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 …
Valencia, Calif. — SRS Real Estate Partners has arranged the $8.5 million sale of Valencia Autoplex, a 20,459-square-foot, fully leased shopping center in Valencia, California. The property is situated at 23506 Valencia Blvd., 35 miles north of downtown Los Angeles. Tenants at the auto-oriented shopping center include Big O Tires and Oil Stop. All tenants are signed to triple-net leases. Pat Kent, Rich Walter and Parker Walter of SRS represented the seller, Newport Beach-based Frye Family Partnership III, in the transaction. Ron Feder of RJ Feder & Associates Inc. represented …
Scottsdale, Ariz. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in north Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari …
Eden Prairie, Minn. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.
Charlotte, N.C. — Ziff Properties has sold Terraces at University Place, a 65,112-square-foot shopping center in Charlotte, North Carolina’s University neighborhood, for $12.2 million. The center was built in 2000 and was 97 percent occupied at the time of the sale by tenants including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King. Tom Kolarczyk of HFF represented the seller in the transaction. LBX Investments acquired the property. Gregg Shapiro and Cory Fowler, also with HFF, arranged a …
