Retail

CBRE Secures Construction Financing for Whole Foods-Anchored Development in Rogers, Arkansas

by John Nelson October 27, 2023

ROGERS, ARK. — CBRE has secured an undisclosed amount of construction financing for the development of Pinnacle Springs, a planned mixed-use development located at 1800 S. Osage Springs Drive in Rogers. The project will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. The borrower is SJC Ventures, a mixed-use development firm based in Atlanta. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component. SJC Ventures plans to break ground on Pinnacle Springs by the end of the year, with an expected delivery date of 2025.

October 27, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of Two Retail Properties Totaling 20,000 SF in Metro Houston

by Taylor Williams October 27, 2023

SPRING, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of two multi-tenant retail properties totaling 20,000 square feet in the northern Houston suburb of Spring. Both properties were built in 2022 within Woodson’s Reserve, a master-planned community by Toll Brothers Inc., and are fully leased to a mix of fitness, medical, food-and-beverage and service-oriented users. Jake Dutson of STRIVE represented the seller, Houston-based developer DeisoMoss, in the transaction. The buyers were not disclosed.

October 27, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 85,920 SF Champaign Town Center in Illinois

by Kristin Harlow October 27, 2023

CHAMPAIGN, ILL. — Mid-America Real Estate Corp. has brokered the sale of Champaign Town Center, an 85,920-square-foot retail center in the central Illinois city of Champaign. The sales price was undisclosed. Champaign Town Center is leased to five national tenants, including HomeGoods, Ruler Foods, JoAnn Fabrics, Guitar Center and Men’s Wearhouse. Ben Wineman of Mid-America represented the seller, a metro Washington, D.C.-based private investment company. David Tran of Transmercial represented the buyer, a California-based private investor.

October 27, 2023

Loans Midwest Minnesota Office Retail

Mag Mile Capital Arranges $5.7M in Financing for Adaptive Reuse Project in Minneapolis

by Kristin Harlow October 27, 2023

MINNEAPOLIS — Mag Mile Capital has arranged $5.2 million of senior debt financing from a Minnesota-based bank and an additional $500,000 of Commercial Property Assessed Clean Energy (C-PACE) financing on behalf of CDT Realty Corp. The Minneapolis-based developer plans to complete an adaptive reuse project of two existing brick-and-timber loft buildings totaling 50,000 square feet in Northeast Minneapolis. The properties were originally constructed in 1910. The buildings will be connected with a new elevator lobby and fully renovated to create loft office space, retail shops and a variety of tenant amenities. The development will be named Burlap Lofts. Planned amenities include a clubroom with tenant lounge and full kitchen, large-screen TVs, private call booths, meeting spaces, a rooftop garden terrace, outdoor seating and an onsite Harmony Coffee location. The building is slated to open in spring 2024. The 81 percent loan-to-cost debt ratio combines floating-rate construction-period financing with fixed-rate permanent debt and 20-year, fixed-rate C-PACE financing. Cody Harper of Mag Mile Capital arranged the financing.

October 27, 2023

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $6.1M Sale of Two Retail Pad Sites in Chester Springs, Pennsylvania

by Taylor Williams October 27, 2023

CHESTER SPRINGS, PA. — Marcus & Millichap has brokered sale of a retail pad site that is leased to CVS and an affiliated outparcel building in Chester Springs, about 35 miles northwest of Philadelphia, for a combined $6.1 million. Dean Zang and David Crotts of Marcus & Millichap represented the seller, an affiliate of the Zukin Family, in the transaction and procured an undisclosed, publicly traded REIT as the buyer. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

October 27, 2023

Development Mixed-Use North Carolina Office Restaurant Retail Southeast

Third & Urban Delivers 80,000 SF Pass 41 Mixed-Use Project in Charlotte

by John Nelson October 26, 2023

CHARLOTTE, N.C. — Third & Urban has delivered Pass 41, a mixed-use development in Charlotte that comprises 80,000 square feet of walkable retail, entertainment and office space, as well as local art murals and outdoor gathering spaces. Pass 41 is the first phase of The Pass, a 12-acre mixed-use campus located at 530 E. Sugar Creek Road and 4100 and 4212 Raleigh St. in the city’s NoDa district. Odell is the project architect for The Pass, Urban Design Partners is the civil engineer and Gay Construction is the general contractor. Foundry Commercial is handling office leasing, and Thrift Commercial Real Estate oversees retail leasing. In addition to Pass 41’s completion, Third & Urban also announced it has executed leases with PINE, a new venue space from 828 events, and Borderline Bar & Billiards. The developer is focused on tenant build-outs and the construction of the multifamily building at The Pass. First retail tenants, including Soul Gastrolounge, are expected to open in spring 2024 and first residents are expected to move in during summer 2025. The adaptive reuse project is bracketed by the Cross Charlotte Trail, the light rail at Sugar Creek Station and a pocket park underneath an overpass that will …

October 26, 2023

Leasing Activity Retail Texas

Lowe’s Outlet Opens 41,453 SF Store at Champions Village in Northwest Houston

by Taylor Williams October 26, 2023

HOUSTON — Lowe’s Outlet has opened a 41,453-square-foot store at Champions Village, a 383,346-square-foot retail power center in northwest Houston. The North Carolina-based home improvement retailer backfilled a space previously occupied by Stein Mart. The opening precedes the 2024 debuts of Hibbett Sports and soul food restaurant The Greasy Spoon at the center. The owner of Champions Village, First National Realty Partners, also recently reached long-term extension agreements with two anchor tenants, grocer Randalls and Barnes & Noble.

October 26, 2023

California Development Retail Western

NewMark Merrill Opens 96,011 SF Rialto Village Shopping Center in California

by Amy Works October 26, 2023

RIALTO, CALIF. — Calabasas-based NewMark Merrill Cos. has completed the development of Rialto Village, a 96,011-square-foot, grocery-anchored retail center at the corner of Riverside Avenue and San Bernardino Boulevard in Rialto. Rialto Village is 100 percent leased. Current tenants include Sprouts Farmers Market, Burlington, In-N-Out Burger and Quick Quack Car Wash. Other tenants slated to open in the coming months include Ulta Beauty, Five Below, Mochinut, Red Phoenix Nail Salon, West Coast Dental, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractor, AhiPoki Bowl, Every Table, Arrowhead Credit Union and Mattress Firm. Greg Giacopuzzi and Darren Bovard of NewMark Merrill, along with Brian McDonald, Walter Pagel and Hannah Curran of CBRE, secured the leases and are overseeing leasing at the center.

October 26, 2023

Development Retail Southeast Tennessee Top Stories

Tanger Completes 290,000 SF Outlet Mall in Nashville

by Katie Sloan October 26, 2023

NASHVILLE, TENN. — Tanger Factory Outlet Centers (NYSE: SKT) has completed Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. The property is Tanger’s first new development since 2019. The open-air development consists of seven retail buildings and The Green, a central outdoor community space for programming and activations. The mall is currently 96.5 percent occupied by 60 retailers and restaurants, including Nike, Polo Ralph Lauren, Coach, Ulta Beauty, Michael Kors, Pottery Barn, Under Armour, Crocs, American Eagle, Journeys, Old Navy, Victoria’s Secret and Adidas. The property also features 15 murals by artists from across the U.S., and food and beverage offerings including Shake Shack, Crumbl Cookies, Tailgate Brewery, Red Bicycle Coffee, Prince’s Hot Chicken and Eggspectation. The development incorporated a number of sustainability efforts, including the addition of a honeybee hive with 30,000 bees; 12 electric vehicle charging stations; 2,800 rooftop solar panels; and the planting of over 500 trees and 10,000 shrubs and ground-covering plants. The development led to approximately 700 people employed during the center’s construction and another 1,100 part-time and permanent jobs created through its retail operations. The grand opening for Tanger Outlets Nashville will be tomorrow, Oct. 27. To celebrate, the company will offer prizes …

October 26, 2023

Acquisitions Florida Retail Southeast

CBRE Brokers $49.3M Sale of Grocery-Anchored Shopping Center in West Miami

by John Nelson October 25, 2023

MIAMI — CBRE has brokered the $49.3 million sale of Trail Plaza, a grocery-anchored shopping center located on 17 acres at the corner of SW 8th Street and SW 67th Avenue in west Miami. Boston-based Longpoint Realty Partners LP purchased the 181,558-square-foot shopping center from an unnamed client advised by MetLife Investment Management. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Built in 1987, Trail Plaza was 99 percent leased at the time of sale to tenants including grocer Fresco y Mas, Walgreens, Harbor Freight Tools, Party Depot and six outparcel tenants.

October 25, 2023

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