Retail

Branch Properties Acquires Two Grocery-Anchored Shopping Centers for $57M

by Alex Tostado April 4, 2019

ROSWELL, GA. AND LELAND, N.C. — Branch Properties has acquired two grocery-anchored shopping centers in the Southeast. The first, Roswell Market Place, is a 95,522-square-foot shopping center anchored by Sprouts Farmers Market. Branch Properties bought the asset for $32 million. The center, which is located at 10800 Alpharetta Highway, 24 miles north of downtown Atlanta, was built in 1986 and renovated two years ago. Roswell Market Place was 88 percent leased at the time of the sale. The second property is Waterford Village, a 108,249-square-foot shopping center anchored by Harris Teeter that was purchased for $25 million. Waterford Village sits on 15.8 acres at 2013 Olde Waterford Way in Leland, nine miles west of downtown Wilmington. The asset was 90 percent leased at the time of the sale.

April 4, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $2.7M Sale of Net-Leased Walgreens Property in Ohio

by Kristin Harlow April 4, 2019

DELAWARE, OHIO — Marcus & Millichap has brokered the sale of a 14,490-square-foot property net leased to Walgreens for $2.7 million. The building is situated on 1.7 acres at 19 London Road in Delaware, about 30 miles north of Columbus. The property was built in 2001. Walgreens recently extended its lease through 2026. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Brandon Hanna of Encore Real Estate Investment Services secured and represented the buyer, a private investor.

April 4, 2019

Development Retail Texas

Cinemark Opens 14-Screen Theater in McKinney, Texas

by Taylor Williams April 4, 2019

MCKINNEY, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) has opened a 14-screen theater at the intersection of U.S. Highway 380 and Hardin Boulevard in the northern Dallas suburb of McKinney. The freestanding venue features wall-to-wall screens, oversized recliners with footrests, an arcade and a variety of food and beverage options. The theater is Cinemark’s 27th in the metroplex.

April 4, 2019

Acquisitions Montana Retail Western

SSG Realty Partners Brokers Sale of Westwood Plaza Shopping Center in Montana

by Amy Works April 4, 2019

GREAT FALLS, MONT. — SSG Realty Partners has arranged the sale of Westwood Plaza, a retail center located along the Northwest Bypass in Great Falls, for an undisclosed price. Originally developed as a Pay ‘N Save and Ernst Home Center, the 70,000-square-foot shopping center was renovated in recent years. The current tenant mix includes ULTA Beauty and TJ Maxx. Greg Swedelson and Jon Eric Greene of SSG Realty Partners represented the seller and undisclosed buyer in the deal.

April 4, 2019

Features Retail

Retail Vacancy Holds Steady Through First Quarter Despite More Store Closures

by Taylor Williams April 4, 2019

NEW YORK CITY — The national retail vacancy rate stood at 10.2 percent at the end of the first quarter of 2019, unchanged from the previous period and up 20 basis from the first quarter of 2018, according to New York-based commercial real estate analytics firm Reis. The report was based on analysis of the company’s internal information on retail properties in 77 American metros. The average asking rent for U.S. retail space closed the quarter at $21.30 per square foot, up 1.6 percent from a year ago, per the report. Net absorption for the opening quarter was 949,000 square feet, which represents a small decline from that period in 2018. However, the report notes that a slower pace of new construction has helped offset occupancy dips brought on by brick-and-mortar store closures. Less than a million square feet of new product was delivered during the first quarter of 2019. In the first quarter of 2018, the volume of new deliveries was more than double that figure, and in the fourth quarter of 2018, supply additions nearly tripled that number. Reis projects that new construction will ramp up as the year unfolds, with the total U.S. retail inventory projected to …

April 4, 2019

Development Retail Southeast Virginia

Federal Realty to Redevelop 90,000 SF Shopping Center in Northern Virginia

by Alex Tostado April 3, 2019

SPRINGFIELD, VA. — Federal Realty Investment Trust has unveiled plans to redevelop Old Keene Mill, a 90,000-square-foot shopping center in Springfield. Whole Foods Market, Planet Fitness and Walgreens anchor the center, which is situated at the corner of Old Keene Mill and Rolling roads, about 16 miles southwest of downtown Washington, D.C. Redevelopment plans include introducing an outdoor fireplace, communal village design, new landscapes, wide sidewalks and new façade and signage. Completion is expected before Thanksgiving.

April 3, 2019

Development Retail South Carolina Southeast

Publix to Open GreenWise Market in Metro Columbia

by Alex Tostado April 3, 2019

LEXINGTON, S.C. — Publix Super Markets Inc. will open a GreenWise Market store at Lexington Marketplace in Lexington, about 10 miles west of downtown Columbia. GreenWise will offer a large variety of organic, specialty and traditional items. GreenWise joins Ulta Beauty, Mod Pizza, Smoothie King and Fit Body Boot Camp at the 135,000-square-foot, 80 percent-leased retail center. Darrell Palasciano and Matt Henry of The Shopping Center Group represented the landlord and developer, Columbia Development, in the lease transaction.

April 3, 2019

Acquisitions New York Northeast Retail

Rafinia Property Group Orchestrates $2.2M Sale of Retail Strip in Upstate New York

by David Cohen April 3, 2019

OGDENSBURG, N.Y. — Rafinia Property Group has arranged the $2.2 million sale of Seaway Shopping Center, a 102,796-square-foot retail strip in Ogdensburg. The single-story strip center is configured to fit 15 retail spaces and is occupied by Save-A-Lot food stores, Peebles, Family Dollar and a mix of local and regional tenants. The property was constructed in 1960 and significantly upgraded in 2018. Evan Rafinia of Rafinia Property Group represented the undisclosed seller in the transaction. The buyer was a private investor based in New York City.

April 3, 2019

Leasing Activity Michigan Midwest Restaurant Retail

Union Joints to Anchor Little Caesars Headquarters Campus Expansion in Detroit

by Kristin Harlow April 3, 2019

DETROIT — Union Joints will anchor the new Little Caesars world headquarters campus expansion at the corner of Woodward Avenue and Columbia Street in Detroit. The 14,000-square-foot restaurant will feature a second-floor patio that faces Comerica Park, home of the Detroit Tigers. Level One Bank has secured construction financing and completion is slated for the end of the year. Union Joints is an independent restaurant group that owns and operates nine locations, including The Clarkston Union, Union General Store, Union Woodshop, Vinsetta Garage, Fenton Fire Hall, Pumphouse Custard, Honcho, Gran Castor and Bunkhouse Burgers. The company is based in Clarkston, Mich. and is known for its mac and cheese.

April 3, 2019

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Entertainment, Grocery Sectors Expand in Greater Boston Retail Market

by David Cohen April 3, 2019

The greater Boston retail market experienced a substantial rise in the vacancy rate to 9.5 percent through June 2018, reflecting an 11.3 percent increase in unoccupied space, compared to a level of 8.6 percent in 2017. At the same time, total inventory ended the year at 196 million square feet, a gain of 1 percent, nearly the same square footage as the increase in vacant space. This resulted in a nominal negative absorption rate of only 21,900 square feet. A considerable number of large format store closings and chain liquidations were responsible for the disappointing outcome, which could have been even worse without a significant number of retail conversions to non-retail space cushioning the impact. The retailer gaining the most retail space in the region was Wegmans, adding a two-level store at Natick Mall and a second unit at the redeveloped Meadow Glen in Medford. In second place was 7-Eleven, completing its brand conversion from Tedeschi Food Shops, which it acquired in 2015. Market Basket rounded out the top three, adding new stores in Lynn and Fall River. By number of new units, 7-Eleven added 68, the most of any retailer. Metro PCS was a distant second, adding 16 stores …

April 3, 2019

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