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Evergreen Devco Breaks Ground on 172,000-Square-Foot Shopping Center in Metro Phoenix

by Alex Tostado

Gilbert, Ariz. — Evergreen Devco has commenced construction for The Post at Cooley Station, a grocery-anchored shopping center located at the southeast corner of Recker and Williams Field roads in Gilbert. Situated on 23 acres, the retail center will feature 23,000 square feet of multi-tenant shop space in three buildings. Anchored by Fry’s Marketplace, the project will also include AutoZone, Taco Bell and Burger King. Currently, the center is 65 percent preleased, with one junior-anchor pad available. Butler Design Group, Optimus Civil Design Group, Kraemer Engineers and Laskin & Associates …

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FloridaGrocery-anchoredInvestment salesNewsRetailersVirginia

Branch Properties Buys Two Grocery-Anchored Shopping Centers in Florida, Virginia for $47 Million

by Alex Tostado

Punta Gorda, Fla. and Williamsburg, Va. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

NKF Arranges Sale of 112,092-Square-Foot Shopping Center in Northern California

by Alex Tostado

Vacaville, Calif. — Newmark Knight Frank (NKF) has arranged the sale of Creekside Center, a 112,092-square-foot shopping center in Vacaville. Raley’s Supermarket anchors the center, which was fully leased at the time of sale. Creekside Center is located at 3079 Alamo Drive, three miles southeast of downtown Vacaville and 35 miles southwest of downtown Sacramento. Nicholas Bicardo and Brandon Rogoff of NKF represented the seller, Weingarten Realty Investors, in the transaction. The buyer and sales price were not disclosed.

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Investment salesMissouriNewsRetailers

Hanley Investment Group Negotiates $3.9 Million Sale of Michaels-Occupied Property in Kansas City

by Alex Tostado

Kansas City, Mo. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Michaels in Kansas City for $3.9 million. The 22,810-square-foot building is situated on 1.9 acres at 8551 Prairie View Blvd. Renovated in 2012, the property serves as a pad site to Zona Rosa, a 1 million-square-foot retail center. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Steve Maynard of Maynard Group represented the buyer, a private partnership from Southern California and Missouri.

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FeaturesRetailersSCBlog

CCIM: ‘Culprit’ for Retail Bankruptcies Is Being Overleveraged, Over-Retailed

by Alex Tostado

Over the weekend, fast fashion retailer Forever 21 was the latest to file for bankruptcy protection. The low-price, teen-focused apparel retailer plans to close 350 stores worldwide, including up to 178 in the Unites States, according to The Wall Street Journal. Overleverage and retailers being “over-retailed” — not changes in consumer spending — are to blame for retail bankruptcies, according to K.C. Conway, CCIM Institute chief economist. Conway, in partnership with the Alabama Center for Real Estate at the University of Alabama, recently released a report that debunks retail myths and makes predictions …

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CaliforniaCompany newsNewsRetailers

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Alex Tostado

Los Angeles — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

JLL Negotiates $25.7 Million Sale of Publix-Anchored Shopping Center Near Pensacola

by Alex Tostado

Pace, Fla. — JLL has negotiated the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot retail center in Pace. The Publix-anchored property was 96 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. Target and The Home Depot shadow-anchor the center. Stirling Properties acquired the asset, which is located 10 miles north of downtown Pensacola. Brad Peterson, Whitaker Leonhardt, Michael Brewster, Ryan Stoffer and Coler Yoakam of JLL represented the undisclosed …

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CaliforniaInvestment salesNewsRetailers

Space Investment Partners Buys Westport Plaza & Square in Costa Mesa for $18.4 Million

by Alex Tostado

Costa Mesa, Calif. — Space Investment Partners has acquired Westport Plaza & Square, a leasehold retail center located at 369 E. 17th St. in Costa Mesa. Newport Beach, California-based Wohl Investment Co. sold the asset for $18.4 million. Built in 1975 and renovated in 2002 and 2018, the property features 39,000 square feet of retail space. At the time of sale, the property was 100 percent leased to a collection of eateries, restaurants and high-end clothing and furnishing boutiques. Current tenants include Etoile on 17th, Plums Café and Catering, Common …

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IllinoisInvestment salesNewsRetailers

NewMark Merrill Acquires Shopping Center in Chicago for $17.3 Million

by Alex Tostado

Chicago — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Reliable Properties Acquires 28,131-Square-Foot Retail Asset in California’s Inland Empire

by Alex Tostado

Ontario, Calif. — Los Angeles-based Reliable Properties has purchased a retail property located in Ontario. Terms of the transaction were not released. Cardenas Market, an Ontario-based grocery chain, occupies the single-tenant asset. Located at the intersection of Holt Boulevard and Campus Avenue, the property features 28,131 square feet of retail space.

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