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Katie Sloan

West-Colonial-Oaks
FloridaInvestment salesNews

Newport Capital Partners Acquires 160,792-Square-Foot Colonial Oaks Shopping Center in Orlando

by Katie Sloan

Orlando, Fla. — Newport Capital Partners has acquired West Colonial Oaks, a 160,792-square-foot, grocery-anchored shopping center situated on the southwest corner of West Colonial Drive and North Hiawassee Road in Orlando. Newport Capital acquired the property through its Newport Capital Partners Fund III. The property was sourced and acquired off-market from a private investor. Newmark arranged acquisition financing through Ameris Bank. The seller and sales price were not disclosed. West Colonial Oaks is currently 94 percent leased and its largest tenant is national discount retailer Ollie’s Bargain Outlet. The property’s …

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LeasingNew YorkNews

Wegmans to Open 82,000-Square-Foot Grocery Store at 770 Broadway in Manhattan

by Katie Sloan

New York City — Wegmans is set to open an 82,000-square-foot store at 770 Broadway in the Greenwich Village neighborhood of Manhattan. RIPCO Real Estate LLC represented Wegmans in negotiations for the 30-year lease. Vornado Realty Trust owns the 1.2 million-square-foot building, which occupies a full city block. The opening, which will be the first for Wegmans in New York City since the debut of the Brooklyn Navy Yard store in October 2019, is scheduled for the second half of 2023.

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Icon-Central
FloridaInvestment salesNews

Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1 Million

by Katie Sloan

St. Petersburg, Fla. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller. Currently, about 7,000 square feet of the retail space is leased to BurgerFi and Watts Dental, which are open now. Scott Wadler and Alec Fox of Berkadia secured $9.9 …

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Elmhurst-Restaurant
IllinoisInvestment salesNews

Adelphia Arranges Sale of Two Restaurant Properties in Metro Chicago

by Katie Sloan

Elmhurst and Crystal Lake, Ill. — Adelphia Properties has arranged the sale of two restaurant properties in metro Chicago. Dispositions include a 5,000-square-foot restaurant building formerly occupied by Elmhurst Family Restaurant in the Chicago suburb of Elmhurst; and a 4,500-square-foot vacant freestanding building located at 394 W. Virgin St. in Crystal Lake. George Spirrison and Simeon Spirrison of Adelphia Properties represented the sellers in each transaction, both of which were local investors. Terms of the transactions were undisclosed. 

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Windward-Square
GeorgiaInvestment salesNews

Stan Johnson Co. Brokers $3.2 Million Sale of Windward Square Shopping Center in Metro Atlanta

by Katie Sloan

Alpharetta, Ga. — Stan Johnson Co. has brokered the sale of Windward Square, a 11,166-square-foot shopping center located at 5215 Windward Parkway in the northern Atlanta suburb of Alpharetta. Jeff Enck of Stan Johnson Co. represented the 1031 exchange buyers, a group of private investors based in Georgia. Penn Hodge Properties sold the property for more than $3.2 million. Windward Square was fully leased to six tenants at the time of sale, including Verizon Wireless and Eye Level Learning Center. Originally constructed in 2003, the center is shadow-anchored by Costco and has other …

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Investment salesNewsTexas

Baker Katz Arranges Sale of 60,935-Square-Foot Former Star Furniture Retail Building in Houston

by Katie Sloan

Houston — Baker Katz has arranged the sale of a 60,935-square-foot retail building in Houston that was formerly occupied by Star Furniture. The building sits on 2.4 acres at 7111 FM 1960 on the city’s northwest side and includes showroom space. Jason Baker and Ben Brown of Baker Katz represented the seller, Power Squared Group, in the transaction. Brian Ashby of CBRE represented the buyer, Bel Furniture.

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Experiential
FeaturesFrom The Magazine

Experiential Retail Adjusts for a Post-COVID Comeback

by Katie Sloan

Shopping center owners thought the solution to combat online shopping was so crystal clear. Give them experiences. Provide social spaces. Make interaction the focal point. And this worked…for a while.  Entertainment and food and beverage operators soon absorbed the spaces left behind by traditional retailers. Old Sears locations became luxury movie theaters. Vacant in-line spaces could be taken over by Instagrammable pop-up experiences. Mall kiosks that once sold tchotchkes could now be occupied by virtual reality pods. Even mall food courts were redesigned as food halls, a cooler, sleeker older …

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Mulligans-Plaza_St.-Pete-Beach-copy
FloridaInvestment salesNews

Marcus & Millichap Arranges $2.6 Million Sale of Tampa Bay Retail Property

by Katie Sloan

St. Pete Beach, Fla. — Marcus & Millichap has arranged the $2.6 million sale of Mulligan’s Plaza, an 18,750-square-foot retail property located in St. Pete Beach.  Evan Cannan and James Medefind of Marcus & Millichap marketed the property on behalf of the seller, a private investor known as Mulligans Plaza LLC. Cannan and Medefind also represented and secured the undisclosed buyer, a private investor. According to Cannan, the property was closed at full list price and at a 5 percent cap rate.  Mulligan’s Plaza is located at 9524 Blind Pass Road, …

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DevelopmentNevadaNews

Parkview Financial Provides $100 Million Loan for Conversion of Harrah’s Hotel and Casino to Mixed-Use Project in Downtown Reno

by Katie Sloan

Reno, Nev. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million …

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Sprouts_Phoenix
ArizonaCompany newsNews

Sprouts Farmers Market to Open 20 Stores in 2021

by Katie Sloan

Phoenix — Sprouts Farmers Market has announced plans to open 20 stores in 2021. The Arizona-based grocer will open 10 stores in Florida. Future stores are also planned for Georgia, Colorado, California, Texas, Arizona and Nevada.  Stores in Dania Beach, Florida; Grand Prairie, Texas; Phoenix; and Smyrna, Georgia; will offer Sprouts’ updated, smaller-format store layout, which averages 25,000 square feet. One store in Tustin, California, will also be remodeled this year with the new layout. Additionally, the company is set to open two local produce distribution centers this year in …

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