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.
NEWPORT, TENN. — Marcus & Millichap has brokered the sale of Five Rivers Plaza, a 40,085-square-foot retail center located on 8.3 acres at 140 Five Rivers Plaza Way in Newport, a suburb of Knoxville. Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, a local developer, in the transaction. The duo also sourced the buyer, a private 1031 investor based in Nashville. Both parties requested anonymity. Additionally, Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing the transaction. “We received a tremendous amount of interest in this property,” says Taylor. “The unanchored service retail sector remains the gold standard. We closed all-cash with a private buyer.” Built in 1983 and renovated in 2023, Five Rivers Plaza was 77 percent leased at the time of sale to 11 tenants, including newly established Family Dollar and Dollar Tree stores.
BRANFORD, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $7.2 million sale of Lockworks Square, a 35,600-square-foot shopping center in Branford, located in southern coastal Connecticut. The four-building center is located in the downtown area and is home to tenants such as SaltBrick Prime, Lockworks Tavern, Cheri’s Bakery, Digestive Disease Associates, Physical Therapy & Sports Medicine Centers and Branford Tech Team. Will Braun of O,R&L represented the seller and buyer, both of which requested anonymity, in the transaction.
MESA, ARIZ. — SimonCRE has completed the sale of Mesa Ranch Plaza, a shopping center in Mesa. Mesa Ranch 24 LP acquired the asset for $26 million. Located at 1008, 1036, 1060 and 1142 E. Southern Ave., Mesa Ranch Plaza totals 130,000 square feet. At the time of sale, the property was 99 percent occupied. Alex Kozakov and Patrick Wade of CBRE’s South Bay Los Angeles office represented the buyer and seller in the transaction. Michael Hackett of CBRE served as the local market expert for the deal.
AMITYVILLE, N.Y. — Marcus & Millichap has brokered the $4.6 million sale of a 15,120-square-foot retail building leased to Walgreens in the Long Island community of Amityville. The building was constructed on 2.6 acres in 2001, and Walgreens recently extended its lease through 2035. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the sellers in the transaction and procured the buyer. Both parties were locally based entities that requested anonymity. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
For more than seven months in 2024, the commercial real estate investment market remained on a sluggish path. High interest rates continued to not only challenge many asset owners who needed refinancing, but also buyers and sellers looking to make deals. For instance, some $174.7 billion in property investment sales during the first half of the year was 7 percent below a year earlier, according to MSCI Real Assets. In such uncertain times, it’s not unusual for the commercial real estate market to experience bouts of bifurcation. Typically, those are marked by trends such as rising demand for higher quality offices during economic slumps when tenants can fetch discounted rents. Early in the recovery phase, it’s not unusual for investment to flow into tech-oriented metros at the expense of other cities. The Federal Reserve’s aggressive hike of the federal funds rate has created another category of bifurcation, especially as it relates to floating-rate bridge debt and how lenders are managing their loan portfolios. That is, the difference between the performance of assets depending on when owners financed the properties, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “It’s a question of vintage,” he explains. “Loans …
HOUSTON — Locally based investment firm Interra Capital Group has acquired the 600,000-square-foot historic Esperson complex in downtown Houston. Comprising two structures that are known as the Niels and Mellie Esperson Buildings, the complex is home to a mix of commercial users. The buildings were originally constructed in 1927 and 1941 to pay homage to real estate and oil magnate Niels Esperson and reflect the importance of those industries in the growth of the local economy during that time. Cameron Management manages the property, which Interra acquired by foreclosure through a note purchased from MetLife Investment Management earlier this year. Details on Interra’s plan to revitalize the property were not disclosed.
