Wellesley, Mass. — Linear Retail Properties LLC has acquired two buildings totaling 17,900 square feet in downtown Wellesley, a western suburb of Boston. The sale, which included the adjoining 60-space parking lot, closed at a price of $17.6 million. Tenants at the buildings include CVS/pharmacy, Coldwell Banker Residential Brokerage, J.P. Licks and Vision Optics. The seller was a private family trust.
Huntsville, Ala. — Big V Property Group has acquired Westside Centre, a 655,638-square-foot shopping center in Huntsville, Alabama, for $35.9 million. The property was 74 percent leased at the time of the sale to tenants including Big Lots, Stein Mart, Tuesday Morning, PetSmart, Ross Dress for Less, Shoe Carnival and Party City. Super Target shadow anchors the center. Westside Centre is situated at 6275 University Drive NW, adjacent to the 4,000-acre Cummings Research Park and six miles west of downtown Huntsville. The seller was not disclosed.
New York City — Foot Locker will open a 25,000-square-foot store at 605 W. 181st St. in Manhattan’s Washington Heights neighborhood. The locally based athletic footwear retailer will treat this location as a “power store” that offers experiential activities like creating customized sneakers and gaming zones. The store is set to open this fall. New York-based Marx Realty owns the property in which the store will be housed.
Orlando, Fla. — A partnership between Highline Real Estate Capital and M Street Holdings has acquired Century Plaza, a 132,725-square-foot retail center in Orlando, Florida, for $12.3 million. The center was fully leased at the time of the sale to tenants including ALDI, Ross Dress for Less, dd’s DISCOUNTS, Big Lots, Shoe Land, Spectrum, Sprint, GameStop and Amscot. The center was built in 1973, renovated in 2008 and sits on 13.5 acres. Anthony Blanco of TSCG (formerly The Shopping Center Group) represented the seller, a private global institutional investment firm, …
Oregon, Ohio — Reichle Klein Group has negotiated the $1.4 million sale of a Dollar General-occupied property in Oregon, Ohio, a suburb of Toledo. Completed in October 2018, the 9,100-square-foot building is located at 2450 Woodville Road. Christian Zaciewski of Reichle Klein represented the seller, Linden Avenue LLC. Net Realty Advisors represented the buyer, California-based Frank Living Trust.
Chicago — Retailers have begun opening at Addison & Clark, a mixed-use project located across the street from Chicago’s Wrigley Field. The lineup includes a 10,000-square-foot Harley Davidson showroom; a 30,000-square-foot Lucky Strike Social, a combination bowling alley, arcade and event venue; the city’s first Beerhead Bar and Eatery; Shake Shack; and Do-Rite Donuts and Chicken. Tenants yet to open include Cargo Food Authority, Cinemex CMX Cinemas, Kilwins and a 32,000-square-foot health club. A joint venture between M&R Development and Bucksbaum Retail Properties is developing the transit-oriented project.
Wesley Chapel, Fla. — Hutton has opened Cypress Creek Town Shopping Center, a 190,000-square-foot shopping center located in Wesley Chapel, Florida, 20 miles north of downtown Tampa. Earth Fare anchors the center, with other tenants including Burlington, Hobby Lobby, Five Below, Dollar Tree and HomeGoods. Remaining tenants are scheduled to open in late spring. Hutton has completed three previous developments at Cypress Creek Town Center, including a 26,000-square-foot, multi-tenant development home to retailers such as Mellow Mushroom and Men’s Warehouse; an adjacent 8,000-square-foot Chuy’s; and a 16,000-square-foot multi-tenant building that …
Fort Worth, Texas — SHOP Cos. has arranged the sale of Woodmont Plaza North, a 42,004-square-foot retail center in Fort Worth, Texas. The property was approximately 95 percent leased at the time of sale to tenants such as Schlotzsky’s Deli, Supercuts, H&R Block, Little Caesar’s Pizza and Boost Mobile. Tim Axilrod, Tommy Tucker and Cameron Burk of SHOP Cos. represented the seller, California-based Black Lion Investment Group, in the transaction. The trio also procured the buyer, a Texas-based limited liability company.
At a time when the topography of the retail landscape looks very different than it did just a few short years ago, one of the most striking changes is the large number of medium and large boxes now standing empty. Every few months seems to herald the announcement of another major brand consolidating or announcing bankruptcy or significant closures. The shockwaves from the Toys ‘R’ Us shutdown are still reverberating across the industry, further highlighting the need for brokers, owners, investors and landlords to find new and creative ways to …
Memphis, Tenn. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis, Tennessee-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking …
