Germantown, Tenn. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity …
Retailers
Lihue, Hawaii — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace on Kauai’s Lihue. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart. JLL represented Kukui Grove Center in the lease negotiation.
New York City — The Home Depot Inc. will open a 120,000-square-foot store at 410 E. 61st St. on Manhattan’s Upper East Side, a deal that represents the largest retail lease executed in the borough in the last several years. The company signed a 20-year lease for a four-story space that is currently occupied by Bed Bath & Beyond, which will vacate the space when its lease expires in 2021. Home Depot will relocate its store at 732 Lexington Avenue to the new space some time over the next few …
Westbury, N.Y. — Austin-based Whole Foods Market will open a 57,000-square-foot grocery store at 867 E. Gate Blvd. in the Long Island city of Westbury on Thursday, Nov. 5. The new store will offer a coffee bar with cold brew and iced tea on tap, as well as juice bar with smoothies, a full-service butcher, in-house bakery, prepared foods section and a selection of more than 350 beers. The store will also offer curbside pickup and two-hour delivery for Amazon Prime members in select cities and towns.
Meijer to Open 42,000-Square-Foot Rivertown Market in Detroit’s East Jefferson Corridor
Detroit — Meijer, the City of Detroit and RDG Rivertown Market LLC have unveiled plans for a new ground-up grocery development located at 1475 E. Jefferson Ave. within the city’s East Jefferson Corridor. Meijer will operate the 42,000-square-foot store, dubbed Rivertown Market. The project marks the fourth small-format store for Meijer. Other locations are in Grand Rapids, Royal Oak and Lansing. Rivertown Market will offer fresh food and artisan groceries as well as Meijer- and national-branded products. The Detroit location will create approximately 60 jobs. Rockford Construction is the general …
Marcus & Millichap Negotiates $11.7 Million Sale of Shopping Center in Ruston, Louisiana
Ruston, La. — Marcus & Millichap has negotiated the $11.7 million sale of Ruston Marketplace, a 94,000-square-foot retail center in Ruston. The property was leased to eight tenants at the time of sale, including Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. The seller, Hutton, delivered the asset in June 2019. The property is located at 1208 Woodward Ave., two miles north of downtown Ruston and adjacent to Interstate 20. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction. …
Stamford, Conn. — Newmark has negotiated the sale of the 760,000-square-foot Stamford Town Center, an urban mall in the city’s downtown area that was built in 1982 and houses approximately 100 tenants. According to the Stamford Advocate, the sales price was $20.1 million. The sale includes an additional 10 acres and a 3,500-space parking garage. Christian Bangert of Newmark represented the buyer, Yaraghi Realty, a division of family-owned furniture provider Safavieh, in the transaction. Christopher Hoffmann and Steven Livaditis of Eastdil Secured represented the seller, Taubman Centers. Anchor tenants at Stamford …
Buchanan Street Funds $25 Million Construction Loan for Whittier Retail Center in California
Whittier, Calif. — Buchanan Mortgage Holdings has provided a $25 million construction loan for the development of Whittier Retail Center, a family-oriented shopping center at the entrance of The Groves residential community in Whittier. The 16-acre retail site will feature a Stater Bros. Markets, In-N-Out Burger, Raising Cane’s Chicken Fingers, Chipotle Mexican Grill, EOS Fitness and a public food market.
Apex Entertainment to Open 84,000-Square-Foot Location at Former Dick’s Sporting Goods Within Town Center of Virginia Beach
Virginia Beach, Va. — Apex Entertainment will open an 84,000-square-foot location at the former site of a Dick’s Sporting Goods within Town Center of Virginia Beach. The asset will be situated at 4631 Columbus St., equidistant between downtown Norfolk and Virginia Beach. The property will feature a variety of activities including indoor go karting, bowling, laser tag, escape rooms, ropes courses, arcade, sports simulators, ax throwing, mini golf, bumper cars, virtual reality and event meeting space. The location will also offer a full-service kitchen. Marlborough, Mass.-based Apex expects to open …
JLL Arranges $15.7 Million in Acquisition Financing for Retail Center in Libertyville, Illinois
Libertyville, Ill. — JLL Capital Markets has arranged $15.7 million in post-acquisition financing for Red Top Plaza, a 147,840-square-foot retail center anchored by Jewel-Osco in the suburban Chicago town of Libertyville. The property is also home to a mix of service, essential, restaurant and medical tenants. Christopher Drew, Brian Gaswirth, Christopher Knight and Michael DiCosimo of JLL worked on behalf of the borrower, Florida-based Sterling Organization. An undisclosed insurance company provided the 10-year, fixed-rate loan.