Retail

RED Development Breaks Ground on Three Retail Buildings at Rayzor Ranch in Denton

by Taylor Williams March 26, 2018

DENTON, TEXAS — RED Development has broken ground on three new multi-tenant retail buildings within Rayzor Ranch Town Center, a 600,000-square-foot mixed-use development in Denton. The buildings are partially preleased to Zoe’s Kitchen, Massage Envy and Sprint. Construction of a 40,000-square-foot building preleased to Rooms To Go is also underway at Rayzor Ranch, which will also welcome an eight-screen Alamo Drafthouse Cinema and a 7,500-square-foot Cheddar’s Scratch Kitchen this summer. A 41,000-square-foot Andy B’s gaming venue and restaurant is also under construction and slated to open in early 2019.

March 26, 2018

Acquisitions Illinois Midwest Retail

Jameson Brokers $6.8M Sale of Retail Building in Chicago

by Kristin Harlow March 26, 2018

CHICAGO — Jameson Commercial has brokered the $6.8 million sale of a retail building in Chicago’s Elston corridor. The 81,700-square-foot property is situated on 1.5 acres at 2525 N. Elston Ave. Artsupply.com and Johnstone Supply are two of the property’s tenants. Jose Colon represented the buyer in the sale. Both the buyer and seller were investment groups based in the Chicago area.

March 26, 2018

Market Reports Retail Southeast Southeast Market Reports Tennessee

Nashville’s Urban Retail Development Boom Driven by Job, Population Growth

by John Nelson March 26, 2018

In its 2018 Emerging Trends in Real Estate survey, Urban Land Institute (ULI) named Nashville the No. 9 U.S. market to watch. Factors contributing to Nashville’s appearance as a top 10 market in ULI’s report for the past three years include a re-emergent downtown, strong population growth, market attractiveness to millennials and a low cost of living. These factors — along with game-changing urban retail developments and the creativity of its culinary scene — have elevated Nashville’s retail market over the last few years. As in its 2015 and 2016 reports, ULI once again refers to Nashville as an “18-hour city.” A defining element of an 18-hour city is a vibrant urban core with entertainment and dining attractions bustling between 7 a.m. and 2 a.m., well beyond the traditional business hours of 8 a.m. to 5 p.m. Downtown Nashville is a hotspot for retail development, as the area continues to draw record-breaking numbers of crowds from tourists and locals alike to events, restaurants and conventions. From the Predators’ historic run in the 2017 Stanley Cup Finals to the 46th annual CMA Music Festival that brought $57.7 million in direct visitor spending to the nightly concerts at Ryman Auditorium, downtown is …

March 26, 2018

Acquisitions California Retail Western

Marcus & Millichap Brokers $9.2M Sale of Retail Property in Santa Clarita, California

by Amy Works March 23, 2018

SANTA CLARITA, CALIF. — Marcus & Millichap has negotiated the sale of a multi-tenant retail property located at 23460 Cinema Drive in Santa Clarita. A local investor purchased the property from a limited liability company for $9.2 million. At the time of sale, the 32,343-square-foot property was fully occupied. Built in 1997, the property consists of 13 suites anchored by Valencia Laser Blast. Marty Cohan and Neda Rassouli of Marcus & Millichap represented the seller in the deal.

March 23, 2018

Acquisitions Arizona Retail Western

Encore Real Estate Negotiates Sale of Walgreens Property in Glendale, Arizona

by Amy Works March 23, 2018

GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.

March 23, 2018

Acquisitions Georgia Retail Southeast

Colliers Brokers $8.6M Sale of Shopping Center in North Georgia

by Camren Skelton March 23, 2018

ROME, GA. — Colliers International has brokered the $8.6 million sale of West Town Square, an 84,828-square-foot shopping center in Rome, a city in north Georgia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, Eck-Phoenix LLC. Attic XII Self Storage LLC acquired the center. The three-tenant West Town Square was fully leased at the time of sale to Bargain Hunt, Harbor Freight Tools and Redmond Regional Medical Center Medical Complex.

March 23, 2018

Colorado Development Mixed-Use Office Restaurant Retail Western

Neenan Co. Begins Construction of Mixed-Use Retail Center in Timnath, Colorado

by Amy Works March 22, 2018

TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.

March 22, 2018

Acquisitions Iowa Midwest Retail

R.H. Johnson Co. Purchases 282,708 SF Shopping Center in Sioux City, Iowa

by Kristin Harlow March 22, 2018

SIOUX CITY, IOWA — The R.H. Johnson Company has purchased Lakeport Commons in Sioux City for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp.

March 22, 2018

Acquisitions California Retail Western

JLL Capital Markets Brokers Sales of Two Retail Properties in Southern California

by Amy Works March 22, 2018

LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.

March 22, 2018

Illinois Leasing Activity Midwest Retail

Premier Veterinary Group to Open 10,000 SF Animal Hospital in Orland Park, Illinois

by Kristin Harlow March 22, 2018

ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.

March 22, 2018

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