Retail

Pine Tree Acquires 527,000 SF Shopping Center Near Boise for $78.7M

by Nellie Day February 14, 2018

MERIDIAN, IDAHO — Pine Tree LLC, in partnership with a U.S. state pension fund, has acquired Meridian Crossroads, a 527,000-square-foot shopping center in Meridian, for $78.7 million. DDR Corp. sold the asset, located 11 miles west of Boise. The center is home to tenants such as PetSmart, Pier 1 Imports, Bed Bath & Beyond and Ross Dress for Less. Pine Tree is also working with Albertsons Cos. as they open Market Street Idaho, a 109,000-square-foot experiential grocery store. The new store is expected to open at Meridian Crossroads later this year.

February 14, 2018

Nevada Retail Western

NKF Capital Markets Arranges Sale of 278,411 SF Retail Center in Nevada

by Nellie Day February 14, 2018

HENDERSON, NEV. — NKF Capital Markets has arranged the sale of Galleria Commons, a 278,411-square-foot shopping center in Henderson. Rob Ippolito of NKF Capital Markets arranged the transaction on behalf of the seller, Brixmor Property Group. 3D Investments acquired the property for an undisclosed price. At the time of sale, Galleria Commons was fully leased to tenants such as T.J. Maxx, Stein Mart, Babies ‘R’ Us, Burlington, Dollar Tree, Tuesday Morning and Kirkland’s.

February 14, 2018

New York Northeast Retail

Island Associates Brokers $3.2M Acquisition of Retail Property in Commack, New York

by Amy Works February 14, 2018

COMMACK, N.Y. — Island Associates has arranged the purchase of a retail property located at 6233 Jericho Turnpike in Commack. An undisclosed buyer acquired the property for $3.2 million. Situated on 1.9 acres, the site was a former car dealership and features a 15,000-square-foot building. The buyer plans to redevelop the property into a retail use. Roger Delisle of Island Associates represented the buyer, while Bruce Nelson of CBRE represented the undisclosed seller in the transaction.

February 14, 2018

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Union, New Jersey

by Amy Works February 14, 2018

UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

February 14, 2018

Retail Texas

Whole Foods 365 to Open 30,000 SF Store Within Saltillo Development in Austin

by Taylor Williams February 14, 2018

AUSTIN, TEXAS — Whole Foods Market 365 will open a 30,000-square-foot store within Saltillo, a 10-acre mixed-use development in east Austin. The concept joins retailers such as Tarka Indian Kitchen, Epoch Coffee and Stout Burgers & Beers at Saltillo, which is being jointly developed by Austin-based Endeavor Real Estate Group and Dallas-based Columbus Realty Partners. The store is scheduled to open during the second half of 2019 and will be the third 365 location in Texas.

February 14, 2018

Florida Office Retail Southeast

East End Capital, GreenOak Acquire Office, Retail Building in Miami Beach for $38M

by Camren Skelton February 14, 2018

MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Avenue, an office and retail building in Miami Beach. EOSII at 555 Washington LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 million, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Arquitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion houses tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property’s office leasing, while Zach Winkler of JLL is overseeing the leasing of the building’s retail portion.

February 14, 2018

Conference Coverage Features Retail Top Stories

Activation Is a Top Priority for Entertainment Destinations, say EEE Panelists

by Taylor Williams February 14, 2018

SANTA MONICA, CALIF. — E-commerce has claimed many victims in its siege of brick-and-mortar shopping, but perhaps none more so than big box retailers. As more of these spaces are vacated, demand for entertainment-based users to backfill them grows. Entertainment-themed tenants often require the same open-floor layouts and high ceiling heights that big box spaces offer. In addition, big boxes are typically found in malls and retail power centers, which have presumably been built in high-traffic and high-density locations. As such, entertainment tenants backfilling or building within a traditional retail development aren’t as reliant on “activation” of their sites to drum up business. But when you have a variety of entertainment tenants, including bars and restaurants, operating out of a single destination, it’s crucial to galvanize the property with events and programs. This was a trend discussed at the Entertainment Experience Evolution conference on Feb. 6-7 at Fairmont Miramar hotel in Santa Monica. A panel of professionals in the entertainment retail space discussed the role of activation in creating a “sense of place” at the conference, which more than 600 industry players attended. Moderator Nick Egelanian, president of SiteWorks Retail Real Estate Services, asked the other panelists to describe how …

February 14, 2018

Mixed-Use Multifamily New York Northeast Retail

Broadway Construction, RXR Realty Top Out 393,000 SF Mixed-Use Project in Brooklyn

by Amy Works February 13, 2018

NEW YORK CITY — Broadway Construction Group and RXR Realty have topped out 810 Fulton Street, a 12-story residential and retail property in the Fort Greene section of Brooklyn. Slated for completion in 2019, the 393,000-square-foot property will feature 363 apartments, 163 parking spaces, a full amenity suite and 33,000 square feet of ground-floor retail space.

February 13, 2018

Mixed-Use New York Northeast Retail

Cushman & Wakefield Arranges $23M Sale of Development Site in Queens

by Amy Works February 13, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a corner development site located at 141-57 Northern Blvd. in the Flushing neighborhood of Queens. NY EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. for $23 million. The 22,663-square-foot lot allows up to 67,989 square feet of mixed-use development. The site currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America. Stephen Preuss and Stephen Palmese of Cushman & Wakefield represented the seller in the deal.

February 13, 2018

Massachusetts Northeast Retail

NAI Hunneman Facilitates $5.6M Sale of Retail Property in Norwell, Massachusetts

by Amy Works February 13, 2018

NORWELL, MASS. — NAI Hunneman has arranged the sale of a retail property located at 22 Pond St. in Norwell. McLaren Auto, the building’s current tenant, and its owner, BMD LLC, exercised a purchase option in its lease and acquired the property from Herb Chambers for $5.6 million. The 22,084-square-foot property features a showroom, automotive operations space, six drive-in doors, wet and dry sprinkler systems and parking for up to 175 cars. Cathy Minnerly and Over Osvold of NAI Hunneman represented the seller, while Kathy Doyle of Curran Capital represented the buyer in the deal.

February 13, 2018

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