R etail D evelopment R eimagined

M id A tlantic Real Estate Journal — Retail Development Reimagined — August 19 - September 15, 2022 — 13A


Portfolio comprises eight properties in the Northeast, Southeast, Texas and California JLL closes $278.15 Million sale of grocery-anchored retail portfolio


in affluent markets with the average household income within a three-mile radius exceeding $130,000. The JLL Capital Markets team representing the seller was led by managing director Bill Moylan and senior man- aging director and co-head of U.S. Retail Capital Mar- kets Chris Angelone , along with senior managing direc- tors Barry Brown, James Galbally, Jim Hamilton and Geoff Tranchina and man- aging director Amy Sands . “This trade is a terrific example of another high- quality grocery-anchored portfolio of scale trading in dense markets,” Angelone said. “This portfolio provides geographic diversity, income diversity and tenancy diver- sity, and, although there is a little choppiness in the markets, we are seeing no slowdown in demand for well-located opportunities across the country.” MAREJ

ASHINGTON, DC — JLL’s Capital Markets group has

closed the $278.153 million sale of a portfolio comprising eight grocery-anchored retail properties totaling 687,000 s/f across affluent markets in Atlanta, Dallas, Detroit, Los Angeles, Minneapolis, Orange County, Philadelphia and Washington, DC. JLL represented the seller. Inland Real Estate In- come Trust, Inc. purchased the asset. The portfolio is 88.5 percent leased with a weighted aver- age lease term of 6.3 years, with 36 percent of the total space designated as grocery square footage. Tenants in- clude some of the top grocery chains in the US, including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s and Sprouts Farmers Market, along with Nordstrom Rack, Starbucks, Rite Aid and Si- erra Trading Post.

New Town Village

ange, CA Lower Makefield Shopping Center, 700 Stony Hill Rd., Yardley, PA New Town Village, 9700 Groffs Mill Dr., Owings Mills, MD These properties are sur- rounded by dense populations

The portfolio consists of: Olde Ivy Village, 4330 East- West Connector, Smyrna, GA (Atlanta) Denton Village, 4930 Teas- ley Lane, Denton, TX Northpark Square Village, 27706-27776 McBean Pkwy.,

Valencia, CA Northville Park Place, 18771-39869 Traditions Dr., Northville, MI (Detroit) City Place, 205 Radio Dr., Woodbury, MN Rusty Leaf Plaza, 2512- 2560 E. Chapman Ave., Or-

Levin Management: Solid six-month performance for brick & mortar

being kept as best practices.” LMC in recent months ne- gotiated two expansions with grocer ShopRite (in Delran and Watchung, NJ). In Delran, ShopRite added 6,250 s/f (for a total of 70,600 s/f) to accommo- date a larger selection of fresh, ready-made meal offerings, and provide additional space for the supermarket’s online shopping service, “ShopRite from Home.” Looking ahead through the balance of 2022, Harding ac- knowledges that change may be coming in the near-term. “Of course, we are all watching the economy, and though we haven’t seen changing condi- tions impact activity – yet – we may experience a slight slowdown through year-end,” he said. “Yet despite uncer- tainties, retail remains on a positive trajectory. Ultimately, people like the experience of shopping in physical stores, and they are doing so. This benefits retailers as well as the shopping centers that house them.” MAREJ

NORTH PLAINFIELD, NJ — Amid ongoing supply chain disruption, rising in- flation and well-documented labor challenges, the retail industry – and the commer- cial real estate product that supports it – continues to see notable post-pandemic momentum. According to com- mercial real estate services firm Levin Management Corporation (LMC) , leasing velocity through the first six months of 2022 punctuates this trend. “Demand for quality loca- tions for new stores and pad sites remained strong through the first half of 2022, continu - ing the positive trend for brick- and-mortar seen in 2021,” said LMC’s Matthew Harding , chief executive officer. “Na- tional brands and franchisees are expanding their footprints, while momentum among inde- pendent retailers speaks to an influx of start-ups as well as established concepts expand- ing operations or moving to improve location. Across the

Fortunoff store in Bridgewater ally, according to Harding. To that end, LMC’s most recent leasing highlights include commitments with a combina- tion Family Dollar/Dollar Tree (19,500 s/f, South Plainfield, NJ), children’s play concept Catch Air (14,000 s/f, Jersey City, NJ), Fortunoff Backyard Store (9,400 s/f, Bridgewater, NJ), Mattress Warehouse (7,000 s/f, North Brunswick, NJ) and Jersey Mike’s Subs at Old Bridge Plaza (1,775 s/f, Hicksville, NY).

board, tenants are capital- izing on space availabilities that came online due to the pandemic.” The North Plainfield-based commercial real estate ser- vices firm closed 634,000 s/f in new leases, renewals/exten- sions and license agreements from January through June – with more in the pipeline. The discount retail, enter- tainment, home furnishings and dining categories are among the most active region-

“We are watching existing space availabilities tighten at well-located properties and seeing stepped-up interest in pad site development,” noted LMC’s Sidney Singer , vice president of leasing. “Further, we are witnessing a paradigm shift in the ways retailers are doing business. Supermarkets are a great example of how changes made out of necessity during the pandemic – such as delivery service, curbside pick- up and ‘click and collect’ – are

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