New York City — News headlines such as “Retail Is Dead” have painted a picture of desolation and destruction for the current state of retail real estate in the United States. However, while e-commerce “is the most discussed, it’s also the most misunderstood,” according to Melina Cordero, global head of retail research for CBRE.
San Antonio — Los Angeles-based RPD Catalyst LLC has sold Pavilions North Shopping Center, a 165,993-square-foot retail property located in San Antonio.
Malden, Mass.— Encore Real Estate Investment Services has arranged the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden.
Indoor malls continue their transformation. Los Angelenos need to only look as far as Manhattan Beach to see this retail trend in action. Traditional indoor mall Manhattan Village is undergoing a $180 million renovation that will not only revamp the current property, but will add a significant outdoor component to take advantage of the Southern California weather and lifestyle. The center is adding new dining options like Urban Plates, reopening known favorites like California Pizza Kitchen, and sprinkling in internet-resistant services like MAC cosmetics and Holly and Hudson Nail Lounge. …
The single-tenant net lease (STNL) market remains strong throughout the Western region, according to Bill Asher, executive vice president of Hanley Investment Group. This product is doing particularly well in newer, high-quality assets in coastal markets. Buyers remain as interested as ever in pad sites and credit tenants with long-term leases, including Starbucks, Chick-fil-A and 7-Eleven, Asher notes. All-cash buyers have also maintained their leg up over borrowers, especially in this rising interest rate environment. Asher has seen the most net-lease activity for assets priced at $7 million or less. …
San Francisco — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco.
Enfield, Conn. — Katz Properties has acquired Freshwater-Stateline Plaza, a 300,588-square-foot shopping center located 20 miles north of Hartford in Enfield.
Zephyr Cove, Nev.— Dickson Commercial Group (DCG) has arranged the sale of Round Hill Square Shopping Center, a retail property located in Zephyr Cove near Lake Tahoe.
Colorado Springs, Colo. — Confluent Development is nearing completion on an 8,265-square-foot, multi-tenant retail center located in Colorado Springs.
Retail Insight sat down with Ashlyn Booth, senior vice president and director of retail properties at JLL, to discuss the leasing efforts at Manhattan Village, which is owned by RREEF Property Trust. The 44-acre, 573,000-square-foot indoor/outdoor mixed-use retail experience in Manhattan Beach, California, is currently undergoing a $180 million redevelopment. It will receive a variety of new tenants in the upcoming year, including Mexican food concept Mercado Manhattan Beach, Holly and Hudson Nail Lounge, Urban Plates, Joey Manhattan Beach and M·A·C (Make-Up Art Cosmetics). Retail Insight: Why was this the right time for Manhattan Village to undergo a renovation and …
