Retail brokerage firm Savills wants to beef up its U.S. business and will collaborate with SRS Real Estate to share data and leasing leads. The deal will allow Savills to help its international retail clients find space in the U.S. “The U.S. is one of the biggest retail markets globally with estimated retail sales expected to total nearly $4.5 trillion in 2021, making the U.S. a key target for expanding international brands,” said Savills North America chairman and CEO Mitch Rudin. “We already have one of the strongest retail teams in Canada. Aligning with SRS deepens our capacity for solving clients’ real estate challenges and cultivating a formidable global retail presence in the U.S. also.”

6 recent retail property deals

Philadelphia: The 258,494-square-foot Penrose Plaza, pictured at top, sold for $52 million after renovation in 2017 and new tenants like Citi Trends, DD’s Discounts, Fine Wine & Good Spirits and Planet Fitness. An expanded, renovated, 68,174-square-foot ShopRite anchors the center. Marcus & Millichap Institutional Property Advisors represented the seller — a joint venture among Onyx, Abrams Realty & Development and Siguler Guff — and procured the buyer, United Hampshire US REIT.

Cary, North Carolina: The 365,000-square-foot South Hills Mall & Plaza in the Raleigh area traded for $38.4 million. JLL marketed the property on behalf of the seller, South Hills Shopping Center Inc. Northpond Partners acquired the asset, which is 99% leased and comprises 10 parcels leased to national and local retailers like Anchor Auto Outlet, Baker’s Dozen Donuts, Crazy Fire Mongolian Grill, D&S Cafeteria, Deja Vu Thrift, Grand Asia Market, Mitchells Academy, Northern Tool + Equipment, Roses and Tuesday Morning.

North Palm Beach, Florida: American Commercial Realty and Investment Capital Partners acquired Crystal Cove Commons for $36.2 million from Black Lion. It includes 73,738 square feet of retail and 46,787 square feet of office on three floors. An Italian restaurant and a seafood restaurant anchor the center.

Richmond, Virginia: Klein Enterprises purchased the 100,000-square-foot, Lidl-anchored Row at GreenGate in the Short Pump area for $31 million. Colliers represented the seller, GreenGate Commercial. JLL represented the buyer. The property is 94% leased to tenants like The Daily Kitchen & Bar, Pure Barre and Starbucks. GreenGate is a 75-acre community with 270 residential units and office space. Klein will manage the property, and Colliers will continue to handle leasing.

Lake Elsinore, California: A triple-net leased Walgreens sold for $10.5 million. Hanley Investment Group represented the seller, Diamond Properties. The buyer was an Irvine, California, private investor represented by RE/Max Premier Properties. Built in 2011, the 13,676-square-foot building sits on 1.4 acres.

Birmingham, Alabama: Mountain Express Oil Co. completed the sale-leaseback of a 9,790-square-foot Pilot Travel Center convenience store here for $9.4 million. The deal reflects a 7% cap rate, according to Stan Johnson Co., which represented the buyer, Brodersen Management. The property was built in 1995 and includes a Wendy’s.

5 development updates

Santa Monica, California: The retail redevelopment here continues apace. The Festival Cos. recently purchased the 22,000-square-foot, landmarked Keller Block Building at the intersection of Broadway and the 3rd Street Promenade. It’s the first time it has traded in 100 years. The building features retail on the ground level and two levels of creative office. Festival intends to renovate the property and re-lease it with flagship retailers and restaurants, including a rooftop dining venue with views of the Pacific Ocean and Santa Monica’s hotels, restaurants and shops. Recent public-private cooperation in the area has given property owners flexibility.

Gurugram, outside New Delhi, India: Ikea has big plans for mixed-use development in India. Ingka Centres — part of Ingka Group, which also includes Ikea Retail and Ingka Investments — will build an Ikea-anchored mixed-use development called Livat Gurugram. The 1.3 million-square-foot development will cost around $450 million. Construction will start in early 2022. Ingka Centres aims to expand via retail-led mixed-use properties. Livat Gurugram and Ingka Centres 51 other properties all are anchored by Ikea stores. “We are on a journey to reach more people through more developments in more markets,” said Ingka Centres managing director Cindy Andersen. The property is pre-certified LEED Gold; it will recycle all water, employ sustainable construction techniques, source renewable energy and provide charge points for electric vehicles. Ingka Centres also said the property will incorporate omnichannel.

Denver: East West Partners, the Buell Foundation and Taubman will build a $1 billion mixed-use center adjacent to the 1.3 million-square-foot Cherry Creek Shopping Center, whose anchors include Nordstrom, Macy’s, Louis Vuitton, Neiman Marcus and The North Face. Plans for Cherry Creek West include green space with a public amphitheater. Phase 1 could be complete in about five years.

Gilbert, Arizona: A mixed-use development called Northside at SanTan Village is underway next to the SanTan Village shopping center. The $100 million development, a joint venture between SanTan Development Group and Okland Capital, will include six buildings dedicated to elevated and boutique retail and restaurant space, as well as two Class-A office buildings, a 120-room hotel and a half-mile fitness loop around the perimeter of the property. Construction on the retail and restaurant buildings kicks off in April, and the office and hotel portions are set to start during the fourth quarter of 2022. Outdoor plazas will connect the 32,500 square feet of restaurants and retail and the 250,000 square feet of office.

Lafayette, Louisiana: Keaty Real Estate plans to develop an 8.4-acre, $50 million mixed-use project downtown. Derek Curry, owner and founder of local retailer Sneaker Politics, will own and operate the new development, which is expected to be completed in the summer. It will include 40,000 square feet of retail and a 6,000-square-foot restaurant with rooftop space, as well as multiple drive-thrus and a food hall.