CHICAGO — Men’s luxury apparel retailer Peter Millar has opened its first Chicago storefront at 877 N. Rush St. in the Gold Coast neighborhood. At 3,000 square feet, the location will serve as the retailer’s flagship store. Matt Ramsey and Anthony Genovese of JLL represented the tenant in the lease transaction. Founded in 2001, Peter Millar produces a wide range of casual sportswear, outerwear, tailored dress apparel and performance golf attire.
COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap Capital Corp. in Denver, facilitated the loan for the buyer.
ACTON, MASS. — SVN | Parsons Commercial has negotiated the sale of a two-story retail strip center in Acton. The sales price was undisclosed. Located at 452 Great Road, the property sits on nearly two acres of land. The buyer, Surfloft LLC, will occupy a portion of the building, which will be the new site for its retail store, Surfside Pools and Sport Loft Ski Shop. Marci Alvarado and Jake Parsons ofSVN | Parsons Commercial represented Surfloft LLC in the transaction. Avison Young represented the seller, Worker’s Credit Union.
PEMBROKE PINES, FLA. — CBRE has negotiated the sale of Pembroke Place, a 158,463-square-foot shopping center in Pembroke Pines. Sedano’s grocery store, Crunch Fitness and Vargas University anchor the property, which is located 24 miles north of downtown Miami. Longpoint Realty Partners acquired the asset for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Sterling Organization, in the transaction.
CHARLOTTE, N.C. — Ziff Properties has sold Terraces at University Place, a 65,112-square-foot shopping center in Charlotte’s University neighborhood. The asset was built in 2000 and was 97 percent occupied at the time of the sale to tenants including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King. Tom Kolarczyk of HFF represented the seller in the transaction. LBX Investments acquired the property. Gregg Shapiro and Cory Fowler, also with HFF, arranged a 10-year, fixed-rate acquisition loan through TIAA Bank on behalf of the buyer. The sales price and loan amount were not disclosed.
GREENSBURG, PA. — Marcus & Millichap has arranged the $1 million sale of a 2,160-square-foot net-leased retail property in Greensburg. Located at 800 E. Pittsburgh St., the property is occupied by KeyBank. Jeremie Johnson and Nathan D. Whalen of Marcus & Millichap’s Indianapolis office represented the seller, a private investor, in the transaction. The buyer was a local investor.
EDEN PRAIRIE, MINN. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.
SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.
MEMPHIS, TENN. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking to sell its pure-play pharmacy assets. In September of last year, Fred’s struck a deal to sell prescription files of its pharmacy patients and inventory information at 179 stores across the Southeast to Walgreens (NASDAQ: WBA). The shuttered stores are located in Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky and Tennessee, according to CNN. Liquidation sales are underway at these stores, which are expected to fully close by the end of May. Fred’s CEO Joseph Anto noted that in addition to losing profitability, most of the shuttered stores are nearing the ends of their lease terms. “After a careful review, we have decided to rationalize our footprint by closing underperforming stores, …
With a staggering number of tower cranes at work every day, Nashville has delivered a record number of multifamily units, office space and hotel rooms in the past several years. Even with all this development and with tourists flocking to downtown seemingly every week of the year, one category has lagged: new retail downtown. To provide a snapshot of growth in downtown Nashville, the number of residential units downtown has grown from 3,700 in 2010 to 11,800 today. Hotel room rates since 2008 have virtually doubled, and we currently have 1.6 million square feet of office space under construction. But even with all this explosive growth, retail development downtown has lagged. Many would wonder why, and there are a number of reasons. Historically, many developers have seen downtown Nashville as an afterthought to include ground-level retail in their projects. Because of this, small amounts of retail were metered onto the market. This retail space was geographically spread out over a number of developments across downtown. This did not lead to a rich consumer experience, because consumers strongly prefer finding retail options in a concentrated environment. Another challenge to building great retail has been the limited scale of individual projects. But …