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Hayden Spiess

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ArizonaFinanceNews

Gantry Secures $29.2 Million Refinancing for Retail Center in Phoenix Suburb

by Hayden Spiess

Goodyear, Ariz. — Gantry has secured a $29.2 million loan for the refinancing of Goodyear Centerpointe, a retail center located in Goodyear, a western suburb of Phoenix. Tenants at the property, which totals 320,000 square feet, include Conn’s Appliances, EoS Fitness, Urban Air, Hobby Lobby, Turner’s Outdoorsman and Goodwill Industries. Braden Turnbull, Patrick Barkley, Chad Metzger and Alicia Sabanero of Gantry arranged the 20-year financing on behalf of the borrower, Haagen Co. A life insurance company provided the loan. 

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IllinoisInvestment salesNews

Inland Sells 101,157-Square-Foot Retail Property in Chicago Suburb

by Hayden Spiess

Downers Grove, Ill. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property located in the southwest Chicago suburb of Downers Grove. Best Buy and Golf Galaxy occupy the development, with 62,860-square-foot and 38,297-square-foot spaces, respectively. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs.

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CaliforniaInvestment salesNet leaseNews

Hanley Arranges $3.9 Million Sale of Single-Tenant Property in Southern California

by Hayden Spiess

Fountain Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a single-tenant property located in Fountain Valley. McDonald’s occupies the 3,500-square-foot property on an absolute triple-net ground lease. Built in 2011, the development is situated on an outparcel adjacent to a Costco. Bill Asher and Jeff Lefko of Hanley, in association with Fred Encinas of Oaks Commercial Real Estate, represented the seller, a California-based family trust, in the transaction. Robert Tran of HPT Realty represented the buyer. 

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ConnecticutLeasingMixed-useNews

Three Retailers Sign Leases at Atlantic Station in Stamford, Connecticut

by Hayden Spiess

Stamford, Conn. — Three new retail tenants have signed leases at Atlantic Station, a mixed-use development located in Stamford. Lovesac, Golf Lounge 18 and Fresh & Co. will occupy 28,000; 9,000; and 3,000 square feet, respectively. RXR owns the project, which features 650 residences and 82,000 square feet of retail space across two towers. Brian Scruton of Cushman & Wakefield represented Lovesac in the lease negotiations, with Tim Rorick and Janey Steinmetz of Newmark representing the landlord. Tyler Lyman of True Commecial represented both the landlord and tenant in the Golf …

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FeaturesFrom The Magazine

Buyers Vie To Unthaw ‘Frozen’ Sales Market

by Hayden Spiess

Despite solid fundamentals at retail centers, investors are waiting for certainty in values, capital markets to transact. The U.S. retail market is currently on a long stretch of rock-solid performance at the property level. The national vacancy rate is at a healthy 4.1 percent, according to first-quarter 2024 research from CoStar Group. This comes one quarter after a stellar 4 percent vacancy rate at year-end 2023. What’s more is net store openings are on pace to be positive for the third consecutive year, according to research from Cushman & Wakefield. …

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Company newsIllinoisNews

Walgreens Considers 2,150 Underperforming Stores for Potential Closure

by Hayden Spiess

Deerfield, Ill. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations …

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ArizonaDevelopmentLeasingNews

Vestar Underway on 90,000-Square-Foot Retail Center in Metro Phoenix

by Hayden Spiess

Peoria, Ariz. — Vestar is underway on the development of The Shops at Lake Pleasant, a 90,000-square-foot retail center located in Peoria, roughly 15 miles outside Phoenix. The center, which is situated adjacent to Lake Pleasant Towne Center — another Vestar development — is scheduled to be fully open by spring 2025. Tenants currently open at the property include Raising Cane’s, Over Easy, Reformed Pilates, European Wax Center, Tropical Smoothie and Visionworks. Handel’s Ice Cream, Restore Fitness, Salad and Go, OHM Fitness, In-N-Out Burger, Classic & Fancy Nails, Honor Health and …

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $7.5 Million Sale of Retail Center in Flemington, New Jersey

by Hayden Spiess

Flemington, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a two-tenant retail center located in Flemington. Dean Zang, David Crotts, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller, Paramount Realty, in the transaction. Aspen Dental and City MD Urgent Care occupy the property, which totals 7,388 square feet. Tom Georges of Northmarq represented the buyer, a local private investor. 

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Company newsNew YorkNews

ShopOne Promotes Chris Reed to CEO

by Hayden Spiess

New York City — ShopOne Centers REIT has promoted Chris Reed to chief executive officer. Reed joined the company in 2020 as vice president of acquisitions and most recently served as chief investment officer. Former CEO John Roche will now transition to the role of chairman with ShopOne. Additionally, chief operating officer Mike Makinen has been appointed president of the company. Makinen joined ShopOne in 2021 with more than 25 years of retail real estate experience, including roles with SITE Centers, Equity One and Olshan Properties. 

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FinanceNewsNorth CarolinaOhio

BFG Arranges $5.5 Million Financing for Retail Portfolio in Ohio, North Carolina

by Hayden Spiess

Robersonville, N.C. and West Chester, Ohio — Bernard Financial Group (BFG) has arranged a $5.5 million loan to finance a retail portfolio located in North Carolina and Ohio. Dan Duggan of BFG secured the financing through Symetra Life Insurance Co. on behalf of the borrower, an entity doing business as FND OHIO LLC & DGMKT IOWA LLC. The portfolio totals 85,957 square feet across two properties in Robersonville, North Carolina, and West Chester, Ohio. 

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