Spring, Texas — Marcus & Millichap has brokered the sale of a 5,677-square-foot single-tenant retail property located in the northern Houston suburb of Spring. IHOP occupies the building, with 15 years remaining on the lease. John Paine of Marcus & Millichap represented the seller, Greenleaf Property Management, in the transaction. Paine also procured the buyer, a California-based 1031 exchange investor.
Morrow, Ga. — ShopOne Centers REIT and Pantheon, with a global institutional investor, have acquired Publix at Mt. Zion, a 79,031-square-foot retail center located in Morrow, roughly 15 miles south of Atlanta. Publix anchors the property, which was 98.9 percent leased at the time of sale. The grocer has operated at the property for more than 30 years. The joint venture owns three additional retail properties in the Atlanta metro, including Sharon Greens in Cumming, Bethesda Walk in Lawrenceville and Kennesaw Walk in Kennesaw.
Venice, Fla. — Benderson Development has acquired a 51.5-acre parcel in Venice, Florida, with plans to develop a ground-up mixed-use project at the site. The property has been dubbed North River Marketplace during preliminary master planning. Benderson also owns the nearby retail properties Jacaranda Plaza and Cocoplum Village Shops.
Meridian, Idaho — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed single-tenant property located in Meridian. Mister Car Wash will occupy the 5,381-square-foot property, which is situated on a one-acre parcel. Bill Asher, Carlos Lopez and Kevin Fryman of Hanley, in association with Jeff Selick of Oakmore Inc. and ParaSell Inc., represented the developer and seller, an affiliate of Cadence Capital Investments. Ralph Riedel of Cushman & Wakefield represented the buyer, a private investor based in Salt Lake City.
Mira Mesa, Calif. — Decron Properties has purchased Mira Mesa Market West Shopping Center in Mira Mesa for $99 million. The Home Depot, Smart & Final and CVS/pharmacy anchor the 238,747-square-foot property, which was built in 2000. Other tenants at the center include Dave’s Hot Chicken, Rubio’s Baja Grill, Starbucks Coffee, Jersey Mikes, Verizon Wireless, PNC and Lazy Dog. The acquisition includes the assumption of existing financing from New York Life Insurance Co. Stockbridge Capital Group was the seller.
Richmond, Calif. — Primestor Development has acquired Hilltop Plaza, a 245,921-square-foot retail center situated on 59 acres in Richmond, roughly 18 miles outside San Francisco. An undisclosed seller sold the property for $36.5 million. Tenants at the center, which was 88 percent occupied at the time of sale, include Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theatres. Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean of JLL represented both the buyer and seller in the transaction.
Escondido, Calif. — Cavalier Investments has sold Citrus Strip Center, a retail property located in Escondido, approximately 35 miles north of San Diego. Eiad and Vera H Family Trust acquired the asset for $6.2 million. The 27,310-square-foot property comprises 16 suites and two kiosks. Tenants at the center include restaurants, professional services users, beauty and fitness retailers and a laundromat. Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.
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Franklin Street: How to Navigate Current Retail Challenges and Future Opportunities
At the ICSC LAS VEGAS 2024 conference, Nelli Day of Retail Insight interviewed Monetha Cobb, chief marketing officer, and Greg Matus, senior vice president of investment sales, of Franklin Street, to discuss the prevailing challenges and future trends in the retail industry. Key Challenges in Retail The primary hurdle in the retail sector is the fluctuating market and rising interest rates, which have significantly slowed down transactions. Investors and developers are finding it tougher to secure deals as banks enforce stricter lending criteria. Despite a slight uptick in activity, …
Fort Myers, Fla. — Cushman & Wakefield has arranged the sale of Market Square, a 118,583-square-foot shopping center located in Fort Myers. An affiliate of Centro Corp., a Florida-based shopping center owner and operator, purchased the property for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction. Built in 1993, Market Square was fully leased at the time of sale to tenants including DSW, Total Wine and More and American Signature Furniture. The …
Clearwater, Fla. — SRS Real Estate Partners has brokered the $3.1 million ground-lease sale of a 5,447-square-foot McDonald’s restaurant in Clearwater. The restaurant was built in 2014 on a 1.4-acre site at 2871 Gulf to Bay Blvd., about 17 miles west of Tampa. Sean Lutz and Dan Elliot of SRS’ Chicago office represented the seller, a private investor based in Florida, in the transaction. The buyer, a New York-based private investor, purchased the land in a 1031 exchange at a closing cap rate of 3.87 percent, which is the lowest …