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DevelopmentMixed-useNewsUtah

CenterCal Properties Prepares for Phase II of Mountain View Village Mixed-Use Project in Utah

by Alex Tostado

Riverton, Utah — CenterCal Properties has selected Okland Construction Co. Inc. to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton. The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces. The first phase includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland …

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NewsRetailersWashington DC

Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year

by Alex Tostado

Washington, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, …

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GeorgiaInvestment salesMallsNews

Gwinnett County Acquires Gwinnett Place Mall for $23 Million, Not Including Three Anchors

by Alex Tostado

Duluth, Ga. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, …

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GeorgiaInvestment salesNewsRetailers

Marcus & Millichap Negotiates $3.7 Million Sale of Strip Retail Center in Central Georgia

by Alex Tostado

Warner Robins, Ga. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says …

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CaliforniaCompany newsNew JerseyNewsRetailers

Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores

by Alex Tostado

Union, N.J. and Los Angeles — Bed Bath & Beyond Inc. has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, California. Both companies have agreed to a transition services agreement (TSA) following the close of …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5 Million

by Alex Tostado

Los Angeles — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Jake Sharp Capital acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of …

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Investment salesNet leaseNewsRetailersWashington

Newmark Arranges $16.2 Million Sale of Net-Leased Retail Property in Walla Walla, Washington

by Alex Tostado

Walla Walla, Wash. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

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CaliforniaInvestment salesNewsRetailers

JLL Brokers $10.6 Million Sale of Three Retail Pads at Vista Terrace Marketplace in Vista, California

by Alex Tostado

Vista, Calif. — JLL has arranged the sale of a portion of Vista Terrace Marketplace, a retail property in Vista. Black Lion Investment Group sold the asset to an undisclosed buyer for $10.6 million. The transaction included three retail pads occupied by O’Reilly Auto Parts, Dunkin Donuts, AT&T and Verizon Wireless. Daniel Tyner and Gleb Lvovich of JLL represented the seller in the transaction. Brian Pyke and Connor Stevens of Retail Insite handle the leasing on behalf of the owner. Black Lion still owns two pad site and the anchor …

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Company newsEntertainmentFloridaNews

Drive Shack to Reopen 65,000-Square-Foot Location in Orlando on Friday

by Alex Tostado

Orlando, Fla. — Drive Shack Inc. will reopen its 65,000-square-foot location in Orlando on Friday, Dec. 18. The location closed earlier this spring in accordance with local COVID-19 guidelines. The venue is located at 7285 Corner Drive, 21 miles southeast of downtown Orlando. It is open from 3 p.m. to 11 p.m. Monday through Thursday and from noon to 11 p.m. Friday through Sunday. The location will operate with restrictive and precautionary measures in place, including enhanced cleaning and sanitization protocols, capacity limitations, social distancing measures and certain restrictions on …

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DevelopmentEntertainmentNewsTexas

ShowBiz Cinemas to Open New Concept in Waxahachie, Texas

by Alex Tostado

Waxahachie, Texas — ​ShowBiz Cinemas will open its new Bowling, Movies & More concept in Waxahachie on Dec. 18. The venue features 13 theater auditoriums, 14 bowling lanes, three party rooms and an arcade. The 66,000-square-foot location also sells cafe-style food and has a full bar with 20 beer taps. The Dallas-based operator opened the venue with COVID-19 protocols in place, such as all staff and patrons must wear a mask except for when eating or drinking within the auditorium, all staff members must wear gloves and receive a temperature check before …

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