Thursday, November 21, 2024
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AcquisitionsFloridaRetailSoutheast

Colliers Arranges $26.4M Sale of Volusia Square Shopping Center in Daytona Beach

by John Nelson

DAYTONA BEACH, FLA. — Colliers has arranged the $26.4 million sale of Volusia Square, a 193,923-square-foot shopping center located at 2455 W. International Speedway Blvd. in Daytona Beach. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller, Lamar Cos., in the transaction. Mosaic Realty Partners purchased the shopping center, which is situated less than 300 yards from Daytona International Speedway. Volusia Square was 97.2 percent leased at the time of sale to tenants including Urban Air Adventure Park, Amped Fitness, Ollie’s Bargain Outlet and Restaurant Depot Express. Three retail outparcels were included in the sale, including two single-tenant buildings occupied by Buffalo Wild Wings and Arby’s and a multi-tenant building leased to Lenscrafters and Cava.

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AcquisitionsKentuckyRetailSoutheast

Marcus & Millichap Arranges Sale of 39,161 SF Shopping Center in Albany, Kentucky

by John Nelson

ALBANY, KY. — Marcus & Millichap has arranged the sale of Westview Shopping Center, a 39,161-square-foot retail center located at 700 Burkesville Road in Albany, a city in southern Kentucky near the border of Tennessee. The property was 97 percent leased at the time of sale to tenants including IGA Hometown Grocery, Dragon Garden, Majors Pizza and Albany Nail Salon. IGA Hometown has anchored Westview since the center was built in 1988. Zach Taylor and Eric Abbot of Marcus & Millichap’s Atlanta office represented the seller, a developer based in Tennessee, in the $1.7 million transaction. The buyer is an undisclosed private investor. Grant Fitzgerald of Marcus & Millichap served as the broker of record in Kentucky for the deal.

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AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Facilitates $10.8M Sale of Retail Property in Yucaipa, California

by Amy Works

YUCAIPA, CALIF. — Marcus & Millichap has brokered the sale of Center Point Plaza, a shopping center in Yucaipa. A partnership sold the asset to a private investor for $10.8 million. Located at 33490-33492 Oak Glen Road, Center Point Plaza offers 28,924 square feet of space occupied by a variety of tenants, including retailers, restaurants and medical office users. The property was constructed in 2007. Ivan Prochko, Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Mililchap’s Los Angeles office represented the seller, while Bashir Tariq of Keller Williams Realty represented the buyer in the transaction.

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AcquisitionsIllinoisMidwestMultifamilyRetail

Interra Realty Negotiates $11.2M Sale of Apartment, Retail Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $11.2 million sale of a 35-unit apartment and retail building in Chicago’s Lincoln Park neighborhood. The property at 2200 N. Clark St. features 28 apartments and seven retail spaces that were all fully leased at the time of sale. The 10,000 square feet of ground-floor retail space is home to tenants such as an art gallery and Michelin-starred restaurant Esmé. Constructed in 1891, the building has been well maintained following capital improvements in 2008-2009. Joe Smazal, Brad Feldman and Craig Martin of Interra represented the seller, a local real estate investment firm that deploys institutional capital. Interra also procured the buyer, Beal Properties, a Chicago-based private office owned by Bill Silverstein.

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AcquisitionsNew JerseyNortheastRestaurantRetailTop Stories

Blackstone Agrees to Acquire Majority Ownership Position in Jersey Mike’s Subs

by Kristin Harlow

MANASQUAN, N.J. — Private equity funds managed by Blackstone have agreed to acquire a majority ownership position in Jersey Mike’s Subs. The deal would value the Manasquan-based sandwich restaurant chain at around $8 billion, including debt, according to The Wall Street Journal. Jersey Mike’s founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. Blackstone says the partnership is intended to help Jersey Mike’s accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. New York City-based Blackstone has a long history of investing in and propelling the growth of franchisors, including its previous acquisitions of Hilton Hotels and SERVPRO. The firm has recently invested in Tropical Smoothie Café and 7 Brew Coffee. The first Jersey Mike’s shop was founded as Mike’s Subs in Point Pleasant, N.J., in 1956. Cancro began working at the store when he was 14 years old, and later acquired the location in 1975 at the age of 17. He began franchising units in 1987. Today, Jersey Mike’s is a national franchisor with more than 3,000 locations nationwide open and in development. The transaction is expected to be completed …

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4300-4410-W-Union-Hills-Dr-Glendale-AZ
AcquisitionsArizonaRetailWestern

Colliers Brokers Sale of 79,044 SF Union Crossing Retail Center in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Colliers has arranged the sale of Union Crossing, a shopping center located at 4300-4410 W. Union Hills Drive in Glendale. A family office, under the entity of Union Crossing Shopping Center LLC, acquired the asset from Texas-based Union Crossing LLC for an undisclosed price. Situated on 8.5 acres, the 79,044-square-foot property was originally constructed in 1987 and underwent a significant renovation in 2017. Asiana Market, an ethnic-oriented grocer, anchors the property, which includes approximately 20 tenants. Mindy Korth, JK Jackson, El Warner and Caitlin Zirpolo of Colliers handled the transaction.

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IllinoisLeasing ActivityMidwestRetail

Monos to Open 2,800 SF Store in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Travel lifestyle brand Monos has signed a 10-year lease to open a retail location on the ground floor of The Dylan at 160 N. Morgan St. in Chicago. The Dylan is a 30-story multifamily and retail development in the city’s Fulton Market neighborhood. Monos is scheduled to open its 2,800-square-foot store in spring 2025. The Canadian-founded brand launched in 2018 as an online direct-to-consumer retailer and began venturing into physical retail with pop-ups in 2022, followed by its first permanent retail location and Canadian flagship store in Vancouver in 2023. Sterling Bay developed The Dylan in partnership with Ascentris and CIBC Bank. Completed in October 2023, the property is currently 97 percent leased. Phil Golding, Todd Siegel, Kim Wiskup and Gianna Bianconi of CBRE represented Monos.

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AcquisitionsFloridaRetailSoutheast

Wilder Acquires 65,417 SF Publix-Anchored Shopping Center in Sarasota

by John Nelson

SARASOTA, FLA. — Boston-based Wilder has purchased Shoppes at Palmers Ranch, a newly built shopping center in Sarasota totaling 65,417 square feet. WMG Development sold the Publix-anchored center to Wilder and two undisclosed, long-term investment partners for an undisclosed price. Brad Peterson of Colliers represented the seller in the transaction, while Donald Jennewein of Colliers arranged acquisition financing on behalf of Wilder. In addition to the Publix anchor and a Publix Liquors store, Shoppes at Palmers Ranch was fully leased at the time of sale to tenants including Dental Care at Palmer Ranch, Sherwin-Williams, Wellness Animal Hospital, Ann Volcano Nail Lounge and Fuji Sushi Steakhouse.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $14.3M Sale of Metro Tampa Store Leased to Lowe’s Home Improvement

by John Nelson

ODESSA, FLA. — SRS Real Estate Partners has brokered the $14.3 million ground lease sale of a newly built retail property in Odessa, a suburb of Tampa. Lowe’s Home Improvement occupies the 137,554-square-foot property on a 20-year absolute net ground lease. The freestanding store is situated on a nearly 12-acre site at 2317 Gunn Highway. Matthew Mousavi and Patrick Luther of SRS represented the California-based buyer, a private trust that paid for the store in all cash, in the transaction. Patrick Wagor of Atlantic Capital Partners represented the seller, a privately held development firm. Both parties requested anonymity.

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Cafferty-Pull-Quote
FeaturesRestaurantRetail

Security, Success, Stability: Crafting, Executing Restaurant Leases That Work

by Taylor Williams

By Brian G. Cafferty, partner at GoldMark Partners LLP A popular restaurant can be a significant draw to a shopping center. However, according to a study published by Ohio State University, approximately 60 percent of restaurants fail in their first year, and 80 percent fail before the end of their fifth year. These statistics underscore the importance of landlords being protected in the likely event of a restaurant tenant’s failure. A well-crafted restaurant lease should address the following key items to minimize a landlord’s liability: Secure More Than Just Rent To protect the landlord’s investment and minimize potential losses, the landlord should secure a security deposit of at least two months rent. Additionally, the tenant should grant the landlord a security interest in all of the tenant’s accounts receivables, equipment (including machinery, furniture, trade fixtures) and inventory under the Uniform Commercial Code (UCC).  Keeping the Kitchen (and Lease) Running Clean   The lease should require the tenant to contract with a third party for essential maintenance tasks, including grease removal, pest control and regular vent and hood cleaning. The frequency of the hood cleaning will depend on the type of restaurant, but quarterly cleaning is a good rule of thumb. …

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