HOPKINSVILLE, KY. — Cohen Financial has arranged $18.2 million for the acquisition of the newly constructed Hopkinsville Town Center, a neighborhood retail center in Hopkinsville near the Kentucky-Tennessee border. Hobby Lobby, T.J. Maxx, Ross Dress for Less and Five Below are tenants at the 184,761-square-foot retail center. Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office secured the loan for the undisclosed borrower.
AKRON, OHIO — Off-price department store Ross Dress for Less has signed a 25,200-square-foot lease to open its first store in Ohio. The retailer will occupy space within The Plaza at Chapel Hill shopping center. The company expects the store to open in summer 2019. The Plaza at Chapel Hill is a 456,055-square-foot shopping center anchored by Giant Eagle. Other tenants include Dick’s Sporting Goods, Shoe Carnival, Great Clips, Ideal Image and El Papas Mexican Restaurant. ShopOne Centers REIT Inc. is the property landlord. California-based Ross operates more than 1,600 stores in 37 states. The retailer sells women’s, men’s and kid’s apparel, as well as shoes and home décor.
WEST BRIDGEWATER, MASS. — KeyPoint Partners has negotiated the $3.4 million sale of West Bridgewater Plaza, a retail property in West Bridgewater. The 133,000-square-foot retail center is located off Route 28. Don Mace of KeyPoint represented the buyer, the owner and operator of indoor entertainment concept FunZ. The buyer plans to open a FunZ location in the former Shaw’s space at the center.
FORKED RIVER, N.J. — HFF has negotiated the sale of Sunrise Plaza, a 255,940-square-foot retail center in Forked River. Located on more than 27 acres, the center is fully occupied by a tenant roster that includes Aldi, Kohl’s and The Home Depot. The center was built in 2007. Jose Cruz, Stephen Simonelli, Kevin O’Hearn and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was a public entity.
BEAUMONT, TEXAS — CBL Properties (NYSE: CBL) has begun work on a 110,000-square-foot retail redevelopment project in Beaumont. The company will backfill a former Macy’s store located at Parkdale Mall with a Dick’s Sporting Goods, Five Below and a national home furnishing store. The openings are slated for spring 2019. Parkdale Mall’s tenant roster includes Dillard’s, JC Penney, Sears, H&M, 2nd & Charles and Tilt Studio.
The retail market in Reno/Sparks continues to improve with big box retailers moving to the market and a steady decrease in the vacancy rate. The retail market in Reno/Sparks has seen an overall decrease in vacancy for the fifth consecutive quarter with the current vacancy rate hovering just under 7 percent. Average market rent is currently $1.50 per square foot, triple net, and appears to be slowly climbing as we continue to experience positive net absorption. Tenants moving and expanding in the area include Big Lots leasing 30,112 square feet in Spanish Springs, and Harbor Freight and Tractor Supply Company leasing 16,016 square feet and 38,326 square feet, respectively, in Sparks. Sprouts Farmers Market has opened two new locations in Reno and Sparks over the past 12 months, absorbing roughly 60,000 square feet. Grocery Outlet, Tuesday Morning, Marshall’s Home Goods, Burlington and Raley’s Supermarkets have also expanded in northern Nevada. The Reno/Sparks market has seen increased activity in the finance services and fast-casual restaurant industries. New fast-casual restaurants in the area include Mod Pizza, California Pizza Kitchen, Burrito Bandito, Sizzle Pie, Pine State Biscuits and Habit Burger. Chase Bank and United Federal Credit Union have opened several locations in Northern …
NEW YORK CITY — Encore Real Estate Investment Services has brokered the $9.4 million sale of a retail property occupied by Rite Aid in the Bronx. Brandon Hanna and Charles Slane of Encore represented the seller, a private developer and landowner in New York City, in the transaction. The buyer was undisclosed.
GARDEN GROVE, CALIF. — A private Northern California-based investor has purchased a retail center located at 11072 Magnolia St. in Garden Grove. DECMAC II, a local investor, sold the property for $5.1 million. 99 Cents Only occupies approximately half of the 36,469-square-foot property, with the remaining space vacant. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller, while Jeff Helm of Helm Properties represented the buyer.
LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …
If you mention the phrase “retail apocalypse” to anyone in the Richmond market, you will immediately receive a puzzled look back. The Richmond retail market is about as far away from a retail apocalypse as any market in the country. Yes, we have seen the Toys ‘R’ Us, Sears, Macy’s and Kmart closures, but with close to 83 million square feet of retail space in the Richmond MSA, the current retail vacancy rate is below 5 percent. The vacancy rate is at, or near, a record low and demand for more space remains robust. New retail development projects are leasing quickly and several noteworthy redevelopment projects are in the works. In May 2016, Wegmans opened its first 120,000-square-foot Richmond store at Stonehenge Village along Midlothian Turnpike. In August of that same year, Wegmans opened its second store at West Broad Marketplace in Short Pump. Since those two openings, Richmond has received new attention from many national tenants, developers, and investors looking to enter the market. Market activity has been driven by the likes of Wegmans, Kroger, Publix, Aldi, Lidl and Whole Foods Market, as well as Gold’s Gym, Planet Fitness and Crunch Fitness. In 2016, Ahold announced it would sell …
