Retailers

LeasingNew YorkNewsRetailers

Feil Organization Completes Leasing of 447,000-Square-Foot Building in Manhattan

by Alex Tostado

New York City — The Feil Organization has completed the leasing of 488 Madison Ave., a 23-story, 447,000-square-foot building in New York City. The Feil Organization signed Mephisto Shoes to a 1,854-square-foot lease and Mighty Bowl to an 800-square-foot lease. Both are expected to open this fall. The building was originally delivered in 1948 and was formally known as the “Look Building,” for the defunct magazine. The Feil Organization completed a renovation of the building in 2016 and has since signed tenants including Indochino, Bonobos Guideshops, UNTUCKit, City Hats and …

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CaliforniaDevelopmentNewsRetailers

Midwood Investment to Develop 94,000-Square-Foot Retail Property in Los Angeles’ Studio City

by Alex Tostado

Los Angeles — Midwood Investment & Development plans to build The Shops at Sportmen’s Lodge at the intersection of Coldwater Canyon Avenue and Ventura Boulevard in the Studio City neighborhood of Los Angeles. Designed by Gensler, the new ground-up development will feature 94,000 square feet of retail space and communal outdoor space designed OLIN Studio, as well as more than 450 parking spaces. Groundbreaking will commence in August, with an estimated opening slated for fall 2020. Midwood is co-developing the project with Richard Weintraub, who originally introduced this retail concept …

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LeasingMarylandNewsRetailers

Nellis Signs Five New Retailers to Metro D.C.’s Capital Plaza

by Alex Tostado

Landover Hills, Md. — Nellis Corp. has signed five new retail tenants to Capital Plaza Shopping Center in Landover Hills, Maryland. The five retailers include Starbucks Coffee, AT&T, Tropical Smoothie Café, Quickway Hibachi and Inspire Nail Bar & Spa. The tenants will join Walmart, McDonald’s and an under-construction Royal Farms. Capital Plaza is situated at 6200 Annapolis Road, eight miles east of downtown Washington, D.C. The center offers 180,000 square feet of developed retail space. The site is under redevelopment, and Nellis Corp. expects the first of three pad sites …

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ArizonaInvestment salesNewsRetailers

Cushman & Wakefield Negotiates $6.9 Million Sale of Two Walgreens-Occupied Assets in Metro Phoenix

by Alex Tostado

Phoenix and Surprise, Ariz. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colorado. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, California-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 …

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IllinoisInvestment salesNewsRetailers

Kimco Sells 22nd Street Plaza for $21 Million

by Alex Tostado

Oakbrook Terrace, Ill. — Kimco Realty Corp. has sold a 176,164-square-foot retail property in Oakbrook Terrace for $21 million. Known as 22nd Street Plaza, the shopping center is fully leased to retailers such as Home Depot, Party City and Big Lots. Restaurants Twin Peaks and Naf Naf Grill are located on the site as well. The property includes 850 parking spaces. George Good and Christian Williams of CBRE represented Kimco in the sale. A California-based private investor purchased the asset.

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Investment salesNew JerseyNewsRetailers

Marcus & Millichap Arranges $3 Million Sale of Retail Center in Hamilton, New Jersey

by Alex Tostado

Hamilton, N.J. — Marcus & Millichap has arranged the $3 million sale of Olden Plaza, an 11,500-square-foot retail center in Hamilton, located east of Trenton. The property was fully leased at the time of sale to seven tenants, six of which have occupied their spaces for more than 10 years. Michael Lombardi, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller, a private investor, in the transaction, which drew 10 offers and closed at full asking price. The buyer was not disclosed.

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Company newsNew JerseyNewsRetailers

Women’s Apparel Chain Dressbarn to Close All 650 Stores

by Alex Tostado

Mahwah, N.J. — Dressbarn, a women’s apparel retailer, plans to eventually close all 650 of its stores nationwide. The New Jersey-based company is winding down its retail operations and plans to assist its 6,800 associates with transition support as individual stores close. “For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers,” says Steven Taylor, Dressbarn’s chief financial officer. “This decision was difficult, but necessary, as the Dressbarn chain has not been …

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AlabamaInvestment salesNewsRetailers

Joint Venture Sells Shopping Center in Alabama for $27 Million

by Alex Tostado

Huntsville, Ala. — A joint venture between MGold Properties and Mishorim Real Estate Investments has sold University Place, a 169,585-square-foot retail center in Huntsville, for $27 million. University Place was fully leased at the time of the sale to tenants including Cheddar’s Scratch Kitchen, Armed Forces Career Center, Zaxby’s, Panda Express, Red Wing Shoes, Republic Finance, T-Mobile and Subway. The property sits on 17.2 acres at 6125 University Drive along U.S. Highway 72, about six miles west of downtown Huntsville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group …

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Investment salesNewsPennsylvaniaRetailers

JLL Negotiates Sale of 55,000-Square-Foot Retail Building Leased to Whole Foods in Exton, Pennsylvania

by Alex Tostado

Exton, Pa. — JLL has negotiated the sale of a 55,000-square-foot retail property leased to Whole Foods Market in Exton, 50 miles west of Philadelphia. The freestanding building is located at the entrance of the Exton Square Mall near two major thoroughfares, State Route 100 and U.S. Route 30. Austin-based Whole Foods signed a 20-year lease at the property and opened its doors in January 2018. The grocery store also includes a 4,000-square-foot rooftop deck with fire pits for dining. Jim Galbally, Bill Moylan and Colin Behr of JLL handled …

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Investment salesNewsRetailersTexas

Marcus & Millichap Arranges Sale of 4,885-Square-Foot Retail Property in Austin Leased to QuikTrip

by Alex Tostado

Austin, Texas — Marcus & Millichap has arranged the sale of a 4,885-square-foot commercial property net-leased to QuikTrip in Austin. Anthony Pucciarello and Vincent Knipp of Marcus & Millichap had the exclusive listing to market the property on a sale-leaseback basis. Derrick Dougherty, also with Marcus & Millichap, represented the buyer, which acquired the property via a 1031 exchange.

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