Author

Abby Cox

Crunch-Fitness_Picklr

In a market shaped by limited new supply, retailers are expanding strategically, backfilling spaces quickly and adapting to consumer preferences. Today, there’s a multitude of factors shaping the retail leasing market. Smaller footprints, the influence of technology, changing lifestyles of younger generations, limited new supply and backfilling closures are just some of the most prominent storylines.  As of the first quarter, the national retail vacancy rate held stable at 4.4 percent, up 10 basis points from the prior quarter, according to Colliers, which covers malls, shopping centers and general retail …

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raising-canes

Sandwiched between several major markets, New Jersey has its intricacies. Its demographic and economic drivers make it a market worth the effort for many retailers and landlords. Much like the two major cities that border its northern and southern ends, New Jersey is, for retailers, restaurant groups and entertainment operators that are serious about establishing and growing national footprints, a market that checks every key box.  Yet for all the similarities between the Manhattan or Center City Philadelphia retail markets that apply to New Jersey as well — tight availability …

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Barcroft-Plaza

Falls Church, Va. — JLL Capital Markets has arranged the $58 million sale of Barcroft Plaza, a 113,173-square-foot shopping center located in Falls Church, roughly 10 miles west of Washington, D.C. Jordan Lex and Danny Naughton of JLL represented the seller, Federal Realty Investment Trust, in the transaction. Chris Knight and Evan Parker, also of JLL, secured the five-year, $35.9 million acquisition loan through Bank of America on behalf of the buyer, 11North Partners. Harris Teeter anchors Barcroft Plaza, which spans nearly 10 acres. Other tenants at the property include …

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Lima_Center

Lima, Ohio — Eastern Union has arranged $12.9 million in refinancing for the acquisition of Lima Center, a 174,078-square-foot shopping center located in Lima. Jack Beida, Michael Muller and Mike Orlik of Eastern Union secured a seven-year, fixed-rate loan through an undisclosed lender on behalf of the buyer, an entity doing business as Lima Tov LLC. The purchase price was $19.5 million. Lima Center houses 10 retail tenants and is anchored by an 86,584-square-foot Kohl’s and a 30,000-square-foot T.J. Maxx. Other retailers at the property, which was fully leased at …

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Newport-Pavilion

Newport, Ky. — Newmark has brokered the sale of Newport Pavilion, a 332,309-square-foot power center in Newport, which is situated across the Ohio River from downtown Cincinnati. Newport Pavilion is co-anchored by Kroger and Target and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, T.J. Maxx, Michael’s, Ulta Beauty, Chipotle Mexican Grill and PetSmart. The property sits on 55 acres and benefits from a long-term PILOT agreement through 2037. Conor Lalor, Kyle Minter, Keely Polczynski, James Sharp V and Brian Schneiderman of Newmark represented …

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7-Eleven_Clovis

Clovis, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the $5 million sale of a 2,047-square-foot, single-tenant retail property located in Clovis, roughly eight miles west of Fresno. A 7-Eleven convenience store and fuel station occupies the property, which was originally built in 1991 and renovated in 2019. Jacob Fahner and Jeremy McChesney represented the seller, a Los Angeles–based private investor, in the transaction. Jeffrey Leggio of ASU Commercial represented the buyer, a Bakersfield, California-based 1031 exchange investor.

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The-Purple-Chandelier

Las Vegas — Marcus & Millichap has brokered the sale of a 35,998-square-foot, two-tenant retail property located in Las Vegas. Built in 1977, the former OfficeMax building is now occupied by luxury consignment store The Purple Chandelier and Bodega Furniture. Candace Bare of Marcus & Millichap represented the buyer, Merra Cordier, a local entrepreneur and owner of The Purple Chandelier. Merra Cordier purchased the property from an ownership group that included former Nevada Lt. Gov. Lorraine Hunt Bono. 

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jerry-france

SCB Publisher Jerry France reflects on his 60-plus years in the industry, and the launch of Shopping Center Business, in conversation with the magazine’s editor. Interview by Randall Shearin: In celebration of Shopping Center Business’s 30th anniversary, I sat down with Jerry France, the publisher of the magazine and chairman and CEO of our parent company, France Media. Since Jerry has been my boss for the past 30 years, I have heard — and lived through — many of his stories and wanted to take the opportunity to get some …

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OC-VIBE

As tenants grow more selective, demand is concentrating into environments that align design, operations and tenant mix around how people actually spend time. Take a look around most areas of the country, and it’s obvious to see that retail demand hasn’t disappeared. What it is doing, however, is showing up in fewer places. Tenants are increasingly gravitating to a certain pattern of projects. If you’re one of the lucky ones to possess said projects, leasing activity will likely remain robust, occupancy may stay consistent and reliable traffic will be generated. …

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The-Meridian

Pittsburgh — TPG Real Estate has acquired ECHO Realty, a full-service owner and operator of grocery-anchored retail real estate, in a transaction valued at $2 billion. TPG, a global asset management firm based in San Fransisco, partnered with global investment groups PSP Investments, La Caisse and Norges Bank Investment Management for the transaction. “Our more than two decades of building and operating neighborhood, necessity-based shopping destinations demonstrate the enduring demand for grocery-anchored retail close to home,” says Thomas Karet, founder and CEO of ECHO. “With TPG’s investment and business-building expertise, …

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