Retail

CBRE Arranges $31M Sale of Arena Shoppes in South Florida

by John Nelson June 22, 2022

NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.

June 22, 2022

California Market Reports Retail Western Western Market Reports

L.A. Retail: A Tale of Two Pandemics

by Jeff Shaw June 22, 2022

By Nellie Day All of Los Angeles County might have been under the same restrictions throughout the pandemic, but their emergence from this period reveals a lot about the localized retail environments. “Los Angeles’ retail market has weathered COVID better than many other markets around the country,” says Matthew May, founder of May Realty Advisors in the Los Angeles submarket of Sherman Oaks, Calif. “However, the recovery has favored a diverse group of suburban markets.” Certain Suburbs Stand Out Markets like East Hollywood/Silver Lake, Inglewood/South LA and Santa Clarita boasted the highest 12-month rolling net absorptions in the county, according to CoStar — something May doesn’t believe was expected. “LA is known as a melting pot and this is reflected in the geographic and ethnic makeup of the top submarkets based on net absorption,” he says. “Vacancies in many of the suburbs were substantially less than in the Central Business Districts and tony retail areas from Beverly Hills to Abbott Kinney. These emerging markets were quite a surprise.” On the other hand, metro markets like Santa Monica, Downtown LA and Koreatown each had more than 100,000 square feet of negative absorption. Santa Monica’s Third Street Promenade has been one of …

June 22, 2022

Leasing Activity New Hampshire Northeast Restaurant Retail

Tuscan Brands Welcomes New Tenants to Flagship Destination in Salem, New Hampshire

by Taylor Williams June 21, 2022

SALEM, N.H. — Tuscan Brands has welcomed new tenants to Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. Nike (15,000 square feet) and Chick-fil-A (5,000 square feet) both recently opened, and Mass General Brigham will open a primary and specialty care medical facility later this summer. The Container Store will launch a 15,000-square-foot store this winter. Other tenants that have committed to Tuscan Village include T-Mobile, Xfinity, Crumbl Cookies, Banfield Pet Hospital, LensCrafters and Bennett’s Sandwich Shop.

June 21, 2022

Acquisitions California Retail Western

CBRE Arranges $52.2M Sale of Tiffany and Shops Retail Property in Pasadena, California

by Amy Works June 21, 2022

PASADENA, CALIF. — CBRE has brokered the sale of Tiffany and Shops, a 28,421-square-foot street-front retail property in Pasadena. Los Angeles-based Blatteis & Schnur and Hayward-based The Felson Cos. acquired the asset for $52.2 million, or approximately $1,838 per square foot. Jimmy Slusher, Philip Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer. Tiffany & Co., Crate & Barrel and House of Hoops anchor the property under corporate-guaranteed leases. The asset is located at 64-68 Colorado Blvd.

June 21, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates $18.4M Sale of Paloma Village Shopping Center in Tucson

by Amy Works June 21, 2022

TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.

June 21, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Arranges $10.8M Sale of Smart & Final-Occupied Building in Bakersfield, California

by Amy Works June 21, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1725 Golden State Ave. in Bakersfield. A Southern California-based private investor sold the asset to an undisclosed buyer for $10.8 million. Grocery store Smart & Final occupies the 26,237-square-foot building on a long-term, absolute triple-net lease basis with rental increases. Sean Cox and Alex Moore of Faris Lee represented the seller in the deal.

June 21, 2022

Acquisitions North Carolina Retail Southeast

Northwood Retail Sells Whole Foods-Anchored Shopping Center in Metro Raleigh for $88M

by John Nelson June 20, 2022

CARY, N.C. — Northwood Retail, a shopping center owner and management firm based in Dallas, has sold Waverly Place, a 190,000-square-foot shopping center in the Raleigh suburb of Cary. The sales price was not disclosed, but the Triangle Business Journal reported that the property traded for $88 million. Hines Global Income Trust, a non-listed REIT sponsored by Houston-based Hines, purchased the property. Whole Foods Market anchors Waverly Place, which houses a Cinebistro and 16,000 square feet of office space. Other notable retail tenants include Shake Shack, Drybar and CorePower Yoga. Waverly Place is the first acquisition in Raleigh-Durham for Hines Global Income Trust.

June 20, 2022

Acquisitions Louisiana Retail Southeast

Howard Hughes Sells Outlet Collection at Riverwalk in New Orleans for $34M

by John Nelson June 20, 2022

NEW ORLEANS — The Howard Hughes Corp. has sold the Outlet Collection at Riverwalk, an outlet mall near the Port of New Orleans. An entity doing business as Rockstep Riverwalk LLC purchased the property for $34 million. Outlet Collection at Riverwalk spans 264,000 square feet of open-air retail space and houses retailers such as Calvin Klein, Carter’s, Crocs, Gap Facory, Kate Spade, Levi’s, Nordstrom Rack, Polo Ralph Lauren, Samsonite, Tommy Bahama Outlet and Under Armour. Food-and-beverage tenants include Auntie Anne’s, Café Du Monde, Fat Tuesday, Green Leaf’s, Häagen-Dazs, Mandarin Express, Raising Cane’s, Smoothie King and Villa Italian Kitchen. Tom Salanty of NAI Robert Lynn represented Howard Hughes Corp., a publicly traded real estate owner and developer based in Houston, in the transaction.

June 20, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges $32.8M Sale of Boston Retail Center

by Taylor Williams June 20, 2022

BOSTON — Atlantic Capital Partners, a division of brokerage firm Atlantic Retail, has arranged the $32.8 million sale of The Shops at Riverwood, a 78,484-square-foot retail center in Boston’s Hyde Park neighborhood. Developed in phases by Finard Properties, the center was fully leased at the time of sale to tenants such as Burger King, Starbucks, Boston Medical and Planet Fitness. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer, Urban Edge Properties, and the seller in the transaction.

June 20, 2022

Leasing Activity New York Northeast Retail

Indoor Climbing Concept Opens 10,000 SF Gym in Yonkers

by Taylor Williams June 20, 2022

YONKERS, N.Y. — Hapik, an indoor climbing concept, has opened a 10,000-square-foot gym in Yonkers, located north of New York City. The gym will be located in the Ridge Hill lifestyle center and will feature 50 different auto belay fun climbing walls ranging from beginner to advanced levels, two ropes courses and a snack bar. The gym is the fitness company’s third in the United States and its 25th worldwide, with 15 in France and seven in the United Kingdom.

June 20, 2022

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