DEPTFORD, N.J. — SRS Real Estate Partners has negotiated the $17 million sale of a 60,750-square-foot retail property in the Southern New Jersey community of Deptford that is fully leased to Best Buy on a triple-net basis. The electronics retailer has occupied the six-acre site for more than 25 years. Andrew Fallon and Rick Fernandez of SRS represented the seller, a Chicago-based private investment firm, in the transaction. The buyer was Michigan-based REIT Agree Realty Corp. (NYSE: ADC).
SAN DIEGO — MetroGroup Realty Finance has secured $18.5 million in financing for a 56,173-square-foot retail center in San Diego. The undisclosed borrower developed the property in two phases in 2002 and 2013. The financing features a maximum loan-to-value ratio of 60 percent for 10 years with a 30-year amortization schedule. Tenants at the property at the time of financing included Subway, several service and fitness tenants, and a service station and car wash. The use of the funds was not disclosed.
DENVER — Blue West Capital has brokered the sale of Park Hill Shops, a three-tenant retail property located in Denver. A Colorado-based real estate investment company sold the asset to a local 1031 exchange investor for $3.4 million. Robert Edwards and Tom Ethington of Blue West Capital represented the seller in the deal. Located at 2245 Kearney St., the 9,160-square-foot building was originally built in the 1950s as a movie theater.
Milwaukee is a city known for beer, motorcycles, basketball and blue-collar workers. However, Milwaukee should also be known for having a strong retail marketplace as well. With ever-changing markets and trends, retailers are finding many ways to get creative and adapt with the trends. Due to the adaptation, the competition for prime outlots is at an all-time high and does not appear to be changing any time soon. Outlot wars It’s with absolute certainly that the Milwaukee retail market has seen a massive influx for prime outlots. So much so that the phrase “outlot wars” is regularly used when describing retail outlot developments and redevelopments. In an already saturated segment of retail real estate, we have seen many new concepts/categories pushing to secure premium outlot sites in the market. Quick-service restaurants (QSRs) and fast-casual restaurants, auto and financial institutions are the biggest participants to date. Since the beginning of the COVID pandemic in 2020, we have seen a pretty significant shift in the food category from QSR and fast-casual concepts alike. Milwaukee has seen many existing concepts continue to expand or reposition within a market, but we have also seen new concepts making a push to enter the market as …
MOORE, OKLA. — SRS Real Estate Partners has arranged the $10 million sale of a 53,872-square-foot shopping center in Moore, a southern suburb of Oklahoma City. The property was built on 5.5 acres in 2018 and was 93 percent leased at the time of sale to tenants including Ulta Beauty and Burlington. Chris Tramontano and Aaron Johnson of SRS represented the seller, an entity doing business as BlueCiel Oklahoma LLC. Agree Realty, a publicly traded REIT, purchased the asset.
HOFFMAN ESTATES, ILL. — Kinema Fitness has opened FitLab, a 31,680-square-foot fitness facility, at Bell Works Chicagoland in Hoffman Estates. FitLab offers personal training, health coaching, nutrition consultation, state-of-the-art equipment and a range of group fitness classes. NPZ Style+Décor designed the space. Bell Works Chicagoland is the redevelopment of the former AT&T campus. Somerset Development is the owner and developer.
FAYETTEVILLE, GA. — Continental Realty Corp. (CRC) has purchased Banks Crossing, a 255,101-square-foot shopping center in Fayetteville, a southern suburb of Atlanta. Baltimore-based CRC acquired the center, which is anchored by Kroger, for $24.4 million via its private equity fund. Newmark represented the seller, Nightingale Properties, in the transaction. Located at 100-240 Banks Crossing N., Banks Crossing is the third shopping center in CRC’s Georgia portfolio and was 91 percent leased at the time of sale to tenants such as JC Penney, Sally Beauty, Guitar Center and Planet Fitness. The shopping center was built in 1987 and renovated in 2013.
By Andy Moreno, director of operations, MIMCO; and McGee Sauls, senior vice president, MIMCO Historically, the El Paso market has often been overlooked, primarily due to its distance from other major Texas markets. However, that sentiment is shifting rapidly due to strong economic and population growth. While an accurate figure is difficult to pin down, the number of new entries and expanding franchises within the market has exploded in recent years. “As recently as 2015, national and regional operators were only beginning to recognize the sales potential of the El Paso market and just how underserved the growing population had become,” states Scott Walker, president of MIMCO. “Competition was limited, which led to advantages for existing operators. The landscape shifted dramatically due to the pandemic; since the second quarter of 2020, new retail categories have become active,” he continues. “Marketing quality sites generally leads to multiple offers from competing operators including car washes, lube shops, coffee shops and quick-service restaurants. We love to see this variety move into our market and drive competition for the next great location.” Market competition is advantageous and a key driver of innovation. Retailers use competition to discover and adopt the most efficient processes that …
FAIRFIELD, CONN. — Boston-based investment firm TA Realty has acquired King’s Crossing, an 82,000-square-foot shopping center located in the southern Connecticut city of Fairfield, for $58 million. Built in 2011, King’s Crossing was 97 percent leased at the time of sale to tenants such as Whole Foods Market, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle Mexican Grill. Jose Cruz, Kevin O’Hearn, Danny Finkle, Michael Oliver, Steve Simonelli, Andrew Scandalios and Grace Braverman of JLL represented the undisclosed institutional seller in the transaction.
ZIONSVILLE, IND. — The Cooper Commercial Investment Group has negotiated the $7.3 million sale of The Avenue at Bennett Farms, a two-building retail property in the Indianapolis suburb of Zionsville. The 12,969-square-foot development is home to Tropical Smoothie Café, Restore Hyper Wellness, Capriotti’s Sandwich Shop, Hand & Stone Massage, Garbanzo Mediterranean Fresh, Classic Cleaners and a freestanding Java House. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. He also procured the buyer, a Midwest-based private investment group. The asset sold at roughly 99 percent of the list price and a 5.9 percent cap rate.