Retail

VICI Properties Closes $507.5M Sale-Leaseback of Octavius Tower at Caesars Palace

by Camren Skelton July 12, 2018

LAS VEGAS — VICI Properties has acquired the 23-story Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash. Under the terms of an existing ground lease, the REIT will lease the 668-room hotel back to the seller, Caesars Entertainment Corp., which currently operates the property. Caesars’ annual rent payment to VICI will be $35 million. Constructed in 2012, the hotel spans 1.2 million square feet and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. At the time of closing, VICI announced that it will also acquire Harrah’s Philadelphia from Caesars. The original purchase price of $241.5 million will be reduced to $82.5 million to reflect modifications to VICI’s existing leases with Caesars. “These agreements with VICI unlock more than $500 million in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” says Mark Frissora, president and CEO of Caesars Entertainment. Constructed in 2006, Harrah’s Philadelphia underwent a renovation in 2017. The property spans 2 million square feet and includes 2,450 slot machines, live table games, and several bars, restaurants and parking garages. …

July 12, 2018

Acquisitions New York Northeast Retail

Petrakis Properties Acquires Six 7-Eleven Locations in Upstate New York for $2.7M

by David Cohen July 11, 2018

UPSTATE NEW YORK — Petrakis Properties has acquired six 7-Eleven convenience and fuel locations in Upstate New York. The properties are located in Attica, Warsaw, Elmira Heights, Corning, Hornell and Rochester. Jesse Tufariello of Silber Investment Properties represented the seller, Saunders Management Co., in the transaction. All six properties were previously acquired as part of a larger deal and converted by Saunders to 7-Eleven convenience and fuel stations. The total square footage of the properties is 15,118 square feet.

July 11, 2018

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Two Retail Properties in Aurora, Illinois

by Kristin Harlow July 11, 2018

AURORA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of two retail properties in Aurora for an undisclosed price. The sale includes a 31,000-square-foot retail center and a single-tenant building occupied by Walgreens. The retail center was fully leased at the time of sale. Tenants include Dollar General, O’Reilly Auto Parts and Subway. Constructed in 2002, the Walgreens property is approximately 15,000 square feet. Chad Firsel of Quantum represented the seller, a Chicago-based investor. Daniel Waszak of Quantum represented the buyer, a Colorado-based private investor.

July 11, 2018

Acquisitions California Retail Western

CVS-Anchored Shopping Center in the Inland Empire Trades for $24M

by Amy Works July 11, 2018

RANCHO CUCAMONGA, CALIF. — Apartment Income Investors has sold Thomas Winery Plaza, a shopping center located along Route 66 in Rancho Cucamonga. An undisclosed buyer acquired the asset for $24 million. CVS/pharmacy anchors the 99,838-square-foot shopping center. Lindsay Tsumpes and El Warner of Matthews Real Estate Investment Services handled the transaction.

July 11, 2018

Leasing Activity Lee & Associates New York Northeast Retail

Lee & Associates Arranges 16,000 SF Lease for Fitness Factory Health Club in Yonkers

by David Cohen July 10, 2018

YONKERS, N.Y. — Lee & Associates has arranged a 16,000-square-foot lease at RXR Realty’s Larkin Plaza developmentin Yonkers for Fitness Factory Health Club. Larkin Plaza is a three-building, mixed-use residential and retail project, which will feature 439 residential units. Steve Lorenzo, Mitchell Salmon and Chris Ventura of Lee & Associates represented both the tenant and the landlord, RXR Realty, in the transaction. Fitness Factory Health Club signed a 15-year lease. The health club, which offers strength and cardio equipment, group classes, personal training, and nutrition is scheduled to open in early 2019.

July 10, 2018

Acquisitions North Carolina Retail Southeast

CBRE Negotiates Sale of Publix-Anchored Center in Metro Charlotte

by Camren Skelton July 10, 2018

MOORESVILLE, N.C. — CBRE has arranged the sale of Brawley Commons, a 122,054-square-foot retail center in Mooresville, roughly 30 miles north of Charlotte. Mike Burkard and Steve Shields of CBRE arranged the transaction on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co. Atlanta-based New Market Properties, an affiliate of Preferred Apartment Communities, acquired the property. The purchase price was not disclosed, but the company financed the acquisition using an $18.5 million, first mortgage loan from Nationwide Financial Services Inc. Brawley Commons was constructed in 1998 and redeveloped in 2016 with the addition of a new 49,098-square-foot Publix. Additional tenants at the center include Pet Supermarket, MOD Pizza, Orangetheory Fitness, SuperCuts and Jersey Mikes.

July 10, 2018

Acquisitions Arizona Retail Western

Faris Lee Brokers $9.8M Acquisition of Retail Property in Phoenix

by Amy Works July 10, 2018

PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.

July 10, 2018

Acquisitions Retail Texas

STRIVE Arranges Sale of 111,374 SF Retail Center in Fort Worth

by Taylor Williams July 9, 2018

FORT WORTH, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Westover Village, a 111,374-square-foot retail center in Fort Worth. The property, which houses tenants such as AT&T, Firehouse Subs and SportClips, was close to full occupancy at the time of sale. The site includes additional land for development. Jennifer Pierson of STRIVE represented the seller, a St. Louis-based developer, in the transaction. A Texas-based investor purchased the asset for an undisclosed price.

July 9, 2018

Development Illinois Midwest Restaurant Retail

Englewood Begins Construction of Outback Steakhouse in Gurnee, Illinois

by Kristin Harlow July 9, 2018

GURNEE, ILL. — Englewood Construction has broken ground on a 6,524-square-foot Outback Steakhouse restaurant in Gurnee, located about 45 miles north of Chicago. Outback is relocating from 5642 Northridge Drive in Gurnee. Janet Pugh is the project architect. Tampa-based Bloomin’ Brands is the parent company of Outback. Englewood has recently completed Outback restaurants in Downers Grove, Ill.; Springfield, Ill.; and Merrillville, Ind.

July 9, 2018

Acquisitions California Restaurant Retail Western

Marcus & Millichap Brokers $1.5M Sale of Restaurant Property in Santa Ana, California

by Amy Works July 9, 2018

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a restaurant property located at 1502 S. Main St. in Santa Ana. A private investor sold the property for $1.5 million. Jack in the Box occupies the 1,311-square-foot property on a net-lease basis. Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office represented the seller. Jon Emrani of Marcus & Millichap’s West Los Angeles office represented the buyer, a private investor, in the transaction.

July 9, 2018

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