Retail

CREC Capital Purchases Retail Center Near Miami for $62.3M

by Alex Tostado June 6, 2019

HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.

June 6, 2019

Leasing Activity Michigan Midwest Retail

Full Lotus Yoga to Open 2,650 SF Studio in Detroit

by Kristin Harlow June 6, 2019

DETROIT — Full Lotus Yoga has leased 2,650 square feet on the third floor of 6505 Woodward Ave., a mixed-use building owned by The Barbat Organization in Detroit. Purchased in December 2017, the property is undergoing a renovation and will be home to Lake Trust Credit Union. A restaurant space is available for lease. The second floor will likely include office space. This is Full Lotus Yoga’s second location, following its initial studio that opened in June 2013. Jeanne Gross of Farbman Group represented the tenant in the lease transaction. Dan Callaway of Farbman Group represented the landlord. The studio is slated to open this fall.

June 6, 2019

Acquisitions Retail Texas

HSM Negotiates Sale of 62,000 SF Retail Property in Metro Dallas

by Taylor Williams June 6, 2019

ALLEN, TEXAS — Henry S. Miller Brokerage (HSM) has negotiated the sale of a 62,000-square-foot retail property in the northeastern Dallas suburb of Allen. The sale included a 4.5-acre parking lot. Frank Bullock and Martin Gaines of HSM represented the seller, Denver-based Jumpstreet Trampoline Parks, in the transaction. Home décor retailer LoneStar Mercantile will occupy the remaining 22,000 square feet. Moon Kim of Lifestyles Realty represented the buyer, a Houston-based investment firm.

June 6, 2019

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 14,823 SF Retail Center in Sherman, Texas

by Taylor Williams June 6, 2019

SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Texoma Square, a 14,823-square-foot retail center located in the North Texas city of Sherman. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. The buyer was a Texas-based investor that acquired the property via a 1031 exchange. Additional terms of sale were not disclosed.

June 6, 2019

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 62,506 SF Shopping Center in Peckville, Pennsylvania

by Taylor Williams June 6, 2019

PECKVILLE, PA. — Marcus & Millichap has brokered the sale of Peckville Shopping Center, a 62,506-square-foot retail property, located just outside of Scranton in the northern part of the state. The sales price was $5.1 million. A 20,045-square-foot Planet Fitness anchors the center, which was built in 1953 and renovated in 2004. Total occupancy at the property at the time of sale was 76 percent. Christopher Burnham, Dean Zang, David Crotts and Steven Siegel of Marcus & Millichap represented the seller, a New York City-based investment bank, in the transaction. The group also procured the undisclosed buyer.

June 6, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges $3.2M Sale of Retail Property in The Bronx

by Taylor Williams June 6, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $3.2 million sale of an 8,874-square-foot retail property located at 2542-2550 Boston Road in The Bronx. The sales price for the two-building property equates to $361 per square foot. Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp., in the transaction. The undisclosed buyer will have the option to expand the property to add more shop space.

June 6, 2019

Acquisitions California Retail Western

SRS Arranges $12.9M Sale of Avery Center Shops in Mission Viejo, California

by Amy Works June 6, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of the retail component with Avery Center in Mission Viejo. Orange County-based Pacific Castle sold the property to an Orange County-based family for $12.9 million. The 16,568-square-foot retail portion includes two fully occupied retail buildings located at 28601-28621 Marguerite Parkway. Built in 1977 and renovated in 2016, the asset’s triple-net leased tenants include Jimmy John’s Gourmet Sandwiches, Epic Wings, Broken Yolk Café and Big Grill Mongolian BBQ, as well as four local retailers. Patrick Luther and Matthew Mousavi of SRS’ Investment Properties Group represented the seller in the deal. Terrison Quinn, also of SRS, advised the seller on repositioning the renovated center and leasing activities for the property.

June 6, 2019

Acquisitions California Retail Western

Capstone Advisors Buys 28,037 SF El Camino Square in Encinitas for $12.2M

by Amy Works June 6, 2019

ENCINITAS, CALIF. — Capstone Advisors has acquired El Camino Square, a retail property located in Encinitas. US Financial LP sold the asset for $12.2 million. Located at 191 N. El Camino Road, the two-level property features 28,037 square feet of retail space. Current tenants include T-Mobile, Salon Bella Bella, Golden State Bagels and Chiltonic. Vic Gausepohl and Kirk Allison of Colliers International San Diego Region represented the buyer, while the seller was self-represented in the deal. Gausepohl and Allison have also been retained to handle leasing for the property.

June 6, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $12M Sale of New Grocery-Anchored Shopping Center in Upstate South Carolina

by Alex Tostado June 5, 2019

GREER, S.C. — Marcus & Millichap has arranged the $12 million sale of Riverside Crossing, a 58,358-square-foot, Lowes Foods-anchored shopping center in Greer. Other tenants include Smoothie King, Great Clips, Family Dentistry at Riverside Crossing, CT Nails and Madi Boutique. EA Riverside LLC built the center in 2017 and sold it to JohnCo LP, a private family office. Zach Taylor, Brian Munn and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction.

June 5, 2019

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers Sale of Retail Building in Rockford, Illinois

by Kristin Harlow June 5, 2019

ROCKFORD, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a retail building shadow-anchored by Walmart in Rockford for an undisclosed price. The three-tenant property is home to Aspen Dental, Sleep Number and Fastsigns. Built in 2008, the 9,000-square-foot building is situated on one acre at 7310 Walton St. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Ronald Shunia of BOSC Realty Advisors represented the buyer, a California-based private investor. The cap rate was 7.23 percent.

June 5, 2019

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