MARQUETTE, MICH. — Marcus & Millichap has arranged the sale of three net leased properties in Marquette for $3.7 million. The properties include an 84,180-square-foot Kohl’s, an Applebee’s pad site and another pad site occupied by Verizon Wireless and H&R Block. The buildings are outparcels of Westwood Mall. Mark Taylor, Shannon Bona and Brian Sy of Marcus & Millichap marketed the portfolio on behalf of the seller, a private development company. Taylor, along with Donovan Mackey, secured the private equity buyer.
TROY, MICH. — The City of Troy Planning Commission has approved the final site plan for a new 9,844-square-foot retail center at the southeast corner of Tower Drive and Crooks Road. Plans call for three fast-casual restaurants and an additional commercial tenant. A new pedestrian path along Crooks Road will connect the retail center to the existing sidewalk and to the 901 Tower office building. Construction is expected to begin as early as this summer. No further site plan approvals, other than building permits, are required. NORR Architects, Engineers and Planners designed the property. Dominion Real Estate Advisors will market the property for lease.
MORROW, GA. — A partnership between two New York-based investment firms, CityView Commercial LLC (CVC) and Jacobs Real Estate Advisors (Jacobs REA), has purchased Southlake Mall in metro Atlanta. The two-story, 1 million-square-foot mall is located off Interstate 75 at 1000 Southlake Circle in Morrow, about 17 miles south of Atlanta in Clayton County. Anchored by Macy’s and an event venue known as Morrow Center, Southlake Mall’s tenant roster includes Carousel Kids, Champs Sports, Foot Locker, The Children’s Place, a food court, Bath & Body Works, Victoria’s Secret, Things Remembered, Zales Jewelry and Jimmy Jazz, an apparel retailer that is also the parent company of CVC. H&M, Forever 21 RED and Chime Solutions are newcomers to Southlake Mall, according to CVC. Last summer, Sears closed its Southlake Mall store. CVC is the real estate arm for the Jimmy Jazz retail chain that owns and operates more than 200 stores in 18 states. Led by Jimmy Khezrie and Jack Friedler, CVC focuses on acquiring and repositioning value-add retail assets. Led by Sholom Jacobs, Jacobs REA is a value-add investment firm based in Lawrence, N.Y., with a regional office at Dalton Outlet Shops in Dalton, Ga. The seller and sales price were undisclosed, but Los Angeles-based Vintage Real Estate …
As 2018 wound to an end, the national unemployment rate hovered just under 4 percent, consumer confidence hit an 18-year high and wage growth reached a nine-year high. Those positive economic signs helped set the table for a robust holiday shopping season, according to Cushman & Wakefield’s fourth-quarter snapshot of the U.S. shopping center market. These three factors led to consumers spending more during the holiday season than in the previous six years. According to MasterCard Spending Pulse, U.S. consumers spent $850 billion during the 2018 holiday season, up 5.1 percent over the prior year. Online holiday sales from Nov. 1 through Dec. 19, 2018 totaled $110.6 billion, a 17.8 percent increase year-over-year, reports Adobe Analytics. According to Cushman & Wakefield, the convenience factor known as “buy online, pick-up in store” was more widely adopted this holiday season, growing at a year-over-year rate of 47 percent. The report also found that the performance of non-mall shopping centers trended upward in the fourth quarter in the 66 markets Cushman & Wakefield tracks across the country. The vacancy rate for such properties finished at 6.3 percent, compared with 6.7 percent at the end of 2017. The average asking rent per square foot …
The Hawaii investment sale market was active in 2018 with an abundance of capital seeking investment opportunities throughout the state and across all product types. Mortgage availability from local banks and non-local financiers remained strong, and there was a steady flow of new interest from debt and equity sources looking for first opportunities in Hawaii. Last year’s transaction volume (including entity level) was up 33 percent from 2017 to $5.5 billion. Institutional and cross-border investment volumes were up from 2017 and performing well above the 10-year average. It was a slower year for private investors and REITs, though institutional capital from Singapore, Zurich, Kuwait, Germany and Japan were the foreign standouts in 2018. Entity-level activity boosted Hawaii’s transaction volume significantly in 2018. We anticipate this story to continue to spill over into Hawaii through 2019 as institutions deploy large amounts of capital to build scale. Brookfield’s acquisition of GGP was the largest entity-level transaction, which included the 2.5 million-square-foot Ala Moana Center with its two office buildings consisting of about 400,000 square feet, the Whalers Village in Maui and the Prince Kuhio Plaza in Hilo. The hospitality sector led the charge for the third year in a row with $2.45 …
MAYNARD, MASS. — Capital Group Properties and SRS Real Estate Partners have announced that Market Basket Supermarket will be the anchor grocery store for the Maynard Crossing mixed-use project in Maynard. The 306,000-square-foot development is slated to open in the first quarter of 2020. The project will also include The Vue at Maynard Crossing, a 180-unit apartment complex developed by LeCesse Development as well as a 143-unit independent living community for seniors developed by Hawthorn Retirement Group. The project will also feature multiple restaurants, retail shops, fitness options and medical offices. Maynard is approximately 25 miles west of downtown Boston.
ELGIN, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to Jewel-Osco in Elgin for $14.8 million. The 69,129-square-foot building, located at 1660 Larking Ave., was remodeled in 2009. Jewel-Osco has approximately 19 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A Los Angeles-based real estate firm completing a 1031 tax-deferred exchange purchased the asset. A Southwest-based private real estate investment company was the seller.
HOUSTON — Brixmor Property Group Inc., a New York City-based shopping center REIT, has sold Northwood Plaza, a 136,747-square-foot retail center in Houston. Anchored by local grocer Food City, the property was 91 percent leased at the time of sale to tenants such as Beauty Supply, Family Dollar, Burger King and Subway. Ryan West, John Indelli and Charles Strauss of HFF represented Brixmor in the transaction. Michael Johnson and Stuart Hepler of HFF arranged acquisition financing through Amerant Bank on behalf of the undisclosed buyer.
IRVING, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Victory Shops @ Riverside II, a 6,333-square-foot strip retail center in Irving. The property was built in 2017 and was 100 percent occupied at the time of sale by tenants on triple-net leases including Domino’s Pizza. STRIVE represented the seller, a Dallas-based investor, and procured the buyer in the transaction. Both parties requested anonymity.
MANHATTAN BEACH, CALIF. — DWS Group has broken ground on Village Shops, the next phase of its $180 million Manhattan Village redevelopment in Manhattan Beach. Manhattan Village is 44-acre, 573,000-square-foot indoor/outdoor mixed-use dining and retail property. Village Shops will feature 60,942 square feet of retail/restaurant space, 30,744 square feet in South Village and 30,198 square feet in North Village; two parking decks encompassing 956 spaces in South Deck, North Deck and surface lots; a water feature; clock tower; and seating areas and lush landscaping. Completion for Village Shops is scheduled for November 2020. Currently signed tenants at Manhattan Village include ROC, Mercado Manhattan Beach, California Pizza Kitchen, Joey Manhattan Beach, Urban Plates, MAC, Origins, Holly and Hudson Nail Lounge, Macy’s, Apple, Williams Sonoma, Pottery Barn, Pottery Barn Kids, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. Manhattan Village is being developed in phases and slated for full completion in 2020. JLL is managing and handling leasing at Manhattan Village.