News

Two New Tri-Land Investment Funds Hungry to Acquire Grocery-Anchored Retail Assets in Midwest, Southeast

by Alex Tostado June 11, 2019

In today’s volatile retail real estate climate, there is ample need for redevelopment or value-add acquisitions. Tri-Land, a Chicago-based owner and operator, is one such company known for repositioning underperforming retail centers. Established in 1978, the company is launching two new investment funds beginning in July. The two funds — which combined total $30 million — seek to purchase between four and eight properties over a 30-month period. The strategy of the investment funds will be to acquire properties located in Midwest and Southeast markets, including Chicago, Milwaukee, Minneapolis, Kansas …

June 11, 2019

Company news New York News Retailers

Elliott Management To Acquire Barnes & Noble for $683 Million

by Alex Tostado June 11, 2019

New York City — Elliott Management Corp. has agreed to acquire Barnes & Noble for $683 million, or $6.50 per share. In 2014, Barnes & Noble closed its New York Fifth Avenue store, which was once the world’s largest bookstore. The company operates 627 stores in all 50 states. Elliott, which acquired the U.K.’s largest book retailer, Waterstones, last year, will become the largest bookseller in the U.S. when the acquisition is finalized. The deal is expected to close by the end of September. Barnes & Noble has been exploring …

June 11, 2019

Investment sales News Retailers Washington

Security Properties, Rockwood Capital Buy Legacy at Pratt Park Mixed-Use Property in Seattle

by Alex Tostado June 11, 2019

Seattle — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains.

June 11, 2019

Development New York News Retailers

Cornell Tops Out 72,000-Square-Foot Retail, Office Building in Brooklyn

by Alex Tostado June 11, 2019

New York City — Cornell Realty Management has topped out 200 Kent Avenue, a 72,000-square-foot retail and office building located in the Williamsburg area of Brooklyn. The property spans 50,000 square feet of retail space that will be anchored by a Trader Joe’s, 22,000 square feet of office and restaurant space and 45,000 square feet of parking. Manhattan-based Madison Realty Capital originally provided a $64 million construction loan for the project in November 2017, and Bluestone Group recently provided $8 million in mezzanine debt to finance additional capital expenditures.

June 11, 2019

Development Georgia Grocery-anchored News

Adams & Co. to Break Ground on Publix at Mixed-Use Development in Metro Atlanta

by Alex Tostado June 11, 2019

South Fulton, Ga. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in the city of South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.

June 11, 2019

Colorado Investment sales News Retailers

Pinnacle Real Estate Advisors Arranges $7.2 Million Acquisition of Arvada West Town Center Retail Asset in Colorado

by Alex Tostado June 11, 2019

Arvada, Colo. — Pinnacle Real Estate Advisors has arranged the purchase of The Arvada West Town Center, a retail strip center in Arvada, a suburb 10 miles northwest of Denver. Courtyard on Vine St LLC and William Penn Apartments LLC acquired the asset for $7.2 million to complete a 1031 exchange. The name of the seller was not released. Located at 14455-14715 W. 64th Ave., the property features 40,859 square feet of retail space. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the buyers in the deal.

June 11, 2019

Investment sales New York News Retailers

Wilson Development Group Acquires 195,972-Square-Foot Retail Power Center in Upstate New York

by Alex Tostado June 6, 2019

Liverpool, N.Y. — SRS Real Estate Partners, a Dallas-based retail brokerage firm, has closed the sale of Clay South Center, a 195,972-square-foot power center in Liverpool, located northwest of Syracuse. Shadow-anchored by Target and anchored by Hobby Lobby and Lowe’s, the property was fully leased at the time of sale to other national tenants such as Chipotle and Verizon Wireless. Kyle Stonis, Pierce Mayson and Jonathan Lapat of SRS represented the seller, a partnership between South Clay Development Co. LLC and Clay Route 31 Development Co. LLC, in the transaction. Kyle Fant …

June 6, 2019

California Investment sales Net lease News Retailers

SRS Arranges $12.9 Million Sale of Avery Center Shops in Mission Viejo, California

by Alex Tostado June 6, 2019

Mission Viejo, Calif. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of the retail component with Avery Center in Mission Viejo. Orange County-based Pacific Castle sold the property to an Orange County-based family for $12.9 million. The 16,568-square-foot retail portion includes two fully occupied retail buildings located at 28601-28621 Marguerite Parkway. Built in 1977 and renovated in 2016, the asset’s triple net leased tenants include Jimmy John’s Gourmet Sandwiches, Epic Wings, Broken Yolk Café and Big Grill Mongolian BBQ, as well as four local retailers. Patrick …

June 6, 2019

California Investment sales News Retailers

Capstone Advisors Buys El Camino Square in Encinitas for $12.2 Million

by Alex Tostado June 6, 2019

Encinitas, Calif. — Capstone Advisors has acquired El Camino Square, a retail property located in Encinitas. US Financial LP sold the asset for $12.2 million. Located at 191 N. El Camino Road, the two-level property features 28,037 square feet of retail space. Current tenants include T-Mobile, Salon Bella Bella, Golden State Bagels and Chiltonic. Vic Gausepohl and Kirk Allison of Colliers International San Diego Region represented the buyer, while the seller was self-represented in the deal. Gausepohl and Allison have also been retained to handle leasing for the property.

June 6, 2019

Grocery-anchored Investment sales News Retailers South Carolina

EA Riverside Sells New Grocery-Anchored Shopping Center in Upstate South Carolina for $12 Million

by Alex Tostado June 6, 2019

Greer, S.C. — Marcus & Millichap has arranged the $12 million sale of Riverside Crossing, a 58,358-square-foot, Lowes Foods-anchored shopping center in Greer. Other tenants include Smoothie King, Great Clips, Family Dentistry at Riverside Crossing, CT Nails and Madi Boutique. EA Riverside LLC built the center in 2017 and sold it to JohnCo LP, a private family office. Zach Taylor, Brian Munn and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction.

June 6, 2019

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