EAST RUTHERFORD, N.J. — Fast casual dining chain German Doner Kebab (GDK) plans to open its first U.S. restaurant at American Dream, a 3.7 million-square-foot retail and entertainment destination in East Rutherford, New Jersey. Over the next seven years, GDK also plans to open 350 more franchised stores across the United States, primarily in malls, shopping centers and central business districts. The company already operates more than 70 stores in Europe and the Middle East. GDK restaurants typically range from approximately 1,300 to 3,000 square feet in size. Joseph Aquino Commercial Real Estate Services LLC represented GDK in the lease negotiations. Canadian shopping mall developer Triple Five Group owns American Dream.
WEST HARTFORD, N.J. — JLL has arranged the $11.2 million sale of a 111,507-square-foot industrial building in West Hartford. Located at 141 South St., the light industrial warehouse was completed in 1990 and features 22-foot clear heights, 16 loading docks, 10 drive-in doors and a 20 percent office finish. At the time of sale, the property was fully leased to nine tenants. Jordan Avanzato and Marc Duval led a JLL team that represented the seller, LM Real Estate Partners, in the transaction. A private investor purchased the asset.
OLD BRIDGE, N.J. — Dollar Tree has signed a 10,056-square-foot retail lease in Old Bridge, approximately 35 miles southwest of New York City. The property is located at 2695 County Road 516 in Old Bridge Town Center, a 93,251-square-foot retail center anchored by a Jersey Strong gym and Walgreens. The store is slated to open in the third quarter. Danielle Brunelli of R.J. Brunelli & Co. represented Dollar tree in the lease negotiations. Brunelli also represented the landlord.
SAN ANTONIO, TEXAS — CBRE has negotiated a 66,468-square-foot industrial lease for locally based logistics firm Fiesta Warehousing & Distribution Co. in San Antonio. Josh Aguilar of CBRE represented the tenant, which is expanding into a larger space at 5050 Stout Drive, in the lease negotiations. Rob Burlingame, also with CBRE, represented the landlord, Prologis.
HOUSTON — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of a 16,360-square-foot industrial building located at 2337 Minnis Drive in Haltom City, located northeast of downtown Fort Worth. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller, a private investor, and procured a limited liability company as the buyer. Both parties requested anonymity.
ATLANTA — Atlanta-based Jamestown has launched a $50 million fund to aid small businesses at its properties that are in the process of reopening as states relax retail closures. Funding allocations will be distributed as each qualifying tenant develops a reopening plan with its local Jamestown property management team. Funds received through the relief effort can be used to cover operating expenses, as well as mandatory measures implemented to remain in compliance with local, state and federal guidelines related to COVID-19. Jamestown did not release its definition for a small business but the U.S. Small Business Administration (SBA) defines a small business retail as companies earning less than $7.5 million in annual receipts. In March, Jamestown launched an online resource guide to help its small business tenants find materials about maintaining business operations, financing, health and safety resources, as well as best practices for operating and reopening in a COVID-19 environment. Jamestown owns properties in New York, California, Washington, D.C., Georgia, Florida, Pennsylvania, North Carolina and Massachusetts. Some of its notable assets include Ponce City Market and The Shops at Buckhead Atlanta in Georgia, One Times Square in New York City, Constitution Wharf in Massachusetts, and Raleigh Iron Works in North Carolina.
NASHVILLE, TENN. — Tennessee Gov. Bill Lee will allow personal service businesses in 89 of the state’s 95 counties to reopen under strict guidelines Wednesday as the COVID-19 pandemic continues to impact the country’s economy. The governor’s office estimates 38,000 people will be able to return to work. The remaining six counties — Shelby, Madison, Davidson, Hamilton, Knox and Sullivan — will create individual plans in consultation with their locally run health departments. The state’s guidance applies to personal services including barber shops, hair salons, waxing salons, nail spas, massage therapy services and substantially similar businesses that require prolonged close contact with customers. Some of the guidelines include: Limit the number of customers to 50 percent of fire code capacity; Services will be offered by appointment only, meaning no walk-ins; Workstations should be at least six feet apart, with additional measures taken as necessary to ensure that all people stay six feet apart at all times except for the staff providing a service to their client. Physical barriers can be used where necessary; Prohibit use of waiting areas; Ensure thorough workstation and equipment disinfection after each customer; Do not allow non-customer companions to accompany customer during a service; and Do …
FLORENCE, KY. — Churchill Downs Inc. has approved the $38.4 million, 46,500-square-foot development of Turfway Park at Newport Plaza Shopping Center in Florence. The property is meant to offer a racing alternative while Turfway Park is under renovation. Completion is slated for fourth-quarter 2020. The new facility will offer a simulcast area including a separate VIP simulcast room, a 17,000-square-foot gaming floor with 500 historical racing machines and a bar. The facility will provide approximately 70 full-time jobs. The property is situated three miles southeast of downtown Cincinnati at 14 miles east of Turfway Park.
JACKSONVILLE, FLA. — Berkadia has provided a $16.2 million Fannie Mae loan for the refinancing of Creekwood Club in Jacksonville. The 176-unit multifamily community was built in 1975 and offers studio to three-bedroom floor plans ranging from 422 to 1,300 square feet. The 10-year loan features a fixed interest rate with partial interest-only payments at a 75 percent loan to value ratio. The property was 95 percent occupied at the time of refinancing. Communal amenities include a pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, dog park and a playground. The property is located at 8343 Hogan Road, seven miles southeast of downtown Jacksonville. Charles Foschini and Christopher Apone of Berkadia originated the financing on behalf of the borrower, Westside Capital.