ARLINGTON, TEXAS — Dallas-based STRIVE has brokered the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. Surrouding national retailers include Walmart Neighborhood Market, Walgreens, Subway and Dollar General. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.
KINGSTON, WASH. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.
TAMPA, FLA. — The Bromley Cos. has signed True Food Kitchen to a 5,000-square-foot lease in Midtown Tampa, a $500 million, 22-acre development in Tampa. This marks True Food’s first west central Florida location. Integrative medicine expert Andrew Weil co-founded the Oprah Winfrey-backed health-driven restaurant that operates several locations in Jacksonville, Naples and Boca Raton, Fla. The Bromley Cos., in collaboration with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co., Crescent Communities and Concord Hospitality, has already signed Whole Foods Market. Whole Foods will relocate its existing Tampa store and occupy 48,000 square feet at Midtown Tampa in 2020.
GRAYSLAKE, ILL. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, about 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider of Woodmont will market the property for lease.
GALION, OHIO — Grandbridge Real Estate Capital has arranged a $1.5 million loan for the refinancing of Galion West Shopping Center in Galion, about 60 miles north of Columbus. The 59,135-square-foot property includes a Papa John’s. Craig Kegg of Grandbridge arranged the financing with an insurance company. The 10-year loan features an interest rate of 4.93 percent and a 15-year amortization schedule.
LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.
AUSTIN, TEXAS — PINSTACK, an entertainment concept that combines bowling with other activities, as well as food and beverages, will open a 50,000-square-foot venue at Tech Ridge Center in Austin. This will be the first location outside of the DFW metroplex for PINSTACK, which is owned by Entertainment Properties Group Inc. In addition to bowling, the Austin center will offer a rock climbing wall, virtual reality games, laser tag, bumper cars and a ropes course, as well as a chef-driven menu featuring craft cocktails, wine and draft beer. The opening is scheduled for late 2019.
Although the retail sector remains under pressure — evident by the spate of store closures and announcements since the start of the year — the job losses across the industry have not been severe, says Ken McCarthy, principal economist and senior managing director at Cushman & Wakefield. In fact, some retailers are in an aggressive hiring mode. Total employment in the U.S. retail industry has increased by 1.4 million jobs since 2010, according to McCarthy, who was quick to add that the sector has shed approximately 140,000 jobs over the past two years. The Bureau of Labor Statistics (BLS) reports a net loss of 11,700 retail jobs in March, which came on the heels of a revised loss of 18,500 jobs in February. (The retail numbers from the BLS exclude restaurants.) “Store types that have seen substantial job losses include those that are most vulnerable to competition from the e-commerce industry, including electronics and appliances, sporting goods, apparel and accessories, and more recently general merchandise stores,” explains McCarthy. “While we would not characterize the job losses as that severe, those store types and product types that are most vulnerable to e-commerce are likely to remain under pressure.” According to Challenger, …
AIKEN, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 about 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.
NEW YORK CITY — Cushman & Wakefield has arranged the $1.6 million sale of a retail building in Ridgewood, Queens. Located at 57-45 Myrtle Ave., the three-story property is currently operating as a pet store but the tenant is expected to vacate the space. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the seller, Robert F. Gentile, in the transaction. The buyer was investor Isaac Azizian.