Retail

Marcus & Millichap Brokers $6.4M Sale of Retail Property in Orland Park, Illinois

by Kristin Harlow March 13, 2017

ORLAND PARK, ILL. — Marcus & Millichap has brokered the sale of a Mattress Firm regional mall outparcel center in Orland Park, a suburb of Chicago, for $6.4 million. The 10,000-square-foot retail property is located at 29 Orland Square Drive. Mattress Firm and State & Main Kitchen and Bar occupy the property. Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state developer. The duo also secured and represented the buyer, a private investor.

March 13, 2017

Illinois Loans Midwest Retail

Philipsborn Secures $2.2M Loan for Refinancing of Retail Center in Richton Park, Illinois

by Kristin Harlow March 13, 2017

RICHTON PARK, ILL. — The Philipsborn Co. has secured a $2.2 million loan for the refinancing of Sauk Trail Plaza in Richton Park, about 35 miles south of Chicago. The 30,267-square-foot center is located on the southwest corner of Sauk Trail and Central Park avenues. Constructed in phases during the 1960s and 1970s, the center is situated on 2.6 acres. The property is 98 percent leased and is anchored by Save-A-Lot. The fixed-rate loan was used to refinance the outstanding debt and provide funds for capital reserves. David Kubert of Philipsborn negotiated the transaction on behalf of all parties. ICA Investment Advisors provided the loan. The borrower was a limited liability company.

March 13, 2017

California Retail Western

Ross Stores Opens 28 New Locations

by Nellie Day March 13, 2017

DUBLIN, CALIF. — Ross Stores recently opened 23 Ross Dress for Less and five dd’s DISCOUNTS stores across 15 different states in February and March. These new locations are part of the company’s plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations during 2017. With these recent openings, Ross Stores Inc. now operates 1,561 Ross Dress for Less and dd’s DISCOUNTS stores across 37 states, the District of Columbia and Guam. Looking ahead, Ross hopes to grow to 2,000 locations with dd’s DISCOUNTS becoming a chain of 500 stores.

March 13, 2017

Florida Retail Southeast

CREC Brokers $27.4M Sale of Shopping Center in Broward County

by John Nelson March 13, 2017

CORAL SPRINGS, FLA. — CREC has brokered the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located at the intersection of U.S. Highway 441 and Wiles Road in Coral Springs. The transaction is the largest shopping center sale in Broward County so far in 2017, according to CREC. Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. A joint venture between Ross Realty Investments and SunCap Real Estate Investments known as Turtle Crossing Coral Springs LLC purchased the shopping center for roughly $275 per square foot. Turtle Crossing is shadow-anchored by Super Target and features Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill on its tenant roster. Tuesday Morning recently leased 14,427 square feet of junior anchor space at Turtle Crossing with plans to open this fall. Sabrina Stimming and Steven Henenfeld of CREC led the leasing for the shopping center, which increased in occupancy from 60 percent to 86 percent in the past 24 months.

March 13, 2017

Georgia Retail Southeast

Regency Centers Adds 365 by Whole Foods Market to Tenant Roster of Atlanta Shopping Center

by John Nelson March 13, 2017

ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.

March 13, 2017

Retail Texas

Marcus & Millichap Arranges Sale of Retail Property in Laredo, Texas

by Taylor Williams March 10, 2017

LAREDO, TEXAS — Marcus & Millichap has closed the sale of a 2,506-square foot restaurant property leased to Taco Bell at 2453 Monarch Drive in the south Texas border town of Laredo. The net-leased property is an outparcel to a 400,000-square-foot retail center anchored by an H-E-B grocery store. James Bell of Marcus & Millichap represented the seller, an undisclosed developer. The name and representative of the buyer, a Chicago-based entity, were not released.

March 10, 2017

New York Northeast Restaurant Retail

Japanese Restaurant Raku to Open Second Location in Manhattan

by Haisten Willis March 10, 2017

NEW YORK CITY — Eastern Consolidated’s retail leasing division has arranged a 10-year lease at 48 Macdougal St. in SoHo for Raku, a Japanese restaurant. It will be Raku’s second location in Manhattan. The restaurant will occupy a 1,200-square-foot space located between West Houston and Prince Streets. Eastern Consolidated’s Joe Robinson arranged the lease for Raku, and David Graff of Compass represented the landlord.

March 10, 2017

California Retail Western

Red Mountain Group to Acquire, Redevelop La Cienega Triangle in Los Angeles

by Nellie Day March 10, 2017

LOS ANGELES — Red Mountain Group Inc. has acquired La Cienega Triangle, an 8.6-acre property located at the three-pronged intersection of La Cienega Boulevard, Centinela Avenue and La Tierja Boulevard in Los Angeles. The price was not disclosed. The local trade area is home to more than 826,000 residents in a five-mile radius, employs 321,000 and sees over 135,000 cars a day. A 117,838-square-foot urban redevelopment project calls for an immediate adaptive reuse of the existing 43,138 square feet of streetfront retail along La Tierja Boulevard. The redevelopment will be followed by an additional 42,700 square feet of ground-up improvements on the balance of the site. The development will include a grocery store, entertainment, soft goods carriers, sit-down food service facilities and four drive-thru operators. A 30,000-square-foot office building is also located on the site. Bill Bauman of Savills Studley and Luke Palmo of Coldwell Banker Commercial brokered the transaction.

March 10, 2017

California Retail Western

Hanley Investment Group Negotiates Sale of Ground Lease for The Shops on Lake Avenue in Pasadena

by Nellie Day March 10, 2017

PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a fee-simple ground lease underlying The Shops on Lake Avenue retail complex on South Lake Avenue in Pasadena. Macy’s anchors the property, but was not included in the sale. The price was not disclosed. Hanley Investment Group’s Carlos Lopez and Lee Csenar represented the seller, Macy’s Inc. The buyer, a private investor in San Diego, was self-represented. Other tenants at The Shops on Lake Avenue include T.J.Maxx, Trader Joe’s, Jos. A Bank, Orvis, Sola Salon, Paul Martin’s, Breakthru Fitness, Corner Bakery, Gymboree, AT&T, Nekter Juice Bar, Pieology Pizzeria, Tokyo Shabu Shabu, Coffee Bean & Tea Leaf, Yogurtland and Massage Envy. The property consists of two parcels totaling 5.3 acres with a total of 131,153 square feet at 345 and 401 S. Lake Ave. Over 61 years remain on the lease term, including two 10-year renewal options and rent increases every five years. All improvements on the property revert to the landowner upon expiration of the ground lease.

March 10, 2017

California Restaurant Retail Western

Faris Lee Investments Arranges $3.5M Sale of Denny’s Property in Riverside

by Nellie Day March 10, 2017

RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 3,700-square-foot property net leased to Denny’s in Riverside. Denny’s has been at the location for 50 years and recently renewed its lease for another 20-year term. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, Orange County-based HFC/PRP Madison LLC. Sonny Lee of RE/MAX Commercial represented the all-cash buyer, Arcadia-based Yuanqi International. The property sold at a cap rate of 4.66 percent and approximately $956 per square foot. Located at 3530 Madison St., Denny’s has been a tenant since the asset was built in 1967. The property underwent a renovation in 2016.

March 10, 2017

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