Retail

Retail Development Branches Out in Connecticut

by Jaime Lackey January 15, 2015

Large-scale new retail development in Connecticut has historically been relegated to super-regional markets or traditional retail nodes — north of Fairfield County, for the most part. It’s really a simple formula: strong national and regional retailers typically want to be surrounded by dynamic retail synergy, and if there’s a great enough demand for a specific market, developers jump on the opportunity to capitalize. It’s happened in Manchester/South Windsor, it’s happened in Milford and its happened in Danbury. From time to time we see pockets of development in less traditional markets but overall, developers stick to “less risky” markets where demand is imminent and the municipalities are of the pro-development variety. Recently, though, larger-scale developments in smaller towns are starting to appear more frequently and retailers and brokers seem to be slowly embracing the emerging trend. Are we running out of developable land in the super regional markets? I don’t think this is the case. I think developers are recognizing that well-placed, large-scale retail projects in smaller towns are garnering significant interest from national brands of all sizes. Developers have had success getting the ever-important anchors to these sites, and that is more than half the battle. -Smaller-format retailers follow in …

January 15, 2015

Midwest Retail Wisconsin

Mid-America Arranges Sale of Chippewa Commons in Chippewa Falls, Wis.

by Danielle Everson January 14, 2015

CHIPPEWA FALLS, WIS. — Mid-America Real Estate Corp. has arranged the sale of Chippewa Commons in Chippewa Falls. An Eau Claire, Wis.-based private investment group purchased the 169,631-square-foot, multi-tenant shopping center. Chippewa Commons is located at the southeast corner of U.S. Highway 124 and Woodward Avenue. Dollar Tree, GNC, H&R Block and Check ‘n Go are tenants at the center. Ben Wineman of Mid-America and Mark Robinson of Mid-America Real Estate – Minnesota LLC brokered the transaction on behalf of a public traded real estate investment trust.

January 14, 2015

Illinois Midwest Retail

Quantum Brokers Sale of 57,499 SF Shopping Center in Orland Park, Ill.

by Danielle Everson January 14, 2015

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 57,499-square-foot shopping center. Marley Creek Square is located at 18000-18092 Wolf Road in Orland Park. The center consists of three buildings — a 27,550-square-foot building inline with Jewel-Osco and anchored by Chase Bank; a 24,461-square-foot building anchored by Barraco’s restaurant; and a 5,488-square-foot outlot building anchored by Starbucks and Jimmy Johns. A local real estate operator sold the property to a Rolling Meadows, Ill.-based private real estate investor. Chad Firsel and Conor Bossy of Quantum represented the seller in the transaction.

January 14, 2015

Features Top Stories

Retailers, Consumer Goods, E-Commerce Will Drive Industrial Demand in 2015

by Danielle Everson January 13, 2015

CHICAGO — The industrial sector is heating up and it has grocers, e-commerce companies and retailers to thank, according to a new JLL report. The global brokerage services giant anticipates a year of rising rents and growing demand for big-box distribution centers from retailers and grocers. Sixty tenants are currently seeking big-box warehouses of 1 million square feet or more nationwide, says JLL, with demand outweighing immediate, available sites by nearly three to one. “Every retailer is asking, ‘How close can I put my distribution center to the customer?’” says Craig Meyer, president of JLL’s Industrial Brokerage group. “Proximity is the key to profitability in this era of same- and next-day delivery. To out-deliver the competition, we are seeing rapid growth from retailers on the East Coast, in major cities across the country, and even in secondary logistics corridors.” Rising Rents Competition for space near East Coast seaports — New York/New Jersey, Savannah and Charleston — is strong and will continue to drive rent increases in 2015. JLL predicts this trend will continue as supply chain executives seek to avoid delivery interruptions from congested West Coast seaports and truck driver shortages. For example, warehouses at the Port of Savannah saw …

January 13, 2015

Loans Midwest Minnesota Mixed-Use Office Retail

NorthMarq Secures $18.4M Loan for Marquee Place in Wayzata, Minn.

by Danielle Everson January 13, 2015

WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

January 13, 2015

Florida Market Reports Retail Southeast Southeast Market Reports

Tenant Demand at an All-Time High for Prime Retail Space in Jacksonville

by John Nelson January 12, 2015

Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …

January 12, 2015

Midwest Missouri Retail

Mid-America Real Estate Brokers Sale of Shopping Center in O’Fallon, Mo.

by Danielle Everson January 9, 2015

O’FALLON, MO. — Mid-America Real Estate Corp. and St. Louis, Mo.-based Pace Properties have brokered the sale of O’Fallon Walk, a 157,779-square-foot community shopping center in O’Fallon, a St. Louis-suburb. Boca Raton, Fla.-based PEBB Enterprises purchased the property, which is located at the southwest corner of Highway K and Feise Road, for an undisclosed sales price. Gordmans, Justice, Kirkland’s, and Catherines anchor the center. Ben Wineman of Mid-America and Scott Seyfried of Pace Properties brokered the transaction on behalf of New York-based Special Servicer for a CMBS Trust.

January 9, 2015

Midwest Minnesota Retail

Upland Real Estate Group Arranges $1.5M Sale of Retail Property

by Danielle Everson January 9, 2015

WACONIA, MINN. — Upland Real Estate Group has arranged the $1.5 million sale of a Caribou Coffee retail property located in Waconia, approximately 32 miles west of Minneapolis. A local buyer purchased the property, which is a new construction. Caribou Coffee signed a 15-year lease at the building. Upland Real Estate Group represented the undisclosed seller in the transaction.

January 9, 2015

Midwest Minnesota Retail

M&M Arranges $5.9M Sale of 14,031 SF Retail Property in Eden Prairie, Minn.

by Danielle Everson January 7, 2015

EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $5.9 million sale of Southwest Station, a 14,031-square-foot retail property located in Eden Prairie. The property is located at 13300 Technology Drive. Built in 2004, the property is fully occupied with five tenants. Cory Villaume, Sean Doyle and Brian Klancke of Marcus & Millichap’s Minneapolis office represented the undisclosed seller and buyer in the transaction.

January 7, 2015

Midwest Retail Wisconsin

Mid-America Brokers $1.7M Sale of Underwood Crossings in Milwaukee MSA

by Danielle Everson January 7, 2015

BROOKFIELD, WIS. — Mid-America Real Estate Corp.’s Investment Sales team has brokered the $1.7 million sale of a 4,991-square-foot, multitenant retail building in Brookfield. A private investor purchased the property located within Underwood Crossings, a 175,000-square-foot retail center. The development is located at the southeast corner of Bluemound Road and Columbia Drive approximately 12 miles west of downtown Milwaukee. The subject building features a Starbucks, Great Clips and T-Mobile. Target, Trader Joe’s and PNC Bank shadow anchor the property. Carly Gallagher of Mid-America and Dan Cohen of Mid-America Real Estate – Wisconsin LLC brokered the transaction on behalf of Minneapolis-based Ryan Cos. US Inc.

January 7, 2015

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