Retail

Sports Entertainment Provides a Promising Future for Retail Real Estate

by Jeff Shaw November 21, 2019

ATLANTA — The future of food and beverage retail is…sports? To hear from “The Future of Restaurants & Entertainment” panel at the ICSC Southeast Conference & Deal Making event, sports-centric concepts are a solid bet for retail real estate owners to pursue going forward. Produced by the International Council of Shopping Centers (ICSC), the event was held Nov. 13-15 at the newly renovated Georgia World Congress Center in downtown Atlanta. Justin Amick, president of Painted Hospitality, spoke during the panel about his two venues in Atlanta, The Painted Pin and The Painted Duck. Both locations have an industrial motif and offer an expanded dinner menu, craft beer and cocktails and classic parlor games such as shuffleboard and horseshoes. The differentiator, though, is the boutique bowling alley. Amick said the idea is to attract patrons with the games and provide an experience while making money via food and beverage. “Painted wasn’t the first to invent the high-end bowling concept — the first to do so was probably Lucky Strike — but with our model of gaming, food and beverage, dancing and sports all under one roof, we do it well,” said Amick. His company recently announced a second location of The Painted …

November 21, 2019

Development Florida Leasing Activity Retail Southeast

Terra Signs New Retailers for Doral Square Shopping Center Near Miami

by John Nelson November 20, 2019

DORAL, FLA. — Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42 percent preleased, including restaurant tenants World of Beer and Panda Express. The project is scheduled to break ground by the end of this year, with delivery expected in 2021. Terra’s other projects in Doral include the nearby Doral Commons retail center and in-progress retail developments Atrium Doral and District 79.

November 20, 2019

Acquisitions North Carolina Retail Southeast

SRS Arranges $5.8M Sale of Newly Built Retail Center in Winston-Salem

by John Nelson November 20, 2019

WINSTON-SALEM, N.C. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.8 million sale of Shops at Stratford in Winston-Salem on behalf of the seller and developer, Encore Real Estate. The buyer, a private investor based locally, purchased the 13,500-square-foot, multi-tenant retail center in a 1031 exchange. Built in 2018, the property is situated on 1.2 acres and is fully occupied by four tenants including First Watch and Mattress Warehouse. Patrick Nutt and Connor Barton of SRS represented Encore Real Estate, and Steen Spove of Deep River Partners represented the buyer in the transaction.

November 20, 2019

Leasing Activity New Jersey Northeast Retail

NAI James Hanson Negotiates 12,000 SF Retail Lease for Indian Grocer in Parsippany, New Jersey

by Alex Patton November 20, 2019

PARSIPPANY, N.J. — NAI James Hanson has negotiated a 12,000-square-foot retail lease for specialty grocer Indian Stream LLC in Parsippany, located approximately 30 miles west of New York City. The building features 122 feet of highway frontage as well as attached warehouse space. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, Peak Realty Associates LLC, in the lease negotiations. The duo also represented Indian Stream.

November 20, 2019

Acquisitions Midwest Ohio Restaurant Retail

Boulder Group Brokers $1.8M Sale of Net Leased Taco Bell Property in Toledo, Ohio

by Kristin Harlow November 20, 2019

TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.

November 20, 2019

Acquisitions California Loans Retail Western

JLL Arranges $110M Acquisition Loan for 12-Property Retail Portfolio in Southern California

by Amy Works November 20, 2019

NEWPORT BEACH, LAGUNA BEACH, YOUNTVILLE AND CORONA DEL MAR, CALIF. — JLL has arranged $110 million in acquisition financing for Boardwalk Investments Group. The funds will be used for the purchase of a 12-property retail portfolio in Southern California. John Chun, John Marshall, Sam Godfrey and Jake Fideler of JLL Capital Markets placed the three-year, floating-rate loan with two one-year extension options. Michael Mestel of H.I.G. Realty Partners ran the transaction on behalf of the lender’s retail estate credit fund. Key assets in the portfolio include a CVS/pharmacy-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored retail center at 3100-3152 Newport Blvd. and a high-street retail asset located at 2902 West Coast Highway in Newport Beach; a fine-dining retail property located at 6725 Washington St. in Yountville; and multiple coastal assets in Newport Beach.

November 20, 2019

Acquisitions Colorado Retail Western

CBRE Brokers $4.1M Sale of E Shops at Mesa Ridge in Fountain, Colorado

by Amy Works November 20, 2019

FOUNTAIN, COLO. — CBRE has arranged the sale of E Shops at Mesa Ridge, a retail center located at 6825 Mesa Ridge Parkway in Fountain. A Los Angeles-based private real estate fund sold the asset to a private discretionary investor for $4.1 million. Built in 2013, the 9,380-square-foot property features five tenant spaces. At the time of sale, the property was fully occupied by Noodles & Co., Sprint, Jersey Mike’s, Sports Clips and H&R Block. Parker Brown, Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller in the deal.

November 20, 2019

Leasing Activity Retail Texas

Fun Movie Grill to Open 70,000 SF Venue at Mustang Square in Plano

by Taylor Williams November 20, 2019

PLANO, TEXAS — Fun Movie Grill, an entertainment concept that combines food, bowling, movies and games, will open a 70,000-square-foot venue in Plano. The eight-screen location will be part of Mustang Square, a 36-acre mixed-use development that will include 90,000 square feet of office space, hotels, residential villas and townhomes and a public plaza. Dan Avnery and Stewart Korte of NAI Robert Lynn represented the tenant and the landlord, Thakkar Developers, which broke ground on Phase I of the project in October, in the lease negotiations. The venue, which is scheduled to open in 2020, will be Fun Movie Grill’s fourth entertainment center in the metroplex.

November 20, 2019

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Boston’s Retail Market Continues Move Toward Efficiency

by Taylor Williams November 20, 2019

With older, pure-play retail space being repurposed into mixed-use developments and e-commerce-resistant users growing their regional footprints, the Boston retail market is evolving in lockstep with that of the United States. At the same time, new, trendy retailers and restaurant concepts are vying to get their feet in Boston’s door, drawn to the market’s healthy fundamentals and above-average levels of disposable household incomes. The net result of all this activity is a revitalized retail landscape that is defined by rapid absorption and rent growth within quality existing spaces, the repurposing of older spaces into different uses and the rise of mixed-use developments as backdrops for new supply additions. According to World Population Review, Boston, a city spanning some 100 square miles, is the fourth-most densely populated metro area in the country. Fueled by a vibrant education scene that includes more than 20 colleges and universities, as well as the addition of 25,000 new jobs in 2019, the population is growing. These geographic and demographic fundamentals have all but ensured that demand for retail space in Boston is perpetually strong, even during economic downtimes. According Marcus & Millichap, the city proper’s retail vacancy rate currently sits at 3.3 percent, though it …

November 20, 2019

Development Multifamily New Jersey Northeast Retail

Paramount Breaks Ground on 70-Unit Multifamily, Retail Project in Plainfield, New Jersey

by Alex Patton November 19, 2019

PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include 4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.

November 19, 2019

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