Glendale, California: A U.S. state pension fund and Pine Tree have acquired the 154,049-square-foot Glendale Marketplace. Lifestyle center Americana at Brand and Glendale Galleria are neighbors in this high-density area. JLL Capital Markets represented Pine Tree in the $64 million deal.
Glendale Marketplace, also pictured at top
Glendale Marketplace tenants include LA Fitness, HomeGoods, Ross Dress for Less, Five Below, Buffalo Wild Wings, and Old Navy.
The partners plan to reposition a pedestrian alleyway on the site to make way for newer and more profitable tenants.
Pennsauken Township, New Jersey: The Point, a 100%-occupied, 109,217-square-foot shopping center near Philadelphia, sold for $18 million. Marcus & Millichap Institutional Property Advisors represented the seller, WRDC, and procured the buyer, Select Properties.
The Point anchors include Wawa, Dollar General, Harbor Freight Tools, Benihana and, new in 2020, DaVita Kidney Care. Nearly half the retail space is occupied by specialty retailer Restaurant Equippers, which has been a tenant since 2012 and is one of the largest restaurant equipment warehouse companies in the country.
Seattle: The 8,423-square-foot, ground-floor commercial condo at the Gridiron Condos sold for $5 million, or $600 per square foot. Daniels Real Estate, represented by Kidder Mathews, sold the Opportunity Zone property, which has 107 residential condos, to a local hedge fund. The 11-story, triangle-shaped building touches Waterfront Park, the Stadium District and Pioneer Square. Daniels redeveloped the property in 2017 on the century-old brick foundation of the Seattle Plumbing Building. The ground floor has never been occupied. The buyer plans to move its private office into a small portion the building and develop the remaining retail space into a full-service restaurant and bar with potential for 200 outdoor seats.
Orlando: The 95,057-square-foot Market at Southside near downtown traded between a pair of LLCs. It was 87% occupied by such tenants as Ross Dress for Less, K&G Fashion Superstore, Pet Supermarket and Dollar Tree. Seller representative Jim Michalak of Plaza Advisors said, “This offering was pursued by numerous investors due to the vacancy upside and the potential redevelopment with an attractive zoning, which allows a dense [floor area ratio] and the potential to include midrise multifamily product.”
Westminster, Colorado: TriGate Capital bought a stake in Vestar’s 1 million-square-foot, Target-anchored Orchard Town Center. Other tenants include AMC Theatres, JCPenney, Lifetime Fitness, Macy’s and Nordstrom Rack. The companies plan to boost profits via new tenants, special events, concerts and community partnerships.
The Orchard Town Center
By Brannon Boswell
Executive Editor, Commerce + Communities Today