Retail

JLL Brokers $45M Sale of Tel Twelve Shopping Center in Southfield, Michigan

by Kristin Harlow August 12, 2022

SOUTHFIELD, MICH. — JLL Capital Markets has brokered the sale of Tel Twelve shopping center in Southfield for $45 million. The 193,850-square-foot, open-air property was built in 1968 and renovated in 2005. Tel Twelve is nearly 98 percent leased to tenants such as Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. The property is situated at the intersection of Telegraph and 12 Mile roads. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs LLC.

August 12, 2022

Acquisitions Indiana Midwest Retail

LBX Investments Purchases 130,100 SF Orchard Crossing Retail Center in Fort Wayne

by Kristin Harlow August 12, 2022

FORT WAYNE, IND. — LBX Investments has purchased Orchard Crossing in Fort Wayne for an undisclosed price. The 130,100-square-foot, open-air shopping center is home to Hobby Lobby, Barnes & Noble, Dollar Tree and Five Below. A Target store shadow anchors the property, which was built in 2008 and is 99 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, DRA Advisors.

August 12, 2022

Acquisitions New York Northeast Retail

JRW Realty Negotiates $24.5M Sale of Long Island Retail Property Leased to ShopRite

by Taylor Williams August 12, 2022

UNIONDALE, N.Y. — California-based brokerage group JRW Realty has negotiated the $24.5 million sale of a 61,916-square-foot retail property in the Long Island community of Uniondale. Grocer ShopRite occupies the property, which is also adjacent to a Walmart Supercenter. Aaron Bush of JRW Realty represented the undisclosed, institutional buyer in the transaction. Prodigy Real Estate Group represented the seller, New Jersey-based First National Realty Partners.

August 12, 2022

Acquisitions New Hampshire Northeast Retail

RK Centers Acquires Retail Asset in Manchester, New Hampshire, for $13.8M

by Taylor Williams August 12, 2022

MANCHESTER, N.H. — Metro Boston-based RK Centers has acquired a 74,935-square-foot retail property in Manchester, located in the southern part of the Granite State, for $13.8 million. The property at 777 S. Willow St. sits on 11.8 acres and houses tenants such as Burlington and Michaels. Justin Smith of Atlantic Capital Partners represented the seller, an entity doing business as South Willow EDF LLC, in the transaction.

August 12, 2022

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Brokers Sales of Three Retail Outparcels at Palmdale Marketplace for $10.2M

by Amy Works August 11, 2022

PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sales of three retail outparcels to Palmdale Marketplace, a power center located at 39340 10th St. W. in Palmdale, for a combined total of $10.2 million. There are three remaining properties for sale as part of the break-up strategy. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, a Texas-based owner and operator of retail properties, and the buyers. The three transactions include: – A 5,958-square-foot retail property, which was built in 2001. Jamba Juice, Baskin-Robbins and Harbour Sushi occupy the building. A private investor acquired the asset in an all-cash transaction. – The same buyer acquired a 4,875-square-foot building, occupied by Five Guys Burgers and Fries and Café Rio, for $3.4 million. Built in 2001, the property is situated on 1.2 acres. – IHOP corporate, as owner/user, acquired a 4,022-square-foot, single-tenant property for $2.5 million. IHOP occupies the property, which was built in 2002.

August 11, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $23.8M Portfolio Sale of Three Single-Tenant Retail Properties Under Construction in Homestead, Florida

by John Nelson August 11, 2022

HOMESTEAD, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $23.8 million sale of three ground-leased, single-tenant retail properties located in Homestead. The properties are under construction and have been preleased by Target, Raising Cane’s and Murphy Oil. Target will open in late 2022, Raising Cane’s will open this month and Murphy Oil will open in the fall. Patrick Nutt and William Wamble of SRS represented the seller, an entity doing business as Homestead Pavilion LLC, in the transaction. The buyer was an entity doing business as Wells Acquisition LLC. The buildings, which will span 78,436 square feet on 8.6 acres, will serve as outparcels to Homestead Pavilion, a 450,000-square-foot shopping center leased to Kohl’s, Ross Dress for Less, Bed Bath and Beyond and T.J. Maxx.

August 11, 2022

Acquisitions Florida Retail Southeast

Avanti Way Realty Arranges $7.1M Sale of Retail Center in Lakeland, Florida

by John Nelson August 11, 2022

LAKELAND, FLA. — Avanti Way Realty has arranged the $7.1 million sale of Shoppes at Lakeland Square Mall, a 44,375-square-foot retail center located at 4000 U.S. Highway 98 in Lakeland. Carrera Family Investments purchased the property in a 1031 exchange from an entity doing business as Lakeland Retail. Maria Gueits of Avanti Way Realty represented the buyer, and Anthony Bernabe and Jordan Characo of Equity Commercial Real Estate Solutions represented the seller in the transaction. Shoppes at Lakeland Square Mall was fully leased at the time of sale to tenants such as Ollies Bargain Outlet, All About Puppies, My Salon Suite, Regal Nails Salon & Spa and VidaCann, among others. The two-building property is situated on 4.5 acres adjacent to Lakeland Square Mall, an enclosed shopping mall anchored by Burlington, Dillard’s, JC Penney and Re-Sale America.

August 11, 2022

California Development Retail Top Stories Western

Lewis Retail Centers to Build 169,590 SF Town Center at The Preserve in Chino, California

by Kristin Harlow August 10, 2022

CHINO, CALIF. — Lewis Retail Centers has unveiled plans to build Town Center at The Preserve in Chino, a city in Southern California. The retail and office development, which will span 169,590 square feet, is slated to open in summer 2023. Town Center at The Preserve will be situated within a master-planned community named The Preserve at Chino and adjacent to multifamily units. The pedestrian-friendly development will feature Main Street-oriented retail space, as well as open spaces for gatherings and events. The office space will be positioned on the second level, above the street-level retail space. KTGY is the project architect. Stater Bros., a privately held supermarket chain based in San Bernardino, Calif., will serve as the grocery anchor tenant. The store will span 46,109 square feet and will feature full-service meat, seafood, deli and bakery departments. The store marks the third location for Stater Bros. in Chino. Additionally, Kenwood’s Kitchen and Tap, a family-owned and operated restaurant and bar serving American comfort food, will open at Town Center at The Preserve in fall 2023. The restaurant marks the second location for Kenwood’s. Other food-and-beverage tenants committed to the development include 7 Miles Tea Lab and Chipotle Mexican Grill. Ken …

August 10, 2022

Denver Lee & Associates Second Quarter Economic Rundown

Content Partner Features Industrial Leasing Activity Lee & Associates Life Sciences Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels August 10, 2022

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

August 10, 2022

Acquisitions Florida Retail Southeast

Longpoint Partners Acquires Grocery-Anchored Shopping Center in South Florida for $43.3M

by John Nelson August 9, 2022

HIALEAH, FLA. — Boston-based Longpoint Partners has acquired El Paraiso, a grocery-anchored shopping center in the Miami suburb of Hialeah, for $43.3 million. Anchored by Sedano’s, the property was 98 percent leased at the time of sale to tenants including University Healthcare, Regions Bank and Pet Supermarket, as well as more than 30 shops. The seller was not disclosed. In addition to El Paraiso, Longpoint currently owns and operates three additional specialty grocery-anchored shopping centers in Florida totaling nearly 450,000 square feet: the Sedano’s-anchored Pembroke Place, the Fresco y Mas-anchored Naranja Lakes near Miami and the Presidente-anchored Chickasaw Trail Shopping Center in Orlando.

August 9, 2022

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