Retail

Cushman & Wakefield Arranges Sale of 74,234 SF Shopping Center in Lake Mary, Florida

by John Nelson February 23, 2024

LAKE MARY, FLA. — Cushman & Wakefield has arranged the sale of Shoppes of Lake Mary, a 74,234-square-foot shopping center located in Lake Mary, roughly 20 miles outside Orlando. The property was 97 percent leased at the time of sale to tenants including HomeSense, PNC Bank, Jeremiah’s Italian Ice and Gator’s Dockside. An entity related to shopping center owner/developer Phillips Edison & Co. acquired the property for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction.

February 23, 2024

Alabama Development Leasing Activity Mixed-Use Office Retail Southeast

Merit Bank Opens New Office, Retail Branch at The Range in Huntsville, Alabama

by John Nelson February 23, 2024

HUNTSVILLE, ALA. — Merit Bank has opened at The Range, The Beach Co.’s 49,229-square-foot office building located on Governors Drive in Huntsville. Merit Bank now occupies the third floor of the property, which spans roughly 17,433 square feet, in addition to a first-floor retail branch, with a total 20,000 square feet of occupancy. The Range features a common-area courtyard, high-speed Gigabyte internet and walkability to nearby restaurants, entertainment and retailers. The building is also situated adjacent to The Foundry, a 340-unit multifamily and townhome community, and STOVEHOUSE, a mixed-use development.

February 23, 2024

Acquisitions Development Hawaii Industrial Leasing Activity Mixed-Use Retail Western

Alexander & Baldwin Completes One Lease, Two Sales at 125-Acre Mixed-Use Development in Maui

by Hayden Spiess February 23, 2024

KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.

February 23, 2024

Leasing Activity Retail Texas

La-Z-Boy Furniture Galleries Signs 15,633 SF Retail Lease in Fort Worth

by Taylor Williams February 23, 2024

FORT WORTH — La-Z-Boy Furniture Galleries has signed a 15,633-square-foot retail lease in Fort Worth. The freestanding building at 4530 S. Hulen St. is located on the city’s south side and previously housed a Bassett Furniture store. Gretchen Miller and Emilie Paulson of Weitzman represented the undisclosed landlord in the lease negotiations. JLL represented the tenant.

February 23, 2024

Development New Hampshire Northeast Retail

Tractor Supply Co. Opens 39,097 SF Store in North Conway, New Hampshire

by Taylor Williams February 23, 2024

NORTH CONWAY, N.H. — Tractor Supply Co. has opened a 39,097-square-foot store in North Conway, located near the New Hampshire-Maine border. The facility, which was constructed from the ground up, consists of 19,097 square feet of retail space and 20,000 square feet of fenced outdoor display space. The store is the 21st in New Hampshire for Nashville-based Tractor Supply Co. Conway Development Partners LLC, a division of New England Retail Properties, owns the site.

February 23, 2024

Illinois Midwest Retail

Mid-America to Manage University of Chicago’s Commercial Real Estate Operations Portfolio

by Kristin Harlow February 23, 2024

CHICAGO — Mid-America Asset Management Inc. has been awarded the management and accounting services for The University of Chicago’s Commercial Real Estate Operations (CREO) portfolio in Chicago, with more than 600,000 square feet of commercial retail, office and entertainment space near the university’s main campus. CREO maintains a tenant base near 53rd Street in Hyde Park. The retail portfolio is comprised of several independently owned and operated businesses. Some of the tenants include LA Fitness, Starbucks, Ulta, Stan’s Donuts, Sweetgreen and Five Guys. Mid-America Building Services has supported the team assisting with cleaning, day-porter and maintenance services. Jean Zoerner, Matt Tomasek and Tracee Johnson of Mid-America Asset Management secured the opportunity with the University of Chicago.

February 23, 2024

Acquisitions Retail Texas

Whitestone REIT Buys 107,000 SF Shopping Center in Houston

by Taylor Williams February 22, 2024

HOUSTON — Whitestone REIT (NYSE: WSR) has purchased Garden Oaks Shopping Center, a 107,000-square-foot shopping center in northwest Houston. German discount grocer Aldi anchors the center, which was 96 percent leased at the time of sale to a mix of 19 service and convenience-based tenants, including Planet Fitness. Ryan West, John Indelli, Ryan Olive and Clay Anderson of JLL represented the seller, a subsidiary of Silver Star Properties REIT, in the transaction. The sale follows the disposition of a nearby 14,000-square-foot retail strip center of the same name earlier this year.

February 22, 2024

Acquisitions Net Lease Retail Washington Western

Matthews Negotiates $5.9M Sale of 7-Eleven-Occupied Property in Everett, Washington

by Hayden Spiess February 22, 2024

EVERETT, WASH. — Matthews Real Estate Investment Services has arranged the $5.9 million sale of a single-tenant property in Everett, approximately 25 miles north of Seattle. 7-Eleven occupies the building, which is situated at 7500 Hardeson Road, on a net-lease basis. Brandon Sontz, Nick Hahn and Chad Kurz of Matthews brokered the transaction. A local developer sold the property to an undisclosed buyer.

February 22, 2024

Leasing Activity Mixed-Use Restaurant Retail Utah Western

Three Restaurants Sign Leases at $1.2B Valley Grove Development in Pleasant Grove, Utah

by Hayden Spiess February 22, 2024

PLEASANT GROVE, UTAH — Three restaurants have signed new leases at Valley Grove, a mixed-use property currently being developed by St. John Properties in Pleasant Grove, approximately 35 miles south of Salt Lake City. Wayback Burgers, The Smoked Taco and Sip’N Drinks & Treats are scheduled to open at the property later this year, occupying spaces totaling 6,011 square feet. Upon full build-out, the cost of the project, which features office, retail, hotel and research and development space, is expected to total $1.2 billion. Ryan Stewart, Erik Hulbert and Chris Flesner of Mountain West Commercial represented Wayback Burgers in the lease negotiations, and Stewart also represented The Smoked Taco in negotiations. Roger Woolstenhulme and Collin Cook of Wyngate Properties represented Sip’N Drinks & Treats. Other retail tenants at Valley Grove include AT&T, Café Rio, Da Cloud Boba Shoppe, Jersey Mike’s Subs, Kolache Krave, R&R BBQ, Starbucks Coffee, Slim Chickens, Verizon and Village Baker.

February 22, 2024

Georgia Leasing Activity Retail Southeast

Arhaus to Open New Store at Avenue Peachtree City in Metro Atlanta

by John Nelson February 21, 2024

PEACHTREE CITY, GA. — Arhaus plans to open a new 7,085-square-foot Arhaus Studio store at The Avenue Peachtree City, an open-air shopping center in Peachtree City, a southern suburb of Atlanta. The new store is expected to open later this year between Souls by LT and fab’rik. Other tenants set to debut at The Avenue Peachtree City this year include HOBNOB Neighborhood Tavern, Warby Parker and 9292 Korean BBQ. Managed by JLL and owned by Poag, Avenue Peachtree City opened in 1999. Atlanta-based Cousins Properties developed the open-air center, along with other Avenue-branded properties in the metro Atlanta area.

February 21, 2024

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