Springfield, Mass. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services Inc.
Pittsburgh — The vitamin and health supplement niche of the brick-and-mortar retail market continues to experience intense competitive pressure, observes veteran retail consultant Jeff Green. So it came as no surprise to Green when GNC Holdings Inc. (NYSE: GNC) officials revealed in a second-quarter earnings call earlier this week that it will shutter up to 900 stores in North America by the end of 2020. “It used to be that specialty health supplements were only found in specialty stores such as GNC, Vitamin Shoppe and other regional chains,” says Green, …
San Francisco Planning Commission Approves 2.3 Million-Square-Foot Flower Mart Redevelopment Project
San Francisco — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes …
Milford, N.H. — JLL has negotiated the sale of Lordens Plaza, a 148,102-square-foot shopping center in Milford, which is located near Nashua just inside New Hampshire’s southern border. Shaw’s Supermarket anchors the property, which is located at the intersection of State Routes 101 and 101A. Other tenants include Rite Aid and Fresenius Medical Care. Nat Heald and Chris Angelone led the JLL team on behalf of the seller, LNR. Seattle-based Bridge33 Capital was the buyer.
Dallas — Sperry Commercial has brokered the sale of Stemmons Center, a 42,594-square-foot shopping center located at 2629 N. Stemmons Freeway in Dallas. According to LoopNet Inc., the property was built on 4.4 acres in 1979. Calvin Wong and Daniel Eng of Sperry Commercial represented the buyer and the seller, both of which requested anonymity, in the transaction.
Austin, Texas — MIMCO, an El Paso-based retail investment firm, has acquired Four Corners Shopping Center, a 32,000-square-foot retail center located at the intersection of South Congress Street and William Cannon Drive in Austin. Tenants include Austin Regional Clinic, Popeye’s Louisiana Kitchen and Schlotzsky’s Deli. The seller was not disclosed. With this transaction, MIMCO’s Central Texas portfolio now spans more than 2 million square feet of shopping center space.
Lake Elsinore, Calif. — Faris Lee Investments has arranged three sales with three buyers within Central Plaza Shopping Center in Lake Elsinore. The three transactions total $11.4 million. The first sale was for a Marshalls-occupied building, which sold for $4.5 million at a 6 percent cap rate; the second sale was for a Panera Bread-occupied building, which sold for $3.8 million at a 4.8 percent cap rate; and the third sale was for a Pieology- and Ono-occupied building, which sold for $3.1 million at a 5 percent cap rate. The …
Waco, Texas — Houston-based NewQuest Properties has broken ground on Cottonwood Creek Market, a 143-acre entertainment retail project in Waco. Located at the intersection of Interstate 35 and Loop 340, the development will span 285,000 square feet. A 14-screen Cinemark theater will anchor the project, and NewQuest is in talks to add a bowling and family dining concept, as well as a national retailer in golf entertainment. The opening is scheduled for spring 2020.
Garden City, N.Y. — Century 21 Stores will open a new department store at Roosevelt Field in Garden City. The 68,000-square-foot store is expected to open in spring 2021. Century 21 will be housed in the space currently occupied by Bloomingdale’s Furniture, which will be consolidating into the newly renovated Bloomingdale’s store. Century 21 will offer men’s, women’s and children’s apparel, footwear, outerwear, lingerie and accessories, beauty and home goods. Roosevelt Field is owned and operated by Indianapolis-based Simon. The mall has more than 250 retailers including anchors Neiman Marcus, …
Lafayette, La. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The loan comes with a 15-year term, a 5.4 percent fixed-rate, 70 percent loan-to-value and is partial recourse. Acadiana Mall spans 1.6 million square feet, and is located six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JCPenney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired …