Retail

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

Restaurant Retail Texas

Private Investor to Develop 31,500 SF Food Hall, Parking Garage in Downtown Houston

by Taylor Williams February 6, 2018

HOUSTON — An undisclosed private investor will develop Lyric Market, a 31,500-square-foot food hall that will be located at the corner of Louisiana and Preston streets in downtown Houston. The development includes the construction of an 801-space parking garage. Set to open this fall, the concept will include a bakery, sushi bar, ice cream shop and wine and cocktail bars. Matthew Putterman of HFF arranged an undisclosed amount of construction financing on behalf of the developer through Origin Bank.

February 6, 2018

Midwest Net Lease Retail South Dakota

Boulder Group Negotiates $1.1M Sale of Net Leased Dollar General in Howard, South Dakota

by Kristin Harlow February 6, 2018

HOWARD, S.D. — The Boulder Group has negotiated the sale of a 9,026-square-foot property net leased to Dollar General in Howard, approximately 70 miles northwest of Sioux Falls, S.D., for $1.1 million. The newly constructed property is located at 23300 435th Ave. along Highway 34. Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. A Northeast-based private investor purchased the property from a Midwest-based developer. Dollar General has over 14 years remaining on its lease.

February 6, 2018

Georgia Restaurant Retail Southeast Top Stories

Arby’s Completes $2.9B Acquisition of Buffalo Wild Wings, Launches New Company

by Kristin Harlow February 6, 2018

ATLANTA — Arby’s Restaurant Group Inc. has completed its $2.9 billion acquisition of Buffalo Wild Wings Inc. As part of the transaction, the company launched a new restaurant company known as Inspire Brands Inc. The company will oversee the growth of Arby’s, Buffalo Wild Wings and an emerging brand, R Taco. More than 4,600 company-owned and franchised restaurants across 15 countries are within Inspire’s portfolio. The combined global sales of its restaurants in 2017 exceeded $7.6 billion. “We believe the time is right to create a different kind of restaurant company — one with a broad portfolio of distinct brands across a full spectrum of restaurant occasions,” says Paul Brown, CEO of Inspire Brands. “Our goal is to build an organization that leverages the benefits of scale, not only to save cost, but also to enable outsized investments in long-term growth initiatives.” Inspire is designed to enable each individual brand to benefit from and build off the strengths of the others. Brown of Arby’s and Neal Aronson of Roark Capital Group, a private equity firm, co-founded Inspire. The company’s headquarters will be based in Atlanta with a support center in Minneapolis. Founded in 1964, Atlanta-based Arby’s is a sandwich restaurant …

February 6, 2018

Retail Texas

Topgolf Opens 65,000 SF Venue in El Paso

by Taylor Williams February 5, 2018

EL PASO — Dallas-based Topgolf has opened a 65,000-square-foot, three-level venue in the Mesa Hills neighborhood on El Paso’s north side. The El Paso venue is the company’s 10th in Texas and its 52nd in the country, including facilities opening soon in markets such as Albuquerque, Columbus, Miami, Pittsburgh and St. Louis. More than 500 full- and part-time employees were hired in advance of the opening.

February 5, 2018

Connecticut Northeast Retail

Pearce Real Estate Negotiates $5.5M Acquisition of Retail Property in Rocky Hill, Connecticut

by Amy Works February 5, 2018

ROCKY HILL, CONN. — Pearce Real Estate has arranged the acquisition of a retail property located at 323 Cromwell Ave. in Rocky Hill. Jordan Realty purchased the property from Broad Street III for $5.5 million. CVS/pharmacy occupies the 15,000-square-foot building. DeForest Smith of Pearce Real Estate represented the buyer in the 1031 exchange transaction.

February 5, 2018

Hawaii Restaurant Retail Western

Jersey Mike’s Opens Restaurant on Military Base in Hawaii

by Nellie Day February 5, 2018

OAHU, HAWAII — Jersey Mike’s Subs opened its first restaurant on a military base, with a new location at Schofield Barracks in Oahu. The company plans to open restaurants at two other military installations in 2018. The 490-square-foot sub shop, located in the Army & Air Force Exchange Service food court, is staffed almost entirely by local residents connected to service members at the installation. The Schofield Barracks location is the 54th Jersey Mike’s restaurant for franchise owner Alvaro Garcia, whose other locations are in California and Hawaii. Started in 1956, Jersey Mike’s now has 1,500 restaurants open and under development nationwide.

February 5, 2018

Midwest Ohio Retail

Marcus & Millichap Arranges $3.2M Sale of Retail Center in Kent, Ohio

by Kristin Harlow February 5, 2018

KENT, OHIO — Marcus & Millichap has arranged the sale of the Discount Drug Mart Center in Kent, about 40 miles south of Cleveland, for $3.2 million. The 31,762-square-foot retail center is located at 1763 E. Main St. The property is 100 percent occupied by tenants such as Discount Drug Mart and NAPA Auto Parts. Three of the four tenants have resided at the center since its construction in 1999. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company based in northeast Ohio. Russ Panowicz, also of Marcus & Millichap, secured and represented the buyer, an Indiana-based private investor.

February 5, 2018

New Hampshire Northeast Retail

Horvath & Tremblay Arranges $1.2M Sale of Retail Property in Nashua, New Hampshire

by Amy Works February 2, 2018

NASHUA, N.H. — Horvath & Tremblay has brokered the sale of a retail property located on Amherst Street in Nashua. An undisclosed buyer acquired the property for $1.2 million. Advanced Auto Parts occupies the property with more than four years remaining on its original 10-year lease term plus three five-year renewal options. Bob Horvath, Aaron Huntley and RJ Tuller of Horvath & Tremblay negotiated the transaction.

February 2, 2018

Retail Texas

Rainier, CIL2 Acquire 380,600 SF Retail Power Center in Corpus Christi

by Taylor Williams February 2, 2018

CORPUS CHRISTI, TEXAS — Rainier Realty Investments LP, an affiliate of Dallas-based The Rainier Cos., has acquired Moore Plaza, a 380,600-square-foot retail power center in Corpus Christi. The company purchased the big box center in a joint venture with CIL2 LLC, an institutional investment platform managed by Continuum Investments Ltd. The Class A center was 99 percent leased at the time of sale to national retailers such as Hobby Lobby, Stein Mart, Office Depot/Office Max, Old Navy and Party City. Metropolitan Capital Advisors arranged an undisclosed amount of acquisition financing for the transaction, which marks Rainier’s fourth investment in a retail power center over the past six months.

February 2, 2018

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