Syracuse, N.Y. — Colliers International has arranged the $7.9 million sale of a 36,360-square-foot grocery store in Syracuse. Located at 1625 Erie Blvd., the single-tenant property was fully leased to New Jersey-based grocer PriceRite at the time of sale. El Warner of Colliers represented the seller, Syracuse Grocery ST LLC, in the transaction. Warner also represented the buyer, Agree Stores LLC.
San Diego — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.
Phoenix — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering the service was not disclosed. The Phoenix-based grocer recently expanded this …
Davenport, Fla. — Tailwinds Development LLC will develop a Publix-anchored shopping center within Champions Crossing in Davenport. The grocery store is slated to open in summer 2021. The new Publix will be located at 1200 Champions Drive, 30 miles southwest of downtown Orlando. Ali Mushtaq of SVN Florida represented the property owner, Savi Tri-County LLC, in the lease negotiations. According to Mushtaq, there is 7,121 square feet available for in-line leasing and 5,415 square feet available at an outparcel at the shopping center development. Champions Crossing is a master-planned development, …
Boulder, Colo. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.
Clawson, Mich. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap …
Woodland Hills, Calif. — NewMark Merrill Cos. has launched Waves of Kindness, a program to aid communities during the COVID-19 crisis. NewMark Merrill began the program earlier this month, working with its grocery partners to give over $14,000 in groceries to more than 380 families. Customers were given $50 vouchers as they checked out. “While the retail industry is experiencing its challenges, it is our communities that need our help and support first and foremost during this crisis,” said Sandy Sigal, NewMark Merrill Chief Executive Officer. “We will continue to implement …
On May 7, Texas Real Estate Business and Shopping Center Business magazines hosted “Texas Retail Reboot,” a webinar taking an in-depth look at what the Texas retail real estate community needs as the state reopens after statewide shutdowns due to COVID-19. The coronavirus pandemic isn’t over, but Texas retail is adjusting to a new normal, including figuring out what retail will look like going forward. What will the future of Texas retail look like post-coronavirus? Find out what industry experts have to say about these topics and more: How will Texas retailers …
Wallington, N.J. — Northmarq has arranged a $16.5 million loan for the refinancing of Wallington Plaza, a 94,297-square-foot shopping center in Wallington, a northwestern suburb of New York City. A local bank provided the permanent loan, which carries a floating interest rate, a seven-year term and a 30-year amortization schedule. A ShopRite grocery store anchors the property, which is located at 375 Paterson Ave. Other tenants include a pet supplies store and a liquor store. Robert Ranieri of NorthMarq arranged the loan.
Calexico, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Florida-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, …