Retail

Faris Lee Negotiates Acquisition of 118,485 SF Promenade Shopping Center in Modesto, California

by Amy Works August 1, 2022

MODESTO, CALIF. — Faris Lee Investments has brokered the purchase of The Promenade Shopping Center, a community retail center in Modesto. A Modesto-based private family office acquired the property from an ownership group managed by Los Altos-based West Valley Properties for $25 million. Located at 3501 McHenry Ave., the 118,485-square-foot property was fully occupied at the time of sale. Current tenants include Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee Investments represented the buyer in the transaction.

August 1, 2022

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers $14.2M Sale of Royal Palms Mixed-Use Building in Glendora, California

by Amy Works August 1, 2022

GLENDORA, CALIF. — Marcus & Millichap has arranged the sale of Royal Palms Apartments & Professional Building, a mixed-use property located at 618-620 W. Route 66 in Glendora. A limited liability company sold the asset to an undisclosed buyer for $14.2 million. Totaling 43,292 square feet, Royal Palms Apartments & Professional Building features 28 commercial suites and 48 apartments with studio and one-bedroom floor plans. The building was built in 1962. Douglas McCauley and David Covarrubias of Marcus & Millichap’s Inland Empire office represented the seller in the transaction.

August 1, 2022

Leasing Activity Retail Texas

Levcor Welcomes Three New Tenants to Post Oak Plaza in Uptown Houston

by Taylor Williams August 1, 2022

HOUSTON — Locally based development and management firm Levcor has welcomed three new tenants to Post Oak Plaza in Uptown Houston. Fitness concept Body20 has opened a 1,995-square-foot studio, and Australian-inspired coffee shop Bluestone Lane has signed a lease for 1,405 square feet with plans to launch this fall. In addition, B/S/H Experience & Design Center, a luxury appliance showroom, has committed to 14,777 square feet for its first Texas location. That opening is also slated for the fall.

August 1, 2022

Acquisitions Florida Retail Southeast

JLL Arranges Sale of 186,212 SF Shopping Center in Central Florida

by John Nelson August 1, 2022

OVIEDO, FLA. — JLL has arranged the sale of Oviedo Park Crossing, a 186,212-square-foot shopping center located roughly 16 miles northeast of Orlando in Oviedo. The open-air property was fully leased at the time of sale to tenants including Bed Bath & Beyond, T.J. Maxx, Ross Dress for Less, Michaels, Office Depot, PetSmart, Shoe Carnival, Sally Beauty Supply, America’s Best Contacts and Phenix Salon Suites. Situated on 29 acres at 1115 Vidina Place, the shopping center was completed in 1999 and renovated in 2019. The seller and sales price were not disclosed, but SITE Centers Corp.’s second-quarter results disclosed an affiliate sold the asset for $28 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Tamer Iskander with Tivoli Cove Capital represented the buyer, a group of Orlando-based private investors, in the deal.

August 1, 2022

Development Florida Leasing Activity Retail Southeast

Branch Signs Two Restaurants to Join Tenant Roster at Shopping Center Underway Near Pensacola

by John Nelson August 1, 2022

MILTON, FLA. — Branch Properties has signed two restaurants to join the tenant roster at Merganser Commons at Dogwood Estates, a 66,912-square-foot shopping center under construction in Milton, a Florida Panhandle city located about 24 miles east of Pensacola. The Atlanta-based developer plans to open the Publix-anchored center later this summer. The new eateries joining Merganser Commons include RibCrib, a fast-casual barbecue restaurant that will occupy 4,750 square feet, and Teriyaki Madness, an Asian concept. Both restaurants are operated by Panhandle Restaurant Group. The center is currently 92 percent preleased to tenants including Domino’s Pizza, Great Clips, Japanese restaurant Nikko Sushi, nail salon Grand Nail Lounge and ice cream shop Scoops Ice Cream and Sweets. A local medical provider will occupy a 7,500-square-foot outparcel at the center.

August 1, 2022

Acquisitions Northeast Pennsylvania Retail

Syndicated Equities Sells Pittsburgh Shopping Center for $32.5M

by Taylor Williams August 1, 2022

PITTSBURGH — Chicago-based investment firm Syndicated Equities has sold Plaza at the Pointe, a 149,973-square-foot shopping center in Pittsburgh. At the time of sale, the property was leased to tenants such as Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn and Bob’s Discount Furniture. The buyer was not disclosed. Syndicated Equities originally acquired the property in partnership with Chicago-based owner-operator M & J Wilkow in 2016 for $24.5 million.

August 1, 2022

Market Reports New York Northeast Northeast Market Reports Retail

New York City’s Retail Investment Market is Poised for Greater Activity

by Taylor Williams August 1, 2022

By Brent Glodowski, director, capital markets group, Avison Young Conditions are looking up for retail real estate investment in New York City. In one sense, “up” is the only way to go for a sector that has been bumping along the bottom of a trough. But with inflation tempering investors’ recent fascination with multifamily and industrial properties, retail also offers opportunities to acquire price-corrected assets when those other property types hover near cyclical peaks. Retail’s Head Start New York’s retail real estate market was already suffering from changing consumer tendencies when COVID-19 arrived and thrust many retailers and their landlords into a full-blown crisis. Even when government-ordered shutdowns eased, remote work policies drained office buildings of the customer bases that had supported swaths of restaurants, shops and entertainment businesses. Home-bound workers became a redistributed daytime population, shifting demand for meal delivery and other retail to new areas. Hundreds of small businesses went under, leaving vacant storefronts in their wake. Some retailers altered business plans to serve shifting customer bases that had developed new, pandemic-influenced consumption practices. Landlords with vacancies to fill turned to traditional strategies, such as relocating tenants from out-of-the-way spaces to fill their most visible storefronts. Property owners …

August 1, 2022

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 113,772 SF Shopping Center in Metro Austin

by Taylor Williams July 29, 2022

GEORGETOWN, TEXAS — Dallas-based brokerage firm Disney Investment Group (DIG) has negotiated the sale of Republic Square, a 113,772-square-foot shopping center located in the northern Austin suburb of Georgetown. At the time of sale, the center was roughly 93 percent leased to a roster of 31 tenants that includes Dollar Tree, Harbor Freight, Starbucks, Chipotle Mexican Grill and Pizza Hut. David Disney and Adam Crockett of DIG represented the seller, Dallas-based LRIC Properties, in the transaction and procured a California-based private partnership as the buyer.

July 29, 2022

Acquisitions Indiana Midwest Retail

Osborne Group Brokers $29M Sale of CarMax-Occupied Retail Property in Carmel, Indiana

by Kristin Harlow July 29, 2022

CARMEL, IND. — Gallelli Real Estate’s The Osborne Group has brokered the $29 million sale of a retail property occupied by CarMax Auto Superstore in the Indianapolis suburb of Carmel. The two-building property spans 55,536 square feet and features a main showroom, customer receiving bay, service shop and auto cleaning area. Robb Osborne and Kannon Kuhn of Osborne Group, along with Alex Davenport of Colliers, marketed the property on behalf of the seller, an entity doing business as MAX 22 LLC. Osborne’s team procured the buyer, Realty Income Corp. Used car dealer CarMax operates more than 220 locations across the United States.

July 29, 2022

Kansas Leasing Activity Midwest Retail

Marshalls to Open 25,000 SF Store in Pittsburg, Kansas

by Kristin Harlow July 29, 2022

PITTSBURG, KAN. — Marshalls will open a 25,000-square-foot store at Pittsburg Town Center in Pittsburg, a city in Southeast Kansas. Other tenants at the property include Home Depot, Chili’s, Buffalo Wild Wings and UPS. David Block and Phil Peck of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of the undisclosed ownership group. Block & Co. also manages the property.

July 29, 2022

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