Is the so-called "notorious" Pacific Mall in Markham, Ontario, the country's most expensive retail property?
The mall, in the news again because of a U.S. report that labelled it a haven for fake goods and accused Canadian authorities of doing little to stop the trade, is set up as a condo corporation and there is no total value for the mall. But a look at retail condo unit recent sales, using CoStar data, shows astronomical prices on a square...
Pacific Mall Under Scrutiny for Fake Goods
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First Watch Takes 12,000 SF in Shelby Township
First Watch the Daytime Café signed a 12,000-square-foot lease at Kroger Marketplace in Shelby Township, MI.
The single-story, 114,000-square-foot retail building at 14945 23 Mile Rd. delivered in 2014. Tenants at the Kroger-anchored center include Starbucks, Citizens Bank and Fred Meyer Jewelers.
First Watch, a café chain focused on using fresh ingredients, gives back to the communities they're located in by supporting events through sponsorships...
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Slate Ready to Flip Cominar Assets
Pictured: 55 University Ave. in downtown Toronto.The ink hasn't dried on one of 2017's largest real estate deals, but sources indicate Slate Acquisitions Inc. is in the process of flipping some of the $1.14 billion in property it bought from Cominar Real Estate Investment Trust.
Sources tell CoStar News that Slate is close to selling an office tower it acquired at 55 University Ave. with offers coming in between $700 to $750 per square foot for...
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Best in the West in Las Vegas Sells for $87M
Vestar acquired the 464,917-square-foot Best in the West power center in Las Vegas from Weingarten Realty Investors for $87 million, or approximately $187 per square foot.
The Best in the West retail center at 2000-2192 N. Rainbow Blvd. is anchored by Bed Bath & Beyond, Best Buy, Old Navy, Jo-Ann Fabrics and Crafts and DSW. Other tenants at the 94 percent leased retail complex include Men’s Warehouse, Office Depot, TJ Maxx and Stein Mart, which...
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Tops Markets Latest in Growing List of Regional Grocers Seeking Bankruptcy
Saddled with debt and little capital to invest, another regional grocery store chain has filed for bankruptcy reorganization. This time it is Tops Markets, a supermarket retailer with 169 owned supermarkets and five franchised stores in Upstate New York, Northern Pennsylvania, and Vermont.
Buffalo-based Tops is just another in a long line of smaller, regional grocers that has been unable to keep up with intense industry competition and forced to...
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Finmarc Management Flips Gude Commerce Center in Rockville
Following a successful renovation and lease up program, Finmarc Management has sold the Gude Commerce Center in Rockville, MD, to San Francisco-based investment firm Berkeley Partners for $14.55 million, or about $183 per square foot.
Finmarc, out of Bethesda, MD, acquired the 79,642-square-foot Gude Commerce Center in mid-2013 for $5.87 million at a time when the building stood 100 percent vacant.
Over the next four years, the company invested...
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JV Sells Discount Drug Mart Center in Kent
Norwood Development Group, along with PB Properties, sold the 31,762-square-foot Discount Drug Mart Center retail building at 1763-1771 E. Main St. in Kent, OH to an Indiana-based private investor for $3.225 million, or approximately $102 per square foot.
Discount Drug Mart Center is fully-occupied to tenants including Napa Auto & Truck Parts, Foxy Nail and Best Cuts. The single-story strip center delivered in 1999 less than one mile from Kent...
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551,000-SF Mixed-Use Project in Fairfax Gets Financing
Combined Properties, Inc. has secured $115.4 million in construction financing and preferred equity for a new 551,000-square-foot mixed-use residential and retail project scheduled to break ground later this year in Fairfax, VA.
Scout on the Circle, the Washington, D.C.-based developer's latest project in Northern Virginia, will consist of 400 apartments in two five-story buildings, and a 53,837-square-foot, single-story Giant grocery store. The...
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Former Colliers Principal Accepts Senior Director Role with Franklin Street
Franklin Street has recruited retail tenant specialist Greg Eisenman to the firm as senior director of the company's retail tenant services division.
Eisenman, who leaves Colliers International as senior vice president and principal, will represent retail, restaurant and service occupiers while operating under Monetha Cobb, Franklin Street Atlanta's managing director and head of the firm's retail tenant representation division.
During his time...
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M & J Wilkow, ALTO JV Picks Up Cranberry Square for $23.5M
M & J Wilkow Ltd., a Chicago-based real estate investor that owns more than 8.6 million square feet of retail and office space, partnered with New York-based ALTO Real Estate Funds in the acquisition of the Cranberry Square power retail center at 1000 Cranberry Square Dr. in Cranberry Township, PA. The seller, Retail Properties of America, Inc. (RPAI), sold the property for $23.5 million, or about $120 per square foot.
RPAI previously acquired...
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Oakwood Commons Shopping Center Sells for $24.4M
Big V Capital acquired the 276,448-square-foot Oakwood Commons shopping center in Hermitage, TN from Brixmor Property Group, a retail center acquisition and disposition firm headquartered in NY, for $24.4 million, or approximately $88 per square foot.
Oakwood Commons at 4670 Lebanon Pike is anchored by national retailers including Publix, Ross Dress for Less, Bed Bath & Beyond and PetSmart. Additional tenants at the 89 percent leased shopping...
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VEREIT Pays $14.1M for At Home Store in Blaine
A home furnishings and décor store in Blaine has been snapped up by VEREIT, one of the nation’s largest retail real estate investment trusts.
An entity tied to Plano, TX-based At Home sold its 140,684-square-foot location at 4405 Pheasant Ridge Dr. to VEREIT for $14.1 million in a deal that closed on Feb. 8, according to a certificate of real estate value made public on Wednesday. The store is part of the Village of Blaine, a shopping center just...
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Paces Properties Picks Firm to Manage Atlanta Dairies, Intown Properties
Brand Properties is adding to the portion of Paces Properties portfolio it manages, including the high-profile Atlanta Dairies redevelopment.
Buckhead-based Brand won the assignment to provide property management services for eight properties comprising nearly 275,000 square feet of retail-heavy mixed-use developments and two new unfinished projects totaling more than 500,000 square feet. The projects under way are the Atlanta Dairies redevelopment...
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Portion of The Shops at Fort Union Trades for $114M
Shopcore Properties, a San Diego-based investment firm with a portfolio totaling more than 24 million square feet, sold a 688,549-square-foot portion of the more than 830,000-square-foot The Shops at Fort Union in Midvale, UT to CCA Acquisition Co. for $142 million, or approximately $206 per square foot.
The Shops at Fort Union delivered in 1974 on nearly 110 acres at the intersection of S. Union Park Ave. and E. Fort Union Blvd. The shopping...
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Maddd Equities Secures Financing for Former Apple Bank Building
MADDD Equities LLC secured an $8.25 million, two-year, interest-only loan for its retail building at 2526 Grand Concourse in the Bronx.
Brad Domenico of Progress Capital arranged the financing on behalf of the borrower.
Built in 1933, the two-story, 35,000-square-foot property is adjacent to a bus line. It was formerly the home to Apple Bank, but today is largely vacant.
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M & J Wilkow, ALTO JV Acquires Cranberry Square for $23.5M
M & J Wilkow Ltd., a Chicago-based real estate investor that owns more than 8.6 million square feet of retail and office space, partnered with New York-based ALTO Real Estate Funds in the acquisition of the Cranberry Square power retail center at 1000 Cranberry Square Dr. in Cranberry Township, PA. The seller, Retail Properties of America, Inc. (RPAI), sold the property for $23.5 million, or about $120 per square foot.
RPAI previously acquired...
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Gaslamp Quarter Retail Properties Sell for $19.9M
A joint venture affiliated with Los Angeles-based Blatteis & Schnur and Maryland-based ASB Capital Management LLC has sold two adjacent retail properties in San Diego’s Gaslamp Quarter to an undisclosed buyer for $19.85 million, or about $1,137 per square foot.
The properties are at 643-653 and 665 Fifth Ave., containing three retail units totaling 17,462 square feet. Tenants include Ghirardelli Café and Urban Outfitters.
“Institutional investors...
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Private Investor Pays $21M for Southwood Village in Torrance
Grey Wolf Properties LLC acquired the Southwood Village retail center at 22214-22252 and 22217-22251 Palos Verdes Blvd. in Torrance, CA from BIG Shopping Centers USA, Inc. for $21 million, or about $314 per square foot.
The center totals 66,958 square feet on 5.5 acres in the Beach Cities / Palos Verdes submarket of Los Angeles County. The center was constructed in the mid-1950s and renovated in 2003.
At the time of sale, the center was 97...
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Brookfield Buying Top Floors of Chicago Macy's, Plans to Redevelop as Office
Macy's State Street store in Chicago
Continuing to look for ways to raise cash from its real estate, Macy's Inc. (NYSE:M) announced this morning that it has agreed to sell the upper floors of its downtown State Street Chicago store to a developer, and is also exploring the sale of a downtown San Francisco building.
The department store chain signed an agreement to sell floors eight through 14 at 111 N. State St. in Chicago to a private real estate...
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Local Firm Buys Fully-Leased Crossways Center II in Chesapeake
Grand Discount Furniture, a home goods supplier headquartered in Norfolk that was founded in 1947, acquired the 152,697-square-foot Crossways Center II retail building in Chesapeake, VA from Harbor Group Management Co. for $19.9 million, or approximately $130 per square foot.
The retail building is part of the 510,529-square-foot Crossways Center at 1591-1595 Crossways Blvd., which is anchored by Grand Furniture, Value City Furniture, Marshalls...
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