Whether it’s existing properties, new development, redevelopment or a repositioning effort, the key to success in San Diego’s retail market is to focus on customer experience. You have to make it attractive for them to come out from behind their computer screens, go outside, get some fresh air, look a total stranger in the eye and be social. The market is dominated by the coastal areas between Little Italy and Carlsbad. Primary core centers that are well located and occupied with strong daily needs anchors have the most fundamental stability. Secondary centers in beach-area submarkets have some vacancies but are attractive to tenants due to their proximity to the areas with the highest disposable incomes. Investors of tertiary centers, for the most part, are looking for ways to make their centers’ relevant, with forward-thinking owners investing capital to incorporate a mixed-use component like office, hotel or multifamily. Consumers in San Diego want a vibrant, inviting center with a superior customer experience immersed in beautiful landscape under the sun. The key is having a retail environment with premier anchors to get the customer to the center, along with a great mix of tenants and events to keep the customer at the …
PACE, FLA. — JLL has negotiated the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot retail center in Pace. The Publix-anchored property was 96 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. Target and The Home Depot shadow-anchor the center. Stirling Properties acquired the asset, which is located 10 miles north of downtown Pensacola. Brad Peterson, Whitaker Leonhardt, Michael Brewster, Ryan Stoffer and Coler Yoakam of JLL represented the undisclosed seller in the transaction.
CHICAGO — JLL has secured a $9.4 million loan for the refinancing of The Armoury, a 46,040-square-foot industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago. The property is fully leased to Altitude Trampoline Park and Performance Training Systems. Christopher Carroll, Jason Bond and Lucas Borges of JLL arranged the fixed-rate loan with a financial holding company. A partnership between Clear Height Properties and Diamond Realty Holdings was the borrower.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant building net leased to Studio Movie Grill in Chicago for an undisclosed price. The property is located at 210 W. 87th St. Studio Movie Grill has 14 screens as well as a full bar and restaurant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Michigan-based private real estate investor.
COSTA MESA, CALIF. — Space Investment Partners has acquired Westport Plaza & Square, a leasehold retail center located at 369 E. 17th St. in Costa Mesa. Newport Beach, Calif.-based Wohl Investment Co. sold the asset for $18.4 million. Built in 1975 and renovated in 2002 and 2018, the property features 39,000 square feet of retail space. At the time of sale, the property was 100 percent leased to a collection of eateries, restaurants and high-end clothing and furnishing boutiques. Current tenants include Etoile on 17th, Plums Café and Catering, Common Thread and Shunka Sushi. Philip Voorhees, Jimmy Slusher and Sean Heitzler of CBRE’s National Retail Partners-West represented the seller in the deal.
Forum Real Estate Group Purchases Former Kmart in Denver for $10.5M, Plans Multifamily Redevelopment
DENVER — Forum Real Estate Group has acquired a retail building, formerly occupied by Kmart, in Denver. J&W Management Corp. sold the asset for $10.5 million. Located at 2150 S. Monaco Parkway, the 110,000-square-foot property has been vacant for nearly seven years. Forum Real Estate is planning a more than 300-unit multifamily redevelopment with the possibly of new retail outparcels at the site. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets Group facilitated the transaction.
JEFFERSON, N.J. — CBRE has brokered the $1.9 million sale of an 8-acre vacant property in Jefferson, located about 45 miles west of New York City. The property, located at 757 State Route 15, originally housed a Pathmark grocery store. The buyer, 757 Route 15 Realty LLC, plans to develop the site into a Class A medical office building that is slated for completion in summer 2020. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer in the transaction. Jefferson Sebastian-Parsippany LLC was the seller.
OLD BRIDGE, N.J. — R.J. Brunelli & Co. has negotiated a 24,000-square-foot retail lease for a Jersey Strong fitness center in Old Bridge, located about 35 miles south of New York City. The tenant will anchor the 84,900-square-foot Browntown Shopping Center along with a Walgreens. Danielle Brunelli and Richard Brunelli of R.J. Brunelli & Co. represented Jersey Strong in the lease negotiations, as well as the landlord.
MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.
NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.