Retail

NewMark Merrill Cos. Breaks Ground on 96,011 SF Rialto Village Shopping Center in California

by Amy Works August 26, 2022

RIALTO, CALIF. — NewMark Merrill Cos. has broken ground on Rialto Village, a 96,000-square-foot shopping center in Rialto. Brian McDonald, Walter Pagel and Hannah Curran of CBRE, along with Greg Giacopuzzi of NewMark Merrill, are marketing the center for lease. Currently, 18 tenants are slated to join the project, which is located at the southwest corner of San Bernardino and Riverside avenues. Signed tenants include Sprouts Farmers Market, Burlington, Ulta, Five Below, Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental, along with multiple local tenants. NewMark Merrill Cos. closed escrow on the 10.9-acre site in early August with lease commitments representing 97 percent of the total shopping center square footage. One 2,700-square-foot retail suite remains available for lease.

August 26, 2022

Acquisitions Illinois Midwest Retail

Continental Realty Corp. Purchases Shopping Center Portfolio in Suburban Chicago for $93.6M

by Kristin Harlow August 25, 2022

CHICAGO — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has entered the Chicago market with its acquisition of a five-property shopping center portfolio for $93.6 million. The properties total more than 900,000 square feet of gross leasable area and are located in Cicero, Mount Prospect, Naperville and Palatine. Specifically, the properties include Cicero Marketplace in Cicero, Northwest and English Valley shopping centers in Palatine, Golf Plaza II in Mount Prospect, and Fox River Commons in Naperville. DiMucci Cos. was the seller. Tucker Development served as an acquisition and development consultant on the transaction. The portfolio was 84 percent leased at the time of sale. Major tenants include Sam’s Club, The Home Depot, Jewel-Osco, Kroger, Walgreens and Ross Dress for Less. CRC utilized its Continental Realty Opportunistic Retail Investment Fund I, a private equity fund formed last year that is focused on acquiring value-add and income-producing retail properties throughout the U.S. Jeff Kowal of Edgemark Commercial Real Estate Services LLC and John Thompson of Retail Focus represented DiMucci in the sale.

August 25, 2022

Acquisitions Illinois Midwest Retail

Newmark Brokers $4.5M Sale of Walgreens-Occupied Property in Rock Falls, Illinois

by Kristin Harlow August 25, 2022

ROCK FALLS, ILL. — Newmark has brokered the $4.5 million sale of a 14,820-square-foot retail property net leased to Walgreens in Rock Falls, a city in Northwest Illinois. Matt Berres, Samer Khalil, Karick Brown and Carrie Frye of Newmark represented the seller, a private investor. The property sold to an undisclosed REIT. Walgreens has 13 years remaining on its lease.

August 25, 2022

Leasing Activity Michigan Midwest Retail

Gerdom Realty Completes Lease-up of Retail Center in Livonia, Michigan

by Kristin Harlow August 25, 2022

LIVONIA, MICH. — Gerdom Realty & Investment has completed the lease-up of Century Plaza in Livonia. Marco’s Pizza leased the final 2,000 square feet remaining at the retail center, which is located at the northeast corner of Five Mile and Newburgh roads. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the landlord, Kimco Realty Corp. Gordon Denha of CBRE represented the tenant.

August 25, 2022

Affordable Housing Development Florida Mixed-Use Multifamily Office Retail Southeast

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson August 25, 2022

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

August 25, 2022

Acquisitions Arkansas Retail Southeast

Mid-America Brokers Sale of 282,608 SF Shopping Center in Russellville, Arkansas

by John Nelson August 25, 2022

RUSSELLVILLE, ARK. — Mid-America Real Estate Corp. has brokered the sale of Valley Park Centre, a 282,608-square-foot regional shopping center in Russellville, a town within the Arkansas River Valley region. Dallas-based The Woodmont Cos. purchased the big-box retail center for an undisclosed price. Ben Wineman of Mid-America, along with Hank Kelley of Kelley Commercial Real Estate Partners, represented the seller, a joint venture between Atlanta-based RCG Ventures and an unnamed investment partner based in New York City. Valley Park Centre was 95 percent leased at the time of sale to tenants including T.J. Maxx, Ross Dress for Less, Belk, JC Penney, Shoe Carnival, Hibbett Sports, Hobby Lobby, PetSmart and Five Below.

August 25, 2022

Acquisitions California Retail Western

Progressive Real Estate Brokers $5.8M Sale of La Pico Plaza Shopping Center in Whittier, California

by Amy Works August 25, 2022

WHITTIER, CALIF. — Progressive Real Estate Partners has arranged the sale of La Pico Plaza, a neighborhood shopping center located at 9150 Painter Ave. in Whittier. An Orange County-based private investor sold the asset to Desert Capital Ventures for $5.8 million. Circle K anchors the 20,939-square-foot retail center, which was fully leased to 14 tenants at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.

August 25, 2022

Healthcare Leasing Activity Massachusetts Northeast Retail

American Red Cross Signs 5,000 SF Retail Lease in Kingston, Massachusetts

by Taylor Williams August 25, 2022

KINGSTON, MASS. — The American Red Cross has signed a 5,000-square-foot retail lease at Summer Hill Plaza in Kingston, a grocery-anchored center located south of Boston in Plymouth County. Don Mace and Rob Grady of locally based advisory firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.

August 25, 2022

Acquisitions California Retail Top Stories Western

Unibail-Rodamco-Westfield Sells 1.5 MSF Regional Mall Near Los Angeles for $537.5M

by Katie Sloan August 25, 2022

ARCADIA, CALIF. — Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita, a 1.5 million-square-foot regional mall located roughly 15 miles northeast of Los Angeles in Arcadia, for $537.5 million. The transaction represents the largest price paid for a regional mall in the U.S. since 2018, according to Eastdil Secured, which acted as financial advisor to the seller. The buyer is an undisclosed real estate investor that owns other retail assets in Southern California. The acquisition was funded through a combination of equity and new debt, and reflects a sub-6 percent net initial yield and a 10.7 percent discount to the property’s latest appraisal price. The Class A regional mall was 96 percent leased at the time of sale to tenants including J.C. Penney, Macy’s, Nordstrom, Sephora, Free People, Kate Spade, Fabletics, Coach, lululemon, Michael Kors, Steve Madden, Victoria’s Secret, Zara and Abercrombie & Fitch, among others. The property is also home to AMC Theatres; entertainment concepts such as Bowlero, Luxy Karaoke and Dave & Buster’s; and restaurants including The Cheesecake Factory, Benihana, California Pizza Kitchen and Din Tai Fung. URW made headlines earlier this week with the announcement of redevelopment plans for Westfield Garden State Plaza, a 2.1 million-square-foot regional mall …

August 25, 2022

Acquisitions Louisiana Retail Southeast

JLL Brokers Sale of 244,768 SF Acadiana Square Shopping Center in Lafayette, Louisiana

by John Nelson August 24, 2022

LAFAYETTE, LA. — JLL has brokered the sale of Acadiana Square, a 244,768-square-foot shopping center located at 5700 Johnston St. in Lafayette. Jim Hamilton, Ryan West and Brad Buchanan of JLL represented the sellers, DRA Advisors and RCG Ventures, in the transaction. Property Commerce Dividend Fund acquired the center for an undisclosed price. Acadiana Square was 95 percent leased at the time of sale to tenants such as Burlington, Home Furniture Co. of Lafayette, T.J. Maxx, PetSmart, Office Depot and Party City. The previous ownership executed new leases or renewals totaling over 87,000 square feet at Acadiana Square in the past 18 months, according to JLL.

August 24, 2022

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