SAN JOSE, CALIF. — DICK’S Sporting Goods opened six new stores in May. A grand opening event was recently held for the new location in Chula Vista, and another will be held May 26-28 for the new location in San Jose. With the grand opening of these new stores, DICK’S will have 697 locations in the United States. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.
DENVER — Church’s Chicken has entered into a multi-year development deal with Goalz Restaurant Group LLC to develop 20 Church’s Chicken restaurants per year in six states. The agreement, which will affect expansion in Colorado, as well as Florida, Kentucky, Ohio, North Carolina and South Carolina, is Church’s largest ever with a single operator. For the new development deal, Shawn Eby, president of Goalz Restaurant Group, partnered with American Development Partners (ADP) for development of the restaurants. ADP will invest capital to fund real estate acquisitions, construction and design. ADP will be Goalz’s build-to-suit landlord.
PLANO, TEXAS — SRS Investment Properties Group has brokered the $24.5 million sale of Creekwalk Village, a 174,484-square-foot shopping center in Plano. Chris Tramontano and John Redfield of SRS represented both the undisclosed seller and the buyer, a private investor based on the East Coast, in the transaction. The center is currently leased to tenants such as Bed Bath & Beyond, Old Navy and Barnes & Noble.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Star Plaza, a 19,053-square-foot retail property located at 5803 N. Fry Road in Katy. Gus Lagos and Alex Bouchard of Marcus & Millichap represented the seller and procured the buyer, neither of which was disclosed. The asset had a list price of roughly $2.9 million.
CINCINNATI — Phillips Edison Grocery REIT I Inc. (OTC: PHLD) has entered into an agreement to acquire the real estate assets and third-party asset management business of its sponsor firm, Phillips Edison Limited Partnership (PELP), in a stock and cash transaction valued at roughly $1 billion. The transaction is expected to close during the fourth quarter. Upon closing, the transaction will create a non-traded shopping center REIT with a total enterprise value of approximately $4 billion. The new REIT will own 230 grocery-anchored shopping centers spanning roughly 25.5 million square feet across 32 states. Shareholders of Phillips Edison Grocery REIT I are expected to own approximately 80.2 percent of the new company, while PELP shareholders will own the remaining 19.8 percent. The company’s pro forma for the first quarter of 2017 suggests that funds from the transaction would have generated an 8 to 10 percent increase per share. At the end of that period, the REIT’s common stock was valued at $10.20 per share, based on third-party valuations. Under the terms of the deal, the REIT will refinance or assume approximately $501 million in outstanding debt. The new company is expected to have a total debt-to-enterprise value of 41.4 percent. …
WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent and sole lead arranger for both transactions.
LOUISVILLE, KY. — Baceline Investments has purchased Shoppes at Forest Green, a 48,716-square-foot shopping center located at 10001 Forest Green Blvd. in Louisville. A private investor sold the asset to Baceline for $7 million. The property was 84 percent leased at the time of sale to tenants such as Metro PCS, Nails on K, Four Season Barber Shop, ShowMe Crossfit, A Better Pizza, Mike’s Grill & Tap and Computer Depot.
HUNTSVILLE, ALA. — Dallas-based Venture Commercial Real Estate has arranged a 20,000-square-foot lease for Northern Tool + Equipment in Huntsville. The new store will be located at 7262 Governors West along Interstate 565. Clay Mote of Venture Commercial is the master broker for Northern Tool in all markets across the U.S. and represented the tenant in lease negotiations. Kathy Dennis of The Shopping Center Group’s Birmingham office represented the landlord, Sen LLC.
PROSPER, TEXAS — MQ Development Co. has received an $18.8 million construction loan for Shops at Prosper Trail, a retail center under construction in the North Texas city of Prosper. Kroger will anchor the 27.7-acre project, which is currently in its second stage of development. Todd McNeill of Metropolitan Capital Advisors Ltd. arranged the loan, which features 4.5 percent interest and a 70 percent loan-to-cost ratio.
DALLAS — Weitzman has negotiated the sale of the Forest Theater retail block located at 1902-1920 Martin Luther King Jr. Blvd. in South Dallas. The block totals 81,221 square feet, including 31,114 square feet of retail space and the 14,565-square-foot Forest Theater, a landmark property that will be restored as part of the deal. David Zoller of Weitzman represented both the buyer and seller in the transaction. Both parties requested anonymity.