Pawtucket, R.I. — Institutional Property Advisors (IPA) has arranged the $21.7 million sale of Cottage Plaza, an 84,455-square-foot Stop & Shop-anchored retail center located four miles outside Providence in Pawtucket. James Koury, Dean Zang and David Crotts of IPA represented the seller and procured the buyer, Arnold Gumowitch of AAG Management Inc., in the transaction. Tenants at the center include Advance Auto Parts, Pawtucket Wine & Spirits, Sally Beauty Supply, Stop & Shop Gas, Wendy’s and Dunkin Donuts.
Julia Sanders
Lubbock, Texas — Continental Realty Corp. (CRC) has purchased South Plains Crossing, a 144,241-square-foot retail center in Lubbock, for $18.2 million. Anchor tenants at the property, which was built on 12 acres in 1996, include Hobby Lobby (70,000 square feet), alcoholic beverage providers Spec’s Wine, Spirits & Finer Foods (33,000 square feet) and Vision Mart (10,000 square feet). The seller was a partnership between Atlanta-based RCG Ventures and New York City-based DRA Advisors. South Plains Crossing was 94 percent leased to 11 tenants at the time of sale.
San Bernardino, Calif. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2067 E. Highland Ave. in San Bernardino. Sage Invesco and Pacific Riviera Properties sold the asset to a San Bernardino County-based private investor for $4.7 million. or $919 per square foot. Greg Bedell of Progressive Real Estate Partners represented the seller, while Choong “Bruce” Lee of NewStar Realty and Hope Kim, an independent broker, represented the buyer in the deal. Built in 2020, the three-tenant building features 5,058 square feet of retail …
Cincinnati — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July …
Atlanta — Atlanta is a city that is always evolving. Even prior to the pandemic, rapid change seemed to be the one constant thing about the market. This continues to be true today; from downtown to the furthest suburban reaches, Atlanta’s retail landscape is vibrant with new brands and ambitious projects. One of the most notable areas of growth in greater Atlanta is the expansion of single-tenant operators, especially quick-service restaurants. New national players such as Whataburger and Raising Cane’s are entering the metro Atlanta market, as other popular chains …
St. Clair Shores, Mich. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.
New York City — Houlihan-Parnes Realtors LLC has received a $3.3 million loan for the refinancing of a 10,000-square-foot retail property in the Inwood area of Manhattan. A local bank provided the loan, which was structured with a fixed interest rate of 3.5 percent for the first 24 months of the five-year term and the option to extend the loan for an additional five years. Houlihan-Parnes owns the property in partnership with ISJ Management.
Houston, Texas — RealSource Group has arranged the off-market disposition of a 4,842-square-foot retail property occupied by 7-Eleven, Laredo Taco Co. and a fuel station in Houston. The sales price was not disclosed. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, a private developer based in Houston. Chuck Klein with Cushman & Wakefield represented the buyer, a private investor based in Southern California. 7-Eleven opened at the property in June and occupies the building under a 15-year triple-net lease.
Washington, D.C. — The National Retail Federation (NRF) predicts U.S. retail sales in 2021 will increase between 10.5 to 13.5 percent over last year to a range of $4.44 trillion and $4.56 trillion. These predictions are higher than the initial 2021 forecast the organization made in February that was between 6.5 percent and 8.2 percent growth and a total between $4.33 trillion and $4.4 trillion. In the beginning of 2021, the economy was looking more positive for the retail industry, but there were still pandemic restrictions and limitations on businesses. …
Deerfield, Ill. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield, Illinois-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each. VillageMD says it will find staff members and operate these clinics, and over …