Retail

Three New Tenants to Open at Deer Park Town Center in Suburban Chicago

by Kristin Harlow August 3, 2023

DEER PARK, ILL. — Three new tenants are opening at Deer Park Town Center in the Chicago suburb of Deer Park. Sweetgreen opened a 2,156-square-foot restaurant in July. Victoria’s Secret will occupy 4,965 square feet. Construction on that store is scheduled to begin this fall. The Shade Store, a retailer offering customized window treatments, blinds, shades and drapes, is scheduled to open in spring 2024. Additionally, three existing tenants have either renovated their space or plan to do so. Pottery Barn is in the process of a renovation that will expand its square footage to approximately 12,000 square feet. Completion is slated for this fall. Bath & Body Works recently relocated its store to a new 3,710-square-foot space. Crate & Barrel plans to remodel its store, with completion in time for the start of the holiday shopping season. Managed by JLL, Deer Park Town Center is an outdoor lifestyle center featuring more than 60 retail, restaurant and service brands.

August 3, 2023

Leasing Activity Midwest Minnesota Retail

Home Choice Debuts New Store in Cottage Grove, Minnesota

by Kristin Harlow August 3, 2023

COTTAGE GROVE, MINN. — Home Choice has opened a new store at 6990 80th St. in Cottage Grove, about 10 miles south of St. Paul. A ribbon-cutting ceremony and grand opening celebration is scheduled for Friday, Aug. 4. Home Choice, part of the Rent-A-Center Inc. family, operates 20 locations in Minnesota. The retailer sells furniture, appliances, computers and electronics.

August 3, 2023

Indiana Leasing Activity Midwest Restaurant Retail

El Toro Bravo Opens at The Shops at Perry Crossing in Plainfield, Indiana

by Kristin Harlow August 3, 2023

PLAINFIELD, IND. — El Toro Bravo, a regional Mexican restaurant, has opened at The Shops at Perry Crossing in Plainfield, a western suburb of Indianapolis. The 3,886-square-foot restaurant features a patio. El Toro Bravo’s menu consists of classic Mexican dishes such as burritos, quesadillas and gorditas. There are currently seven El Toro Bravo locations across the Midwest. Managed by JLL, The Shops at Perry Crossing is an outdoor lifestyle center featuring more than 50 retail, restaurant and service brands.

August 3, 2023

Acquisitions California Retail Western

Hanley Brokers $4.1M Sale of Retail Pad in Modesto, California

by Amy Works August 3, 2023

MODESTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.1 million sale of a retail pad building located in Modesto. Built in 2018 and situated within a Save Mart-anchored shopping center, the multi-tenant building totals 6,402 square feet. Tenants at the property include Pacific Dental Services, Mountain Mike’s Pizza and West Coast Sourdough Deli. Jeff Lefko and Bill Asher of Hanley represented the seller, Covenant Real Estate Group, in the transaction. A California-based buyer acquired the property.

August 3, 2023

Acquisitions Oregon Retail Western

Marcus & Millichap Negotiates Acquisition of 7,448 SF Retail Property in La Grande, Oregon

by Amy Works August 3, 2023

LA GRANDE, ORE. — Marcus & Millichap has brokered the purchase of La Grande Strip Center, a retail asset in La Grande. A private investor acquired the property from an undisclosed seller for $1.6 million. Located at 11621 Island Ave., the 7,448-square-foot La Grande Strip Center was 67 percent occupied at the time of sale. Eric Garske of Marcus & Millichap’s Portland office represented the buyer in the deal.

August 3, 2023

Acquisitions Retail Texas

Edens, CBRE Investment Management Buy 425,612 SF Retail Power Center in Irving

by Taylor Williams August 2, 2023

IRVING, TEXAS — A joint venture between shopping center owner-operator Edens and CBRE Investment Management has purchased MacArthur Park, a 425,612-square-foot retail power center in Irving. Target, Kroger, Office Depot, T.J. Maxx, Michaels, Ross Dress for Less and Ulta Beauty serve as the anchor tenants at the center, which was built in 2001 and is located at the intersection of I-635 and the George Bush Turnpike. The seller and sales price were not disclosed.

August 2, 2023

Leasing Activity Retail Texas

Spec’s Signs 30,000 SF Retail Lease in Pflugerville, Texas

by Taylor Williams August 2, 2023

PFLUGERVILLE, TEXAS — Spec’s Wine, Spirits & Finer Foods has signed a 30,000-square-foot retail lease at Stone Hill Town Center in the northern Austin suburb of Pflugerville. The retail power center is located at the intersection of State Highways 130 and 45 and is home to tenants such as Super Target, Ross Dress for Less, Dick’s Sporting Goods, Best Buy, Cinemark Theaters, 24 Hour Fitness and St. David’s Healthcare. Josh Friedlander and Kevin Sims of NewQuest Properties internally represented the landlord in the lease negotiations. Dawn Hilty of SFP Brokerage LLC represented the tenant.

August 2, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.4M Sale of Grease Monkey-Occupied Property in Mundelein, Illinois

by Kristin Harlow August 2, 2023

MUNDELEIN, ILL. — Marcus & Millichap has arranged the $1.4 million sale of an 1,800-square-foot retail property occupied by Grease Monkey in Mundelein, a far north suburb of Chicago. The building is located at 1079 W. Maple Ave. across from Mundelein High School. Brian Bailey and Drew Isaac of Marcus & Millichap represented the seller, a limited liability company. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap secured and represented the buyer, a boutique real estate investment firm based in California. Grease Monkey provides services such as oil changes.

August 2, 2023

Development Net Lease Nevada Restaurant Retail Western

Bojangles Signs Development Agreement for 20 Restaurants in Las Vegas

by Amy Works August 2, 2023

LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.

August 2, 2023

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Pace of Growth Slows Throughout Boston Retail Market

by Taylor Williams August 2, 2023

By Taylor Williams For the past several years, including during the height of the pandemic, the Boston retail market has performed well, if unspectacularly. Defined and driven by stable fundamentals in terms of job growth and tenant demand, the state capital’s retail sector has proven itself a reliable environment in which to expand store counts and park long-term money. But few, if any commercial markets and asset classes are wholly immune to the effects of sluggish and disruptive macroeconomic activity. Through no fault of its own, the Boston retail market is seeing its paces of growth slow across the key verticals that are development, leasing and investment sales. That said, seasoned players in this space know better than to panic. Boston remains a dynamic market, despite data from the U.S. Census Bureau showing that the city’s total population shrunk by about 25,000 people, or 3.7 percent, between April 2020 and April 2022. In addition, even in an inflationary economy, Boston consumers tend to retain healthy disposable income levels. A burgeoning life sciences sector that is bringing thousands of well-paying jobs to the city and a steady flow of students and young professionals across its 25-plus colleges and universities lie at …

August 2, 2023

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