STAFFORD, VA. — Barnett Properties has broken ground on Embrey Mill Town Center, a Publix-anchored shopping center in Stafford. The property will also feature 26,500 square feet of small shop space. Carter Bank provided construction financing. Freeman Morgan Architects designed the shopping center, and VHB is the engineer. Steve Sartorio of Barnett Properties will handle leasing efforts. Barnett Properties expects to open Embrey Mill Town Center in early 2021. This Publix will join locations in Williamsburg and Fredericksburg as the only Publix stores in Virginia outside of the Richmond metro area.
With all the changes occurring in retail over the past decade, the industry, as a whole, is being transformed before our eyes. These shifts have impacted how new retail development is taking place throughout the Phoenix area. It is also driving a significant change to how retail developers will operate over the next decade. The operational changes are dramatically affecting the prototypes of retailers. These changes are making it necessary for some retailers to relocate from an inline space at the back of a center to an outparcel with street-front visibility. It becomes even more complicated as more and more tenants are demanding a drive-thru. Panera Bread, Chipotle and Starbucks are just a few examples of retailers that have revised their real estate requirements to accommodate a drive-thru. Many retailers are also consolidating their total number of stores or downsizing their traditional physical footprint, which is also impacting centers. Some chains have even waved the white flag and closed their business altogether. These changes are driving the design of new retail projects throughout Phoenix. While the traditional configurations of regional malls, power centers and neighborhood shopping centers will always be a staple, the retailer’s shift to be up front and …
BOCA RATON, FLA. — Avison Young has brokered the $16 million sale of West Boca Plaza, a 70,524-square-foot, Publix-anchored shopping center in Boca Raton. The center is located at 22973-23071 U.S. Highway 441, seven miles west of downtown Boca Raton. Other tenants at West Boca Plaza include Little Caesar’s, Orient Garden, La Perredo del Gordo and 441 Animal Hospital. David Duckworth, John Crotty, Michael Fay and Brian de La Fé of Avison Young represented the seller, Sandalfoot Investments LLC, in the transaction. Investments Limited acquired the property.
CARLSBAD, CALIF. — HP Investors and FABRIC have acquired Antique Mall on State Street, a commercial property located in downtown Carlsbad. Bill Ostrie sold the property for an undisclosed price. The team plans to redevelop and rebrand the nearly 70-year-old property as State Street Commons. Located at 2742-2742 State St., the renovated property will provide more than 22,000 square feet of retail and creative office space. The $15 million renovation will maintain the asset’s architectural integrity, character and charm, while increasing safety and providing modern upgrades to the facades, storefronts and interiors. Additionally, the two steel-framed Butler Buildings with 28-foot ceilings and Quonset hut (an arch-shaped steel military structure popular in the 20th century) will be preserved and updated. Renovations are scheduled to begin in mid-November and continue until summer 2020. G Coleman Architect and FieldXStudio will serve as architects, while C2 Building Group will serve as general contractor for the project.
LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $3.5 million sale of a U.S. Bank ground lease in Lakeville, approximately 20 miles south of Minneapolis. The 3,636-square-foot property is located at 20191 Iberia Ave. There are 11 years remaining on the ground lease. Upland represented the undisclosed seller. A 1031 exchange investor purchased the asset. U.S. Bank operates 3,106 branches throughout the country.
NEW YORK CITY — PUMA has opened an 18,000-square-foot flagship store in Manhattan, the company’s first location of this kind in North America. Customers can use the store’s PUMA x YOU technology to customize clothing and accessories before purchase. Additional in-store technology includes virtual racing and soccer simulators, 3-D knitting and screens that display alternate selections and colors of in-store merchandise.
NEW YORK CITY — Le Tote, an online clothing rental subscription service based in San Francisco, has entered an agreement to acquire Lord & Taylor, a New York-based clothing department store chain previously owned by Canadian retail group Hudson’s Bay Company (TSX: HBC). Le Tote will assume responsibility of Lord & Taylor’s 38 brick-and-mortar stores, digital channels and inventory. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s Board of Directors and certain rights as a minority shareholder. The transaction is expected to close before the start of the 2019 holiday season. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. Helena Foulkes, CEO of HBC, said the company will focus on its other brands, Saks Fifth Avenue and Hudson’s Bay. “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord & Taylor, bringing together fashion rental subscriptions with traditional retail,” Foulkes said. “Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord & Taylor, its loyal customers and dedicated …
HAGERSTOWN, MD. — Continental Realty Corp. has acquired Centre at Hagerstown, a 331,000-square-foot retail center in Hagerstown, for $23.5 million. The property was 93 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, PetSmart, Regency Furniture, 2nd & Charles and A.C. Moore. Centre at Hagerstown is located at 17850 Garland Grosh Blvd., three miles from downtown Hagerstown, the county seat of Washington County. Danny Finkle, Jordan Lex and John Owendoff of JLL represented the seller, WashREIT, in the transaction.
NEW ORLEANS — Marcus & Millichap has arranged the $6.4 million sale of River Commons, a 59,483-square-foot shopping center in New Orleans. River Commons, which is shadow-anchored by Walmart, was leased to 17 tenants at the time of sale, including Dollar Tree, Shoe Show, Cato and Sally Beauty. Zach Taylor and Don McMinn of Marcus & Millichap represented the seller, Rivercrest Realty, in the transaction. The buyer was Salim Rupani, a private investor based in Texas.
COLORADO SPRINGS, COLO. — Newmark Knight Frank Colorado has arranged the sale of a Roundhouse, a retail building located at 600 S. 21st St. in Colorado Springs. CWC Income Properties 6 LLC acquired the property from 600 S. 21st LLC as an investment asset for $10.1 million. Riki Hashimoto, Dan Grooters, Brian Wagner and Mark O’Donnell of NKF Colorado represented the seller in the transaction.