Retail

Retail Rent Picture Varies Greatly Across New York City Submarkets

by Taylor Williams August 21, 2019

Retail leasing activity across New York City accelerated during the second quarter of 2019, but the market continues to see vast discrepancies in supply-demand balances across various submarkets. In certain parts of Manhattan, year-over-year asking rents declined by double-digit percentages, according to the Real Estate Board of New York (REBNY) Spring 2019 Report. Midtown East, for example, saw its average asking rent drop by 22 percent from $3,900 per square foot to $3,050 per square foot during this time period. The corridor between 42nd and 49th streets experienced similar activity, sliding 20 percent from an average asking rent of $1,000 per square foot to $800 per square foot. Historically high vacancy and low absorption rates are behind the negative rent growth. Due to the high cost of doing business in New York, landlords have also struggled to backfill spaces vacated by tenants that were victims of the e-commerce world. As a result, property owners are being forced to bring down their tenant improvement allowances and integrate more flexibility into their leases, primarily in the form of shorter lease terms to stimulate cash flows. Midtown East had approximately 100 vacant retail spaces totaling more than 500,000 square feet at the end …

August 21, 2019

Development Northeast Pennsylvania Retail

PMC Breaks Ground on 65,000 SF GIANT Food Store in Philadelphia

by Alex Patton August 20, 2019

PHILADELPHIA — PMC Property Group, a Philadelphia-based developer, has broken ground on a 65,000-square-foot flagship store for GIANT Food Stores in Philadelphia. Located within the Gensler-designed Riverwalk mixed-use project, the store will offer more than 600 varieties of fresh and local produce, as well as curbside pickup and delivery services. The store is slated to open by fall 2020.

August 20, 2019

Leasing Activity New Jersey Northeast Retail

Korean Fashion Retailer Signs 10,000 SF Lease in East Rutherford, New Jersey

by Alex Patton August 20, 2019

EAST RUTHERFORD, N.J. — Korean fashion retailer ALAND has signed a 10,000-square-foot lease at American Dream, an upcoming mixed-use development in East Rutherford, a western suburb of New York City. The store will be ALAND’s second location in the United States after its Brooklyn store opened in 2018. Canadian developer Triple Five Group will open over 3 million square feet of retail, entertainment and food destinations at American Dream in October 2019.

August 20, 2019

Acquisitions Florida Retail Southeast

Blackwater Resources Sells 75,904 SF Shopping Center in Florida Panhandle

by Alex Tostado August 20, 2019

PACE, FLA. — Blackwater Resources has sold Pace Crossroads, a 75,904-square-foot shopping center in Pace. The property was fully leased at the time of sale to Dick’s Sporting Goods, Michael’s and Ulta Beauty. Pace Crossroads was built in 2018 and is located 15 miles northeast of Pensacola. Mark Joines, Drew Fleming and Henry Kushner of Newmark Knight Frank (NKF) represented the seller in the transaction. The buyer was a private company based in the Mid-Atlantic. The sales price was not disclosed.

August 20, 2019

Company News Florida Retail Southeast

Michelle Kidd Joins Crossman & Co. as Director of Client Services

by Alex Tostado August 20, 2019

ORLANDO, FLA. — Michelle Kidd has joined Crossman & Co. as its new director of client services. Kidd has lived and worked in Orlando since 1997, most recently as a partner at TSCG. Crossman specializes in commercial property management, leasing and investment sales. “I feel a responsibility to make our team stronger through hands-on training and support,” says Kidd. “My goal is to build a concierge service that’s extended to all of our clients as we continue to strengthen the relationships, by identifying individual goals and manage the asset with that objective in mind.” Kidd is on the Legislative Committee for the Orlando Building Owners and Managers Association (BOMA) and is seeking the organization’s Real Property Administrator (RPA) designation. Kidd is also an active member of Commercial Real Estate Women (CREW), serving on the Special Events Committee.

August 20, 2019

Features Mixed-Use Restaurant Retail

Food Halls Spice Up Mixed-Use Projects

by Jeff Shaw August 20, 2019

Developers turn to unique eateries as ammunition in the ‘amenities arms race.’ By David Cohen In an effort to inoculate their mixed-use office and multifamily projects against the threat of e-commerce competitors, developers are increasingly incorporating food halls into their properties to attract tenants. “Food halls are the latest and greatest in the amenities arms race,” says Aaron Jodka, research director at Colliers International in Boston. “While most buildings are able to find ways to add bike storage, a gym, conference spaces or game rooms, not everyone can accommodate a food hall. It’s a unique differentiating factor in the marketplace, and we are starting to see that really expand.” There isn’t a single accepted definition of a food hall, but most agree that it is a collection of local artisan restaurants and other boutique food-oriented retailers under one roof. Some are large and include 30 or more vendors, others are smaller or specialize in only one type of cuisine. Some food halls are more bar-centric and include a variety of drink offerings, others focus more on the dining aspect. Above all, a food hall can be differentiated from the traditional mall food court by the uniqueness of culinary offerings. A …

August 20, 2019

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $4.3M Sale of South Street Shops in Cerritos, California

by Amy Works August 20, 2019

CERRITOS, CALIF. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property is also shadow anchored by Goodwill, which recently signed a 10-year lease renewal. Ara Rostamian and Patrick Luther of SRS Real Estate Partners, along with Eric Mandell of Apex Properties represented the seller, while Sperry CGA Beverly Hills represented the buyer in the deal.

August 20, 2019

Acquisitions New York Northeast Property Type Retail Top Stories

Alibaba Co-Founder Joseph Tsai Agrees to Purchase Barclays Center in Brooklyn for $700M

by John Nelson August 20, 2019

NEW YORK CITY — Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has agreed to purchase Barclays Center, a 670,000-square-foot sports and entertainment arena that sits at the crossroads of Atlantic and Flatbush avenues in Brooklyn. The multi-purpose stadium is the home of the Brooklyn Nets NBA franchise and the NHL’s New York Islanders. Previous owner Mikhail Prokhorov, through his company Oneexim Sports and Entertainment Holding USA Inc., sold the arena to an entity controlled by Tsai for approximately $700 million, according to the New York Post. In a separate deal, Prokorov sold his 51 percent ownership in the Brooklyn Nets to Tsai, who purchased a 49 percent stake in the NBA franchise back in 2018. Multiple media outlets report the combined Nets and Barclays Center transactions will total more than $2 billion, bringing Tsai’s total investment to more than $3 billion. The transaction requires the approval of the NBA Board of Governors. Tsai is set to become the sole governor of the Nets franchise and owner of Barclays Center once the deal closes, which is expected by the end of September. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community and entertainment for our …

August 20, 2019

Acquisitions Alabama Retail Southeast

JLL Negotiates Sale of 208,568 SF Retail Center in Metro Birmingham

by Alex Tostado August 19, 2019

FULTONDALE, ALA. — JLL has negotiated the sale of Promenade Fultondale, a 208,568-square-foot retail center in Fultondale. The property was completed in 2008 and is located five miles north of downtown Birmingham. The center was 96 percent leased at the time of sale to tenants including Ross Dress for Less, Five Below, JC Penney, Books-A-Million and Shoe Dept. LBX Investments acquired the property for an undisclosed amount. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the undisclosed seller in the transaction.

August 19, 2019

Colorado Loans Retail Western

JLL Arranges $20M Refinancing for 61,443 SF Central Park Retail in Metro Denver

by Amy Works August 19, 2019

DENVER — JLL has secured $20 million in refinancing for Central Park Retail, a multi-tenant retail center located at 1400 Plaza Drive in the Denver-area community of Highlands Ranch, Colo. The borrower is Shea Properties. Completed in 2018, the 61,443-square-foot property is occupied by 21 national and regional tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks Coffee, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. Additionally, the nine-building property can be expanded to 64,243 square feet via development of the final pad site. Eric Tupler and Kristian Lichtenfels of JLL arranged the 12-year, fixed-rate loan with a correspondent life insurance company for the borrower. Loan proceeds will be used to refinance the borrower’s construction loan.

August 19, 2019

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