Retail

SRS Negotiates $2.8M Sale of US Bank-Occupied Property in Chicago’s Chinatown Neighborhood

by Kristin Harlow May 5, 2023

CHICAGO — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property occupied by US Bank in Chicago’s Chinatown neighborhood for $2.8 million. Constructed in 1991, the 5,400-square-foot building is located at 2131 S. China Place. US Bank has more than nine years remaining on its lease at the property, which is situated within Chinatown Square, a nearly 162,000-square-foot outdoor mall that offers authentic cuisines, stores and traditional artwork. Sean Lutz and Dan Elliot of SRS represented the seller, a California-based private investor. Zoe Zhu of Century 21 represented the buyer, a Chicago-based private investor. The transaction represented a cap rate of 4.6 percent.

May 5, 2023

Development Florida Hospitality Mixed-Use Office Restaurant Retail Southeast Top Stories

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Market Reports Nevada Retail Western Western Market Reports

Northern Nevada Retail Market Sees New Tenants, Significant Development

by Jeff Shaw May 5, 2023

— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial — The Northern Nevada retail market has been performing well. New tenants are entering the marketplace and the area experienced positive absorption. Rental rates have increased for the year, but there has been a decrease in commercial sales due to higher interest rates. The retail vacancy rate is currently at 4.7 percent, while asking rental rates are at $1.70 per square foot on a monthly basis. Many submarkets have shown improvement, including South Virginia, Meadowood, South Reno and the North Valleys. Tenants that have recently entered or are expanding in Northern Nevada include Colombia Sportswear, Voodoo Brewing Company, Jamba Juice, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Pet Station, Take 5 Oil Change, AutoZone and Five Below. Tenants with closures include Bed Bath & Beyond, Sizzler Steakhouse, Food Source Grocery Store, Campo, California Pizza Kitchen, Long John Silver’s, Rounds Bakery and Claim Jumper. Unemployment in Nevada fell to 3.4 percent in December 2022. This low unemployment rate has led some prospective new businesses to either delay or cancel expansion plans in this region. From a development perspective, Reno has many new projects in the …

May 5, 2023

Development Georgia Mixed-Use Retail Southeast

NAP, Nuveen Break Ground on Mixed-Use Redevelopment of Forum Peachtree Corners in Metro Atlanta

by John Nelson May 4, 2023

PEACHTREE CORNERS, GA. — North American Properties (NAP), a mixed-use developer and owner based in Cincinnati, has partnered with Nuveen Real Estate to begin the redevelopment of The Forum Peachtree Corners. The duo acquired the north-suburban Atlanta shopping center in March 2022 and are breaking ground on the project that will add a 125-room boutique hotel, 381 apartments, experiential retailers, eateries, structured parking and new public spaces to the site. In addition to these uses, the developers will implement concierge services and valet offerings to patrons. Prior to the groundbreaking, NAP and Nuveen rebranded the property (formerly known as The Forum on Peachtree Parkway) and invested in upgrades to maintenance, security and software, as well as rolled out an event calendar. The construction timeline was not disclosed, but the developers plan to deliver the redevelopment in phases, beginning with the retail- and pedestrian-focused upgrades.

May 4, 2023

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Sells 18,156 SF Retail Strip Center in Chattanooga, Tennessee

by John Nelson May 4, 2023

CHATTANOOGA, TENN. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located at the intersection of East Brainerd and Jenkins roads in Chattanooga. The buyer and sales price were not disclosed. The property’s tenant roster includes East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. The center includes a gas station and Food City grocery store that Ziff is not including in the sale.

May 4, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $6.4M Sale of Shopping Center in Canton, Ohio

by Kristin Harlow May 4, 2023

CANTON, OHIO — The Cooper Commercial Investment Group has brokered the $6.4 million sale of Hillsdale Shopping Center in Canton, about 20 miles south of Akron. The 78,010-square-foot property is 90 percent leased to tenants such as Siffrin, Hallmark, Inspire Performing Arts, Aunt Susie’s Cancer Wellness Center and Giddy’s 24/7 Fitness. Dan Cooper of Cooper Group represented the seller, a private West Coast-based investor. The undisclosed buyer purchased the asset at a cap rate of 7.98 percent and roughly 98 percent of the list price.

May 4, 2023

Acquisitions California Retail Western

Hanley Negotiates $1.9M Sale of Dutch Bros. Coffee-Leased Property in Beaumont, California

by Jeff Shaw May 4, 2023

BEAUMONT, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed, single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

May 4, 2023

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Multifamily, Mixed-Use Driving Evolution of Milwaukee Retail

by Kristin Harlow May 4, 2023

By Tony Colvin and Michael Fitzgerald, Mid-America Real Estate In the absence of significant new construction, the evolution of the retail real estate market in Milwaukee is largely being driven by the conversion and demolition of existing spaces. Some prominent places are being reimagined in creative ways that often include multifamily and other uses in addition to retail. HUB640 in downtown Milwaukee is a perfect example. A historic building formerly occupied by a Boston Store, the property is being transformed by North Wells Capital and Urban Innovations Management. The new mixed-use project will feature Kohl’s as the retail anchor tenant, loft apartments and office space occupied by Fiserv’s corporate headquarters. Other corporate office users, including Milwaukee Tool and Northwestern Mutual, also are betting on the central business district (CBD), with Milwaukee Tool relocating upwards of 1,200 employees, and Northwestern Mutual redeveloping and enlarging its headquarters. At the same time, new multifamily high-rises are remaking the architecture of Milwaukee including the river and lakefronts. The 25-story Ascent opened last year, and 333 North Water (31 stories) and Couture (44 stories) are on the horizon. Additionally, Iron District MKE is an 11-acre mixed-use sports and entertainment development slated to be phased in …

May 4, 2023

Development Leasing Activity Northeast Retail Vermont

Heidenberg Completes Redevelopment of Vermont Mall, Signs New Tenants

by Taylor Williams May 3, 2023

BERLIN, VT. — Heidenberg Properties has completed the redevelopment of Berlin Mall, located just south of the Vermont state capital, into a mixed-use development and signed two new tenants to leases totaling roughly 60,000 square feet. The redevelopment began last year with the opening of Chestnut Place, a 98-unit seniors housing complex. Five Below opened a store at the property in February, and Hobby Lobby backfilled the former J.C. Penney anchor space in April. Heidenberg has also obtained approval for the addition of 30 residential units as well as a standalone, drive-thru Starbucks, and rebranded the property as Central Vermont Marketplace.

May 3, 2023

Acquisitions New Jersey Northeast Retail

Astoria Realty Corp. Sells Northern New Jersey Retail Strip Center for $6.2M

by Taylor Williams May 3, 2023

TEANECK, N.J. — Astoria Realty Corp. has sold a 20,413-square-foot retail strip center located in the Northern New Jersey community of Teaneck for $6.2 million. The property at 1374-1400 Queen Anne Road was originally built in 1930 and renovated earlier this year. Glatt’s Express Supermarket serves as the anchor of the center, which was 93 percent leased at the time of sale. Karly Iacono of CBRE represented Astoria Realty Corp. in the transaction. The buyer was not disclosed.

May 3, 2023

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