Retail

Progressive Real Estate Partners Brokers $3.3M Sale of Preschool Property in Goodyear, Arizona

by Amy Works October 3, 2019

GOODYEAR, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property, located at 13201 W. Thomas Road in Goodyear. An Arizona-based private investor sold the property to a Southern California-based private investor for $3.3 million in a 1031 exchange transaction. Sunrise Preschools, Child Care Network, has occupied the 8,500-square-foot property on a triple-net-lease basis for more than 20 years. The preschool caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers, preschool and before- and after-school care. The property was built in 1999. Brad Umansky and Mike Lin of Progressive Real Estate Partners represented the seller and buyer in the transaction.

October 3, 2019

Leasing Activity New Jersey Northeast Retail

Goldstein Negotiates 7,372 SF Retail Lease in New Brunswick, New Jersey

by Alex Patton October 3, 2019

NEW BRUNSWICK, N.J. — The Goldstein Group has negotiated a 7,372-square-foot retail lease for Redd’s Biergarten Restaurant in New Brunswick, approximately 30 miles southwest of New York City. Located at 5 Easton Ave., the restaurant offers German cuisine and beer in a casual setting with long communal tables and an outdoor biergarten. Lew Finkelstein and C.J. Huter of Goldstein represented Redd’s in the lease negotiations. Greg Medvin of Pierson Commercial Real Estate represented the landlord, Parking Authority City of New Brunswick.

October 3, 2019

Acquisitions Michigan Midwest Restaurant Retail

Gerdom Realty Negotiates Sale of 3,361 SF Restaurant Property in Michigan

by Kristin Harlow October 3, 2019

COMMERCE TOWNSHIP, MICH. — Gerdom Realty & Investment has negotiated the sale of a 3,361-square-foot restaurant property occupied by Willson’s Pub ’N Grill in Commerce Township, northwest of Detroit. The 146-seat restaurant is located in the Shops at Commerce Village. A local restaurant operator purchased the asset for an undisclosed price. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed seller. Willson’s is known for its burgers and pizza.

October 3, 2019

Acquisitions Retail Southeast West Virginia

Palomar Group Trades 135,804 SF, Kroger-Anchored Shopping Center in Oak Hill, West Virginia

by Alex Tostado October 3, 2019

OAK HILL, W.VA. — The Palomar Group has sold Fayette Square, a 135,804-square-foot, Kroger-anchored shopping center in Oak Hill. The property was 92 percent leased at the time of sale to tenants including Kroger, Goodwill, Burger King, Big Lots, Sherwin Williams, Anytime Fitness and AutoZone. Kroger recently renewed its lease for another five-year term at the location, which is situated three miles north of downtown Oak Hill. The buyer and sales price were not disclosed.

October 3, 2019

Acquisitions Florida Retail Southeast Virginia

Branch Properties Buys Two Grocery-Anchored Shopping Centers in Florida, Virginia for $47M

by Alex Tostado October 2, 2019

PUNTA GORDA, FLA. AND WILLIAMSBURG, VA. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built in 1989, the center was fully renovated in 2017 as part of Publix’s store replacement and expansion. Lightfoot Marketplace spans 116,023 square feet and was 85 percent occupied at the time of sale to tenants including anchor Harris Teeter, Great Clips, SunTrust Bank, Pet Valu and Panera Bread. Atlanta-based Branch Properties bought the center for $30 million. The sellers were not disclosed.

October 2, 2019

Acquisitions California Retail Western

Capstone Advisors Disposes of Sabre Springs Plaza Retail Center in San Diego for $6.8M

by Amy Works October 2, 2019

SAN DIEGO — An affiliate of Capstone Advisors has completed the sale of Sabre Springs Plaza, a retail center in San Diego’s Sabre Springs community. A Southern California-based private investor acquired the property for $6.8 million. Located at the intersection of Poway Road and Springbrook Drive, the asset features 15,038 square feet of retail space. Phil Voorhees of CBRE’s National Retail Partners – West represented the seller, while Gary Stache of CBRE represented the buyer in the deal. Capstone Advisors has owned and operated the retail center since it acquired the property in 2015.

October 2, 2019

Illinois Leasing Activity Midwest Retail

Orangetheory Leases 4,000 SF on Michigan Avenue in Chicago

by Kristin Harlow October 2, 2019

CHICAGO — Orangetheory Fitness has leased 4,000 square feet on the second floor of 155 N. Michigan Ave. in Chicago. Larry Kling of Newmark Knight Frank represented the fitness franchise in the lease transaction. Orangetheory offers workouts based on high-intensity interval training that blend cardiovascular and strength training. The company has more than 1,200 locations worldwide. The Michigan Avenue location will be the company’s 17th in Chicago and 58th in the state of Illinois. Set to open in January, the build-out will feature an open space with additional workspaces and larger bathrooms and shower facilities than traditional Orangetheory floor plans.

October 2, 2019

California Retail Western

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Jeff Shaw October 1, 2019

LOS ANGELES — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to 350 stores worldwide, including up to 178 In the U.S. Forever 21 intends to operate in a business-as-usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases. Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners.

October 1, 2019

Arizona Development Retail Western

Evergreen Devco Breaks Ground on 172,000 SF Shopping Center in Metro Phoenix

by Amy Works October 1, 2019

GILBERT, ARIZ. — Evergreen Devco has commenced construction for The Post at Cooley Station, a grocery-anchored shopping center located at the southeast corner of Recker and Williams Field roads in Gilbert. Situated on 23 acres, the retail center will feature 23,000 square feet of multi-tenant shop space in three buildings. Anchored by Fry’s Marketplace, the project will also include AutoZone, Taco Bell and Burger King. Currently, the center is 65 percent preleased, with one junior-anchor pad available. Butler Design Group, Optimus Civil Design Group, Kraemer Engineers and Laskin & Associates are the design consultants for the project. Alexander Building Co. is serving as site contractor. Evergreen Devco purchased the property on Sept. 19, and construction is scheduled for completion in third-quarter 2020.

October 1, 2019

Acquisitions Midwest Missouri Retail

Hanley Investment Group Negotiates $3.9M Sale of Michaels-Occupied Property in Kansas City

by Kristin Harlow October 1, 2019

KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Michaels in Kansas City for $3.9 million. The 22,810-square-foot building is situated on 1.9 acres at 8551 Prairie View Blvd. Renovated in 2012, the property serves as a pad site to Zona Rosa, a 1 million-square-foot retail center. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Steve Maynard of Maynard Group represented the buyer, a private partnership from Southern California and Missouri.

October 1, 2019

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