HOUSTON — Island Grill American Mediterranean, a Houston-based, family-owned concept, will open a new restaurant at 2810 Westheimer Road in the city’s River Oaks neighborhood. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Island Grill in the lease negotiations. The restaurant, which is set to open late next spring, will be the sixth for the company.
KANSAS CITY, KAN. — The Kansas City Chiefs have released initial concept renderings for the team’s new enclosed stadium set to open in Kansas City, Kan., in 2031. The Chiefs are still finalizing details, but the $3 billion stadium will hold 70,000 fans, feature a fully enclosed roof with translucent panels and include more than 20,000 parking spots. The Chiefs also announced the project team, which includes Kansas City-based MANICA as the lead design architect and Kansas City-based sports architecture firm HNTB as the architect of record. CAA ICON is serving as owner’s representative on the project. The stadium’s size, shape and roof geometry have been studied by audio engineers to maximize crowd noise. The stadium’s seating bowl is reminiscent of Arrowhead Stadium, the team’s current stadium. The new development will include a “Drum Deck” for pregame and in-game ceremonies as well as the “Chiefs Ring of Honor” above the bowl. The translucent panels on the roof will maximize visibility for military flyovers. Outside the stadium, fans will be able to visit the Lamar Hunt statue in a modern plaza, access a specially curated Chiefs Hall of Honor more than twice the size of its current space and peruse an …
SPOKANE, WASH. — Locally based brokerage firm Kiemle Hagood has negotiated the $32 million sale of 5 Mile Shopping Center, a multi-tenant retail center in north Spokane. An entity doing business as Romax 5 Mile LLC purchased the grocery-anchored property from 5-Mile Investment Co. I LLC. Situated on 14.2 acres at 1812 W. Francis Ave., the property features more then 163,000 square feet of retail space. Current tenants include Rosauers, Starbucks Coffee, Chipotle Mexican Grill, Taco Bell, Washington Trust Bank, Mister Car Wash, GNC and Edward Jones. Casey Brazil and Richard Fox of Kiemle Hagood represented the seller in the deal, while Colin Conway and Steve McIntosh of Kiemle Hagood represented the buyer.
LONG BEACH, CALIF. — CBRE has arranged the $30 million sale of Mosaic, a six-building retail portfolio located in downtown Long Beach. An entity doing business as Mosaic Promenade Holdings LLC acquired the property from a partnership between Turnbridge Equities, Waterford Property Co. and Monument Square Investment Group. John Read and Erin Smith of CBRE represented the seller in the deal. Totaling 148,405 square feet, the portfolio includes 50 East 4th Street; 145 East 4th Street; 300 and 325 The Promenade North; and 480 and 590 Pine Avenue. At the time of sale, the asset was 78 percent leased. Current tenants include include Ross Dress for Less, Studio One Eleven/RDC, Ammatoli, Pacific Dental, Panda Express, Wingstop, GNC, GameStop, U.S. Army, U.S. Armed Forces and City of Long Beach, among others. The properties were constructed between 2002 and 2004.
PROVIDENCE, R.I. — A partnership between Syracuse-based Pyramid Management Group, Paolino Properties and DW Partners has agreed to acquire Providence Place Mall, a 1.4 million-square-foot lifestyle center, for $133 million. The 13.2-acre property has been in court-ordered receivership for multiple years following a loan default by the previous owner, Brookfield Properties. Tenants at Providence Place include Dave & Buster’s, Abercrombie & Fitch, American Eagle, Aldo, Apple, Bath & Body Works, Brooks Brothers, Champs Sports, Cyclebar, DSW, Five Below and Garage. The new ownership plans to completes an ongoing repositioning program at the property.
EDISON, N.J. — Marcus & Millichap has brokered the $8.8 million sale of a 5,585-square-foot retail building in the Central New Jersey community of Edison. Convenience store operator Wawa occupies the single-tenant building at 1095 U.S. Route 1, which was built last year and includes a fuel station, on a triple-net basis. Alan Cafiero, Brent Hyldahl and Vincent Pennino of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
BEVERLY, MASS. — JLL has negotiated the $8.5 million sale of a 60,666-square-foot grocery building in Beverly, a northeastern suburb of Boston, that is fully leased to regional operator Stop & Shop. The freestanding building sits on a 4.9-acre site that originally served as the site of the first Marshalls store in the United States (circa 1956). Alex Quinn, Zach Nitsche, Sam Wiesman and Joe Marinaro of JLL represented the seller and procured the buyer in the transaction.
JACKSONVILLE, FLA. — TSCG has brokered the $20.7 million sale of The Plaza at Normandy, a Publix-anchored shopping center located at the intersection of Normandy Boulevard and Chaffee Road South in Jacksonville. An unnamed 1031 exchange buyer purchased the 58,691-square-foot center from the developer, Wagner Property Group. Anthony Blanco, Mallory Silva and Spencer Kinsella of TSCG represented the seller in the transaction, and Laurie Ann Drinkwater of Marcus & Millichap represented the buyer. Built in 2024, The Plaza at Normandy was fully leased at the time of sale to Publix, Publix Liquor Store, Xtreme Wings, Hair Cuttery, Nail Art Studio & Spa, The UPS Store and AT&T Wireless. The shopping center includes outparcels for McDonald’s and Wawa that were not part of the sale.
WHITE PLAINS, N.Y. AND SUNNY ISLES BEACH, FLA. — Mavis Tire Express Services Corp. and Icahn Enterprises LP (NASDAQ: IEP) have entered into a definitive agreement under which a subsidiary of Mavis will acquire Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses. Formally named The Pep Boys-Manny, Moe & Jack Holding Corp., Pep Boys is an automotive service company offering tires, repairs, oil changes and maintenance services from nearly 800 retail locations nationwide. Navy veterans Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss and Graham “Jack” Jackson founded the company in 1921. According to Mavis, the acquisition expands its presence in new and existing markets, particularly across the Western United States where Pep Boys maintains a significant retail footprint. The deal grows Mavis’ network to more than 4,400 service center locations across the United States and Canada. “Pep Boys brings a loyal customer base, deep-rooted market presence across the United States and a distribution network that will meaningfully enhance our supply chain nationwide,” says David Sorbaro, co-CEO of Mavis. “As part …
AUBURN, WASH. — Intercontinental Real Estate Corp. has acquired Lakeland Town Center, a 125,233-square-foot, grocery-anchored retail center located approximately 20 miles south of Seattle in Auburn, for $69.5 million. Built in 2002, Lakeland Town Center is situated on 12.6 acres within the Lakeland Hills master-planned community. The property was fully leased at the time of sale. Tenants include Haggen Northwest Fresh, Subway, HopsnDrops, Rock Wood Fired Pizza, Puerto Vallarta Mexican, Sushi Konami, Ichi Teriyaki, Legendary Doughnuts, Nekter Juice Bar, Menchie’s Frozen Yogurt, Pacific Cataract and Laser Institute, Gentle Dental, Outpatient Physical Therapy, Edward Jones, McDonald’s, Wells Fargo, The UPS Store, Orangetheory Fitness and Club Pilates. Intercontinental plans to execute a capital improvement program focused on roof replacement and as-needed upgrades for tenants, alongside the implementation of a leasing strategy centered on preserving and strengthening the center’s tenant mix. Geoff Tranchina, Gleb Lvovich, Dan Tyner and Tess Berghoff of JLL Capital Markets marketed the property on behalf of the seller.
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