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DevelopmentMarylandMixed-useNewsRetailers

Greenberg Gibbons, Seritage Growth Partner for $150 Million Redevelopment Project at Metro Baltimore Mall

by Alex Tostado

Cockeysville, Md. — Greenberg Gibbons has formed a joint venture with Seritage Growth Properties to redevelop a 13.8-acre parcel at Hunt Valley Towne Center in Cockeysville, Maryland. Greenberg Gibbons owns the property, a mixed-use shopping center situated at 118 Shawan Road, 18 miles north of downtown Baltimore. Initial plans for Phase I of the $150 million redevelopment include renovations to the former two-story Sears building and Sears Auto Center. Michael’s and HomeGoods are open on the first floor, while more retail and entertainment concepts are being targeted for the second …

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Investment salesNewsRetailersSouth Carolina

Marcus & Millichap Arranges $7.1 Million Sale of Shopping Center in Aiken, South Carolina

by Alex Tostado

Aiken, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 and located 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.

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Investment salesNewsRetailersWashington

SRS Arranges $6 Million Sale of Rite Aid-Occupied Asset in Kingston, Washington

by Alex Tostado

Kingston, Wash. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.

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Investment salesNewsRetailersTexas

STRIVE Negotiates Sale of 30,255-Square-Foot Shopping Center in Arlington, Texas

by Alex Tostado

Arlington, Texas — Dallas-based STRIVE has arranged the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. The center is home to tenants such as Walmart Neighborhood Market, Walgreens, Subway, Dollar General and Spec’s Wine. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.

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DevelopmentIllinoisNewsRetailers

Woodmont Co. to Develop 15,000-Square-Foot Retail Center in Grayslake, Illinois

by Alex Tostado

Grayslake, Ill. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, located 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider …

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Investment salesNewsRetailersTexas

REATA, Stonefield Acquire 173,041-Square-Foot Shopping Center in San Antonio

by Alex Tostado

San Antonio — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, The Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. …

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FeaturesNorth CarolinaRetailersSouth Carolina

Grocers leading the charge as retailers are attracted to Carolinas’ job, population growth

by Alex Tostado

From the Charlotte metro area to Raleigh-Durham and back down to Upstate South Carolina and Charleston, North and South Carolina are quickly becoming the top choices for retail developers, owners and consumers, leading retail industry experts say. With new residents moving to the two-state region’s metro areas, grocers are moving in where they can. Raleigh has seen Harris Teeter expand, and Wegmans and Publix enter the market. Costco and Publix are expanding in Charleston. In Upstate South Carolina, Lowes Food and Sprouts Farmers Market are opening their doors to new …

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Investment salesNewsRetailersTexas

Tryperion Partners Sells 136,553-Square-Foot Retail Center in Metro San Antonio

by Alex Tostado

Live Oak, Texas — Tryperion Partners has sold Gateway Plaza, a 136,553-square-foot retail center in Live Oak, 17 miles northeast of downtown San Antonio. The Burlington-anchored property was 98 percent leased at the time of the sale to tenants including Goodwill, Laser Legend, Furniture Now, James Avery Craftsman and Great Clips. Nooner Holdings purchased the asset, which was built in 2008 and sits on 13.7 acres. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF represented the seller in the transaction.

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Investment salesNew YorkNewsRetailers

Cushman & Wakefield Arranges $2 Million Sale of Retail Property in Queens

by Alex Tostado

New York City — Cushman & Wakefield has arranged the $2 million sale of a retail property in Astoria, Queens. Located at 31-79 Steinway St., the 2,250-square-foot property is a single-story retail building with a full basement. The property offers an additional 4,500 square feet of air rights for future development. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the seller, Steinway Sports & Recreation Center Inc., in the transaction. The buyer was ABS Partners Real Estate, a locally based investment firm.

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Company newsNewsRetailers

Parent Company of Kay, Zales, Jared to Close 150 Jewelry Stores

by Alex Tostado

Hamilton, Bermuda — Signet Jewelers (NYSE: SIG), which owns jewelry retailers Kay, Zales and Jared, will close approximately 150 North American stores after the 2019 holiday shopping season, the company said in its latest earnings report. These store closings follow Signet’s previous shuttering of 262 stores, most of them in North America, and are part of a larger downsizing program that will reduce the Bermuda-based retailer’s total store count by 13 percent over a three-year period. According to the earnings report, Signet’s same-store sales declined by 2 percent during the …

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