HOUSTON — Marcus & Millichap has closed the sale of Bellaire Town Center, an 8,144-square-foot retail center located at 13438 Bellaire Blvd. in Houston. Gus Lagos and Alex Wolansky of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed.
SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Meadows Edge Shopping Center, a 4,800-square-foot strip retail property located along Interstate 45 in the northern Houston suburb of Spring. Shadow-anchored by Lowe’s Home Improvement, the property was fully leased at the time of sale to tenants such as Sprint, Leslie’s Pool Supplies, Lenny’s Grill & Subs and Paradise Grills. Burdette Huffman and Josh Jacobs of EDGE represented the seller, 20141 North Freeway LLC, in the transaction. Sam Affanhe of Hunington Properties represented the buyer.
ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.
NEW YORK CITY — Whole Foods Market will open a 60,000-square-foot store within 63 Madison Avenue, a 15-story office building in Manhattan. The store will occupy 10,000 square feet on the ground floor of the building and 50,000 square feet on the second floor. The building owner, a partnership between George Comfort & Sons, Jamestown and Loeb Partners Realty, plans to renovate the first and second floors with glass walls and a new lobby. The time frame of the construction was not specified. Peter Duncan, Matt Coudert and Alex Bermingham of represented the landlord on an internal basis in the lease negotiations.
CHICAGO — Four retailers have joined the tenant lineup at Lincoln Common, a mixed-use project in Chicago. First, Dearborn Denim & Apparel will open a 668-square-foot storefront this fall. The apparel manufacturer sells men’s and women’s jeans that are cut and sewn in Chicago. Lincoln Common will serve as the company’s third location. Slated to open in October, Blowout Junkie will occupy 652 square feet. Lincoln Common will also serve as the third location for the luxury blowout and hairstyle bar. Pharmaca, an integrated pharmacy, will span 2,139 square feet and is expected to open in late fall. Verve Wine, a New York-based retail shop, is set to open a 4,000-square-foot store and wine bar in spring 2020. Each wine is curated by a master sommelier and sourced from small wineries with options starting at $12 per bottle. Hines and McCaffery are the developers for Lincoln Common, which will include 100,000 square feet of retail space, 538 luxury apartment units, 40 condominiums, a five-story boutique office building, 156-room senior living community and more than an acre of open space. Previously signed tenants include Equinox, Velvet Taco, Philz Coffee, Athletico, Compass, Play2Day and Kohler Waters Spa.
OVERLAND PARK, KAN. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened a new retail banking center in Overland Park. The new branch spans 2,356 square feet and is located at 6976 W. 135th St. It is Academy Bank’s second branch in Overland Park. In addition to ATM and mobile services, the location features interactive teller machine video banking. By the end of the year, the Overland Park branch will also feature Academy Express, a drive-thru video banking service that connects to a live banker seven days a week. Academy Bank also operates centers in Fairway, Lenexa, Olathe and Shawnee.
ROSSFORD, OHIO — Retailer Five Below has signed a 10-year lease at Crossroads Centre in Rossford, about five miles south of Toledo. Five Below will occupy 8,552 square feet at 9570 Fremont Pike. Crossroads Centre is a 464,713-square-foot regional shopping center situated on 66 acres. Duke Wheeler of Reichle Klein Group represented the undisclosed landlord in the lease transaction. Five Below is a discount retailer that sells products costing up to $5.
CORONA, CALIF. — JLL has arranged the sale of Corona Hills Marketplace, a grocery-anchored community shopping center located in the Corona Hills neighborhood of Corona. A public REIT sold the property to a private investor for $31.5 million. Situated on 12.3 acres at 529-591 N. McKinley St., Corona Hills Marketplace features 148,805 square feet of retail space in California’s Riverside County. At the time of sale, the property was 98 percent leased to a mix of daily-needs and service-oriented tenants. Anchor tenants include Vons, PetSmart and Howard’s Appliances. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction.
NEWBURY PARK, CALIF. — Beta, a California-based commercial real estate agency, has negotiated the sale of a retail building located at 3057 Grande Vista Drive in Newbury Park. AHS Property Inc. acquired the asset from Academy Road LLC. Although the price was not disclosed, the building was listed for $15 million. LA Fitness occupies the 37,346-square-foot building, which is located within the 575,644-square-foot Village at Newbury Park shopping center, which was developed this year. Additional tenants at the shopping center include Target, The Home Depot, Staples, Lowe’s Home Improvement Warehouse and PetSmart. Richard Rizika and Yvonne Shum of Beta represented the seller, while Mark Thiel of Marcus & Millichap represented the buyer in the deal.
The Dallas-Fort Worth (DFW) economy is booming with tremendous population, income and job growth trajectories that directly benefit the local retail sector. Shopping center investors have taken notice, as evidenced by the total transaction volume for retail properties during the last 12 months reaching its highest level in more than 10 years. Compelling Fundamentals Investors continue to buy retail properties in Dallas as a result of DFW’s healthy and diversified economy. Population growth and in-migration patterns are significant factors with more people moving to DFW last year than any other metro area in the nation (246 people arriving daily), according to recent data from the U.S. Census Bureau. This surge has pushed DFW’s population to more than 7.5 million residents. Additionally, employment growth has exploded, with DFW leading the nation in job creation last year by adding 116,400 jobs. The Dallas metro unemployment rate has recently dropped to 3 percent, which is the lowest rate in 20 years, and this has further contributed to powerful employment dynamics that continue to fuel consumer retail spending. DFW was also recently ranked as the No. 5 market in the nation for technology jobs, which typically are higher-paying and will add strength to an …