Plymouth, Wis. — SRS Real Estate Partners has arranged the $5 million sale of a single-tenant property occupied by Walgreens in Plymouth, near Sheboygan. The 14,490-square-foot freestanding building is located at 2455 Eastern Ave. Built in 2004, the property is situated on 1.5 acres. Walgreens has 11 years remaining on its lease term. Dan Elliot and Sean Lutz of SRS represented the seller, Torrington Development Inc. MEI Realty purchased the building.
Retail vacancies are not a good thing — unless you’re in the middle of a retail renaissance with a number of forward-thinking tenants ready to take that space. So says Scott Holmes, national director of retail for Marcus & Millichap, who sees opportunities in these empty spaces today. First, there are the familiar tenants that are expanding. These include junior anchors like TJ Maxx, Ross and Burlington. Then, there are the newly emerging tenants, including the previously online-only concepts that are expanding into brick-and-mortar. Holmes has tracked 850 digitally native …
Homestead, Fla. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of the sale to tenants including Ross Dress for Less, TJ Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera …
Lancaster, Pa. — HFF has negotiated the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, located between Philadelphia and Harrisburg. Regional grocer Weis serves as the anchor tenant alongside Talbots, Jos. A. Bank, M&T, Domino’s Pizza and Great Clips. Built on 10.6 acres, the property is located along the Manheim Pike, a retail corridor with a daily traffic count of approximately 46,000 vehicles. Chris Munley and Carl Fiebig of HFF represented the seller, Boston-based Beacon Communities, in the transaction. The buyer was Pennsylvania-based Goodman Properties. The sales …
Milwaukee and Madison, Wis. — Cushman & Wakefield | Boerke has arranged the sale of a building formerly occupied by Babies ‘R’ Us in Madison and a building formerly occupied by Toys ‘R’ Us in Milwaukee. The 45,451-square-foot Babies ‘R’ Us sold for $3.2 million. The 38,000-square-foot Toys ‘R’ Us sold for $2.6 million. John Kuhn, Nathan Powers and David Tighe of Cushman & Wakefield | Boerke represented the sellers.
Plover, Wis. — KW Commercial has negotiated the $3.5 million sale of Village Park at Plover, a 44,911-square-foot retail center in Plover, near Stevens Point in the center of the state. The property, located at 3012 Village Park Drive, is home to a variety of retail, restaurant and office tenants. Matthew Klein of KW represented the buyer, Amsden LLC. Jeff Rowlett of Marcus & Millichap represented the undisclosed seller.
Jimmy Slusher, vice president of National Retail Partners – West at CBRE, acknowledges transaction volume is down compared to previous quarters, but this is not a trend he expects will continue. Slusher witnessed a barrage of activity at ICSC RECon, which supports his prediction that transaction volume will escalate in the second half of 2019. That’s because many investors are eager to deploy capital if they can find good-quality, grocery-anchored shopping centers, which are in demand at the moment. This level of interest has caused cap rates to continue to …
Phoenix and Surprise, Ariz. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colorado. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, California-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 …
Oakbrook Terrace, Ill. — Kimco Realty Corp. has sold a 176,164-square-foot retail property in Oakbrook Terrace for $21 million. Known as 22nd Street Plaza, the shopping center is fully leased to retailers such as Home Depot, Party City and Big Lots. Restaurants Twin Peaks and Naf Naf Grill are located on the site as well. The property includes 850 parking spaces. George Good and Christian Williams of CBRE represented Kimco in the sale. A California-based private investor purchased the asset.
Hamilton, N.J. — Marcus & Millichap has arranged the $3 million sale of Olden Plaza, an 11,500-square-foot retail center in Hamilton, located east of Trenton. The property was fully leased at the time of sale to seven tenants, six of which have occupied their spaces for more than 10 years. Michael Lombardi, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller, a private investor, in the transaction, which drew 10 offers and closed at full asking price. The buyer was not disclosed.
