RICHMOND, CALIF. — LBG Real Estate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1 million-square-foot regional mall located at 2200 Hilltop Mall Road in Richmond, for an undisclosed price. Originally developed in 1976 and renovated in 2007, a variety of tenants occupy the property, including Macy’s, Walmart, Sears and a 24-Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the undisclosed seller, while the buyer was self-represented in the transaction.
ALBUQUERQUE, N.M. — Burger 21 will expand into New Mexico with the addition of an Albuquerque location set to open this October. The growing brand now has 22 open locations and 15 in development across 11 states. The new location is in the Winrock Town Center at 2100 Louisiana Blvd. in Albuquerque. The restaurant is 2,500 square feet with an additional 800 square feet of outdoor patio space. Chris Zalesiak owns the property. With 22 locations now open in Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina and Virginia, and approximately 15 in development in 11 states, Burger 21 is a fast-casual franchise concept founded in 2010.
ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of a 5,156-square-foot property net leased to Applebee’s in Rochester for $4.3 million. The building is located at 3794 Marketplace Drive Northwest. Adam “AJ” Prins, Matthew Hazelton, Cory Villaume and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a Twin Cities-based family that acquired the property as part of a 1031 exchange.
INDIANA — Four Corners Property Trust (NYSE: FCPT) has acquired two properties in Indiana that are net leased to K-MAC Enterprises LLC for $3.4 million. The seller was not disclosed. The properties are occupied under individual triple-net leases with new 20-year terms negotiated by FCPT prior to closing. FCPT plans to remodel both properties in the next four years, which will include the transformation from a KFC/Taco Bell restaurant to a Taco Bell exclusively at one of the properties. K-MAC is one of the largest YUM! Brands franchisees, with over 280 Taco Bell and KFC units across the Midwest and Southeast.
FENTON, MICH. — Community Threads has signed an 11,328-square-foot retail lease at Fenton Towne Center in Fenton, about 18 miles south of Flint, Michigan. The property is located at the intersection of Leroy Street and Dauner Road. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord, Fenton Towne Center, in the lease transaction. Community Threads, a quality thrift store, is slated to open in the third quarter of this year.
There are two major trends affecting retailers across South Florida: the reduction of affluent foreign tourists in the market and the internet, which is forcing retailers to shift their concepts at an accelerating pace. Both factors have led to a slight decline in market conditions, specifically a deceleration of growth rates, but not significantly enough to cause great concern or to feel South Florida has become a “falling market.” Instead, much like origami, one must shape retail concepts to adapt to the new online reality. The American dollar is still very strong against Latin American and most foreign currency. This has created a downward spiral for hotel occupancy and retail sales in South Florida’s tourist driven areas such as South Beach and Lincoln Road. Miami-Dade County hotel occupancy was down 0.6 percent year-over-year to 83.5 percent in February/March 2017. This tourism decline has also created a shift in foreign investing. While large foreign investors are still active in the market, there has been a noticeable exit of smaller foreign investors. This has created an unusual twist in the South Florida market as now domestic (primarily from the Northeast) and Canadian investors are actively looking and purchasing retail opportunities given they …
PLANO, TEXAS — HFF has secured $17.7 million in post-acquisition financing for Creekwalk Village, a 174,484-square-foot retail power center situated on 14.7 acres at 801 W. 15th St. in Plano. The center currently houses tenants such as Michaels, Bed Bath & Beyond, Barnes & Noble and Designer Shoe Warehouse. Chris Drew, Nat Scarmazzi and De’On Collins of HFF secured the financing on behalf of an affiliate of Sterling Organization, a Florida-based private equity firm. Southside Bank originated the loan.
BLUFFTON, S.C. — Matthews Real Estate Investment Services has arranged the $22 million sale of Low Country Village, a 140,000-square-foot shopping center in Bluffton, roughly seven miles west of Hilton Head. Scott Henard of Matthews led the transaction on behalf of the seller, Retail Properties of America Inc. A private, California-based buyer acquired the property. At the time of sale, Low Country Village was fully leased to 14 tenants including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. Constructed in 2001, the shopping center is situated between two Tanger Factory Outlet Centers.
WYOMING, MICH. — Wolverine Building Group has broken ground on a 36,000-square-foot expansion for Craig’s Cruisers in Wyoming, five miles south of Grand Rapids. The family fun center is located at 5730 Clyde Park Ave. The addition will be home to a trampoline park, laser tag arena and an indoor roller coaster. The $2.4 million project is slated for completion in February 2018.
GARDENA, CALIF. — CBRE has arranged the sale of Gardena Crenshaw Plaza, a retail center located at 14730-14842 Crenshaw Blvd. in Gardena. Crenshaw Retail Holding acquired the property from Diamond Rock Partners for $7 million. Dan Riley and Austin Wolitarsky of CBRE represented the seller, while the buyer was self-represented with Mark Rafeh and John Proia of Promark Investments being the primary principals. At the time of sale, the 26,504-square-foot property was 100 percent occupied. AutoZone is the anchor tenant.
