Retail

Investors Shift Focus from Higher Returns to Stability, Proven Cash Flow

by Kristin Harlow February 4, 2021

By Tyler Dingel and Blake Bogenrief, CBRE | Hubbell Commercial COVID-19, and the immediate uncertainty that came with it, slowed investment activity in nearly all markets. The transactions that have closed since March, and those that will follow in the coming months, are changing. Investors and lenders alike are more thorough in upfront analysis, more selective in tenants, and overall, trending more conservative. The vision is now long-term oriented, and the spotlight is shining brightly on essential goods and services as well as investments with proven track records. Slow and steady is winning the race. Investor concerns Over the last 12 months, a common concern for real estate investors has been what the future holds for capital gains taxes. Many sellers are contemplating and opting to “take the hit” now as opposed to down the road when capital gains tax could be replaced by the ordinary income tax rate. In addition, the Biden Administration seeks to increase individual tax rates while the U.S. continues to deliver financial aid to the masses. Nearly nine months following the CARES Act, Congress agreed on a second, $908 billion stimulus package. Many expect that taxes will do one of two things in the future …

February 4, 2021

Development Mixed-Use Multifamily Retail Southeast Tennessee

Mill Creek Residential to Develop 15-Story Apartment Tower in Nashville

by John Nelson February 3, 2021

NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space. Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with picnic tables, pet spa, clubhouse, game room, cyber café, conference room and a coffee bar. The apartment’s fitness center will include a yoga/Pilates studio, TRX System and individual training options. Residents will have access to controlled-access garage parking, dedicated bike storage and additional storage. Modera Gulch will be situated at 810 Division St. in Nashville’s Gulch neighborhood. The apartment community will be located less than one mile from Amazon’s new Operations Center of Excellence in Nashville Yards and near attractions including the Frist Art Museum, Country Music Hall of Fame and the city’s famed Lower Broadway district. The community is also less than two miles from Nissan Stadium, home of the Tennessee Titans. Mill Creek Residential is a national rental housing company …

February 3, 2021

Acquisitions Iowa Midwest Retail

Boulder Group Negotiates $5.1M Sale of Property Net Leased to Walgreens in Ames, Iowa

by Kristin Harlow February 3, 2021

AMES, IOWA — The Boulder Group has negotiated the sale of a 14,820-square-foot property net leased to Walgreens in Ames for $5.1 million. The single-tenant building is located at 2719 Grand Ave. Walgreens has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm. A West Coast-based real estate firm purchased the asset.

February 3, 2021

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Arranges $1.8M Sale of Burger King-Occupied Property in Carmel, Indiana

by Kristin Harlow February 3, 2021

CARMEL, IND. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.

February 3, 2021

California Development Office Retail Western

Sares Regis, Dostart Development Receive Approval for Burlingame Post Office Redevelopment in California

by Amy Works February 3, 2021

BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …

February 3, 2021

Leasing Activity North Carolina Retail Southeast

Mitchell Gold + Bob Williams Home Furnishings Opens at Asheville Outlets in North Carolina

by John Nelson February 2, 2021

ASHEVILLE, N.C. — Mitchell Gold + Bob Williams Home Furnishings Outlet has opened at Asheville Outlets, an outlet mall located at the intersection of Interstate 40 and Interstate 26 in Asheville. The furniture retailer occupies a 14,900-square-foot space that formerly housed Forever 21. The property is situated at 800 Brevard Road, roughly five miles southwest of downtown Asheville. New England Development is the owner and operator of Asheville Outlets, which opened in May 2015. Asheville Outlets includes more than 70 retailers and restaurants, including J. Crew, Nike Factory Store, Under Armour and Tommy Hilfiger. The new Mitchell Gold + Bob Williams store is the largest authorized factory-direct outlet for the North Carolina-based brand. Mitchell Gold + Bob Williams offers furniture including sofas, sleepers, sectionals, accent chairs, beds, chests, nightstands, bookcases, media consoles, bar carts and dining tables.

February 2, 2021

Acquisitions California Retail Western

Colliers Arranges $26.3M Sale of Meadows Village Shopping Center in Temecula, California

by Amy Works February 2, 2021

TEMECULA, CALIF. — Colliers International has brokered the sale of Meadows Village, a grocery- and drugstore-anchored shopping center in Temecula. The retail property changed hands for $26.3 million. The names of the seller and buyer were not released. Located at 31771-31962 Rancho California Road, the property features 80,553 square feet of retail space. Current tenants include Baron’s Market, CVS/pharmacy, EOS Fitness, Starbucks Coffee, The UPS Store, Wells Fargo and Subway. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Peter Orth of Colliers handled the transaction.

February 2, 2021

Acquisitions California Restaurant Retail Western

Faris Lee Brokers $2.5M Sale of Taco Bell-Occupied Restaurant in Folsom, California

by Amy Works February 2, 2021

FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a drive-thru restaurant property located within Folsom Gateway Shopping Center in Folsom. A private family partnership acquired the asset from an undisclosed seller for $2.5 million. Taco Bell occupies the freestanding building, which was constructed in 2007. Tyler Strauss and Jeff Conover of Faris Lee procured the buyer and represented the seller in the transaction.

February 2, 2021

California Market Reports Retail Western Western Market Reports

Inland Empire Retail Market Poised for Resiliency in 2021

by Jeff Shaw February 2, 2021

While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as residents are more likely to have additional discretionary income to allocate to retail and restaurant venues. In particular, there are many high-growth submarkets to watch within the region. Some of our top areas include Eastvale, Jurupa Valley and Rialto, which have all experienced expansion despite the restrictions and challenges that COVID has created. They are seeing a significant amount of residential growth as they offer strong school districts, expansive parks, affordable housing, proximity to large employment bases and newer retail amenities. A young family demographic is moving to towns like these, and retail users have taken notice. This has resulted in large retail projects like Renaissance Marketplace in Rialto and the Station in Eastvale taking shape. Turning to …

February 2, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers Sale of 18,550 SF Retail Center in Norcross, Georgia

by John Nelson February 1, 2021

NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.

February 1, 2021

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