DES PLAINES, ILL. — First Western Properties has negotiated the sale of a restaurant building located at 1440 Rand Road in the Chicago suburb of Des Plaines. The sales price and seller were undisclosed. The property, located at the corner of Rand and River roads, sold to a restaurant operator with multiple locations.
TUCSON, ARIZ. — Friends of Pima Animal Care Center has acquired 5,060 square feet of retail space at 2661 N. 1st Ave. in Tucson from Patrick Loop for $1.2 million. Kameron Norwood and Dave Hammack of Cushman & Wakefield | PICOR represented the seller, while Paula Valencia of RE/MAX Results Commercial represented the buyer in the transaction.
If you asked any retail broker in the Richmond market in April 2020 what the forecast might look like, the response would be dark and stormy skies ahead with record-high retail vacancy rates. Fast forward four years later, and the forecast has been quite the opposite, with sunny skies in terms of deal flow and record-low retail vacancy rates, both a positive and a negative as it relates to the vacancy rate itself. Richmond boasts close to 82 million square feet of retail space, and at the end of the second quarter of this year, the vacancy rate stood at 3 percent. Despite COVID, the vacancy rate stood at 5.1 percent at the end of 2020. The market is experiencing record-high demand for new space and about a 15.6 percent year-over-year increase in quoted rental rates due to that demand and limited product availability. Since 2020, our market has seen, on average, 2 million square feet of retail space leased per year, and all signs point to steady leasing velocity in the future. Short Pump, Hull Street West The Short Pump and Hull Street West submarkets continue to be the prime focus of many retailers looking to expand in …
MILLVILLE, N.J. — New York-based investment and development firm Irgang Group has welcomed three new tenants at Union Lake Crossing, a 393,000-square-foot shopping center in the Southern New Jersey community of Millville. Bath & Body Works, AAA South Jersey and Jersey Mike’s have signed deals for 4,400, 1,945 and 1,500 square feet, respectively. Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. represented the landlord in all lease negotiations. Reizner and Brunelli also represented AAA South Jersey. Jarrad Coletta of Coletta Commercial represented Jersey Mike’s, and Adam Rosenfarb of MSC represented Bath & Body Works. Irgang Group acquired Union Lake Crossing, which is now more than 99 percent leased, in late 2021.
NAPERVILLE, ILL. — Brixmor Property Group (NYSE: BRX) has begun a $53 million redevelopment and reconfiguration of Westridge Court shopping center in the Chicago suburb of Naperville. Plans call for a new restaurant and entertainment district to be branded Block 59 at the corner of Route 59 and Aurora Avenue. The 91,000-square-foot project will include the construction of multiple outparcels for brands such as The Cheesecake Factory, Yard House, Ruth’s Chris Steak House, Piccolo Buco by Cooper’s Hawk, Shake Shack, Stan’s Donuts, First Watch, Fresh Fin, Crisp & Green and Velvet Taco. The dining lineup will join currently open Lazy Dog Restaurant and furniture retailer Walter E. Smithe. Plans call for an open-air central plaza that will serve as a public gathering space and host community events year-round surrounded by new outdoor restaurant patios. The project will also include a new valet area, wayfinding signage, landscaping, energy-efficient lighting and improved pedestrian and vehicular circulation. Westridge Court is anchored by The Fresh Market, Ulta Beauty, Hollywood Palms Cinema and the newly announced Wayfair Outlet. Construction began with the demolition of an underutilized two-story building in July. New restaurants are slated to start opening in spring 2025. Businesses will remain open during …
HOUSTON AND WEBSTER, TEXAS — Dallas-based EōS Fitness has signed two retail leases totaling 94,842 square feet in the Houston area. The deals are for 53,829 square feet at Center at Baybrook in Webster, a southwestern suburb, and 41,013 square feet at Easton Commons Plaza on the city’s northwest side. EōS Fitness will respectively backfill spaces formerly occupied by Bed Bath & Beyond and an undisclosed movie theater operator. Both openings are slated for 2025. Kevin Sims, Shireen Owlia and David Meyer of NewQuest Properties represented EōS Fitness in both sets of lease negotiations. Christi Vinzant internally represented the landlord, Kimco Realty, in the Webster deal. Kathy King and Charles Blaschke of Edge Realty Partners represented the undisclosed landlord in the East Commons deal.
NAPERVILLE, ILL. — Bucksbaum Properties LLC has acquired River District, a retail and office property in downtown Naperville. Built in 1988, the asset sits on 2.7 acres at the southeast corner of Washington Street and Chicago Avenue. The property totals nearly 59,000 square feet of retail space with tenants such as Rosebud, Fat Rosie’s Taco & Tequila Bar, Chipotle and Five Guys, as well as 12,000 square feet of second-floor office space. The seller and sales price were not provided.
DALLAS — SRS Real Estate Partners has arranged the sale of the $3.7 million ground lease sale of a 4,680-square-foot restaurant in Dallas that is triple-net-leased to Chick-fil-A. The building, which was constructed on 1.5 acres in 2023, is an outparcel to The Shops at Redbird, a 720,000-square-foot development on the city’s southwest side. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Dallas-based developer, in the transaction. The buyer was a Dallas-based 1031 exchange investor. Both parties requested anonymity. The corporate-guaranteed lease has 14 years of term remaining.
HAMMOND, IND. — Marcus & Millichap has arranged the $2.8 million sale of a 10,122-square-foot retail property net leased to Five Below in Hammond near Chicago. Located at 1035 Indianapolis Blvd., the asset was built in 2024 and is situated on a pad site to a Walmart Supercenter and Ross Dress for Less-anchored retail center. Nicholas Kanich of Marcus & Millichap represented the seller, an Indiana-based retail developer and manager, and procured the buyer, a Michigan-based REIT. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.
SEGUIN, TEXAS — The Boulder Group has brokered the $2.4 million sale of a single-tenant net-leased (STNL) retail property in Seguin, located on the northeastern outskirts of San Antonio. The sale encompassed two buildings that are located across the street from one another and operated under a single lease with Joe Hudson’s Collision Center, an automotive repair operator with more than 200 locations nationwide. Zach Wright and Brandon Wright of Boulder Group represented the seller, a local investor, in the transaction. The buyer was a 1031 exchange investor. Both parties requested anonymity.