Washington, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August. The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says consumers continued to heavily shop last month despite a “trifecta of macroeconomic headwinds,” including the ending …
Schaumburg, Ill. — Sears is set to close its last store in the state of Illinois, according to reports by the Daily Herald and Crain’s Chicago Business. The Hoffman Estates-based retailer’s only remaining Illinois location is at Woodfield Mall in Schaumburg, which is scheduled to close on Sunday, Nov. 14. Simon Property Group is the mall owner. The parent company of Sears, Transformco, is pursuing redevelopment plans for the store, according to Crain’s.
Minneapolis — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, …
Pittsboro, N.C. — Developer ECO Group has signed leases for 18 new tenants at MOSAIC at Chatham Park, a 44-acre, $180 million entertainment and lifestyle destination underway at Highway 501 and Russet Run Road in Pittsboro, about 34 miles from Raleigh. With the addition of the new tenants, 96 percent of MOSAIC’s retail space completed or under construction is now leased. New restaurant tenants joining the project include Hops and Berry, a 5,000-square-foot self-serve tap house and restaurant; O’Ya Cantina, a 1,500-square-foot Latin eatery; Jersey Mike’s Subs in a 2,385-square-foot …
Lake Mary, Fla. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Heathrow Square, a Winn-Dixie-anchored, 101,392-square-foot shopping center in Lake Mary. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. The buyers, Equinox Development and Harbour Retail Partners, were self-represented. The sales price was not disclosed. Heathrow Square was 97 percent leased at the time of sale to tenants including CVS/pharmacy, Pure Barre, Quest Diagnostics and Subway. Winn-Dixie has occupied the store at Heathrow Square for 29 years.
Colton, Calif. — Progressive Real Estate Partners has arranged the $8.8 million sale of Los Compadres Plaza, a 47,090-square-foot retail property located at 1035 S. Vernon Ave. in the Inland Empire community of Colton. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the Los Angeles-based seller, who was also one of the original developers, in the transaction. The buyer is a Southern California-based 1031 exchange private investor. Los Compadres Plaza was 93 percent occupied at the time of sale and recently underwent renovations including new …
Portland, Tenn. — The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, grocery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, South Carolina, bought the property for $7.8 million. The seller was Cincinnati-based Phillips Edison & Co. The Palomar Group represented the buyer and the seller in the transaction. The center was 94 percent leased at the time of sale to tenants including Cash Saver, Planet Fitness and Family Dollar.
Buford, Ga. — Transwestern Real Estate Services has arranged the $3.7 million sale of a 26,400-square-foot retail center located at 1995 Mall of Georgia Blvd. in the Atlanta suburb of Buford. Kevin Markwordt and Fred Victor of Transwestern represented the seller, Jack Rabbit Group LLC, in the disposition to a private investor. The center is located adjacent to Mall of Georgia.
Birmingham and Huntsville, Ala. — JLL Capital Markets has arranged the sale of Crossings of Hoover and Strong Station, two retail centers totaling 133,705 square feet in Birmingham and Huntsville, respectively. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the Brentwood, Tennessee-based seller, GBT Realty Corp., in the transaction. Warner Robins, Georgia-based Livingston Properties acquired both properties for a total of $26.6 million. Built in 2015, Crossings of Hoover is a 37,765-square-foot retail center anchored by Sprouts Farmers Market. The center is also home to tenants including Supercuts, …
Fairfax, Va. — Federal Realty Investment Trust has purchased Twinbrooke Shopping Centre, a 110,000-square-foot, grocery-anchored shopping center in Fairfax. The undisclosed seller sold the property to Federal Realty for $33.8 million. Located at 9525 Braddock Road, Twinbrooke Shopping Centre was 86 percent leased at the time of sale to tenants such as anchors Safeway and Walgreens. Other tenants include Outback Steakhouse, Pho Saigon 75, Waraku Japanese Restaurant, Potomac Valley Veterinary Hospital, Twinbrook Music Inc., Hair Xpressions Fairfax and 153 Barber Shop. Federal Realty anticipates increasing the value of Twinbrooke over …