PASADENA, CALIF. — Locally based financial intermediary PSRS has arranged a $7 million loan for the refinancing of The Superior Building, a 43,916-square-foot historic retail property in Pasadena. Built in 1896 and renovated in 1990, The Superior Building features ground-floor retail space and office suites on the upper two floors. Michael Tanner and Tony Messiah of PSRS arranged the financing for the borrower, Edgewood Realty Partners. The direct lender was not disclosed.
— By Gary Baragona, Vice President of Research, Kidder Mathews — Home to an eclectic mix of local retailers, award-winning restaurants and the world’s most prestigious brands, Los Angeles has long been one of the most dynamic retail markets in the country. However, sector dynamics significantly shifted during the pandemic as retailers began to rely heavily on their online sales to stay in business and remain profitable. While consumer preferences further evolved in 2022 and 2023, there has been a noticeable slowdown in consumer spending, largely due to ongoing economic challenges, reduced buying power, decreased savings and increased credit card debt. On the surface, overall market fundamentals within the commercial real estate retail sector appear to be relatively stable. Some key indicators illustrate market resiliency, but other trends demonstrate the recent struggles felt by the retail sector and the challenges that may lie ahead. For example, total leasing activity across the Los Angeles region was down 15 percent in 2023 compared to the previous year, and down 25 percent compared to pre-COVID averages. The total vacancy rate across Los Angeles increased to 5.3 percent during the first quarter of 2024 and has consistently hovered between 5 percent and 5.3 percent …
RICHMOND, VA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Gayton Crossing, a 160,830-square-foot retail center located at 9782 Gayton Road. in Richmond. Tenants at the property, which was developed in 1981, include Bank of America, Gold’s Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC and The UPS Store. Kroger shadow-anchors the center, which is situated on a 15.6-acre site within 15 miles of the University of Richmond and Virginia Commonwealth University. CRC purchased the property with funds from the Continental Realty Opportunistic Retail Fund I LP, a closed-end fund. Jordan Lex, Dean Sands and Danny Naughton of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed.
COLLEGE STATION, TEXAS — REI Co-op will open a 21,732-square-foot store at 615 University Drive E in College Station. The store, which will be situated adjacent to a Crunch Fitness facility, will be the outdoor apparel and equipment retailer’s 11th in Texas. The store will house a full-service bike shop and is expected to employ about 40 people. The opening is slated for the fall.
ALBANY, N.Y. — An affiliate of New Jersey-based Heidenberg Properties has acquired At Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured Heidenberg Properties as the buyer. Scott Aiese and Stephen Van Leer of JLL arranged a $17.6 million acquisition loan through Provident Bank on behalf of Heidenberg.
NEWINGTON, CONN. — Marcus & Millichap has brokered the $16.7 million sale of Newington Commons, a 189,864-square-foot shopping center located just south of Hartford. Anchored by grocer Stop & Shop, the center was 65 percent leased at the time of sale. Other tenants include Petco and Planet Fitness. Joseph French Jr. and Kodi Traver of Marcus & Millichap, in conjunction with Pierre Bonan of Mission Capital, represented the seller, Trident Pacific Real Estate Group, in the transaction. The team also procured the undisclosed buyer.
SAN FRANCISCO — JLL has arranged the $9.3 million sale of a 29,762-square-foot retail property located at 2145 Market St. in San Francisco. Pacific Capital purchased the property from a private family trust. The site comprises two parcels totaling 0.36 acres and houses a two-story retail building that is fully leased to Walgreens and Live Fit Gym, as well as a subterranean parking garage. Eric Kathrein, Warren McClean, Andrew Spangenberg and Jen Mistretta of JLL represented the seller in the transaction.
OGDEN, UTAH — Philadelphia-based CenterSquare lnvestment Management has purchased Ogden Commons, a 19,723-square-foot shopping property in Ogden. Ogden Commons features three buildings with wrap-around drive-thrus. At the time of sale, the property was 100 percent leased to an array of national tenants. The seller and sales price were not disclosed.
ORLANDO, FLA. — The Cordish Cos. has announced plans for a 73,000-square-foot dining and entertainment destination in Orlando. Dubbed Live! at the Pointe Orlando, under the company’s hospitality and entertainment brand, the property will feature a 4,800-square-foot cocktail lounge; 4,600-square-foot bar; and anchor venues Sports & Social and PBR Cowboy Bar. Sports & Social, a restaurant and bar concept, will span 11,700 square feet across two levels, with an LED display for viewing sporting events and social games including skee-ball, foosball, arcades games and shuffleboard. The 8,400-square-foot PBR Cowboy Bar will feature multiple signature bars, private VIP booths and a mechanical riding bull. Live! at the Pointe Orlando is scheduled to open this fall.
HOUSTON — Midway and TriGate Capital have welcomed four new tenants to CITYCENTRE, a 47-acre mixed-use development in West Houston. Three apparel retailers — American Threads, Rowan and Southern Tide — have signed leases ranging in size from 1,000 to 1,800 square feet with plans to open this summer. Additionally, Star Cinema Grill has officially opened in the former Studio Movie Grill space.
