Retail

Weingarten Nostat Buys Scottsdale Horizon Shopping Center

by Nellie Day January 12, 2015

SCOTTSDALE, ARIZ. – Weingarten Nostat has acquired Scottsdale Horizon Shopping Center, a 154,766-square-foot neighborhood shopping center, for an undisclosed sum. The center is located at 14850 N. Frank Lloyd Wright Blvd. in Scottsdale. It was 95 percent leased at the time of sale. Notable tenants include Safeway, CVS Chase Bank, H&R Block, Supercuts, Jack in the Box, Massage Envy and Leslie’s Pools. The seller, CHC–Real Estate, was represented by DTZ’s Dan Wald, Michael Hackett and Ryan Schubert.

January 12, 2015

California Retail Western

Shelter Island Village in San Diego Sells for $7.3M

by Nellie Day January 12, 2015

SAN DIEGO – Shelter Island Village, a 16,013-square-foot retail center in San Diego’s Point Loma submarket, has sold to Investcal Realty Corporation for $7.3 million. The center is located at 2904 Shelter Island Drive. Notable tenants include Supannee House of Thai, the Wine Pub, Stars and Stripes, Edward Jones, Haute Spa, Marvelous Muffins, Postal Annex and Subway. The center was built in 1990 by Union Bank of California (UBOC), which also operates an adjacent UBOC branch. Shelter Island is known for its distinctive Cape Cod-style architecture. Investcal represented itself, while the seller, Shelter Island Village LLC, was represented by Brian Quinn, Steve Avoyer and Matt Peckham of Flocke & Avoyer Commercial Real Estate, as well as by Jack Naliboff and Craig Carlson of Stepstone Realty.

January 12, 2015

California Retail Western

Kneaders Bakery and Café Building in Parker Sells for $2.5M

by Nellie Day January 12, 2015

DENVER – A 3,798-square-foot building near Denver that is leased to Kneaders Bakery and Café has sold to an unnamed buyer for $2.5 million. The space is located at 19190 East Main Street in Parker, just southeast of Denver. It also contains a 1,400-square-foot patio. The bakery holds a 15-year lease at the newly constructed property. The transaction was executed by Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors.

January 12, 2015

Georgia Retail Southeast

Atlanta’s Ponce City Market Reveals 13 New Retail Tenants

by John Nelson January 12, 2015

ATLANTA — Atlanta-based developer Jamestown has revealed 13 new retail tenants for its Ponce City Market development, a 2 million-square-foot, adaptive reuse project in Atlanta’s Old Fourth Ward neighborhood. Ponce City Market is a retrofitting of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline. The property features a marketplace with a central food hall (opening in spring 2015), loft apartments and boutique office space. The retail tenant roster includes The Frye Company (4,135 square feet); Oakleaf & Acorn (700 square feet); The Jean Machine (1,200 square feet); Williams-Sonoma Home (9,251 square feet); Madewell (3,017 square feet); West Elm (13,750 square feet); Anthropologie (11,618 square feet); Mountain High Outfitters (6,900 square feet); Rejuvenation (6,000 square feet); Goorin Bros. Hat Shop (1,000 square feet); J. Crew (5,382 square feet); Michael Stars (1,539 square feet); and Lou Lou Accessories (1,200 square feet). The retailers will begin to open their stores in the spring in conjunction with the opening of the central food hall, according to the Atlanta Business Chronicle.

January 12, 2015

Arizona Retail Western

Fate Brewing Co. Nabs New Home in Scottsdale

by Nellie Day January 12, 2015

SCOTTSDALE, ARIZ. – Fate Brewing Co. has purchased a 15,000-square-foot building in Scottsdale to open a new brewpub location. The space is located at 1312 N. Scottsdale Road. The new space will include a large beer garden-style patio and 19-foot interior ceiling heights. The new location will also brew Fate’s flagship beers, while its original nearby location will continue brewing its small batch, limited-release beers. Plato’s Closet will also take up residency in the building. The buyer, Tom Frenkel, represented himself in the transaction. The seller, SBI Leasing Inc., was represented by Brian Kocour and Courtney Auther Van Loo of Cushman & Wakefield.

January 12, 2015

Florida Retail Southeast

HFF Brokers $37.3M Sale of Power Retail Center in Orlando

by John Nelson January 12, 2015

ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.

January 12, 2015

Florida Market Reports Retail Southeast Southeast Market Reports

Tenant Demand at an All-Time High for Prime Retail Space in Jacksonville

by John Nelson January 12, 2015

Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …

January 12, 2015

Midwest Missouri Retail

Mid-America Real Estate Brokers Sale of Shopping Center in O’Fallon, Mo.

by Danielle Everson January 9, 2015

O’FALLON, MO. — Mid-America Real Estate Corp. and St. Louis, Mo.-based Pace Properties have brokered the sale of O’Fallon Walk, a 157,779-square-foot community shopping center in O’Fallon, a St. Louis-suburb. Boca Raton, Fla.-based PEBB Enterprises purchased the property, which is located at the southwest corner of Highway K and Feise Road, for an undisclosed sales price. Gordmans, Justice, Kirkland’s, and Catherines anchor the center. Ben Wineman of Mid-America and Scott Seyfried of Pace Properties brokered the transaction on behalf of New York-based Special Servicer for a CMBS Trust.

January 9, 2015

Midwest Minnesota Retail

Upland Real Estate Group Arranges $1.5M Sale of Retail Property

by Danielle Everson January 9, 2015

WACONIA, MINN. — Upland Real Estate Group has arranged the $1.5 million sale of a Caribou Coffee retail property located in Waconia, approximately 32 miles west of Minneapolis. A local buyer purchased the property, which is a new construction. Caribou Coffee signed a 15-year lease at the building. Upland Real Estate Group represented the undisclosed seller in the transaction.

January 9, 2015

New York Northeast Retail

CBRE Brokers Sale of 240,378 SF Retail Center in New York

by Amy Works January 9, 2015

NEWBURGH, N.Y. — CBRE Group Inc. has brokered the sale of Newburgh Crossing, a retail center located in Newburgh. Monsey, N.Y.-based DBD Holdings LLC purchased the property from RPAI Newburgh Crossing LLC, an entity controlled by Retail Properties of America Inc., for an undisclosed price. Situated at the intersection of Route 300 and 17K, the 240,378-square-foot retail center is 100 percent occupied by national tenants, including Michaels, Barnes & Noble, Pier 1 Imports and TGI Friday’s. Jeffrey Dune and David Gavin of CBRE’s Institutional Properties team represented the seller and procured the buyer in the transaction.

January 9, 2015

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