Retail

Two Fitness Tenants to Join Mixed-Use Project North of Atlanta

by Camren Skelton January 16, 2018

SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio, marking the fitness boutique’s second metro Atlanta location. In addition to group fitness classes, SculptHouse will feature a private studio for one-on-one training, keyless lockers, fully stocked bathrooms, a private shower, blow dry bar and a retail boutique. The fitness retailers are the first tenant announcements for City Springs. The residential portion of the project, Aston City Springs, will include 294 units and 29,0000 square feet of ground-floor retail space. At full build-out, City Springs will feature a performing arts center, conference center, four-acre green space, retail and city offices. The project is slated for completion this summer.

January 16, 2018

Massachusetts Northeast Retail

Paragon Realty Group Acquires 131,000 SF Shopping Center in Great Barrington, Massachusetts

by Amy Works January 16, 2018

GREAT BARRINGTON, MASS. — Westport, Conn.-based Paragon Realty Group has purchased Barrington Plaza, a grocery-anchored community shopping center in Great Barrington. An affiliate of Kimco Realty Corp. sold the property for an undisclosed price. The 131,000-square-foot center is co-anchored by a 44,667-square-foot Price Chopper and a 24,141-square-foot Marshalls. Dollar Tree, Pet Valu, Mattress Firm, AT&T and a variety of local retail properties also occupy the center. Nat Heald and Chris Angelone of JLL brokered the transaction. Paragon’s in-house management division will provide property management for the shopping center.

January 16, 2018

Iowa Midwest Retail

Phoenix Theatres to Reopen at Kennedy Mall in Dubuque, Iowa

by Kristin Harlow January 16, 2018

DUBUQUE, IOWA — Phoenix Theatres has signed a lease to reopen the six movie screens at Kennedy Mall in Dubuque. Moviegoers will get to experience the upgrades to the theater in a grand opening, which is slated for March. Each auditorium will feature fully reclining chairs, premium sound, self-serve drink stations and online ticketing. Opened in 1970 and located at 555 J.F.K. Road, the 700,000-square-foot Kennedy Mall features retailers such as Younkers, Dick’s Sporting Goods, J.C. Penney, Best Buy, Books-A-Million, Planet Fitness and Ulta. Affiliated entities of Cafaro Co. own and manage the property. Michigan-based Phoenix Theatres also operates a location at the Mall of Monroe in Monroe, Mich.

January 16, 2018

Massachusetts Northeast Retail

NKF Arranges Sale of 15,800 SF Retail Property in Boston

by Amy Works January 16, 2018

BOSTON — Newmark Knight Frank Capital Markets has brokered the sale a retail building located at 957 Commonwealth Ave. in Boston’s Brighton neighborhood. Nolan Properties Group acquired the asset from J&M Realty for an undisclosed price. Justin Smith, Paul Penman and Christian Brannelly of NKF Capital Markets represented the seller in the deal. The property features 15,800 square feet of retail space.

January 16, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Secure $3.4M in Financing for Retail Property in North Dartmouth, Massachusetts

by Amy Works January 16, 2018

NORTH DARTMOUTH, MASS. — Fantini & Gorga has arranged $3.3 million in refinancing for State Road Plaza, a retail property in North Dartmouth. The borrower was New York-based 331 State Road Associates LLC. Casimir Groblewski of Fantini & Gorga originated the assignment and placed the financing. Situated on 5.8 acres, State Road Plaza features 29,505 square feet of retail space. Current tenants include J.D. Byrider, Newbury Comics and Pearson Vue, as well as various local retailers and service providers.

January 16, 2018

Louisiana Retail Southeast

Franklin Street Negotiates $3.2M Sale of New Retail Center in Alexandria, Louisiana

by Camren Skelton January 15, 2018

ALEXANDRIA, LA. — Franklin Street has arranged the $3.2 million sale of The Bulls Eye, a newly constructed, 6,400-square-foot strip retail center located at 3504 Jackson St. in Alexandria. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Nashville-based D3 Alexandria LLC. Boise, Idaho-based Latta Properties LLC acquired the asset. At the time of sale, The Bulls Eye was home to Mattress Firm and Verizon Wireless.

January 15, 2018

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Facilitates $13.2M Sale of Three Mixed-Use Buildings in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of three contiguous mixed-use buildings on Amsterdam Avenue in Washington Heights. A private investor, 2372-2376 Amsterdam Avenue NYC, acquired the properties from 2372-2376 Amsterdam Avenue LLC for $13.2 million. The buildings, located at 2372, 2374 and 2376 Amsterdam Ave., total 41,353 square feet. The properties consist of two five-story mixed-use walk-up buildings and one six-story mixed-use building with a total of 58 apartments and eight retail stores, including a barbershop and a grocery store. The properties were built between 1906 and 1908.

January 15, 2018

Midwest Net Lease Ohio Retail

Marcus & Millichap Brokers $3.8M Sale of Net Leased Retail Building in Trotwood, Ohio

by Kristin Harlow January 15, 2018

TROTWOOD, OHIO — Marcus & Millichap has brokered the sale of a retail building net leased to Walgreens in Trotwood, about 10 miles northwest of Dayton, for $3.8 million. The 14,866-square-foot property is located at 5271 Salem Ave. Walgreens has more than 11 years remaining on its lease. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Medi Vakili of Investment Property Group represented the buyer, a private trust.

January 15, 2018

Market Reports Retail Southeast Southeast Market Reports Virginia

National Retail Trends of Grocery Expansion, Backfilling Vacant Stores Evident in Hampton Roads

by John Nelson January 15, 2018

December of this year will mark the 30th anniversary of the movie “Wall Street” and the introduction of the antihero, Gordon Gekko. In that movie, Gordon delivers the iconic “Greed is Good” speech to the shareholders of a besieged paper company. While things in the end did not turn out well for Gekko due in large part to his greed, the undertones of that speech are uncontentious: Performance and adaptation will come about when there are strong incentives to evolve. The evolutionary spirit of retail real estate is taking shape here in Hampton Roads and great things are happening. Grocers Take Battle Positions The Hampton Roads grocery industry has evolved over the years in large part due to fierce competition from Aldi and Lidl. These two German-based competitors will collectively bring over 20 new locations to the region, and bring with them a new no-frills experience with staple grocery items at a lower price point. Additional grocer announcements in the market include the first Wegmans that committed to a site near Town Center of Virginia Beach, Kroger’s four new developments throughout the region (although a recent freeze in capital projects have stalled those) and Walmart’s recently opened store in Virginia …

January 15, 2018

California Retail Western

SRS Arranges $6.1M Sale of Crunch Fitness Location in Van Nuys, California

by Nellie Day January 12, 2018

VAN NUYS, CALIF. — SRS Real Estate Partners has arranged the $6.1 million sale of a 20,600-square-foot Crunch Fitness location in Van Nuys. The building co-anchors an inline strip center, which is home to tenants including Jons International Marketplace, Fallas and Dearden’s. Crunch Fitness opened in July of 2017, committing to a 15-year lease. The San Fernando Valley Business Journal reports Fortunate Realty acquired the asset. Matthew Hardke, Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the undisclosed seller.

January 12, 2018

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