Retail

Brixx Wood-Fired Pizza Opens at The Depot in Fishers, Ind.

by Danielle Everson February 24, 2015

FISHERS, IND. — Brixx Wood Fired Pizza has opened as the anchor tenant of The Depot at Nickel Plate, a mixed-use development in Fishers. Brixx occupies the 3,824 square feet of retail space, with an additional outdoor dining patio, on the southeast corner of Municipal Drive and 116th Street. Brixx serves wood-fired pizzas cooked in brick ovens, salads, pastas and sandwiches, and offers 24 local and national craft beers on tap and 14 wines by the glass. The Depot at Nickel Plate features 242 units and 17,000 square feet of retail space. First units became available in December, with construction to be completed in April. The Depot also includes approximately 430 structured parking spaces.

February 24, 2015

Illinois Midwest Retail

Summit Design + Build Completes Indoor Rock Climbing Facility in Chicago

by Danielle Everson February 23, 2015

CHICAGO — Summit Design + Build has completed an indoor rock climbing facility for Brooklyn Boulders at 100 S. Morgan in Chicago’s West Loop neighborhood. Brooklyn Boulders designs, builds and operates hybrid rock climbing facilities. The new 25,000-square-foot facility required the renovation and build-out of an existing building. The project included the removal of the existing 25-foot roof and the addition of a new 55-foot roof to accommodate the construction of a mezzanine and climbing walls, which span from floor to ceiling in the south building. The north building includes a climbing terrain, shared office space, a fitness studio, event space and café. Other amenities include locker rooms, showers and a customer lounge. The project was designed by Chris Ryan, the chief development officer of Brooklyn Boulders Chicago, and Massachusetts-based Arrowstreet Architecture & Design.

February 23, 2015

Midwest Ohio Retail

M&M Brokers $5.4M Sale of 103,910 SF Shopping Center in Mentor, Ohio

by Danielle Everson February 19, 2015

MENTOR, OHIO — Marcus & Millichap has brokered the $5.4 million sale of Mentor Plaza, a 103,910-square-foot retail property in Mentor, approximately 24 miles north of Cleveland. The shopping center is located at 8485 Market St. Gabriel Brothers and Big Lots anchor the plaza. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices marketed the property on behalf of the seller, a private investment fund. The team also represented the buyer, a limited liability company.

February 19, 2015

Midwest Missouri Retail

Block & Co. Arranges Sale of 15,418 Retail Property in Independence, Mo.

by Danielle Everson February 19, 2015

INDEPENDENCE, MO. — Block & Co. Inc. has brokered the sale of Guitar Center, a 15,418-square-foot retail property in Independence. The property is located at 3911 Bolger Road. The freestanding building sits at the at the entrance drive to Walmart Supercenter, PetSmart and Sam’s Club and is across the street from Independence Center Mall. Guitar Center is a guitar retailer that operates 225 stores in the United States. David Block, Max Kosoglad and John Cobb of Block & Co. represented the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.

February 19, 2015

Midwest Ohio Retail

Vineyard Vines Opens First Ohio Store at Easton Town Center

by Danielle Everson February 18, 2015

COLUMBUS — Vineyard Vines, a clothing and accessories retailer, has opened a 3,000-square-foot store at Easton Town Center in Columbus. The retailer leased space at the property located at 160 Easton Town Center. The store is the brand’s third Midwest location after Chicago and St. Louis. The Georgetown Co. and Steiner + Associates developed Easton Town Center, a 1.7 million-square-foot shopping center that opened in 1999. Vineyard Vines plans to open 10 more stores in major markets throughout the U.S. by the end of 2015.

February 18, 2015

Indiana Midwest Retail

Baceline Investments Acquires Retail Center in Indianapolis for $2.5 Million

by Danielle Everson February 17, 2015

INDIANAPOLIS — Baceline Investments LLC has acquired Madison & Edgewood Shoppes, a 48,716-square-foot retail center in Indianapolis, for $2.5 million. The property is located at 5855 Madison Ave. Baceline Investments acquired the property from Florida-based HPH FUND I D4 LLC, an affiliate of HPH Capital Management LLC. The property was 68 percent occupied at the time of sale. Tenants include Great Clips, Edward Jones, Hallmark and Edgewood Family Dental. The retail center’s anchor tenant, Kroger, is not part of the acquisition.

February 17, 2015

Midwest Missouri Retail

Chambers Real Estate Services Arranges Sale of 112,000 SF Shopping Center

by Danielle Everson February 17, 2015

SPRINGFIELD, MO. — Chambers Real Estate Services LLC has arranged the sale of a 112,000-square-foot shopping center in Springfield. A local investor purchased the property for an undisclosed price. Brentwood Center is located at 2620-2752 S. Glenstone Ave. and is across the street from Battlefield Mall, the area’s sole regional mall. Chambers Real Estate Services represented the seller, a fourth generation family who originally developed the property.

February 17, 2015

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retail Market on the Slow Climb to Recovery

by Nellie Day February 17, 2015

The Phoenix retail market ended 2014 on a promising note, with vacancy rates dipping below 10 percent for the first time since the Great Recession ended. It also experienced net absorption of more than 2 million square feet of retail space. Expectations for 2015 are positive, and continued improvement is anticipated, albeit slower than we might have hoped. While many segments of the market have improved, lackluster job growth and housing sales have slowed the recovery. However, both areas show signs of improvement for the coming year. Forecasts estimate Phoenix will add about 70,000 jobs in 2015, bringing the total number close to the pre-recession total. The demand for single-family housing should improve with the continuance of low interest rates, job growth and investor interest. The market is finally showing signs it is on the upward path to recovery. Leasing activity for Class A space remains strong, while rental rates are on the rise. We have seen marked improvement in some areas like Scottsdale where rates for Class A space in centers like The Marketplace at Lincoln & Scottsdale and Hilton Village are approaching or surpassing $40 per square foot, and where vacancy rates are below 6 percent. In contrast, …

February 17, 2015

Illinois Midwest Retail

Matanky Realty Group Arranges Sale of Clinton Plaza in Clinton, Ill.

by Danielle Everson February 16, 2015

CLINTON, ILL. — Matanky Realty Group has arranged the sale of Clinton Plaza, a shopping center in Clinton. A private investor purchased the property for an undisclosed sales price. The CVS-anchored plaza is composed of four retail units totaling 17,776 square feet and two outlots totaling 101,929 square feet. The property is located on Illinois Route 54, a half mile from US-51 S and across the street from Clinton High School and Richland Community College Extension Center. Terri Cox of Matanky Realty Group represented the seller, a private Chicago-based real estate corporation.

February 16, 2015

Indiana Midwest Retail

Mid-America Real Estate Corp. Brokers $54M Sale of Shopping Center in Lafayette, Ind.

by Danielle Everson February 12, 2015

LAFAYETTE, IND. — Mid-America Real Estate Corp. has brokered the sale of a 348,531-square-foot shopping center in Lafayette. A real estate investment trust sponsored and managed by Phoenix-based Cole Capital purchased the property for $54 million. Lafayette Pavilions Shopping Center is located at the southwest corner of State Road 26 and Creasy Lane. Gordmans, Hobby Lobby, Gander Mountain and TJ Maxx anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America, in cooperation with Mid-America Real Estate – Indiana LLC, were the exclusive brokers in the transaction on behalf of the seller, Dallas-based Invesco Real Estate.

February 12, 2015

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