WHITEWATER, WIS. — Cost Cutters Hair Salon has signed a 1,670-square-foot lease to open at Whitewater Plaza shopping center in Whitewater, a city in southern Wisconsin. The property is located at 1139 W. Main St. Conor Farrell and Matthew Beadle of Founders 3 Real Estate Services represented the landlord, an entity doing business as PNL Whitewater LLC.
BONNER SPRINGS, KAN. — Mattel Inc. (NASDAQ: MAT), through a licensing partnership with Epic Resort Destinations, has unveiled plans for a second Mattel Adventure Park location. The entertainment resort destination will be located in Bonner Springs, Kan., and is set to open in 2026. Construction is expected to begin later this year. Mattel Adventure Park Kansas City will offer the attractions of Mattel Adventure Park Glendale, Ariz., including Hot Wheels roller coasters. Thomas & Friends: World of Sodor will include five family-friendly experiential attractions and rides, including a dedicated indoor play space. The Kansas City park will also be home to the larger-than-life Barbie Beach House. The attraction also includes a Barbie-themed flying theater and The Barbie Rooftop restaurant and bar. There will also be a laser tag arena and a mini golf experience.
CINCINNATI — The Kroger Co. (NYSE: KR) has entered into a definitive agreement for the sale of its specialty pharmacy business to CarelonRx, a subsidiary of Elevance Health. The Cincinnati-based retailer’s serves patients with chronic illness that requires complex care. Clinicians and therapy programs allow patients and prescribers to benefit from education and resources, counseling, side effect management, financial assistance, personalized care and administrative expertise. The specialty pharmacy business supports patients facing diseases including rheumatoid arthritis, growth hormone deficiencies, multiple sclerosis and bleeding disorders. Kroger Specialty Pharmacy is separate from other Kroger Family of Pharmacies, including in-store retail pharmacies and The Little Clinics. Therefore, in-store retail pharmacies and The Little Clinics are not included in this transaction. The deal is subject to customary closing conditions and is expected to close in the second half of 2024. RBC Capital Markets LLC is serving as financial advisor, and Weil, Gotshal & Manges LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to Kroger.
SHAWNEE, KAN. — Diversified Commercial Capital has arranged a $6.6 million acquisition and improvement loan for an 80,403-square-foot property occupied by Rush Funplex in Shawnee. The family entertainment center is located within a multi-tenant retail center along the Shawnee Mission Parkway. Diversified arranged the fixed-rate, five-year loan on behalf of the undisclosed borrower through a regional lender.
GREENFIELD, WIS. — Founders 3 Real Estate Services has brokered the $1.7 million sale of a 21,848-square-foot flex industrial facility in Greenfield, a southern suburb of Milwaukee. The property is located at 3442 S. 103rd St. Derek Yentz of Founders 3 represented the seller, Progressive Casualty Insurance Co. The buyer was an entity doing business as SAM-Progressive LLC.
LANSING, MICH. — Strategic Foods, doing business as Carrie’s Kitchen, has signed a 4,040-square-foot retail lease in Lansing. Carrie’s Kitchen, a soul food restaurant, will take the space formerly home to Wing Heaven Sports. Zach Burk and Bill McLeod of Gerdom Realty & Investment represented the tenant in the lease. Scott Adams of NAI Mid-Michigan represented the undisclosed landlord.
By Brad Belden, Colliers Now that the final numbers are in for 2023, we can undoubtedly say that the worst of COVID is behind us in the world of retail leasing. 2023 saw increased rental rates, longer-term deals and record low vacancy rates across the nation. It’s great news; retail is not dead and it could even be argued that it’s never been busier. But it’s also… different. On average, leases are shrinking and how space is used is changing. And demand, coupled with customers’ increased desire to visit evolving concepts, is making for another busy year ahead for this segment of the industry. So far, 2024 is off to a great start and this year’s trends are already taking form. On the consumer side, a significant shift back to bricks-and-mortar retail is already underway as consumers seek to connect with retailers again and make shopping an “experience.” On the retailer side, two factors are driving change: the emergence of AI, which is allowing many retailers to analyze and customize the customer experience while improving operations behind the scenes to boost sales (regardless of the tenant type, retail tenants in Chicago and across the U.S. have one thing in common: …
MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.
WYOMING, MICH. — Commonwealth Senior Living has acquired American House Wyoming, a 102-unit assisted living and memory care community in the Grand Rapids suburb of Wyoming. The purchase price and seller were undisclosed. The buyer will rebrand the facility as Commonwealth Senior Living at North Byron. The acquisition marks the third community for Commonwealth in the Grand Rapids area. Commonwealth plans to renovate the property, primarily focused on enhancing the secure memory care neighborhood.
INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, an apartment property located in Indianapolis. The funds will be used to pay off an existing loan and complete a renovation. The loan features interest-only payments, a two-year term and two six-month extension options. The nonrecourse debt represents 54.4 percent of the property’s estimated stabilized value of $7.3 million. Stratos Athanassiades, Thomas Gorski and Jesus Martinez of Red Oak originated and underwrote the debt under the firm’s Opportunistic Bridge Loan Program, which is a higher-leverage product with a small equity component for assets with a substantial value-creation element. Paul Meyer of Bristol Capital arranged the loan. The borrower, a group of professionals doing business as 21 West QOZ LLC, has invested $4 million into the property since acquiring it in 2021. Originally built in 1960, the property consists of a trio of three-story buildings with 42 units and 56 parking spaces. The owner is planning a gut renovation of the three buildings as well as constructing a new building on an adjacent vacant parcel. Common area and amenity spaces will connect all four buildings. The borrower ultimately intends to exit the Red …