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Outlet-Collection-Seattle_Auburn-WA
AcquisitionsRetailWashingtonWestern

Lightstone Group Acquires Outlet Collection Seattle Shopping Mall for $82M

by Amy Works

AUBURN, WASH.— The Lightstone Group has acquired The Outlet Collection Seattle, an enclosed mall located in Auburn, roughly 30 miles south of Seattle. WPG sold the asset for $82 million. Located at 1101 Outlet Collection Way, the property offers 919,446 square feet of retail space. Tenants include Nordstrom Rack, Burlington, Best Buy, Dave & Busters, Polo Ralph Lauren, Kate Spade, Ulta Beauty, Coach, Nike, Adidas and Michael Kors. The mall was 98 percent occupied at the time of acquisition. Lightstone plans to implement $10 million of capital improvements and tenancy upgrades. Nicholas King, Michele Dawson and Scott Ferguson of FFO Real Estate Advisors will manage outlet leasing at the property on behalf of the buyer, and Spinoso Real Estate Group will handle big box and mall tenant leasing. Dino Christophilis, Richard Frolik, George Good and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.

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AcquisitionsCaliforniaRetailWestern

Faris Lee Negotiates $22.8M Sale of Santa Margarita Marketplace in Rancho Santa Margarita, California

by Amy Works

RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the all-cash sale of Santa Margarita Marketplace, a retail center in Rancho Santa Margarita. K&G Marketplace sold the asset to Curbline Properties, a publicly traded REIT, for $22.8 million. Starbucks Coffee, Luna Grill and Philly’s Best occupy the three-tenant, 29,418-square-foot pad building. Scott DeYoung, Chris DePierro, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction.

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Leasing ActivityNew JerseyNortheastRetail

Target to Open 75,500 SF Store in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — Target will open a 75,500-square-foot store in the Central New Jersey community of Flemington. The store will be located within a space formerly occupied by Burlington at the 239,000-square-foot Flemington Marketplace shopping center. Vanessa Kelty of Levin Management Corp. represented the landlord, an institutional client of New York Life Real Estate Investors, in the lease negotiations. Jeff Howard of Ripco Real Estate represented Target, which expects to open its Flemington store next fall.

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Market ReportsNevadaRetailWesternWestern Market Reports

Steady Tenant Demand Drives Historically Low Vacancy in Reno’s Retail Market

by John Nelson

— By Roxanne Stevenson, senior vice president of Colliers — Reno’s retail market saw a dip in net absorption and a slight uptick in regional vacancy toward the middle of 2024. Tenant demand began to moderate this year after the robust leasing activity of 2022 and 2023. Vacancy reached a record low at the beginning of the year, dipping to 3.8 percent in the first quarter, though it now sits just above 4 percent.  When analyzing the state of Reno’s retail market, there are several categories to consider: Tenant Activity Strong tenant demand, particularly in food and beverage, automotive,fitness and experiential concepts, should continue to stabilize the market. Reno has seen a handful of existing tenants expanding, as well as new entrants in recent years. Trader Joe’s opened its second location in South Reno and intends to plant a third flag in northern Sparks. Bob’s Discount Furniture and Twin Peaks are also opening their first locations in Northern Nevada at Redfield Promenade.  Other notable and active tenants include Miniso, In-N-Out Burger, Starbucks, Dave’s Hot Chicken, Panera, Ace Hardware and Einstein Bros. Bagels. A few tenants, however, have shuttered their doors. There were three 99 Cents Only locations that filed bankruptcy …

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AcquisitionsRetailTexas

Partners Capital Sells 73,882 SF Shopping Center in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Partners Capital, the investment arm of Partners Real Estate, has sold San Marcos Place, a 73,882-square-foot shopping center located roughly midway between Austin and San Antonio. Built in 1985 and renovated in 2017, the center was 82 percent leased at the time of sale to tenants such as grocer Poco Loco. Cathy Nabours and Kyle Shaffer of SRS Real Estate Partners represented Partners Capital, which purchased the property in 2018, in the transaction. The buyer and sales price were not disclosed.

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Verrado-Marketplace-Buckeye-AZ
ArizonaDevelopmentRestaurantRetailWestern

Vestar Starts Construction on 500,000 SF Verrado Marketplace in Buckeye, Arizona

by Amy Works

BUCKEYE, ARIZ. — Vestar has broken ground on Verrado Marketplace, a retail destination at the northeast corner of Interstate 10 and Verrado Way in Buckeye. The 500,000-square-foot development is situated at the entrance to DMB Associates’ 8,800-acre Verrado master-planned community. The $275 million project is projected to generate more than $50 million in total tax revenue for the City of Buckeye and contribute an estimated $1.8 billion in economic output over the next 10 years. Upon completion, Verrado Marketplace will have more than 50 retailers and restaurants, including Target, Harkins Theater’s Backlot concept, Safeway, Ross Dress for Less, Marshalls and HomeGoods. Additional pre-signed tenants include ULTA Beauty, Famous Footwear, Buckle, Salt Tacos + Tequila, Bath & Body Works, Shake Shack, Handel’s Ice Cream, Nekter Juice, See’s Candies, Thai Chili, Einstein Bros. Bagels, Tropical Smoothie, Hawaiian Bros., European Wax Center, Zara Nails, Pacific Dental, America’s Best Contacts & Glasses and Mountain America Credit Union. The new tenants are slated to start opening in spring 2026. Verrado Marketplace will also feature a splash pad, live performance stage and video screen and a half-acre central lawn surrounded by restaurants and outdoor fireplace, as well as a Sip & Stroll experience, where guests over 21 …

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Oakbrook-Shopping-Center-Littleton-CO
AcquisitionsColoradoRetailWestern

Marcus & Millichap Arranges Sale of 78,571 SF Oakbrook Shopping Center in Littleton, Colorado

by Amy Works

LITTLETON, COLO. — Marcus & Millichap has brokered the sale of Oakbrook Shopping Center, a retail property located at 309-311 E. County Line Road in Littleton. The property consists of a 30,466-square-foot neighborhood strip center, fully leased to 15 tenants, and a 48,214-square-foot anchor space, which is occupied by O’Reilly Auto Parts Super Hub. The assets sold in separate transactions to different buyers for a combined total of $13.5 million. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, Denver-based Sidford Capital, in the transaction.

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AcquisitionsMidwestMissouriRetail

Block & Co. Arranges Sale of 19-Property Minit Mart Portfolio in Metro Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 19-property Minit Mart portfolio in metro Kansas City for an undisclosed price. Greg Roberts of Block & Co. represented the buyer, Tarkio Real Estate LLC. The portfolio will be transitioned into independent liquor and corner stores. All gas pumps will be rebranded to Phillips 66.

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AcquisitionsGeorgiaRetailSoutheast

Coro Realty Trades Shopping Center in Alpharetta, Georgia to Mimms for $19M

by John Nelson

ALPHARETTA, GA. — Coro Realty Advisors has sold North Point Village, a 57,219-square-foot shopping center in the northern Atlanta suburb of Alpharetta. Mimms Enterprises purchased the property from Coro Realty for $19 million. Fred Victor of Atlantic Retail brokered the transaction. Situated on 5.2 acres near Ga. Highway 400, North Point Village’s tenant roster includes Talbots, Kohler and Learning Express. The 1.3 million-square-foot North Point Mall is immediately adjacent to the center.

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DevelopmentFloridaLoansOfficeRetailSoutheastTop Stories

Hall of Fame Partners Obtains Financing for Phase I of $200M Aquatics Complex Redevelopment in Fort Lauderdale, Florida

by Kristin Harlow

FORT LAUDERDALE, FLA. — Hall of Fame Partners has obtained a $54 million credit-tenant lease loan for the construction and permanent financing of Phase I of the International Swimming Hall of Fame (ISHOF) complex. ISHOF is the planned $200 million redevelopment of the Ft. Lauderdale Aquatics facility, which was originally built in Fort Lauderdale in 1965. Phase I of the ISHOF complex will include the reconstruction of a foundational sea wall, as well as the development of a new building that will serve as the headquarters for the city’s Ocean Rescue department. The ground level of the 10,000-square-foot building will serve as storage for Ocean Rescue equipment such as paddleboards and jet skis. The second floor will consist of offices for the chief and lieutenants, a conference room, showers and locker rooms. According to Miami-based architect Arquitectonica, which designed the facility, subsequent phases will include the construction of two buildings that will house the museum, an aquatic facility with a covered teaching pool, restrooms and an administrative office, as well as restaurant and retail space. The ISHOF Museum will include a 20,000-square-foot museum space, along with ballrooms, event spaces and a rooftop restaurant. The building will also include parking facilities …

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