Retail

Nassimi Realty Acquires Two Shopping Centers in Illinois, Ohio for $30M

by Kristin Harlow November 8, 2023

NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.

November 8, 2023

Leasing Activity Retail Texas

Desi Brothers Farmers Market to Open 47,814 SF Grocery Store in Metro Austin

by Taylor Williams November 7, 2023

ROUND ROCK, TEXAS — Desi Brothers Farmers Market will open a 47,814-square-foot grocery store at Round Rock Crossing on the northern outskirts of Austin. Britt Morrison and Nick Naumann of Weitzman represented the undisclosed landlord in the lease negotiations. Michael DuBois of Dallas-based Pride Commercial Properties represented Desi Brothers. Other tenants at Round Rock Crossing include Target, Best Buy, Michaels and Salons by JC. The opening is slated for some time next year.

November 7, 2023

Acquisitions Retail Texas

Cypressbrook Negotiates Sale of 13,585 SF Single-Tenant Retail Building in West Houston

by Taylor Williams November 7, 2023

HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated the sale of a 13,585-square-foot retail building in West Houston. According to LoopNet Inc., the single-tenant property at 5226 Elm St. was originally built in 1998. George Montes of Cypressbrook represented the seller, a limited liability company, in the transaction. Craig Appleby of Remax Fine Properties represented the seller, Redfish Management LLC.

November 7, 2023

Midwest Ohio Retail

SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Kristin Harlow November 7, 2023

BEACHWOOD, OHIO — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include Starbucks, Darden, JPMorgan Chase, Verizon and Chipotle. “The convenience sector offers attractive, inflation-protected returns driven by high renewal and retention rates and limited operating capital expenditures,” states SITE Centers. There are more than 68,000 unanchored assets in the U.S., according to ICSC, with over $40 billion of assets traded between 2018 and 2022. The median asset size of the CURB portfolio as of Sept. 30 was 20,000 square feet, with 91 percent of base rent generated by units less than 10,000 square feet. Since launching its convenience strategy in 2019, the company has amassed a portfolio of 61 wholly owned properties. As of Sept. 30, the CURB portfolio was …

November 7, 2023

Acquisitions Retail Texas

Partners Real Estate Brokers Sale of 12,970 SF Retail Building in San Antonio

by Taylor Williams November 7, 2023

SAN ANTONIO — Partners Real Estate has brokered the sale of a 12,790-square-foot retail building in San Antonio. According to LoopNet Inc., the building at 2714 West Ave. was originally constructed in 1978. Landan Dory of Partners represented the seller, an entity doing business as HW West Ave LP, in the transaction. Roxana Tofan of Clear Integrity Group represented the undisclosed buyer.

November 7, 2023

Acquisitions Arizona Retail Western

Matthews Negotiates $9.5M Sale of LA Fitness-Occupied Building in Phoenix

by Amy Works November 7, 2023

PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.

November 7, 2023

Acquisitions Massachusetts Northeast Retail

Horvath & Tremblay Negotiates $7.6M Sale of Retail Pad Sites in Wareham, Massachusetts

by Taylor Williams November 7, 2023

WAREHAM, MASS. — Regional brokerage firm Horvath & Tremblay has negotiated the $7.6 million sale of three retail pad sites in Wareham, located south of Boston at the base of Cape Cod. The sites are home to Starbucks, U.S. Air National Guard, Aspen Dental, Chipotle Mexican Grill, Crumbl Cookies and Wareham Animal Hospital. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller in the transaction. The buyer was also not disclosed.

November 7, 2023

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail

Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines

by Sarah Daniels November 7, 2023

Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …

November 7, 2023

Loans New York Northeast Retail

IPA Arranges $22M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams November 6, 2023

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located at 521 W. 21st St. in Manhattan’s Chelsea neighborhood. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

November 6, 2023

Acquisitions Delaware Northeast Retail

FNRP Acquires 119,446 SF Shopping Center in Wilmington, Delaware

by Taylor Williams November 6, 2023

WILMINGTON, DEL. — New Jersey-based investment firm First National Realty Partners has acquired Christina Crossing, a 119,446-square-foot shopping center in Wilmington. A 70,000-square-foot ShopRite grocery store anchors the property, which was originally constructed in the late 2000s. Christopher Munley, Jim Galbally, Chris Angelone, Colin Behr, James Graf, Zach Nitsche, Patrick Higgins and Blaise Fletcher of JLL represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

November 6, 2023

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