MEDFORD, MASS. — Linear Retail has purchased a retail property, located at 85 High St. in Medford, from Case Real Estate Capital for $4.7 million. CVS/pharmacy occupies the 15,700-square-foot property, which was built in 1996. Geoffrey Millerd, Justin Smith, Paul Penman and Matthew Waisnor of NGKF Capital Markets represented the seller in the deal.
LAKEWAY, TEXAS — Stratus Properties Inc. has completed the sale of The Oaks at Lakeway, an HEB Grocery Company L.P.-anchored, 236,739-square-foot retail development located in Lakeway, a city in the Lake Travis community of metro Austin. The buyer, FHF I Oaks at Lakeway LLC, purchased the property for a cash price of $114 million. At the time of sale, Stratus owned 100 percent of the property, which it acquired and developed between May 2013 and September 2014. The sale excludes 34.7 acres of tracts within the development that have been zoned for residential, hotel and civic uses.
LEWISVILLE, TEXAS — Bright Realty has facilitated a lease for a new craft brewery in the Castle Hills Village Shops, located at 2560 King Arthur Blvd in Lewisville, a suburb about 25 miles northwest of downtown Dallas. TKO Libations, which anticipates opening this location in the summer, will sell both its own and its competitors’ beverages out of the 2,810-square-foot space while also offering numerous TVs and a variety of games. Jack Allen of Wellington Realty represented the tenant in the deal.
MECHANICSVILLE, VA. — Morgan Property Group has purchased roughly 18 acres of land in Mechanicsville, about six miles northeast of Richmond, for the development of a new grocery-anchored shopping center with an outparcel. Publix will occupy about 50,000 square feet of the 63,000-square-foot property, which is situated along Mechanicsville Turnpike adjacent to Regency Centers’ Hanover Village. Zach Means of Divaris Real Estate Inc. represented the buyer in the land transaction, and Tred Spratley of Sigma National Inc. represented the seller. Morgan Property Group has selected Means to lease the project. Construction is expected to start in late summer, with an opening slated for fall 2018. This will be Morgan Property’s 31st development in Virginia since 2004 and its 11th retail project in the greater Richmond area.
BEVERLY HILLS, CALIF. — Sterling Organization has received $12.1 million in financing for the acquisition of a vacant 4,700-square-foot retail building located on North Beverly Drive in Beverly Hills. Marc Schillinger, Chris Drew and Ryan Ash of HFF worked on behalf of the borrower to place the non-recourse, fixed-rate loan at $2,583 per-square-foot.
ARLINGTON, TEXAS — American Motorcycle Trading Co., a supplier of pre-owned motorcycles, has acquired the former Star-Telegram Plaza, a two-story, 37,800-square-foot building at 3201 Airport Freeway in Arlington. At the time of sale, the property, which includes both office and retail space, had been vacant for a full year. Renee Efimoff represented the buyer of record, B&B Family Partnership, while Greg Hoffman of Colliers International represented the seller, Aberfeldy Properties Inc., a Delaware-based corporation.
GREENWICH, CONN. — Houlihan-Parnes Realtors has arranged a $3.2 million first mortgage for a retail and office building located at 79 E. Putnam Ave. in Greenwich. Christie Houlihan of Houhlian-Parnes secured the financing for the undisclosed borrower. The non-recourse loan has a fixed interest rate for seven years. The 20,000-square-foot building was fully leased at the time of financing.
BRANDON, FLA. — NorthMarq Capital has arranged the $4 million refinancing of Lithia Square, a 69,007-square-foot, grocery-anchored retail property located at 901-927 Lithia Pinecrest Road in Brandon, about 12 miles east of Tampa. Walmart Neighborhood Market is on a ground lease at the property, and Walmart owns the building. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through a national CMBS lender.
FERNDALE, MICH. — Detroit City Skateboards has signed a 1,000-square-foot retail lease in Ferndale in the northern Detroit metro area. The local skateboard shop, which sells skate accessories and apparel, will be located off of 9 Mile Road. Ben Hubert of Colliers International arranged the lease transaction. Hubert also recently leased the space next door to Maestros Dog Haus on behalf of the landlord.
ATLANTA — Restaurant Brands International Inc. (RBI) (NYSE: QSR) has agreed to acquire Atlanta-based Popeyes Louisiana Kitchen Inc. (NASDAQ: PLKI) for $1.8 billion. Ontario, Canada-based RBI is the parent company of fast food giants Burger King and Tim Hortons. The company owns a portfolio of over 20,000 restaurants throughout the world. Popeyes will continue to be managed independently in the U.S. following the close of the transaction, which is slated for April of this year. RBI plans to expand the Popeyes brand at an increasing pace in both the U.S. and international markets over the next few years. The concept, founded in New Orleans in 1972, has over 2,600 restaurants in the U.S. and 25 other countries. “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says Daniel Schwartz, CEO of RBI. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.” Under the terms of the transaction, Popeyes shareholders will receive $79 per share in cash at closing. Following the successful completion of the tender offer, RBI will acquire all remaining shares through a second-step merger …
