Retail

Colliers Negotiates $3.2M Acquisition of Retail, Industrial Property in Temecula

by Nellie Day July 21, 2017

TEMECULA, CALIF. — Colliers International has arranged the acquisition of a multi-tenant retail and industrial property located at 41735 Winchester Road in Temecula. Anderson Family Trust acquired the property from Winchester Group JV for $3.2 million. Redline Athletics, The Springs Community Church and All Star Promotions, among others, occupy the 27,924-square-foot building, which was fully occupied at the time of sale. Joe Brady of Colliers represented the buyer, while John Pfaffl of Jonan Property Services represented the seller in the deal.

July 21, 2017

Illinois Midwest Restaurant Retail

Michael Jordan’s Restaurant Opens in Oak Brook, Illinois

by Kristin Harlow July 21, 2017

OAK BROOK, ILL. — Michael Jordan’s Restaurant has opened in Oak Brook, about 20 miles west of Chicago. Executive chef Craig Couper, who also heads the kitchen at Michael Jordan’s Steak House in downtown Chicago, prepares some of Jordan’s signature items, including prime Delmonico ribeye steaks. In addition to lunch and dinner, the restaurant features made-to-order coffee brewed by Metric Coffee. Michael Jordan’s Restaurant seats 150 diners, not including the 90-seat bar and 68-seat patio. Chicago-based DMAC Architecture designed the restaurant. Cornerstone Restaurant Group oversees all seven Michael Jordan-branded restaurants.

July 21, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Trion Real Estate Acquires Mixed-Use Building in Manhattan for $11.5M

by Amy Works July 20, 2017

NEW YORK CITY — Trion Real Estate Management has purchased a five-story, mixed-use building located at 818 10th Ave. in Manhattan’s Hell’s Kitchen. A local interest group sold the building for $11.5 million, or $932.68 per square foot. Built in 1910, the 12,330-square-foot building features 12 residential apartments and two restaurants, Mamasita Mex and White Oak Oyster Bar & Cocktail Lounge. Peter Vanderpool of Cignature Realty Associates represented the seller and buyer in the deal.

July 20, 2017

212-Church-Road-Upper-Gwynedd-Township-PA

Northeast Pennsylvania Retail

NKF Brokers $3.7M Sale of Commercial Building in Suburban Philadelphia

by Amy Works July 20, 2017

UPPER GWYNEDD TOWNSHIP, PA. — Newmark Knight Frank (NKF) has arranged the sale of a commercial building located at 212 Church Road in Upper Gwynedd Township, approximately 30 miles north of Philadelphia. Patriarch VIII, a part of Patriarch Management, sold the one-story building to Gorman & Co. for $3.7 million. The buyer plans to convert the 94,000-square-foot building into a high-end, climate-controlled self-storage facility. Neil Shupak and Justin Bell of NKF represented the seller in the transaction.

July 20, 2017

Midwest Missouri Retail

Hawthorn Bank Signs 9,000 SF Lease for New Branch in Columbia, Missouri

by Kristin Harlow July 20, 2017

COLUMBIA, MO. — Hawthorn Bank has signed a 9,000-square-foot lease for a new bank branch in downtown Columbia. The bank will occupy the first two floors of the Plaza 807 office building once construction is complete on the new property. The five-story building, located at 807 E. Walnut St., will total 36,000 square feet. East 280 LLC owns the property. Professional Contractors & Engineers Inc. is the general contractor, while Simon Oswald Architecture is providing architectural services. Completion is slated for March 2018.

July 20, 2017

Retail Texas

Inland Purchases of 46,300 SF Shopping Center in Denton

by Taylor Williams July 20, 2017

DENTON, TEXAS — Inland Real Estate Acquisitions Inc. has purchased Denton Village, a 46,300-square-foot shopping center located at 2341 Hickory Creek Road in Denton. Built in 2016 and anchored by Sprouts Farmers Market, the center also houses tenants such as Pet Supermarket, T-Mobile and Domino’s Pizza. Matt Tice and David Neboyskey of Inland negotiated the transaction on behalf of an institutional fund advised by Inland Institutional Capital LLC. Inland Real Estate Acquisitions is the purchasing arm for various entities that are part of The Inland Real Estate Group of Cos. Inc.

July 20, 2017

California Retail Western

Hanley Investment Group Arranges $28.6M Sale of Grocery-Anchored Center in Corona

by Nellie Day July 19, 2017

CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $28.6 million sale of Sierra Del Oro Towne Centre, a 110,004-square-foot shopping center located in Corona, roughly 48 miles outside Los Angeles. Ralphs anchors the center, which is home to tenants including Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. Pat Kent, Ed Hanley and Corey Olson of Hanley Investment Group represented the seller, Cornerstone Development Partners. Phillips Edison & Co. purchased the property, and was self-represented in the transaction.

July 19, 2017

Maryland Retail Southeast

Marcus & Millichap Brokers $9M Sale of Harris Teeter-Occupied Property in Suburban Maryland

by Camren Skelton July 19, 2017

GERMANTOWN, MD. —Marcus & Millichap has arranged the $9 million sale of a 43,245-square-foot retail property leased to Harris Teeter in Germantown, about 27 miles northwest of Washington, D.C. Josh Ein and Dean Zang of Marcus & Millichap facilitated the transaction on behalf of the seller, a private local investor. The buyer, a local private family office, procured an 11-year, non-recourse CMBS loan for the acquisition. Constructed in 1997, the grocery store sits on a 10.6-acre parcel of land on Darnestown Road. Harris Teeter is a wholly owned subsidiary of The Kroger Co.

July 19, 2017

Indiana Midwest Retail

Alpha Partners Acquires 41,445 SF Shopping Center in Indianapolis

by Kristin Harlow July 19, 2017

INDIANAPOLIS — Alpha Partners has acquired Meridian Marketplace in the Greenwood submarket of Indianapolis. The purchase price was not disclosed. The 41,445-square-foot shopping center is located at 8923 S. Meridian St. Crystal Kennard and Scot Courtney of Lee & Associates will oversee leasing of the center, which has 10,815 square feet available for immediate lease. The seller was not disclosed.

July 19, 2017

Illinois Midwest Net Lease Retail

Marcus & Millichap Arranges Sale of Retail Property Net Leased to PNC Bank in Chicago for $4M

by Kristin Harlow July 19, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 7,500-square foot retail property net leased to PNC Bank in Chicago for $4 million. The property is located at a three-way intersection at 6401 North Harlem Ave. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Sigal of Marcus & Millichap secured and represented the buyer, a Canadian investment group.

July 19, 2017

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