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Sunday, December 23, 2007
CoStar's Retail News Roundup:
This week in the Retail Roundup, CoStar reports on expansions and new concepts at Aldi, Famous Footwear, Gamestop, JoS A. Bank, and Costco; new retail developments in IL, TX, FL, MI, and CA; acquisition, merger, or sale activity at Related Cos., Reza Investment Group, Sears and Restoration Hardware, Marsh Supermarkets, Cole Companies and Retail Ventures; store closings at Krispy Kreme; sustainability efforts at Forest City and Sears; Personnel announcements at Retail Brokers Inc. and KeyPoint; and the passing of an industry veteran.
Did you miss last week's CoStar Advisor Retail story identifying retailers in danger of store closings or worse in 2008, "Sales-Challenged Retailers Hoping for Holiday Cheer"?, If so, follow this link to read the story.
Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup via email weekly by requesting to be added to the distribution list by contacting the editor, Sasha Pardy at spardy@CoStar.com Also, click hereto subscribe to CoStar's dedicated Retail RSS Feed.
source: costar.com
Did you miss last week's CoStar Advisor Retail story identifying retailers in danger of store closings or worse in 2008, "Sales-Challenged Retailers Hoping for Holiday Cheer"?, If so, follow this link to read the story.
Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup via email weekly by requesting to be added to the distribution list by contacting the editor, Sasha Pardy at spardy@CoStar.com Also, click hereto subscribe to CoStar's dedicated Retail RSS Feed.
source: costar.com
Lane, Griffin JV Adds $41M Multifamily to Portfolio
Waterton Associates LLC sold River Heights Apartments in Marietta, GA, to a joint venture of Lane Co., of Atlanta, and Griffin Realty Advisors for $40.7 million, or approximately $105,990 per unit.
River Heights includes one-, two- and three-bedroom units at 3702 River Heights Crossing. The 384-unit complex is Griffin’s first investment for its value-added fund. Interior and exterior renovations are planned.
The partnership will complete renovations of the first phase of apartments in early 2008, with the last group completed by November 2009.
source: costar.com
River Heights includes one-, two- and three-bedroom units at 3702 River Heights Crossing. The 384-unit complex is Griffin’s first investment for its value-added fund. Interior and exterior renovations are planned.
The partnership will complete renovations of the first phase of apartments in early 2008, with the last group completed by November 2009.
source: costar.com
DLC Acquires 16-Center Portfolio from Edens & Avant
Tarrytown, NY-based DLC Management, a private retail real estate owner, has just grown its portfolio by 1.57 million square feet with a 16-shopping center portfolio deal. Edens & Avant sold the portfolio to DLC for an undisclosed amount in this owner-to-owner transaction, facilitated with no outside brokerage representation.
An East Coast private shopping center owner, Edens & Avant held a portfolio of more than 140 retail centers in 16 states prior to this announcement.
Including this transaction, DLC has completed 31 acquisitions in 2007, representing a 27% growth in its portfolio over 2006. The company now boasts a portfolio of 94 shopping centers totaling more than 16.5 million square feet in 25 states.
While the portfolio is not consistent with Edens & Avant's focus on owning higher profile lifestyle and power centers on the east coast, it is consistent with DLC's focus on acquiring neighborhood and community shopping centers with strong traffic counts and good visibility in well populated markets that already do or have the potential to generate strong repeat consumer traffic.
DLC's newly acquired portfolio spans seven Southeast and Mid-Atlantic states and the assets are primarily grocery-anchored neighborhood and community centers, as follows:
ALABAMA:
Gulfdale Plaza - Mobile, AL Gulfdale Plaza (94,712 SF) is a community shopping center located at the intersection of Gulfdale Drive and Dauphin Island Parkway in Mobile, AL. Gulfdale Plaza is anchored by Food World and includes Burke’s Outlet, Family Dollar and others.
Shields Plaza - Huntsville, AL
Shields Plaza (79,240 SF) is a community shopping center located at the intersection of Winchester Road and Shields Road in Huntsville, AL. Tenants include Dollar General, Rite-Aid and Movie Gallery; but there is a 44,000-SF vacant anchor box.
FLORIDA:
Marketplace at Ocala - Ocala, FL
Marketplace at Ocala (74,692 SF) is a community shopping center located at the intersection of Blitchton Road and 44th Avenue in Ocala, FL. The center is anchored by Winn-Dixie, and also features Dollar General, Supercuts and H&R Block.
Marketplace at Palm Bay - Palm Bay, FL
Marketplace at Palm Bay (149,752 SF) is an open-air shopping center anchored by Winn-Dixie and Beall’s Outlet. The center is located at the intersection of Babcock Street and Port Malabar Boulevard in Palm Bay, FL. DLC also owns Palm Bay Center, a 135,049 shopping center anchored by Publix nearby.
GEORGIA:
Crossroads South - Jonesboro, GA
Crossroads South (211,178 SF) is an open-air shopping center anchored by Kroger and K-Mart. Located at the intersection of Spur and Tara Boulevard, this center is features Eckerd, Fashion Bug, Shoe Show, Rent-A-Center, GNC, Supercuts and Big 10 Tire. DLC also owns the nearby Tara Crossing, a 235,219 SF shopping center located in Jonesboro.
MISSISSIPPI:
Fulton Crossing - Corinth, MS
Fulton Crossing (179,905 SF) is anchored by Kroger and Kmart. Other tenants include Dollar Tree, CATO and Advance Auto Parts. The center is located at the intersection of Hwy 72 West and Fulton Drive in Corinth, MS. The acquisition of this center marks DLC's entrance into Mississippi.
NORTH CAROLINA:
South Square Marketplace - Charlotte, NC
South Square Marketplace (72,219 SF) is a community shopping center located at the intersection of East Arrowood Road and South Boulevard in Charlotte, NC. Anchored by Compare Foods, it is also home to CATO and H&R Block. DLC also owns Akers Center in Gastonia, NC (Charlotte MSA), a 415,737 SF power center anchored by Target, Steve & Barry’s and Toys ‘R’ Us.
Swift Creek Plaza - Garner, NC
Swift Creek Plaza (56,890 SF) is a Food Lion-anchored community shopping center located at the intersection of Glen Road and Technology Drive in Garner, NC.
SOUTH CAROLINA:
Armstrong Plaza - Fountain Inn, SC
Armstrong Plaza (57,838 SF) is a community shopping center located at the intersection of N. Main Street and Valley View Road in Fountain Inn, SC (Greenville, SC - MSA). Anchored by BI-LO, the center also includes CVS Pharmacy and H&R Block.
Broad River Centre - Columbia, SC
Broad River Centre (48,650 SF) is a community shopping center located at the intersection of Broad River Road and Brevard Street in Columbia, SC. Anchored by Food Lion, other tenants in the center include CVS Pharmacy and Family Dollar. DLC Management also owns North Pointe, a 64,255 SF, Publix-anchored community shopping center located in Columbia, SC.
Butler Square - Maudlin, SC
Butler Square (85,315 SF) is a community shopping center located at the intersection of West Butler Avenue and Cary Drive in Maudlin, SC (Greenville, SC - MSA). Anchored by Bi-Lo, other tenants include Dollar Tree, Sally Beauty, CATO and TCBY Yogurt.
VIRGINIA:
Cypress Point - Virginia Beach, VA
Cypress Point (117,958 SF) is a community shopping center anchored by Farm Fresh and Family Dollar, located at the intersection of Diamond Springs Road and Wesleyan Drive.
Ridgewood Farm - Salem, VA
Ridgewood Farm (79,342 SF) is a community shopping center located in Salem, VA. The center is anchored by Kroger and Tuesday Morning and also includes Super Cuts, Subway and Check N’ Go.
Southwest Plaza - Roanoke, VA
Southwest Plaza (87,434 SF) is a community shopping center located at the intersection of Electric Road and Grandin Road in Roanoke, VA. The center was recently renovated and is anchored by an expanded Food Lion. Other retailers include CitiFinancial, Great Clips and Firestone.
The Village Courts - Lynchburg, VA
The Village Courts (77,576 SF) is a Kroger-anchored community center located at the intersection of Boonesborough Road (Route 627) and Route 388 at the entrance of Fort Boonesborough State Park.
West Broad Commons - Richmond, VA
West Broad Commons (103,308 SF) is an open-air shopping center anchored by Food Lion and located at the intersection of Broad Street and Tuckernuck Drive.
source: costar.com
An East Coast private shopping center owner, Edens & Avant held a portfolio of more than 140 retail centers in 16 states prior to this announcement.
Including this transaction, DLC has completed 31 acquisitions in 2007, representing a 27% growth in its portfolio over 2006. The company now boasts a portfolio of 94 shopping centers totaling more than 16.5 million square feet in 25 states.
While the portfolio is not consistent with Edens & Avant's focus on owning higher profile lifestyle and power centers on the east coast, it is consistent with DLC's focus on acquiring neighborhood and community shopping centers with strong traffic counts and good visibility in well populated markets that already do or have the potential to generate strong repeat consumer traffic.
DLC's newly acquired portfolio spans seven Southeast and Mid-Atlantic states and the assets are primarily grocery-anchored neighborhood and community centers, as follows:
ALABAMA:
Gulfdale Plaza - Mobile, AL Gulfdale Plaza (94,712 SF) is a community shopping center located at the intersection of Gulfdale Drive and Dauphin Island Parkway in Mobile, AL. Gulfdale Plaza is anchored by Food World and includes Burke’s Outlet, Family Dollar and others.
Shields Plaza - Huntsville, AL
Shields Plaza (79,240 SF) is a community shopping center located at the intersection of Winchester Road and Shields Road in Huntsville, AL. Tenants include Dollar General, Rite-Aid and Movie Gallery; but there is a 44,000-SF vacant anchor box.
FLORIDA:
Marketplace at Ocala - Ocala, FL
Marketplace at Ocala (74,692 SF) is a community shopping center located at the intersection of Blitchton Road and 44th Avenue in Ocala, FL. The center is anchored by Winn-Dixie, and also features Dollar General, Supercuts and H&R Block.
Marketplace at Palm Bay - Palm Bay, FL
Marketplace at Palm Bay (149,752 SF) is an open-air shopping center anchored by Winn-Dixie and Beall’s Outlet. The center is located at the intersection of Babcock Street and Port Malabar Boulevard in Palm Bay, FL. DLC also owns Palm Bay Center, a 135,049 shopping center anchored by Publix nearby.
GEORGIA:
Crossroads South - Jonesboro, GA
Crossroads South (211,178 SF) is an open-air shopping center anchored by Kroger and K-Mart. Located at the intersection of Spur and Tara Boulevard, this center is features Eckerd, Fashion Bug, Shoe Show, Rent-A-Center, GNC, Supercuts and Big 10 Tire. DLC also owns the nearby Tara Crossing, a 235,219 SF shopping center located in Jonesboro.
MISSISSIPPI:
Fulton Crossing - Corinth, MS
Fulton Crossing (179,905 SF) is anchored by Kroger and Kmart. Other tenants include Dollar Tree, CATO and Advance Auto Parts. The center is located at the intersection of Hwy 72 West and Fulton Drive in Corinth, MS. The acquisition of this center marks DLC's entrance into Mississippi.
NORTH CAROLINA:
South Square Marketplace - Charlotte, NC
South Square Marketplace (72,219 SF) is a community shopping center located at the intersection of East Arrowood Road and South Boulevard in Charlotte, NC. Anchored by Compare Foods, it is also home to CATO and H&R Block. DLC also owns Akers Center in Gastonia, NC (Charlotte MSA), a 415,737 SF power center anchored by Target, Steve & Barry’s and Toys ‘R’ Us.
Swift Creek Plaza - Garner, NC
Swift Creek Plaza (56,890 SF) is a Food Lion-anchored community shopping center located at the intersection of Glen Road and Technology Drive in Garner, NC.
SOUTH CAROLINA:
Armstrong Plaza - Fountain Inn, SC
Armstrong Plaza (57,838 SF) is a community shopping center located at the intersection of N. Main Street and Valley View Road in Fountain Inn, SC (Greenville, SC - MSA). Anchored by BI-LO, the center also includes CVS Pharmacy and H&R Block.
Broad River Centre - Columbia, SC
Broad River Centre (48,650 SF) is a community shopping center located at the intersection of Broad River Road and Brevard Street in Columbia, SC. Anchored by Food Lion, other tenants in the center include CVS Pharmacy and Family Dollar. DLC Management also owns North Pointe, a 64,255 SF, Publix-anchored community shopping center located in Columbia, SC.
Butler Square - Maudlin, SC
Butler Square (85,315 SF) is a community shopping center located at the intersection of West Butler Avenue and Cary Drive in Maudlin, SC (Greenville, SC - MSA). Anchored by Bi-Lo, other tenants include Dollar Tree, Sally Beauty, CATO and TCBY Yogurt.
VIRGINIA:
Cypress Point - Virginia Beach, VA
Cypress Point (117,958 SF) is a community shopping center anchored by Farm Fresh and Family Dollar, located at the intersection of Diamond Springs Road and Wesleyan Drive.
Ridgewood Farm - Salem, VA
Ridgewood Farm (79,342 SF) is a community shopping center located in Salem, VA. The center is anchored by Kroger and Tuesday Morning and also includes Super Cuts, Subway and Check N’ Go.
Southwest Plaza - Roanoke, VA
Southwest Plaza (87,434 SF) is a community shopping center located at the intersection of Electric Road and Grandin Road in Roanoke, VA. The center was recently renovated and is anchored by an expanded Food Lion. Other retailers include CitiFinancial, Great Clips and Firestone.
The Village Courts - Lynchburg, VA
The Village Courts (77,576 SF) is a Kroger-anchored community center located at the intersection of Boonesborough Road (Route 627) and Route 388 at the entrance of Fort Boonesborough State Park.
West Broad Commons - Richmond, VA
West Broad Commons (103,308 SF) is an open-air shopping center anchored by Food Lion and located at the intersection of Broad Street and Tuckernuck Drive.
source: costar.com
Branch Properties Pays $6M+ for Jonesboro Property
Northcam Corp. acquired the property at 6667 Tara Blvd. in Jonesboro, GA, from Holrob-Georgia LLC, an entity of Branch Properties, for $6.35 million, or about $234 per square foot.
Shops at Tara was completed in July of this year. The shopping center offers 27,167 square feet on 4.35 acres. There is a dedicated turn lane and a signalized intersection. The property sold with a 7.3% cap rate.
Jesse Shannon with Easlan Capital of Atlanta Inc. represented the seller. David Fletcher with Wagner Realty represented the buyer.
Please refer to CoStar COMPS #1446147 for more information on this transaction.
source: costar.com
Shops at Tara was completed in July of this year. The shopping center offers 27,167 square feet on 4.35 acres. There is a dedicated turn lane and a signalized intersection. The property sold with a 7.3% cap rate.
Jesse Shannon with Easlan Capital of Atlanta Inc. represented the seller. David Fletcher with Wagner Realty represented the buyer.
Please refer to CoStar COMPS #1446147 for more information on this transaction.
source: costar.com
Kimberly-Clark Takes Another 1.6M Sq. Ft. at SouthPort
Kimberly-Clark, the huge consumer and medical paper products conglomerate, agreed to take another 339,300 square feet in Oakmont Industrial Group's SouthPort Logistics Center. The firm plans to take occupancy of the expansion space during the second quarter 2008.
This lease follows the original 1,298,700-square-foot lease Kimberly-Clark signed last year in the SouthPort project. The expanded lease will total 1,638,000 square feet, making it one of the nation’s largest distribution centers under one roof in the country.
Oakmont Industrial Group President Richard Rider credited the spec project's financial backers and innovative design for securing the additional commitment from Kimberly-Clark.
"Our capital structure through strategic partnerships with Prudential Real Estate Investors and Hunt Investments allows us to embark on speculative projects of this size and scale," Rider said in a statement announcing the agreement.
SouthPort Logistics Center is located in the City of McDonough, approximately 30 miles south of Atlanta in the Henry County/I-75 submarket. The building provides immediate access to I-75 via Georgia Highway 20. The Henry County location is emerging as a preferred logistics node for goods brought in through the Southeastern seaports of Savannah, GA, Charleston, SC, and Jacksonville, FL.
Oakmont’s Atlanta-based design and construction team includes The Conlan Company (General Contractor) and Randall-Paulson Architects. Bank of America is providing the construction financing.
Veteran Atlanta industrial brokers Greg Haynes and Todd Barton of CB Richard Ellis represented Oakmont, while Kimberly-Clark was represented by Matthew Stauber of Colliers Bennett & Kahnweiler, along with Ben Logue and Price Weaver of Colliers Spectrum Cauble.
source: costar.com
This lease follows the original 1,298,700-square-foot lease Kimberly-Clark signed last year in the SouthPort project. The expanded lease will total 1,638,000 square feet, making it one of the nation’s largest distribution centers under one roof in the country.
Oakmont Industrial Group President Richard Rider credited the spec project's financial backers and innovative design for securing the additional commitment from Kimberly-Clark.
"Our capital structure through strategic partnerships with Prudential Real Estate Investors and Hunt Investments allows us to embark on speculative projects of this size and scale," Rider said in a statement announcing the agreement.
SouthPort Logistics Center is located in the City of McDonough, approximately 30 miles south of Atlanta in the Henry County/I-75 submarket. The building provides immediate access to I-75 via Georgia Highway 20. The Henry County location is emerging as a preferred logistics node for goods brought in through the Southeastern seaports of Savannah, GA, Charleston, SC, and Jacksonville, FL.
Oakmont’s Atlanta-based design and construction team includes The Conlan Company (General Contractor) and Randall-Paulson Architects. Bank of America is providing the construction financing.
Veteran Atlanta industrial brokers Greg Haynes and Todd Barton of CB Richard Ellis represented Oakmont, while Kimberly-Clark was represented by Matthew Stauber of Colliers Bennett & Kahnweiler, along with Ben Logue and Price Weaver of Colliers Spectrum Cauble.
source: costar.com
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