MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of a 13,562-square-foot retail property located at 32818 Tamina Road in Magnolia, about 45 miles northeast of Houston. The property had a listing price of approximately $2.5 million. David Fisher and Thomas Costello of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not released.
SUGAR LAND, TEXAS — Rubicon Realty Group LLC has begun work on The Crossing at Telfair, a 45,000-square-foot retail center located at the intersection of State Highways 6 and 90 in the southwestern Houston metro of Sugar Land. Tenants will include H-E-B, Jersey Mike’s, Whataburger, Navy Federal Credit Union and AT&T. Delivery is slated for this fall.
CRANBERRY TOWNSHIP, PA. — M&J Wilkow, along with ALTO Real Estate Funds, has acquired Cranberry Square, a retail center located in Cranberry Township, outside of Pittsburgh. The property was acquired for $23.5 million. At the time of sale, the 195,165-square-foot property was fully occupied by a variety of tenants, including Field & Stream, Best Buy and Barnes & Noble. The name of the seller was not released.
TOMS RIVER, N.J. — Progress Capital has secured a $6.5 million construction loan for the development of a retail and office center located near the intersection of Hooper Avenue and Yorktown Boulevard in Toms River. The 40,000-square-foot property will also feature an adjoining 4,140-square-foot pad site. David Cappello of Progress Capital arranged the financing for the undisclosed borrower. The 18-month loan was funded by Procida’s 100 Mile Fund and represents 67 percent of the..
DENVER — Chipotle Mexican Grill’s board of directors has appointed Brian Niccol as CEO and a member of the board, effective March 5, 2018. Niccol most recently served as CEO of Yum! Brands' Taco Bell division. Prior to joining Chipotle, Niccol was at Taco Bell from 2011 and served as CEO from January 2015 and president from 2013 to 2014. Under his leadership, he repositioned Taco Bell as a lifestyle brand and launched numerous product initiatives, including the new breakfast daypart. He..
The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking..
ORANGE, CALIF. — NKF Capital Markets has arranged the sale of Rusty Leaf Plaza, a neighborhood shopping center located at 2512 E. Chapman Ave. in Orange. A joint venture between Canyon Catalyst Fund and Paragon Commercial Group sold the property to Inland Real Estate Acquisitions for an undisclosed price in an off-market transaction. At the time of sale, the center was 98 percent occupied. Anchored by Target, the retail center also features a mix of service, medical and fast casual..
TORRANCE, CALIF. — Faris Lee Investments has arranged the sale of Southwood Village, a neighborhood retail center located at 22214-22251 and 22217-22251 Palos Verdes Blvd. and 5230 Sepulveda Blvd. in Torrance. Los Angeles-based BIG Shopping Centers USA sold the property to a private investor for $21 million. Situated on 5.5 acres, the 66,958-square-foot property was built in the 1950s and renovated in 2013. At the time of sale, the property was 97 percent occupied by major tenants,..
LOS ANGELES — Marcus & Millichap has facilitated the sale of a retail property located at 9563 W. Pico Blvd. in Los Angeles. CRD Pico Associates acquired the property from a private investor for $2.8 million. The property features 5,000 square feet of retail space. Brandon Michaels and Andrew Leff of Marcus & Millichap represented the seller and buyer in the deal.
ARROYO GRANDE, CALIF. — ALDI Food Market has signed a lease for retail space at the corner of East Grand Avenue and South Elm Street in Arroyo Grande. Grand & Elm Properties leased the 23,931-square-foot space to the grocer. Nick Frechou and Mike Arfsten of Retail California brokered the transaction.