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Investment salesNewsWashington

Hanley Arranges $2.8 Million Sale of Two-Tenant Property in Metro Seattle

by Hayden Spiess

Everett, Wash. — Hanley Investment Group Real Estate Advisors has arranged the $2.8 million sale of a 3,816-square-foot two-tenant retail property located in Everett, roughly 30 miles north of Seattle. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell, represented the private California-based buyer in the transaction. Built in 1975 and renovated in 2017, the property is occupied by Pacific Dental Services and Coldwell Banker. Micahel Finch of CenturyPacific represented the buyer, a local private investor.

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DevelopmentLeasingNewsTexas

Gulf Coast Commercial Group Signs Leases with Two Tenants at Retail Project Near Houston

by Hayden Spiess

Manvel, Texas — Gulf Coast Commercial Group Inc. has inked leases with two tenants, the first to sign on to the firm’s upcoming retail development in Manvel, roughly 24 miles south of Houston. Comprising 20,700 square feet, construction on the project is scheduled to begin this spring. Next Level Urgent Care will open a 3,000-square-foot location at the property, and dental practice Smile Professionals will lease a 2,500-square-foot space. Danny Miller of Gulf Coast represented the landlord in the lease negotiations. Alexander Frias of Phelps Commercial Realty represented Smile Professionals.

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Cushman
FeaturesIllinoisNews

Cushman & Wakefield: U.S. Retail Vacancy Reaches Record Low in Fourth Quarter

by Hayden Spiess

Chicago — Shopping center vacancy reached a record low during the fourth quarter of 2022, according to a report by Cushman & Wakefield. Vacancy rates declined 20 basis points quarter over quarter to 5.7 percent. Of the 81 markets tracked by the firm, 66 experienced positive net absorption. Chicago saw the highest net absorption with 1 million square feet, followed by 788,000 square feet in Phoenix; 574,000 square feet in Atlanta; 422,000 square feet in Denver; 397,000 square feet in Washington, D.C.; 392,000 square feet in Dallas/Fort Worth; and 353,000 …

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Shops-at-N-Bridge-Weslaco-Texas
DevelopmentLeasingNewsRestaurantsTexas

Texas Roadhouse Signs 7,926-Square-Foot Lease at Retail Center in Southern Texas

by Hayden Spiess

Weslaco, Texas — Texas Roadhouse will open a 7,926-square-foot restaurant as the anchor tenant at the Shops at N Bridge, a retail center currently under development in Weslaco, near the Mexican border. Garansuay Group broke ground on the development in June 2022. Other tenants will include Freddy’s Frozen Custard & Steakburgers, James Avery, Paris Bakery, Jeremiah’s Italian Ice, Juice US, Benjamin Moore Paints, Cita’s Boutique, Allure Nails & Spa and Stefano’s Brooklyn Pizza. Openings are scheduled to begin this summer.

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FinanceNew JerseyNews

Provident Bank Provides $7.5 Million Refinancing for Shopping Center in Atlantic City, New Jersey

by Hayden Spiess

Atlantic City, N.J. — Provident Bank has provided a $7.5 million loan for the refinancing of Renaissance Plaza, a 76,000-square-foot, grocery-anchored shopping center in Atlantic City. Tenants include Family Dollar, CVS/pharmacy and H&R Block. Daniel Fromm led a Newmark team that placed the debt with Provident Bank on behalf of the borrower, New York City-based investment firm Ashkenazy Acquisition Corp. The loan carries a seven-year term and a fixed interest rate.

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Investment salesMinnesotaNews

Atlantic Capital Partners Arranges $64.8 Million Sale of Shopping Center in Metro Minneapolis

by Hayden Spiess

St. Louis Park, Minn. — Atlantic Capital Partners has arranged the sale of The Shops at West End, a 381,804-square-foot shopping center located south of downtown Minneapolis in St. Louis Park. An undisclosed buyer purchased the property for $64.8 million. Duke Realty Corp. developed The Shops at West End in 2009. The center, which was 81 percent leased at the time of sale, features 36 retail tenants as well as office space. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic worked with Kris Schisel and Anthony …

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Investment salesKansasNews

JLL Brokers Sale of 363,076-Square-Foot Retail Center in Metro Kansas City

by Hayden Spiess

Merriam, Kan. — JLL Capital Markets has brokered the sale of Merriam Town Center, a 363,076-square-foot open-air retail center located in Merriam, approximately 10 miles southwest of Kansas City. Built in 1998, the property was 97 percent leased at the time of sale. Tenants include The Home Depot, Dick’s Sporting Goods, Cinemark, Ross Dress for Less and PetSmart. Amy Sands and Michael Nieder of JLL represented the undisclosed seller in the transaction. The R.H. Johnson Co. acquired the property for an undisclosed price.

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ColoradoInvestment salesNews

Armstrong Capital Development Sells 16,600-Square-Foot Parker Keystone Retail Center in Metro Denver

by Hayden Spiess

Parker, Colo. — Armstrong Capital Development (ACD) has completed the sale of Parker Keystone, a 16,600-square-foot retail center located in Parker, roughly 25 miles southeast of Denver. A publicly traded REIT acquired the property for an undisclosed price. Located at the intersection of South Parker Road and Lincoln Avenue, the multi-tenant center was fully leased at the time of sale to tenants including Bank of America, Wingstop, Dunkin’ Donuts and AAA Colorado. ACD completed the transaction on behalf of its ACD 2013 Fund LP. Cory Gross of Marcus & Millichap …

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mmwalmartsale
Investment salesMissouriNet leaseNews

Marcus & Millichap Arranges $2.9 Million Sale of Net-Leased Walmart Property in Southeast Missouri

by Hayden Spiess

Malden, Mo. — Marcus & Millichap has brokered the sale of a 43,770-square-foot retail property occupied by Walmart in Malden, which is part of the Missouri Bootheel in the southeast portion of the state. A limited liability company purchased the net-leased property for $2.9 million in an all-cash transaction. Walmart has five years remaining on its lease. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company and private investor, and secured the buyer in the transaction. David Saverin, Missouri …

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Universal-Frisco
DevelopmentNewsTexas

Universal Parks & Resorts Plans 97-Acre Development in Frisco, Texas

by Hayden Spiess

Frisco, Texas — Universal Parks & Resorts has announced plans to open a new theme park on a 97-acre site in the northern Dallas suburb of Frisco. Universal, a division of Comcast Corp., also plans to develop a hotel at the site, which is located east of the Dallas North Tollway and north of Panther Creek Parkway. The proposed park will be smaller than the entertainment giant’s other resort destinations. In addition, the new venue will be designed to be more engaging for younger audiences and will offer interactive and …

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