Retail

America’s Realty, Partners Purchase River Exchange Shopping Center in Lawrenceville, Georgia for $19.3M

by John Nelson February 12, 2021

LAWRENCEVILLE, GA. — America’s Realty LCC, a Baltimore-based investment group, and investment partners Borough Equities and Dragon Fly Investments have purchased River Exchange, a 263,651-square-foot shopping center in Lawrenceville. The property is anchored by Kroger, which recently extended its lease by five years. John Tennant and Bryan Belk of Franklin Street represented the local owner, Monarch Investments, in the $19.3 million disposition. Marc Tropp of Eastern Union Funding arranged acquisition financing on behalf of the buyer. In addition to Kroger, River Exchange’s tenants include Goodwill, Farmers Home Furniture, Metro by T-Mobile, Citi Trends, Habitat for Humanity ReStore, Hertz, Cato and One Main Financial, as well as a Kroger fuel center. River Exchange is located at 2100 Riverside Parkway about 29 miles from downtown Atlanta in Gwinnett County.

February 12, 2021

Acquisitions Arizona Restaurant Retail Western

Black Lion Investment Group Buys Oracle Wetmore Shopping Center in Tucson for $38M

by Amy Works February 12, 2021

TUCSON, ARIZ. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million. Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, Bassett Home Furnishings, Chipotle and Sport Clips. (Adjacent retailer The Home Depot was not part of the sale.) The property was originally developed in 2005. At the time of sale, Oracle Wetmore was stabilized with more than 90 percent national/credit tenants. The purchase is part of Black Lion Investment Group’s ongoing program to acquire $100 million in power centers throughout the United States in 2021. Cushman & Wakefield’s Phoenix office brokered the deal.

February 12, 2021

Acquisitions California Retail Western

Nazareth Enterprises Purchases 38,600 SF EcoThrift Mall in Sacramento

by Amy Works February 12, 2021

SACRAMENTO — San Mateo-based Nazareth Enterprises has purchased EcoThrift Mall and a 0.77-acre adjoining developable parcel in Sacramento for $5.4 million. EcoThrift is the main tenant of the 38,600-square-foot building. EcoThrift is California’s highest for-profit thrift store with six locations, according to Nazareth. Chris Talia of The Mansour Group of Marcus & Millichap represented the undisclosed sellers in the deal. Ryan Park of Bank Leumi USA arranged financing for the acquisition.

February 12, 2021

Leasing Activity New Jersey Northeast Retail

Icebox Cryotherapy Opens 1,400 SF Retail Studio in Millburn, New Jersey

by Taylor Williams February 12, 2021

MILLBURN, N.J. — Icebox Cryotherapy, a rehabilitative physical therapy concept, has opened its flagship studio at Plaza at Short Hills in the Northern New Jersey community of East Rutherford. Dean Tselepis and Joe Brendel of Newmark represented Icebox Cryotherapy in the lease negotiations. Other tenants at the property include SoulCycle, Club Pilates, Kings Supermarket and Chase Bank. The name and representative of the landlord were not disclosed.

February 12, 2021

Features Retail

By Reducing Occupancy Costs, Brick-and-Mortar Retailers Can Save on Property Taxes

by Taylor Williams February 12, 2021

By Morris Ellison Esq., partner, Womble Bond Dickinson LLP E-commerce was here to stay even before the pandemic devastated small businesses and placed an even greater premium on technology. In the changed landscape, lowering occupancy costs by reducing property taxes is one of the most important steps businesses can take to remain competitive. Stay-at-home orders still prevent many shoppers from visiting their favorite brick-and-mortar stores, while fear of contagion exacerbates consumers’ reluctance to shop in person. Regardless of customer traffic, however, retailers still incur fixed costs including insurance, enterprise software, property taxes and, arguably, rent. The occupancy costs of online-only retailers are much lower, making it difficult for small brick-and-mortar businesses to compete. Put differently, sales taxes decline with reduced sales but property taxes do not. Landlords and tenants in triple-net leases often fail to examine property taxes, but the survival of both may depend on reducing this expenditure. Other costs such as insurance and the enterprise software needed to run the business generally lie beyond a small business’ control and do not diminish with reduced business volume. The active 2020 hurricane season certainly has not reduced insurance costs. During the pandemic, some landlords have deferred or forgiven rent, but …

February 12, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Promenade Shopping Center in Metro Atlanta

by John Nelson February 11, 2021

SMYRNA, GA. — Marcus & Millichap has brokered the $9.5 million sale of the 71,273-square-foot Promenade Shopping Center in Atlanta. Tim Giambrone of Marcus & Millichap’s The Giambrone Group represented both the buyer and the seller in the transaction. The undisclosed buyer was a private investor located in Central Florida, and the seller was Charles Lotz, a Tennessee-based developer who originally built the center in 1983. Promenade Shopping Center is located at 930 Cobb Parkway S., just north of the Interstate-285 and Interstate-75 exchange. Best Buy is a shadow anchor for the center. Promenade’s tenants include Scalini’s Italian Restaurant, West Marine, Juicy Crab, Chow King and T-Mobile, as well as a Bruster’s outparcel. The Giambrone Group of Marcus & Millichap is a real estate investment brokerage based in Atlanta.

February 11, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $23.5M Sale of Whole Foods-Occupied Property in Milwaukee

by Kristin Harlow February 11, 2021

MILWAUKEE — The Wisconsin investment services team of Colliers International has arranged the sale of a Whole Foods Market-occupied property in Milwaukee for $23.5 million. The sales price represents a cap rate of 5.5 percent. Located at 2305 N. Prospect Ave., the 53,875-square-foot store is part of the commercial space at Prospect Medical Commons. Adam Connor of Colliers represented the seller, a Seattle-based private investor. California-based ExchangeRight Real Estate LLC purchased the asset as part of a 1031 exchange. This is the second time in the last five years that the asset has traded hands.

February 11, 2021

Loans Massachusetts Northeast Retail

JLL Arranges $33.5M Loan for Refinancing of Metro Boston Shopping Center

by Taylor Williams February 11, 2021

SAUGUS, MASS. — JLL has arranged a $33.5 million loan for the refinancing of Saugus Plaza Shopping Center, a 208,500-square-foot retail power center in the northern Boston suburb of Saugus. The property spans 16 acres along Route 1 and houses tenants such as Petco and Kohl’s. John Fowler, Chris Angelone, Brett Paulsrud and Amy Lousararian of JLL placed the fixed-rate loan through HarborOne Bank and Salem One on behalf of the borrower, locally based development and management firm Finard Properties.

February 11, 2021

Alabama Company News Georgia Restaurant Southeast

Chicken Salad Chick to Relocate Corporate Headquarters to Atlanta

by John Nelson February 10, 2021

ATLANTA — Chicken Salad Chick, a Southern-inspired, fast-casual chicken salad restaurant chain, will relocate its headquarters from Auburn, Ala., to Atlanta. The move is slated to take place during the first quarter. Chicken Salad Chick’s new office will be located in the city’s Vinings district at the Overlook II building, which is situated at 2839 Paces Ferry Road in Atlanta. The company’s new office is 21 miles north of the Hartsfield-Jackson Atlanta International Airport. Scott Deviney, president and CEO of Chicken Salad Chick, says the company’s decision to move to Atlanta is the next step in its growth model. “This relocation positions Chicken Salad Chick to scale at an accelerated rate and meet aggressive growth goals, while allowing us to broaden our vision for the future,” says Deviney. “We’ve seen increased interest from Atlanta’s diverse and talented workforce, and the city’s airport allows us swift access to prospective vendors and a growing pool of interested franchisees.” Chicken Salad Chick isn’t the first restaurant chain to target Atlanta in order to grow. In September, Papa John’s announced it was moving its regional headquarters to Atlanta. The pizza giant chose The Battery Atlanta for its new offices. The new headquarters will house …

February 10, 2021

Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Private Developer Nearing Completion of Mixed-Use Condo Project in Downtown Nashville

by John Nelson February 10, 2021

NASHVILLE, TENN. — Jim Jacobs, a private developer based in Nashville, is nearing completion of Muse, a short-term rental condominium building in downtown Nashville. Jacobs created Muse Nashville LLC to purchase the site of the building in 2019, according to the Nashville Post. The company also secured a $15.5 million to finance the project. In addition to 55 condos, of which three quarters are presold, Muse will offer a lobby designed by ES|DG, cardio fitness center, a luggage drop, onsite management, security and more than 5,000 square feet of Class A retail and restaurant space. The property will also have a SkyLounge with indoor and outdoor panoramic views of Nashville’s skyline. The apartment building is the only new construction condominium in downtown Nashville that allows short-term rental options, according to Jacobs. Construction began in spring 2020 and will wrap up by October of this year. The Muse is located at 65 Lindsley Ave. Muse’s project team comprises locally based firms including Centric Architecture, Catalyst Design Group and Cherry & Associates, a commercial estate services company where Jacobs serves as a principal.

February 10, 2021

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