Retail

LOS ANGELES — Whitney Livingston had a question for those in attendance at the annual Entertainment Experience Evolution conference in Los Angeles: Which user — food halls or restaurants — are more beneficial to driving traffic at retail properties? By show of hands, most attendees said food halls. Livingston, president of Centennial REC, was moderating the event’s “Fireside Chat: What’s Better for Traffic, Food Hall or Restaurants?” panel at the JW Marriott LA Live. Each of the categories was embodied in the form of a panelist. Representing food halls was Michael Morris, CEO of the aptly named Food Hall Co., with Rich Renninger, SVP and chief development officer of Darden Restaurants, weighing in from the perspective of more traditional, full-service restaurants. Despite what the name of the panel might suggest and Livingston’s opening poll, the dialogue that emerged between Renninger and Morris did not take on the shape of a debate so much as a conversation that illustrated that, for all their distinctions, there are many commonalities between the two types of food-and-beverage users.  Ultimately, the panelists revealed that though food halls and full-service restaurants may take different paths, there is one shared recipe for success: creating a robust customer …

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SUWANEE, GA. — CBRE has arranged the sale of The Village Shoppes at Windermere, a Publix-anchored shopping center located in the Atlanta suburb of Suwanee. Cincinnati-based Phillips Edison & Co. purchased the property from San Antonio-based Affinius Capital (formerly USAA Real Estate) for an undisclosed price. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE’s National Retail Partners – Southeast team represented the seller in the transaction. Located at 3120-3130 Mathis Airport Parkway in Gwinnett County, the 73,404-square-foot shopping center houses a dry cleaner, martial arts studio, nail salon, orthodontics office and a Mexican restaurant, among other tenants. Village Shoppes was 93.3 percent leased at the time of sale, with two vacancies totaling nearly 5,000 square feet remaining.

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NORTHRIDGE, CALIF. — NewMark Merrill Cos. has acquired Corbin & Parthenia, an 83,668-square-foot retail center located in Northridge, roughly 30 miles northwest of Los Angeles.  The buyer plans to invest in maintenance and upgrades to the property.  Jim Patton and Greg Giacopuzzi of NewMark Merrill arranged the transaction, in collaboration with Greg Offsay and Carol Marmor of Illi Commercial. The seller and price were not disclosed.

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COLTON, CALIF. — Faris Lee Investments has brokered the $3.8 million sale of Meadow Lane Plaza, a shopping center in Colton.  The triple-net-lease property was fully occupied at the time of sale.  Shaun Riley and Nick Miller of Faris Lee represented both the buyer, a California-based investor, and undisclosed seller in the transaction.

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BRADLEY, ILL. — RCG Ventures has acquired Bradley Commons shopping center in Bradley near Kankakee for an undisclosed price. The 175,369-square-foot property is home to Dick’s Sporting Goods, Joann Fabrics, Petco, Shoe Carnival and Ulta Beauty. Joe Girardi and Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Jeff Miller represented RCG on an internal basis. RCG’s portfolio totals 32 shopping centers and 4 million square feet across 21 states.

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AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.2 million sale of a newly constructed retail property occupied by Chipotle Mexican Grill in Austintown near Youngstown. Dan Cooper of Cooper Group represented the seller, a private developer. Cooper Group also procured the all-cash buyer. The sales price represented a cap rate of 5.7 percent and $929 per square foot. Chipotle’s 10-year lease features 10 percent rental increases every five years.

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Conventional Sites Gone Roberts quote

As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …

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PITTSBURGH — Friedman Real Estate, a brokerage firm with five offices across the country, has negotiated the sale of a 150,000-square-foot retail property in Pittsburgh. The property, which is located within Washington Crown Center Mall and formerly housed a Macy’s department store, was fully occupied at the time of sale by M@C Discount, which specializes in reselling returned retail items. Steven Silverman of Friedman Real Estate represented the undisclosed buyer in the transaction. Additional terms of sale were not disclosed. 

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CORONA DEL MAR, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens.  Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based private investor purchased the 14,535-square-foot building for $6.6 million.  Located in Sugar Grove, Illinois, the second property comprises 14,739 square feet. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., arranged the $6.6 million transaction on behalf of the seller, a private investor based in California. Isaiah Harf of Northmarq represented the Chicago-based 1031-exchange buyer.  Brad Dessy and Matt Burnett of Hanley, in association with ParaSell Inc., represented the buyer, a California-based private investor, in the third transaction. The 17,325-square-foot property, located in metro Miami, sold for $9.4 million.

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SUGAR GROVE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $6.6 million sale of a 14,739-square-foot retail property occupied by Walgreens in Sugar Grove, a western suburb of Chicago. Constructed in 2012, the single-tenant building features a drive-thru. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Orange County, Calif. Isaiah Harf of Northmarq represented the metro Chicago-based, 1031 exchange buyer. The property sold at full asking price.

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