Cleveland, Ohio — The Cooper Commercial Investment Group has arranged the $3 million sale of a fully occupied retail center in suburban Cleveland. Further details on the property were undisclosed. Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, in the disposition of the property to an undisclosed private investment group based in the Midwest.
The changes in the real estate world due to developments in technology and the COVID-19 pandemic are enormous. The retail shopping center of today would be unrecognizable a decade ago. But we live in a world of change, and so we must adapt. Landlords are inventing creative ways to rebrand, repurpose and reinvigorate shopping centers and strip malls in this new world of retail. The typical shopping center once consisted of several anchor tenants — national department stores, clothing chains, and supercenters — supported by smaller retail stores. You would …
New York City — Macy’s has announced a partnership with WHP Global to open Toys “R” Us in-store shops within all of its locations across the U.S. Toys “R” Us stores will range from 1,000 to 10,000 square feet and are set to open from late July through October 15. Each location will feature colorful fixtures, demonstration tables for customers to interact with toys, and a “Geoffrey on a Bench” photo opportunity for families. The in-store shops may also grow by an additional 500 to 3,000 square feet during the …
It’s a challenging world right now. Inflation, rising interest rates, persistent supply chain lags and labor shortages are affecting the retail and industry. That’s to say nothing of the always changing retail environment. But there are also got consumers who are ready to put COVID behind them. Who are looking for a reason to venture out, be entertained and spend some money (though maybe not as much money, thanks to inflation). You also have shopping center owners who are quite eager to give these consumers what they want. While architects …
Bolingbrook, Ill. — First National Realty Partners has acquired Maple Park Place, a 212,000-square-foot retail center located roughly 33 miles west of downtown Chicago in Bolingbrook. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller in the transaction. The property is anchored by a 23,000-square-foot Aldi grocery store, as well as a 44,000-square-foot Burlington and a 32,000-square-foot Best Buy. Additional tenants at the time of sale included Advanced Auto Parts, Dollar Tree, Meineke, Benjamin Moore and X-Sport Fitness.
New York City — Marx Realty is set to break ground on a 6,000-square-foot Chick-fil-A restaurant in the New York City borough of Brooklyn. The location will be developed on a site formerly home to a three-story office building at 157 Flatbush Ave. in the borough’s Midwood neighborhood. Chick-fil-A will occupy the property under a 20-year lease upon completion. The restaurant will be Chick-fil-A’s first ground-up, stand-alone location in New York City. Henry Henderson and Michael Friedman of Inline Realty represented Marx Realty and Jeremy Ezra of Newmark represented Chick-fil-A …
Humble, Texas — JLL has arranged the sale of Humblewood Shopping Center, a 163,897-square-foot power center located in the Houston-area community of Humble. Chris Gerard, Ryan West and Erin Lazarus of JLL represented the seller, Forge Capital Partners, in the disposition of the property to JBL Asset Management for an undisclosed price. Conn’s and Petco anchor the center, which was home to tenants including Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD and Ace Cash Express at …
Greeley, Colo. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Centerplace of Greeley. The 152,000-square-foot shopping center is located in the Northern Colorado community of Greeley. Safeway anchors the property, which was occupied by Ross Dress for Less, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s and Heartland Dental at the time of sale. Ryan Bowlby and Drew Isaac of IPA represented the seller, InvenTrust Properties, and procured the buyer, Slate Grocery REIT, …
Metairie, La. — The Richards family has begun construction of The Commons of Clearview City Center, a new 10,476-square-foot retail project in the New Orleans suburb of Metairie. The property will be situated within the 100-acre Clearview City Center, which is a redevelopment of the former Clearview Mall. Set to come on line in March 2023, The Commons will house a 4,000-square-foot restaurant occupied by brunch eatery Ruby Slipper, as well as other concepts that have not yet been announced. The project includes the demolition of the existing structure at 4236 …
Greenville, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Michigan. “We procured the equity for the developer to get the property out of the ground …