MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.
WAPELLO AND WILTON, IOWA — Pinnacle Real Estate Advisors LLC has arranged the sale of a net leased Dollar General portfolio in Iowa for $1.3 million. The portfolio consists of two properties located at 702 U.S. Highway 61 in Wapello and 1200 W. 5th St. in Wilton. Both buildings were constructed in 2004. Each of the leases feature over seven years remaining on the current term. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. A high-net-worth investor based in the Midwest was the buyer.
BOISE, IDAHO — Tropical Smoothie Cafe has signed a franchise agreement to open four restaurants in Idaho, with the first cafe slated to open in Boise this June. The new restaurants will mark the brand’s entry into the state. KMP TSC LLC will own and operate the locations. KMP TSC will target additional markets throughout the state for further development and is currently scouting sites in Eagle, Nampa, Caldwell, Twin Falls, Pocatello, Idaho Falls, Coeur d’Alene and Spokane. Celebrating its 20th anniversary in 2017, Tropical Smoothie Cafe is a fast-casual restaurant concept with over 550 locations nationwide.
FAIRVIEW HEIGHTS, ILL. — Acadia Strategic Opportunity Fund IV has acquired Lincoln Place in Fairview Heights near St. Louis for $35.4 million. The 272,060-square-foot shopping center is located at 5905-6109 North Illinois St. Lincoln Place is nearly fully leased to a mix of national tenants, including Kohl’s, Ross, Old Navy, Marshalls, Famous Footwear, Five Below, Pier 1 Imports, Saint Louis Bread Co. and Mattress Firm, in addition to a separately owned Lowe’s, Chili’s and Chick-fil-A. Developed in 1999, the center was renovated in 2005. Amy Sands and Clinton Mitchell of HFF represented the seller, Spirit Realty Capital. Timothy Joyce of HFF secured a $23.1 million acquisition loan for the new owners. A national bank provided the five-year loan. Acadia Strategic Opportunity Fund IV is managed by Acadia Realty Trust.
KENNESAW, GA. — Cushman & Wakefield has negotiated an 115,314-square-foot lease extension and expansion on behalf of furniture and electronics retailer Aaron’s Inc. As part of the deal, the retailer now occupies 400 and 500 Chastain Center in Kennesaw, located 27 miles northwest of Atlanta. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield represented Aaron’s Inc. in the transaction. The representative of the landlord, TerraCap Management Inc., was not disclosed.
PLANO, TEXAS — Vitorino Group, a Dallas-based real estate investments firm, has closed the sale of a 1.2-acre gas station ground leased to Murphy Oil USA in the Dallas suburb of Plano. Vitorino Group represented the seller, a Texas-based private investor, and procured the buyer, a Colorado-based private investor.
HOUSTON — Marcus & Millichap has arranged the sale of Royal Providence Plaza, a 37,248-square-foot retail property located at 9103-9111 FM 1960 West in Houston. Derek Hargrove, Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, an undisclosed private investor, and procured the buyer, an unspecified partnership.
There was a big shake-up in the big box world with long-time sporting goods staples Sports Chalet and Sports Authority shuttering stores across the county. Macy’s in Mission Valley is also closing, while Nordstrom is shutting down in downtown. Interestingly, Hobby Lobby and the large pet stores seem to be buffered by the big box epidemic. In Chula Vista, two long-time vacant big boxes were finally chopped up into four spaces to accommodate the mid-sized box users. The good news is that big, “boring” boxes are being replaced by big “experiences.” Experiences, whether in a larger property or within a specific business, continue to be important for retailers and restaurants. Landlords across the county are making large investments to create experiences that will attract consumers. At the top end of the spectrum we have seen Westfield finally pulling the trigger on a massive remodel of the UTC mall, which will include more than 100 new stores and restaurants. Rouse purchased the Carlsbad mall from Westfield and has seemed to follow a similar business plan with its revamp, adding an exciting lineup of restaurants along the outside of the property. Liberty Station in Point Loma is coming into its prime with, …
BOERNE, TEXAS — Weitzman, a Dallas-based property management firm, has begun pre-leasing Johns Crossing, a 30,000-square-foot retail development in Boerne, a northwestern suburb of San Antonio. Situated at the corner of IH-10 and Johns Road, the property will feature approximately 14,500 square feet of multitenant space, with the remainder slated for freestanding concepts on pads along the I-10 corridor.
FORT WORTH, TEXAS — Compass Self Storage, a division of Ohio-based development and construction firm Amsdell Co., has acquired a self-storage facility located at 4209 Alliance Gateway Road in Fort Worth. The center features more than 49,000 square feet of rentable space, climate-controlled units and covered RV/boat storage spaces. The acquisition gives Amsdell Co. 77 self-storage centers nationwide.