LAWRENCE, KAN. — Block & Co. Inc. Realtors has arranged the sale of an 83,217-square-foot retail center in Lawrence for an undisclosed price. The property, formerly a JC Penney store, was recently redeveloped into a multi-tenant center. Tenants include Hobby Lobby, Five Below and HomeGoods. An undisclosed buyer purchased the asset from 3311 Iowa Investors LLC as part of a 1031 tax-deferred exchange.
A number of high-profile retail and mixed-use developments throughout the greater Baltimore metropolitan area have been stuck in neutral over the past few years, with issues rang-ing from changes to the local real estate environment, construction issues, leasing challenges related to store closings and consolidations, corporate reevaluations and the constantly shifting tastes and shopping habits of the Baltimore consumer. Successful retail projects must en-joy a string of positive outcomes (as well as luck), including support from retailers, the capital markets and the local community. Below is a rundown of local retail or mixed-use developments that have recently sprung to life, as well as some that still remain on the starting block. Mill Station in Owings Mills Owings Mills Mall opened to sig-nificant fanfare in 1986 and stood face-to-face with a wrecking ball in 2016. Numerous ownership groups, design iterations and new retail projects emerging within close proximity kept pushing its reincarnation back further. Finally, the renderings of the “de-malled” project were unveiled to the public last fall, along with announcement of several leasing successes. This summer, construction remains in full bore leading up to an expected fall opening of Costco, followed by Lowe’s Home Improvement, Home-sense, Burlington and Five Below, …
ATLANTA — Brasfield & Gorrie has broken ground on a 104,100-square-foot expansion of the Georgia Aquarium in Atlanta. Dubbed Expansion 2020, the project costs will total $100 million, according to the Atlanta Business Chronicle. A 1 million-gallon “interactive and immersive” shark tank exhibit will be the focal point of the expansion. The project will also include a new entrance and exit, office spaces, retail spaces, loading dock and new ticketing services. Since the aquarium’s 2005 opening, Brasfield & Gorrie has completed multiple expansions, including the ballroom renovation, dolphin expansion, multiple marine life holding projects, sea lion exhibit and the café renovation. Birmingham, Ala.-based Brasfield & Gorrie is collaborating with Peckham, Guyton, Alberts & Viets Architects on the project, which is slated for completion in late 2020. The aquarium will remain open during construction.
KISSIMMEE, FLA. — Plaza Advisors has arranged the sale of Vine Street Square, a 114,071-square-foot shopping center in Kissimmee, located roughly 30 miles south of Orlando. Jim Michalak and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, Phillips Edison & Co. A private equity group purchased the asset for an undisclosed price. Walmart Neighborhood Market anchors the center, which was 99 percent leased at the time of sale. Additional tenants include Humana, CAC FL Medical Centers, Mattress One, CosmoProf, Domino’s Pizza, H&R Block and MetroPCS.
HUNTINGTON PARK, CALIF. — Sterling Organization, on behalf of Sterling United Properties I LP, has acquired Margarita Plaza. The grocery-anchored shopping center located at the northeast corner of Santa Fe Avenue and East Florence Avenue in Huntington Park, approximately four miles from downtown Los Angeles. Private investors sold the property in an off-market transaction for $23.7 million, or $309 per square foot. A 43,350-square-foot Food 4 Less grocery store anchors the 76,797-square-foot shopping center, which was built in 1989 and renovated in 2014. Additional national retail tenants include Little Caesar’s Pizza and Jackson Hewitt. At the time of sale, the property was 93 percent occupied. Sterling United Properties I LP is Palm Beach, Fla.-based Sterling Organization’s institutional grocery-anchored shopping center core fund.
CHICAGO — Blackstone’s Equity Office, a large U.S. owner of office space, has unveiled plans for “Catalog,” a five-story dining, retail and entertainment destination located at the base of Willis Tower in downtown Chicago. Food hall operator Urbanspace will anchor Catalog’s food and beverage offerings, occupying more than 14,000 square feet and making the company one of the largest retailers in the building. The name Catalog is a nod to the Sears Roebuck Co., which originally developed and opened Willis Tower in 1973. Architecture firm Gensler is designing the space, which is scheduled to open in mid-2020. Willis Tower is undergoing $500 million in renovations, plans for which include more than 300,000 square feet of new retail, dining and entertainment space. Pre-leased tenants include Shake Shack, Sweetgreen, Luke’s Lobster and Taylor Gourmet.
PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail building in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group arranged the transaction on behalf of the seller, AEGON USA Realty Advisors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private investor based in Beverly Hills. The first and second floor of the freestanding building — totaling 27,025 square feet — are triple-net-leased to Walgreens until 2027. Walgreens subleased the 14,057-square-foot second floor to Sit ‘n Sleep. The building’s 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal parking managed by the City of Pasadena.
MICHIGAN AND INDIANA — NAI Wisinski of West Michigan has brokered the sale of four shopping centers anchored by Kroger in Michigan and Indiana for $28.5 million. The properties in Michigan include Owosso East Shopping Center in Owosso and Sturgis Plaza in Sturgis. The Indiana properties include Plymouth Plaza in Plymouth and Auburn Plaza in Auburn. Cameron Timmer and Russ Bono of NAI Wisinski brokered the sale with assistance from NAI Farbman. Neither the buyer nor the seller was disclosed.
GLENDALE, SOUTH LOS ANGELES AND SANTA FE SPRINGS, CALIF. — Ross Dress for Less will open three stores in downtown Glendale, South Los Angeles and Santa Fe Springs on Oct. 13. The 27,000-square-foot Glendale store is located in the Glendale Marketplace at the corner of North Brand Boulevard and East Broadway; the 30,000-square-foot South Los Angeles location is in the Vermont-Slauson shopping center at the corner of South Vermont Avenue and West Slauson Avenue; and the 23,000-square-foot Santa Fe Springs store is located in Gateway Plaza at the corner of Telegraph Road and Carmenita Road. With these new openings, Ross will operate 300 stores in California for a total of 1,459 locations. Together, Ross Dress for Less and dd’s Discounts currently operate nearly 1,700 off-price apparel and home fashion stores is 38 states, the District of Columbia and Guam. In late August, Ross Stores, the parent company of Ross Dress for Less, signed a lease for 1 million square feet of industrial space at 4100 Express Ave. in Shafter, Calif., within Wonderful Industrial Park, which is owned by Wonderful Real Estate Development. Additionally, the company owns a 1.7 million-square-foot distribution center located near the newly leased facility in Shafter.
CENTRALIA, ILL. — Albanese Cormier Holdings has acquired Fairview Park Plaza in Centralia in southern Illinois. The purchase price was not disclosed. The 274,215-square-foot retail center is located at 1001-1161 W. Broadway St. Anchor tenants include AMC Theaters, Big Lots, Goody’s and Schnucks. Chris LaBounty of May Real Estate represented the seller, Phillips Edison & Co. Albanese Cormier is based in Beaumont, Texas.
