Retail

SENTRE Acquires San Marcos Village Retail Center in North San Diego County for $19.2M

by Amy Works October 14, 2019

SAN MARCOS, CALIF. — San Diego-based SENTRE Inc. has purchased San Marcos Village, a neighborhood retail center located in San Marcos. A San Diego-based joint venture partnership sold the property for $19.2 million. At the time of sale, the grocery-anchored center was 92 percent leased to a variety of tenants, including Grocery Outlet, 99 Cents Only Store and AutoZone. Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE National Retail Partners-West represented both parties in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team arranged an $11.6 million, seven-year, fixed-rate loan through a regional bank for the buyer.

October 14, 2019

Acquisitions California Retail Western

Family Trust Sells Ground Lease of Rite Aid Parking Lot in South Pasadena for $7.2M

by Amy Works October 14, 2019

SOUTH PASADENA, CALIF. — An out-of-state family trust has sold the ground lease of a parking lot adjacent to a Rite Aid store located at 900 S. Fair Oaks Ave. in South Pasadena. A Southern California-based private investment company acquired the approximately 27,000-square-foot site for $7.2 million. Dan Elliott, Sean Lutz, Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Brandon Burns and Brandon Gill of Cushman & Wakefield represented the buyer in the transaction.

October 14, 2019

Acquisitions Retail Texas

Venture Commercial Arranges Sale of 58,515 SF Former Albertson’s in Metro Dallas

by Taylor Williams October 14, 2019

GRAND PRAIRIE, TEXAS — Venture Commercial Real Estate has arranged the sale of a 58,515-square-foot retail property formerly occupied by Albertson’s grocery store in Grand Prairie, located roughly midway between Dallas and Fort Worth. John Zikos and Charlotte Cooper represented the seller in the transaction. Sean Porter with Capstone Commercial Real Estate Group Inc. represented the buyer. Both parties requested anonymity.

October 14, 2019

Acquisitions Company News Florida Retail Southeast

Cracker Barrel Acquires Maple Street Biscuit for $36M

by Alex Tostado October 14, 2019

JACKSONVILLE, FLA. — Cracker Barrel Old Country Store Inc. has acquired Maple Street Biscuit Co. for $36 million in an all-cash deal. Maple Street’s portfolio comprised 28 company-owned and five franchise-owned restaurants in seven states at the time of sale. The company plans to convert its Holler & Dash Biscuit House into Maple Street Biscuit locations. Scott Moore and Gus Johnson founded Maple Street in Jacksonville in 2012. Moore will stay on as CEO and will report to Sandra Cochran, president and CEO of Cracker Barrel.

October 14, 2019

Development Midwest Missouri Retail

Confluent Completes Redevelopment of Historic Bank Property in St. Louis

by Kristin Harlow October 14, 2019

ST. LOUIS — Confluent Development has completed the redevelopment of the historic Southwest Bank property in the Southwest Garden neighborhood of St. Louis. The project is now home to BMO Harris Bank, which remained operational throughout the redevelopment process, and Walgreens, which recently celebrated its grand opening at the location. Confluent is donating a third building to local nonprofit Tower Grove Neighborhoods Community Development Corp. A fourth vacant site will be available for a future tenant. Confluent preserved the historical façade along the Kingshighway Boulevard portion of the project while redeveloping the remainder of the underutilized land. Rosemann & Associates served as architect and Paric Corp. was the general contractor. Pace Properties will market the available pad site for lease.

October 14, 2019

Leasing Activity Michigan Midwest Retail

B2 Outlet Stores Opens 18th Location in Michigan

by Kristin Harlow October 14, 2019

MUSKEGON, MICH. — West Michigan-based B2 Outlet Stores has opened its 18th location in the state of Michigan. The discount retailer occupies 6,700 square feet at 1680 E. Apple Ave. in Muskegon. B2 Outlet offers a variety of merchandise and donates a portion of all profits to local and worldwide causes. Todd Leinberger of NAI Wisinski of West Michigan assisted B2 Outlet in securing the new location. Leinberger, along with colleagues Russ Bono and Cameron Timmer, represented the undisclosed landlord. The name B2 stands for Benefit Twice.

October 14, 2019

Florida Market Reports Retail Southeast Southeast Market Reports

Orlando’s Retail Market is Thriving Both in the Core and Suburban Submarkets

by Alex Tostado October 14, 2019

Orlando’s retail market happens to be a really good representation of the national market. By every metric, Orlando is doing well as both rental rates and occupancy rates have been increasing. Orlando is one of the fastest growing cities in America, adding roughly 1,000 new residents each week. Tourism numbers continue to climb with 75 million visitors in 2018, according to Visit Florida. Downtown is experiencing an economic resurgence with a new collegiate campus (more on this later). As a result of the city’s overall growth, Orlando is also experiencing suburban growth with noteworthy developments such as Lake Nona. However, it can be overwhelming in the sense that the industry and consumer demands continue to evolve. There are all kinds of new and different concepts so to be a player in today’s dynamic market, retailers have to be innovative. While there is news of retailers shrinking in size or filing bankruptcy, it is important to keep up with the evolving market and create retail concepts that are relevant to today’s consumer’s demands. One consumer demand is retail tourism, which is a hotspot for retail development, especially with Disney Springs, the I-Drive corridor and theme parks in the surrounding area. What …

October 14, 2019

Leasing Activity New York Northeast Retail

Mighty Catch Signs 1,360 SF Retail Lease in Manhattan

by Alex Patton October 11, 2019

NEW YORK CITY — Seafood restaurant Mighty Catch has signed a 1,360-square-foot retail lease in Manhattan. Located in the Columbia University submarket, the lease encompasses 960 square feet on the ground floor of 940 Columbus Avenue., as well as an additional 400-square-foot basement space. The restaurant is slated to open in early 2020. Anton Marchuk of Harvest International Commercial Real Estate represented Mighty Catch in the lease negotiations. Michael Shkreli of Winick Realty Group represented landlord, Walter & Samuels.

October 11, 2019

Development Michigan Midwest Retail

PREIT Opens Woodland Mall Expansion in Grand Rapids, Michigan

by Kristin Harlow October 11, 2019

GRAND RAPIDS, MICH. — PREIT has opened the Woodland Mall expansion wing. In 2017, the company purchased the store formerly occupied by Sears at the mall. It was demolished in order to make way for new uses. Von Maur now occupies 90,000 square feet at the new wing and is the department store’s first in the region. Other new retailers slated to open at the property include Urban Outfitters, Sephora, White House Black Market, Tricho Salon, Paddle North, Mobile Station and REI, which opened in May. New dining options include Black Rock Bar & Grill and The Cheesecake Factory, slated to open in November.

October 11, 2019

Development Healthcare Midwest Minnesota Retail

Lupe to Redevelop Retail Site in Woodbury, Minnesota Into Medical Office

by Kristin Harlow October 11, 2019

WOODBURY, MINN. — Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. Plans also call for the renovation of two small office buildings on Woodlane Drive. Demolition of the motel is expected to begin in early 2020. The first new buildings are slated for completion in September 2020. Aaron Barnard and Anne Stahley of Cushman & Wakefield will market the medical office building for lease. Sara Martin and Molly Townsend of Colliers International will market the retail portion for lease.

October 11, 2019

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