New York City — Cushman & Wakefield has arranged the $3.2 million sale of an 8,874-square-foot retail property located at 2542-2550 Boston Road in The Bronx. The sales price for the two-building property equates to $361 per square foot. Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp., in the transaction. The undisclosed buyer will have the option to expand the property to add more shop space.
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Faris Lee: Retail is ‘Running on All Cylinders’ As the Fed Holds Rates Steady
It’s been a rollercoaster ride for retail, but Rick Chichester, president and CEO of Faris Lee, believes it’s smooth sailing ahead through at least the remainder of 2019, if not longer. This sense of security is largely due to the Fed’s decision to hold interest rates steady after the market reacted negatively to the four increases in 2018. This clarity has also brought renewed optimism and elevated consumer confidence to the market, something Chichester wouldn’t have predicted as little as five months ago. All of this information has given …
San Francisco — A joint venture led by Sansome Pacific, a real estate investment firm based in San Francisco, has acquired 11 locations of outdoor sports retailer Cabela’s for $324.3 million. The transaction was structured as a sale-leaseback with the seller, Bass Pro Shops, which owns the Cabela’s brand. Much like Bass Pro Shops, Cabela’s is known for its sprawling retail campuses. The 11-property portfolio spans 1.6 million square feet on 227 acres of land. Bass Pro Shops is based in Springfield, Missouri, while Cabela’s is based in Sidney, Nebraska. …
Newton, Mass. And Dallas — Hospitality Properties Trust (NASDAQ: HPT) has purchased a portfolio of net-leased retail assets from Spirit MTA REIT for $2.4 billion. The portfolio consists of 774 service-oriented retail properties in 43 states that are occupied by tenants including AMC Theatres, Academy Sports + Outdoors and CarMax. The portfolio was 98 percent occupied as of March 31 and has a weighted average remaining lease term of 8.6 years. The portfolio includes all of SMTA’s owned properties held in its “Master Trust 2014” segment and excludes approximately 100 …
Bowie, Md. — New Market Properties LLC has acquired Free State Shopping Center, a 264,000-square-foot retail center in Bowie, for $72 million. The Giant Food-anchored center is situated 19 miles east of downtown Washington, D.C. Tenants include Ross Dress for Less, Tuesday Morning, Starbucks Coffee, T.J. Maxx, Office Depot and Sakura Japanese Steakhouse. Federal Investment Realty Trust sold the property.
Phoenix — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of El Super Shopping Center, a retail property located at 2211 W. Camelback Road in Phoenix. Phoenix-based De Rito Partners and Van Tuyl Group sold the property to a West Coast-based private investor for $13.8 million. Built in 2017 and situated on 6.4 acres, the asset features 59,400 square feet of retail space. At the time of sale, the property was fully occupied by 11 tenants, including El Super and Subway. Patrick Luther and Ed Beeh of …
Rego Park, N.Y. — Marcus & Millichap has arranged the $13 million sale of a 9,000-square-foot retail building located along Queens Boulevard in Rego Park. The building houses four tenants: Chic’s Place, Paris Baguette, Dunkin’ Donuts, Rouge Nail. Michael Kook of Marcus & Millichap represented the seller and the buyer, both of which requested anonymity, in the transaction.
Diversification is a solid investment strategy in any market — and is perhaps more important than ever in today’s market. At least when it comes to the physical retail environment. Simon Hartzell, director of new offices for NAI Global, knows this to be true, which is why he has internalized this strategy. NAI Global maintains a macro presence but is focused on the micro-economies. The company is looking to grow its presence in often-overlooked secondary and tertiary markets where brokers and clients can maintain a competitive advantage. Hartzell also sees …
Terre Haute, Ind. — Newmark Knight Frank (NKF) has brokered the sale of Honey Creek Mall in Terre Haute for an undisclosed price. JC Penney and Vendor’s Village anchor the 676,322-square-foot regional mall. Additional retailers include American Eagle, Bath & Body Works, Hollister, Shoe Dept. Encore and Ulta Beauty. Located near Interstate 70, the property is the only enclosed regional mall within a 50-mile radius. Thomas Dobrowski of NKF represented the seller, CBL Properties. The property sold for $14.6 million to Out of the Box Ventures, according to the Tribune-Star newspaper.
Westminster, Calif. — Marcus & Millichap has brokered the sale of Westminster Golden Center, a shopping center located at the southwest corner of Westminster Boulevard and Swan Avenue in Westminster. A private investor acquired the property from another private investor for $7 million. Situated on 1.5 acres in the Little Saigon submarket, the shopping center consists of three buildings offering a total of 16,480 square feet of space spread across 11 retail suites. Michael Matter and Aveesh Singroha of Marcus & Millichap’s South Bay office represented the seller and buyer …