Retail

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Gainesville, Georgia

by Alex Tostado January 31, 2020

GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.

January 31, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires Single-Tenant Retail Building in Burbank for $3.6M

by Amy Works January 31, 2020

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has purchased a vacant, single-tenant retail building in Burbank for $3.6 million. Located at 1750 W. Olive Ave., the 5,324-square-foot building includes a grandfathered drive-thru. U.S. Bank formerly occupied the property, which was originally built in 1974. Lee Shapiro of Kennedy Wilson brokered the transaction.

January 31, 2020

Acquisitions Massachusetts Northeast Retail

JLL Income Property Trust Acquires Milford Crossing Shopping Center in Massachusetts for $42M

by Alex Patton January 31, 2020

MILFORD, MASS. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.

January 31, 2020

Leasing Activity Massachusetts Northeast Retail

Samuel Adams Opens 14,000 SF Brewery, Taproom at Boston’s Faneuil Hall

by Alex Patton January 31, 2020

BOSTON — Samuel Adams has opened a 14,000-square-foot brewery and taproom in Boston’s Faneuil Hall Marketplace. The brewery will serve as an experimental facility for specialty brews. Along with Samuel Adams’ year-round beer roster, guests can taste taproom-exclusive offerings and share feedback directly with the brewers. The taproom will feature three bar floors with large community tables and a rooftop patio. The Boston Beer Co. owns the Samuel Adams brands. Bergmeyer Associates Inc. designed the space, and Gilbane Building Co. constructed it.

January 31, 2020

Acquisitions Georgia Retail Southeast

Coro Realty Acquires 80,466 SF Shopping Center Near Atlanta

by Alex Tostado January 30, 2020

POWDER SPRINGS, GA. — Coro Realty has acquired Varner Crossing, an 80,466-square-foot retail center in Powder Springs. An undisclosed Chicago investor sold the property for $12.7 million. Kroger anchors the center, which was 98 percent leased at the time of sale to tenants including Subway, Marco’s Pizza and Macland Animal Hospital. Coro Realty also plans to pursue a ground lease or build-to-suit opportunity for a vacant outparcel included in the deal. The property is situated at 4150 Macland Road, 25 miles northwest of downtown Atlanta. Anthony Blanco of TSCG led the team that represented the seller in the transaction.

January 30, 2020

Acquisitions New York Northeast Retail

The Boulder Group Arranges $6.9M Sale of Retail Property Leased to 7-Eleven in Manhattan

by Alex Patton January 30, 2020

NEW YORK CITY — The Boulder Group has arranged the $6.9 million sale of a 2,156-square-foot retail property occupied by 7-Eleven in Manhattan. The space is located at the base of a 351 Bowery, a 15-story residential condominium on the border of NoHo and East Village. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund. The buyer was a private investor based in the Northeast. Both parties requested anonymity.

January 30, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $7.5M Sale of Chicago Retail Center

by Kristin Harlow January 30, 2020

CHICAGO — Marcus & Millichap has negotiated the sale of Courtesy Plaza in Chicago for $7.5 million. Built in 1987, the 42,346-square-foot retail center is located at 5160 S. Pulaski Road. It is fully leased. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. The team also procured the buyer, a private investor.

January 30, 2020

Development Retail Texas

Northwood Retail to Reposition 133,000 SF Prestonwood Place Retail Center in Metro Dallas

by Taylor Williams January 30, 2020

ADDISON, TEXAS — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of Northwood Investors, a privately held investment firm that was founded in 2006 by former Blackstone executive John Kukral.

January 30, 2020

Acquisitions Georgia Retail Southeast

Berkeley Capital Arranges $43.8M Sale of GreenWise-Anchored Shopping Center in Metro Atlanta

by Alex Tostado January 29, 2020

MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.

January 29, 2020

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges $3.8M Sale of Aldi-Occupied Property in Northern Indiana

by Kristin Harlow January 29, 2020

MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.

January 29, 2020

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