Targeted activity is propelling California’s retail market forward as investors chase core assets and consumers drive demand, despite the continued presence of high costs and development hurdles. California’s retail market is a bit of an enigma nowadays. That’s because it’s both resurgent and restrained, as Jimmy Slusher, senior vice president of CBRE’s National Retail Partners-West team, notes. “Retail in California remains resilient despite a more complex economic and political backdrop,” he explains. “While interest rates remain elevated, debt capital for retail has increased, with strong lender demand and relatively tight …
Abby Cox
Miami — JLL Capital Markets has arranged the $62.1 million sale of Red Bird Center, a 92,089-square-foot retail center located in Miami. Milam’s Markets anchors the property, which was fully occupied at the time of sale. Additional tenants include Walgreens, Orion Fuels and Ace Hardware. Danny Finkle, Jorge Portela and Kim Flores of JLL’s Investment Sales and Advisory team represented the seller, Red Bird Associates, in the transaction. The buyer was Charlotte, North Carolina-based Asana Partners.
Vienna, W. Va. — Niles, Ohio-based Cafaro has acquired Grand Central Mall, a 908,238-square-foot shopping center located in Vienna, approximately five miles north of Parkersburg. The shopping center’s anchor space, which was formerly occupied by Sears, was recently redeveloped to accommodate a mix of tenants such as T.J. Maxx, HomeGoods, Ross Dress for Less and PetSmart. Cafaro is also planning a mall-wide renovation to create a fresh, modern and functional atmosphere. Opened in 1972 and situated on roughly 100 acres along the Ohio River, Grand Central Mall features more than 65 …
SRS Real Estate Brokers $10.4 Million Sale of Single-Tenant Retail Property in Shreveport, Louisiana
Shreveport, La. — SRS Real Estate Partners has brokered the $10.4 million sale of a single-tenant retail property in Shreveport. Academy Sports + Outdoors occupies the 72,525-square-foot building on an absolute triple-net, corporate guaranteed lease with 13 years remaining. Built in 2018, the property is situated on roughly 7.7 acres. Michael Berk, Patrick Nutt and Chip Watson of SRS Capital Markets represented the seller, a private investor, in the transaction. The buyer was a publicly traded REIT.
San Diego — PSRS has arranged $6.7 million in refinancing for a 65,000-square-foot shopping center located in San Diego. The two-building multi-tenant property is occupied by Smart & Final, AutoZone and Big 5 Sporting Goods. Additionally, Burger King occupies a drive-thru restaurant pad site on a ground lease. Trevan Swierczewski and Alexander Santulis of PSRS secured the nonrecourse loan that was structured with a 15-year term and 15-year amortization.
Columbus, Ohio — Columbus, Ohio-based Donatos Pizza is partnering with new franchise owners to open more than 50 locations across North Carolina and South Carolina. The agreements will create restaurants in Charlotte, Raleigh, Wilmington, High Point and Greensboro in North Carolina. In South Carolina, the pizza franchise will open four restaurants in Summerville, Boiling Springs, West Ashley and Fort Mill. Founded in 1963, Donatos Pizza operates more than 459 locations across 28 states, which includes more than 175 traditional restaurants and nearly 300 non-traditional locations, such as partnerships with Red …
Atlanta — Locally based 26th Street Partners has acquired Krog Street Market, a 30,000-square-foot adaptive reuse food hall and market in Atlanta’s Inman Park neighborhood, according to the Atlanta Business Chronicle. Charlotte-based Asana Partners sold the property, along with the adjacent Atlanta Stove Works, SPX Alley and Butler and Gravel buildings. The sales price was not reported, but Asana purchased the Krog District buildings in 2018 for $45.8 million. Paces Properties originally redeveloped the 1920s-era warehouse, which was also formerly used as the home of Tyler Perry Studios, into Krog Street …
Houston — JLL has arranged the sale and financing of Sugar Park Plaza, a 95,032-square-foot neighborhood retail center located in Houston. Renovated in 2016, Sugar Park Plaza features one in-line retail building and three pad sites. Marshalls anchors the center, which was fully leased at the time of sale, and includes a mix of 15 other tenants including Aga’s Restaurant & Catering, Skechers, Chase Bank, ExxonMobil and Magnum Staffing. Sugar Park Plaza was built in 1974 on nearly 30 acres. John Indelli and Ryan West of JLL represented the seller …
Alpharetta, Ga. — Locally based TSCG has negotiated the $12.9 million sale of The Village at Park Bridge, a 28,701-square-foot strip center located in Alpharetta, roughly 26 miles north of Atlanta. Tenants at the center, which was 96 percent leased at the time of sale, include Starbucks, Jimmy John’s, Crumbl Cookies, Pepperoni’s Tavern, Kin No Tori Ramen Bar and Koi Kaiten Sushi. Originally built 2003, The Village at Park Bridge previously sold for $9.7 million in 2006. Anthony Blanco of TSCG represented the seller, Birmingham, Alabama-based Fairway Investments, in the …
CrownPoint Partners Brokers $11.5 Million Sale of Single-Tenant Retail Property in Southwest Florida
Naples, Fla. — CrownPoint Partners has brokered the $11.5 million sale of a single-tenant retail property located within the Golden Gate Estates community in Naples. Tractor Supply Co. occupies the 23,279-square-foot building on a 15-year corporate guaranteed lease as a new prototype store layout, which includes an outdoor garden area, feed center and fenced-in display space. Shannon Bona and Julius Swolsky of CrownPoint Partners represented the seller, a Southeast-based developer, in the transaction. David Weinberg of Marcus & Millichap represented the buyer, a Midwest-based private 1031 exchange investor.