Retail

ARC Acquires Two Retail Properties in Metro Atlanta for $15.1M

by John Nelson May 19, 2023

CUMMING AND KENNESAW, GA. — The Aubuchon Realty Co. (ARC) has acquired two retail properties in metro Atlanta in separate transactions totaling $15.1 million. ARC purchased Town Center Esplanade — a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta — from an entity doing business as MC Promenade LLC for $9.5 million. Tenants at the property, which was built in 1988 and comprises 39,108 square feet, include Revolving Sushi Factory, J. Christopher’s Café, Three Dollar Café, The Juicy Crab and Ten Seconds Rice Noodle. ARC also acquired a single-tenant property located in Cumming, approximately 40 miles northeast of Atlanta. CVS/pharmacy occupies the property on a triple-net-lease basis. Hemisphere Limited sold the building for $5.6 million.

May 19, 2023

Leasing Activity Retail South Carolina Southeast

Sprouts to Open 25,000 SF Grocery Store at North Hills Shopping Center in Greenville, South Carolina

by John Nelson May 19, 2023

GREENVILLE, S.C. — Sprouts Farmers Market will open a 25,000-square-foot grocery store at North Hills Shopping Center in Greenville. Charlotte-based Aston Properties is the landlord. Originally built in 1975, the retail center is currently undergoing renovations that include updates to facades, landscaping, patios, storefronts and parking lot repairs. Construction of the Sprouts is scheduled to begin this year, with the opening planned for 2024. This marks the second location for the brand in the Greenville market.

May 19, 2023

Acquisitions Company News Connecticut Florida Northeast Retail Southeast Top Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw May 19, 2023

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

May 19, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Toro Signs 11 Tenants to Medley Mixed-Use Development Underway in Metro Atlanta

by John Nelson May 18, 2023

JOHNS CREEK, GA. — Toro Development Co. (TDC) has announced leases with 11 tenants at Medley, a mixed-use project currently underway in Johns Creek, roughly 30 miles northeast of Atlanta. Upon completion, the development will include 200,000 square feet of retail, restaurant and entertainment space, as well as 900 residential units and 110,000 square feet of office space. The committed tenants include Little Rey (a concept by Atlanta-based chef and restaurateur Ford Fry), CRÚ Food & Wine Bar, AYA Medical Spa, Fadó Irish Pub, BODY20, Lily Sushi Bar, Lucciano’s Gelato, Sugarcoat Beauty, Summit Coffee, Knuckies Hoagies and Cookie Fix. Len Erickson and Kaitlyn Theriot of Franklin Street handle retail leasing at Medley, and Bryan Heller of Stream Realty Partners handles office leasing. The design-build team includes architect Nelson Worldwide, engineer firm Kimley-Horn and landscape architect Site Solutions. Demolition of a 350,000-square-foot office building is currently underway at the site. TDC plans to break ground on Medley before the end of the year.

May 18, 2023

Leasing Activity Restaurant Retail Texas

Four Retailers Open Stores at Centro Mixed-Use Development in Austin

by Taylor Williams May 18, 2023

AUSTIN, TEXAS — Four new tenants have signed leases at Centro, a mixed-use development spanning two city blocks in Austin. Pure Barre, Brooklyn Dumpling Shop, Birds Barbershop and Full Ride Cycling will occupy a combined 15,000 square feet of ground-floor retail space at the property. Jeremy Smitheal, Win Smith and Bennett Holcomb of Riverside Resources represented the landlord in the leasing negotiations on an internal basis.

May 18, 2023

Acquisitions Development New Jersey Northeast Retail

Pacific Retail Capital Partners Acquires 1.2 MSF Mall in Bridgewater, New Jersey, Plans Redevelopment

by Taylor Williams May 18, 2023

BRIDGEWATER, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee. PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the mall into a mixed-use development. Specific details and uses of the redevelopment have not yet been finalized.

May 18, 2023

Acquisitions Retail Texas

JLL Arranges Sale of 195,575 SF Retail Power Center in Northwest Houston

by Taylor Williams May 17, 2023

HOUSTON — JLL has arranged the sale of Steeplechase Center, a 195,575-square-foot retail power center in northwest Houston. At the time of sale, Steeplechase Center was 82 percent leased to tenants such as Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts, 99 Cents Only, Big City Wings, Leslie’s Pool Supplies and Rent-A-Center. John Indelli and Ryan West of JLL represented the seller, an entity doing business as Jones 1960 Crossroads LLC, in the transaction. Nashville-based investment firm Highland Capital purchased the asset for an undisclosed price.

May 17, 2023

Development Maryland Mixed-Use Retail Southeast

WRS Rezones 100 Acres at Lakeforest Mall in Gaithersburg, Maryland for Mixed-Use Village

by John Nelson May 17, 2023

GAITHERSBURG, MD. — WRS Real Estate Investments, a retail and mixed-use owner-operator based in Mount Pleasant, S.C., has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site to mixed-use in a 5-0 vote and also approved the sketch plan of the future development. Gensler has been engaged to lead the creation of overall design guidelines for the project. WRS purchased the core of the 1.1 million-square-foot regional mall in 2019. On a single day in 2022, the developer purchased the mall’s remaining department stores: J.C. Penney, Lord & Taylor, Sears and Macy’s. The plan calls for WRS to redevelop Lakeforest Mall as a mixed-use village comprising up to 1,600 new residential units — a mix of for-sale and rental units — and up to 1.25 million square feet of commercial uses such as retail, restaurant, dining, hospitality and life sciences. Construction may commence as early as 2024, according to WRS.

May 17, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $10.2M Sale of Shops at Glen Pointe in Glenview, Illinois

by Kristin Harlow May 17, 2023

GLENVIEW, ILL. — Marcus & Millichap has brokered the $10.2 million sale of Shops at Glen Pointe in Glenview, about 15 miles northwest of the Chicago Loop. Located at 3700 Willow Road, the retail center consists of three buildings and is home to tenants such as Chipotle, Starbucks, Naf Naf Grill and AT&T. The property serves as an outlot to Mariano’s and LA Fitness. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a limited liability company based in Chicagoland. An Iowa-based investment group was the buyer.

May 17, 2023

Acquisitions California Retail Western

RA Centers Acquires Meadows Village Retail Center in Temecula, California for $27.7M

by Jeff Shaw May 17, 2023

TEMECULA, CALIF. — CBRE has brokered the $27.7 million sale of Meadows Village Center, a 67,336-square-foot retail center located in Temecula. Barons Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include Starbucks Coffee, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, The UPS Store and Pacific Dental. The property also features a CVS/pharmacy, which was not included in the sale. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. RA Centers acquired the property in a 1031 exchange.

May 17, 2023

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