COLUMBUS, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $12.7 million in acquisition financing for Columbus EZ Travel Center, a gas station and convenience store in East Texas. Ron Balys of MMCC originated the 10-year loan, which carries a 6.5 percent interest rate, 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
OCEAN CITY, MD. — The McClellan Team at SVN | Miller Commercial Real Estate has negotiated the sale of 21 acres of land underlying Outlets Ocean City, a 200,000-square-foot outlet mall in Ocean City. The outlet mall is subject to a long-term ground lease with leasehold improvements by the new ownership. The Elliott Family sold the land to the undisclosed buyer. The new ownership group has tapped the McClellan Team and Ryan Finnegan of SVN | Miller to lease Outlets Ocean City, which has six units available for lease. According to the property’s online directory, the outlet mall’s tenant roster includes American Eagle, Carter’s, Crocs, HomeGoods, J. Crew Factory, Mione’s Pizza, Old Navy Outlet, Outback Steakhouse, Rack Room Shoes, Skechers, Sunglass Hut and Under Armour, among other brands.
PORT ST. LUCIE, FLA. — A partnership between Morgan Co. and Casto Net Lease has acquired 15 acres in Port St. Lucie, a city in southeast Florida’s St. Lucie County. The duo plans to develop a new shopping center anchored by Aldi on the site. The center will also include outparcels designated for McDonald’s, Circle K and AutoZone, as well as outparcels that are currently available for sale or lease. Scott Copeland of On Course Development represented Morgan and Casto Net Lease in the land deal. The seller and sales price were not disclosed. The buyers plan to break ground on the shopping center before the end of the year and deliver the property in 2027.
FLOWERY BRANCH, GA. — The Taylor McMinn Retail Group of Marcus & Millichap has brokered the sale of a restaurant in Flowery Branch leased to Whataburger. The restaurant was built in 2024 and sold to a local buyer that purchased the property all-cash in a 1031 exchange. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, a repeat developer for the Whataburger brand, in the deal. Both parties requested anonymity. Whataburger has 14 years remaining on its ground lease, which features rent increases in the initial term as well as extension options. “This marks our fourth new Whataburger closing in the Atlanta MSA over the past 12 months, and we are currently marketing an additional location in Buford, Ga.,” says McMinn. “Demand for well-located QSR [quick-service restaurant] assets remains strong as 1031 exchange and private capital continue to re-enter the net lease market. Capital targeting the QSR sector is driven by long-term leases, rent escalations and attractive drive-thru locations.”
ANTIOCH, CALIF. — Camden Village LLC has completed the disposition of Slatten Ranch Shopping Center, a community retail center in Antioch. Sterling Organization acquired the asset for an undisclosed price. Located at 5709-5759 and 5779-5789 Lone Tree Way, Slatten Ranch Shopping Center features 118,187 square feet of retail space. The property is shadow-anchored by Target. Eric Kathrein, Gleb Lvovich, Andrew Spangenberg and Allie Repaskey of JLL Capital Markets represented the seller in the transaction.
NORWALK, CALIF. — Primestor Development and DLR Group have broken ground on The Walk, a community-serving mixed-use village in Norwalk. Located adjacent to Norwalk City Hall, The Walk will feature 89,000 square feet of retail buildings and public open space, including a network of interconnected plazas and pedestrian pathways. DLG Group is providing architectural and planning design services for the project, which is slated for completion in late 2027.
CHICAGO — Greenstone Partners has brokered the $5.6 million sale of a retail and medical property located at 1455 N. Milwaukee Ave. in Chicago’s Wicker Park neighborhood. The urban infill asset sold for 98 percent of the list price to a New York-based buyer. The two-story property features 11,370 rentable square feet, roughly 125 feet of frontage along North Milwaukee Avenue and a private surface parking lot with 23 dedicated spaces. Barry’s Bootcamp occupies the ground floor. The upper level is leased to medical services provider Kindbody, formerly Vios Fertility Institute. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company, and procured the buyer.
MANVEL, TEXAS — Lowe’s Home Improvement has opened a 94,000-square-foot store in Manvel, a southern suburb of Houston. The store, which includes 30,000-square-foot garden and nursery and will ultimately employ about 100 people, is located within Weitzman’s 273-acre Manvel Town Center mixed-use development. James Namken, Kyle Knight and Emily Guenther represented Weitzman in the lease negotiations on an internal basis. Lowe’s was self-represented.
AUSTIN, TEXAS — A partnership between two investment firms, Austin-based Fortum and Denver-based Quannah Partners, has purchased a roughly 6,000-square-foot retail building in Austin with plans to implement a redevelopment. According to LoopNet Inc., the building at 1612 S. Congress Ave., which is located just south of downtown, was originally constructed in 1935. Ownership plans to undertake both an adaptive reuse of the existing structure and an expansion to bring the building’s footprint to roughly 10,700 square feet.
NEW YORK CITY — Resolution Real Estate, a member of NAI Global, has arranged the $9.4 million sale of an 18,500-square-foot office and retail building in Midtown Manhattan. The seven-story building at 5 E. 47th St. was completed in 1920 and was vacant at the time of sale. Jonata Dayan and Jeffrey Zund of Resolution Real Estate represented the buyer, Liberty Bagels, which plans to occupy about half the space, in the transaction. David Schectman, Abbe Kassin and Lipa Lieberman of Meridian Capital Group represented the seller, private investor Walter Samuels.
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