CHICAGO — Novak Construction has completed work on a 15,000-square-foot restaurant in downtown Chicago. Portillo’s is a two-story eatery offering Italian beef, hot dogs and cake among other menu items. The project is the second Portillo’s location in downtown Chicago. The building features two patios, a drive-thru, an elevator and a vintage car on display.
MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.
ALBERTVILLE, ALA. — GBT Realty Corp. has completed the construction of The Shoppes of Albertville, a 135,000-square-foot shopping center located at the intersection of Carlisle Street and U.S. Highway 431 in Albertville. The $18 million property’s tenant roster includes Hobby Lobby, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Hibbett Sports, Kay Jewelers, Lee Nails and Marco’s Pizza. GBT Realty purchased the land for the shopping back in December 2014. The Brentwood, Tenn.-based developer is under contract on an 8-acre site across U.S. Highway 431 from The Shoppes of Albertville with plans to develop a new shopping center by 2018 known as Albertville Commons.
FORT OGLETHORPE, GA. — Franklin Street has brokered the $3 million sale of Cloud Springs Plaza, a 113,000-square-foot, Big Lots-anchored shopping center located at 1503 Lafayette Road in Fort Oglethorpe, roughly seven miles outside of Chattanooga. Built in 1968, the center’s other tenants include Badcock Furniture and AutoZone. John Tennant and Bryan Belk of Franklin Street represented the seller, Cloud Springs ACD LLC, in the transaction. The buyer, America’s Realty LLC, is a private investment group based in Baltimore.
LOS ANGELES — Michigan-based Agree Realty Corp. has acquired a portfolio of 11 retail net lease properties from an undisclosed seller for $79.5 million. The portfolio consists of properties net leased to national and super-regional retailers, including Orchard Supply Hardware, Hobby Lobby, Smart & Final, Walmart Neighborhood Market, Big Lots and Ross Dress for Less. Nearly 40 percent of the portfolio’s net operating income is derived from investment-grade tenants operating in e-commerce resistant sectors, including home improvement, grocery, discount apparel, craft and novelty, and specialty retail. More than 50 percent of the portfolio’s net operating income is attributable to properties near the Los Angeles and San Francisco markets and an additional 30 percent of the portfolio’s net operating income is derived from properties near to the Seattle, Denver, Austin and Orlando markets. Additionally, the portfolio has a weighted-average remaining lease term of 11.4 years.
SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $8.6 million sale of Seven Trees Shopping Center, a 150,338-square-foot, Target-anchored shopping center located in San Bernardino. Ed Hanley and Kevin Fryman of Hanley represented the buyer, Westland Real Estate Group, and the seller, a Los Angeles-based private investor, in the transaction. The property was 85 percent leased at the time of sale to tenants including Baskin Robbins, County of San Bernardino, Payless ShoeSource, Sally Beauty Supply and Waba Grill.
MADERA, CALIF. — Nunes California Properties LLC has completed the disposition of a retail building located at 2300 W. Cleveland Ave. in Madera. NIKI Madera LLC acquired the 4,400-square-foot property for an undisclosed price. Nick Frechou of Retail California, a division of Pearson Realty, represented the seller and buyer in the deal.
HOLLAND, MICH. AND GOSHEN, IND. — Marcus & Millichap has brokered the sale of two Midwest retail properties for $36 million. In the first deal, the buyer purchased Felch Street Shopping Center, a 164,181-square-foot property in Holland, Mich. The Felch Street Shopping Center is shadow-anchored by Lowe’s. Other tenants include Barnes & Noble, Bed Bath & Beyond, Office Max, Old Navy, Party City, Shoe Carnival, T.J. Maxx, JoAnn Fabrics, Ulta and Jonathan Stevens Mattress. In the second deal, Willow Lakes Plaza was sold. The 139,141-square-foot center is located in Goshen, Ind. Willow Lakes Plaza is situated on a 14.8-acre site and features tenants such as Bath & Body Works, Kohl’s, Michaels, OfficeMax and Rue21. The center is shadow-anchored by Target. Simon Jonna and Raymond Jonna of Marcus & Millichap represented the seller in the transactions. The buyers and sellers in both transactions were undisclosed.
VERNON HILLS, WIS. — The Barre Code, a women’s fitness center, has signed a five-year, 2,300-square-foot lease for space at Hawthorn Center in Vernon Hills. Joe Padorr of Seneca Real Estate arranged the transaction for The Barre Code, which will be located at the northwest corner of Milwaukee Avenue and Townline Road. Hawthorn Center is a 55,000-square-foot former office building that has been converted into a mixed-use property. Other tenants at the property include Northwestern Medicine, Uncle Julio’s Mexican Restaurant and T-Mobile.
LEWISVILLE, TEXAS — Bright Realty has brokered the sale of 1.5 acres of land in the Castle Hills area of Lewisville near State Highway 121. The site, owned by SEC JWH LLC, is located on the southeast corner of Josey Lane and Windhaven Parkway and will be used for a car wash. The corner will be anchored by an ALDI grocery store and is adjacent to the Target-anchored Lewisville Towne Centre, Kroger-anchored Castle Hills Marketplace and The Realm, a 1.5 million square-foot mixed-use Bright Realty development under construction. Bright Realty’s Timothy McNutt, Britton Lankford and Mason Bakken represented the seller in the transaction. Ruben Reynoso and Josh Brian with Tenant Real Estate Advisors represented the buyer, NLKH Ventures Corp.
