. “Treasure hunt” discount concepts such as Ross, Marshalls, TJ Maxx, Burlington and Five Below have all opened multiple locations in the past 24 months in a wide range of demographic areas of Omaha. Mall activity Nationally, the traditional shopping mall concept has been plagued by big-name store closures as consumers continue to turn to online shopping. Locally, some traditional malls are faring better than others. Westroads, which opened in 1968, remains strong in both …
WEBSTER, MASS. — Gas station and convenience store operator Verc Enterprises Inc. has opened a 3,825-square-foot store in Webster, located approximately 15 miles south of Worcester. Located at 137 E. Main St., the site offers Gulf gasoline and a car wash and also houses a Dunkin’ on the premises. Verc now owns and operates 34 gas stations and convenient stores with location across central Massachusetts and New Hampshire.
WASHINGTON, D.C. — The National Retail Federation (NRF) has praised the $300 billion legislation the U.S. Senate passed to financially aid small businesses that are struggling during the COVID-19 crisis. The Small Business Administration (SBA) ran out of its originally allotted $376 billion Paycheck Protection Program (PPP) fund, which had 200,000 small businesses partaking in the program. The PPP is a product of the Coronavirus Aid, Relief and Economic Securities Act (CARES Act), which was signed into law March 27. “Retailers continue to deal with catastrophic hardships from COVID-19, and small retailers are the hardest hit,” NRF President and CEO Matthew Shay said. “The CARES Act was an important first step, but funding for the PPP has already been exhausted and additional relief is essential to keeping employees of small retailers on the payroll and contributing to the economy until we can get through this challenge.” The total allotment of the new legislation is $484 billion, with additional funding going to hospitals and COVID-19 testing. The U.S. House of Representatives is expected to vote on the bill Thursday. Washington, D.C.-based NRF has advocated for retailers and policies for more than 100 years.
UVALDE, TEXAS — Marcus & Millichap has brokered the sale of a 40,000-square-foot retail property in Uvalde, located about 85 miles west of San Antonio. The property currently houses Tractor Supply Co. and Dollar General. Philip Levy of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a personal trust. Both parties requested anonymity.
VILLA PARK, ILL. — Marcus & Millichap has brokered the $1.5 million sale of a 7,800-square-foot property net leased to Service King in Villa Park, about 20 miles west of Chicago. The building is located at 724 N. Ardmore Ave. and has a corporate guarantee from Service King, a collision repair center. Andrew Antoniou, Domini Sulo and Chad Lieber of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, an out-of-state limited liability company that completed a 1031 tax-deferred exchange.