PERRY, GA. — Brokers + Engineers (B+E), a newly formed triple-net-lease brokerage firm, has arranged the $11.4 million sale of a Publix-anchored shopping center located at 275 Perry Parkway in Perry. Boston-based Flag Wharf Inc. purchased the 72,200-square-foot shopping center from a private developer based in Florida. Publix Super Markets Inc. has 11 years remaining on its lease.
BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.
BOUND BROOK, N.J. — HFF has arranged the $19 million refinancing for Middle Brook Center, a 104,331-square-foot, grocery-anchored retail center in the Northern New Jersey community of Bound Brook. The fully leased, three-building retail center sits on more than 12 acres and is anchored by ShopRite. Other tenants include Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King. HFF represented the borrower, Advance Realty, to place an 11-year, full-term, interest-only loan with Nationwide Life Insurance Co.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Landmark Village Shopping Center, a 71,915-square-foot retail center in Arlington. Situated on 5.9 acres, the property was built in 1985 and was 86 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not released.
WYLIE, TEXAS — KWA Construction has broken ground on Club Inspiration, an 11,404-square-foot amenities center in the northeastern Dallas metro of Wylie. The property will be part of Inspiration Texas, a 600-acre master-planned development. Valued at roughly $3.8 million, the project will bring multiple pools and a lazy river to the development, as well as a fitness center, volleyball and tennis courts, a playground and walking trails. Completion is slated for October.
SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.
MEDFORD, ORE. — Savills Studley has brokered the sale of WinCo Plaza, a regional shopping center located in Medford. Larkspur, Calif.-based Argonaut Investments purchased the 147,943-square-foot property from a private family office for an undisclosed price. Located at Barnett Road and Interstate 5 Freeway, the property is anchored by WinCo Foods, which occupies 94,500 square feet. Additional tenants include Dollar Tree, McDonald’s, Payless ShoeSource and Valley Immediate Care. Maurice Nieman of Savills Studley handled the transaction.
SILVER SPRING, MD. — Phillips Realty Capital has arranged $22.5 million in permanent financing for WesTech Corner, a 41,262-square-foot shopping center in Silver Spring, about six miles north of Washington, D.C. Mark Remington of Phillips Realty Capital arranged the loan through United Bank on behalf of the borrower, Rappaport, which acquired the property in 2014. WesTech Corner was fully leased at the time of financing to tenants such as Five Guys, Chick-fil-A, Qdoba Mexican Grill, Fridays, Panera Bread, IHOP and Capital One Bank.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $18.4 million sale of Okee Square, a 124,000-square-foot retail center located at 2021-2031 Okeechobee Blvd. in West Palm Beach. The center includes 103,690 square feet of inline retail space, two outparcels, a 16,010-square-foot Rooms To Go Kids and a 4,300-square-foot PDQ restaurant. Douglas Mandel, Barry Wolfe, Alan Lipsky and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership. Konover South procured the buyer, Myron Vogel.
As the number of jobs and people in the Rio Grande Valley (RGV) grows, the region’s retail market holds steady. Historically, vacancy in this market tends to hover between 5 and 7 percent. So the current retail vacancy rate in the McAllen-Edinburg-Mission MSA, which according to CoStar Group is 4.5 percent, represents a couple different trends. First, the vacancy figure illustrates positive absorption of newly constructed retail space. In 2016 and 2017, the market added about 770,000 and 675,000 square feet, respectively, its highest supply additions in nearly a decade. Second, the diminished vacancy rate suggests that new retailers are entering the McAllen MSA, which can be a gauge for the rest of the RGV. In actuality, much of the new space is being leased to retailers that already have a presence in the valley. One might think the RGV is too small a market to support healthy same-store operations, but this is not the case. Best Buy, Walmart and Ulta Beauty can attest to this. A Dominant Sector There is a common thread that unites these newcomers, and it involves single-family development. According to the latest HUD data available, single-family home sales increased 3 percent year-over-year in 2017. More …
