Retail

InvenTrust to Redevelop 433,677 SF Cyfair Town Center in Metro Houston

by Taylor Williams August 16, 2021

CYPRESS, TEXAS — Illinois-based shopping center REIT InvenTrust Properties will redevelop Cyfair Town Center, a 433,667-square-foot shopping center in the Houston suburb of Cypress. Kroger, J.C. Penney and Cinemark Theatres are the anchor tenants. InvenTrust’s improvements to the center will include new paint, LED lighting along the storefront exteriors, improved storefront awnings, upgraded signage and enhanced landscaping throughout the property. In addition, InvenTrust will incorporate more public seating and gathering spaces into the design of the center. The first phase of the renovation will begin this month, with completion scheduled for the fourth quarter. The second phase will begin in January 2022 with completion anticipated in late summer 2022.

August 16, 2021

Loans New Jersey Northeast Retail

Axiom Capital Places $17.8M Loan for Refinancing of Retail Building in Hillsdale, New Jersey

by Taylor Williams August 16, 2021

HILLSDALE, N.J. — Axiom Capital Corp. has placed a $17.8 million loan for the refinancing of a 63,000-square-foot retail building in the Northern New Jersey community of Hillsdale. An undisclosed bank provided the loan to the borrower, a private investor and developer. The property has been leased to a single tenant on a triple-net basis since 1979 and was also renovated between 2016 and 2017.

August 16, 2021

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $13.5M Sale of Retail Center in North Arlington, New Jersey

by Taylor Williams August 16, 2021

NORTH ARLINGTON, N.J. — Cushman & Wakefield has brokered the $13.5 million sale of Arlington Plaza, a 37,603-square-foot retail center in North Arlington, about 15 miles west of New York City. Grocer Super Foodtown anchors the property, and other tenants include Dunkin’, Taco Bell and Santander Bank. Seth Pollack, Brian Whitmer, Max Helfman, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield represented the seller, Arlington North Associates, and procured the buyer, a privately held investment firm.

August 16, 2021

Acquisitions New York Northeast Retail

Midwood Investment & Development Sells Retail Property in The Bronx for $9.8M

by Taylor Williams August 16, 2021

NEW YORK CITY — Locally based firm Midwood Investment & Development has sold an 8,867-square-foot retail property located in the Riverdale neighborhood of The Bronx for $9.8 million. The property is leased to Bank of America and Montefiore Medical Center. Steven Siegel, Judson Kauffman and Philip Biancavilla of Marcus & Millichap represented Midwood in the transaction. The buyer was an undisclosed, New York City-based investor.

August 16, 2021

Leasing Activity Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges 52,638 SF Lease at Pembroke Mall in Virginia Beach

by Julia Sanders August 16, 2021

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has arranged a lease for a 52,638-square-foot space within Pembroke Mall for Decisions LLC. The Pembroke Mall location was formerly a Sears building and is located at 4588 Virginia Beach Blvd. Decisions LLC, a provider of no-code, business process automation software, will use the property as office space. Decisions is relocating from nearby Chesapeake, Va., to this newest location at the corner of Virginia Beach Boulevard and Independence Boulevard. John Duffy and Daniel Rasmussen of Cushman & Wakefield | Thalhimer represented Decisions in the lease negotiations. Located at 4554 Virginia Beach Blvd., Pembroke Mall has over 50 shops including Bath and Body Works, Claire’s, DSW, E&N Jewelry, Foot Locker and J.Crew Factory. The mall also has restaurants such as 757 Poke, Jason’s Deli and Bahama Breeze Island Grille.

August 16, 2021

Development Midwest Ohio Restaurant Retail

Wendy’s, REEF to Develop 700 Delivery Kitchens Across North America, Europe by 2025

by Kristin Harlow August 13, 2021

DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.

August 13, 2021

Acquisitions California Restaurant Retail Western

Stos Partners Buys Restaurant Property in California for $1.9M

by Kristin Harlow August 12, 2021

SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.

August 12, 2021

Acquisitions Retail Texas

J. Beard, Outlier Capital Acquire 141,450 SF Grocery-Anchored Shopping Center in Metro Houston

by Taylor Williams August 12, 2021

TOMBALL, TEXAS — A joint venture between locally based full-service real estate firm The J. Beard Real Estate Co. and Outlier Capital LLC has purchased Tomball Town Center, a 141,450-square-foot shopping center located in the northern outskirts of Houston. Kroger anchors the center, which was built on 14.1 acres in 2004. David Disney and Adam Crockett with Dallas-based Disney Investment Group represented the sellers, Illinois-based shopping center REIT InvenTrust Properties and a fund advised by Crow Holdings Capital, in the transaction. Morgan Stanley provided acquisition financing. Tomball Town Center was 98 percent leased at the time of sale.

August 12, 2021

Development Retail Texas

KM Realty Unveils Redevelopment Plans for 67,000 SF Shopping Center in Metro Houston

by Taylor Williams August 12, 2021

MISSOURI CITY, TEXAS — KM Realty Investment Trust Inc., a locally based private investment firm, has unveiled plans for the redevelopment of Township Square, a 67,000-square-foot shopping center located in the southwestern Houston suburb of Missouri City. Houston-based Identity Architects is designing the project, which will upgrade the façade and landscaping of the 1980s-era property. The redevelopment is scheduled to begin in late fall and, tentatively, to be complete in the first quarter of next year. Tenants, which include Old Hickory Inn BBQ, Codemark Financial and Sugar’s Cajun Cuisine & Bar, will remain open during construction.

August 12, 2021

Macy's-Furniture-Gallery-Maple-Shade-New-Jersey

Acquisitions New Jersey Northeast Retail

NorthBridge Partners Buys Macy’s Furniture Gallery Store in Maple Shade, New Jersey, for $9.8M

by Taylor Williams August 12, 2021

MAPLE SHADE, N.J. — Boston-based industrial investment firm NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the undisclosed seller and NorthBridge Partners in the transaction.

August 12, 2021

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