Tuesday, June 17, 2025
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DevelopmentGeorgiaRestaurantRetailSoutheast

Chick-fil-A Opens First Elevated, Drive-Thru Only Restaurant in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Chick-fil-A is opening its first elevated, drive-thru only restaurant in the south Atlanta suburb of McDonough today. Located at 2155 Jodeco Road, the restaurant features four drive-thru lanes that run below an elevated kitchen that is twice the size of a typical Chick-fil-A kitchen. Food reaches the delivery team members via a custom meal transport system that uses conveyer belt technology. Patrons can either order onsite with a Chick-fil-A team member or order ahead on the Chick-fil-A app. The restaurant features dedicated lanes for both ordering methods, as well as “pull-aside lanes” for guests whose orders are taking longer to fulfill.  The Atlanta-based fast-casual restaurant chain says that the Jodeco Road restaurant has the capacity to support two to three times more vehicles than a standard Chick-fil-A restaurant drive-thru. Chick-fil-A, which opened its first restaurant with a drive-thru in 1993, expects to employ 150 team members at the new McDonough restaurant, which serves both the McDonough and Stockbridge markets. The company announced the new restaurant concept in summer 2023, along with a digital-only pick-up restaurant in New York City that opened in March.

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AcquisitionsFloridaNorth CarolinaRetailSoutheast

CTO Realty Growth Purchases Shopping Center Portfolio in Florida, North Carolina for $137.5M

by John Nelson

WINTER PARK, FLA. — CTO Realty Growth Inc. has purchased a portfolio of three Southeast shopping centers: Carolina Pavilion in Charlotte, Millenia Crossing in Orlando and Lake Brandon Village in Brandon, Fla. The undisclosed seller(s) sold the portfolio, which totals approximately 893,000 square feet, to CTO for $137.5 million. Carolina Pavilion is an approximately 691,000-square-foot regional retail center located on 72 acres in Southern Charlotte on South Boulevard. The center was 93 percent leased at the time of sale to tenants including AMC Theatres, Floor & Décor, Nordstrom Rack, Ross Dress for Less and Burlington. Millenia Crossing is a 100,385-square-foot shopping center located adjacent to the Mall at Millenia in Orlando. The center was 96 percent leased at the time of sale to tenants including Nordstrom Rack, Party City, Modani Furniture, Milan Laser Hair Removal, Destination XL, The Vitamin Shoppe and Relax the Back. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the undisclosed seller in the Millennia Crossing transaction. Situated east of I-75 near Tampa, Lake Brandon Village spans approximately 102,000 square feet and was fully leased at the time of sale to tenants including Sprouts Farmers Market, PetSmart, DSW and Scandinavian Design Furniture. Additionally, CTO announced the …

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AcquisitionsCaliforniaRetailWestern

Matthews Real Estate Brokers $17.7M Sale of Mary’s Vineyard Shopping Center in Visalia, California

by Amy Works

VISALIA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Mary’s Vineyard, a retail center located at 1305-1699 E. Noble Ave. in Visalia, a city in the San Joaquin Valley between Los Angeles and the Bay Area. Argonaut Investments, a privately held investment firm, acquired the asset from an undisclosed seller for $17.7 million. Situated on 16.5 acres, Mary’s Vineyard features 151,615 square feet and 28 tenants, including restaurants, grocery stores and drug stores. The retail center was developed in 1989. Carter Hamilton and Matt LoPiccolo of Matthews Real Estate Investments represented the seller and buyer in the deal.

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AcquisitionsNew JerseyNortheastRetail

Graystone Capital Advisors Arranges Sale of 34,177 SF Shopping Center in Rockaway, New Jersey

by Taylor Williams

ROCKAWAY, N.J. — California-based brokerage firm Graystone Capital Advisors has arranged the sale of a 34,177-square-foot shopping center in the Northern New Jersey community of Rockaway. Tractor Supply Co. anchors the center, which according to LoopNet Inc. was originally built in 1980. A developer based in the Southeast sold the property to a local institutional investor for $7.2 million, with both parties requesting anonymity. Julius Swolsky and Shannon Bona of Graystone brokered the deal.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $12.4M Sale of Retail Portfolio in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Marcus & Millichap has brokered the $12.4 million sale of a three-building retail portfolio in Mount Prospect, about 20 miles northwest of downtown Chicago. The assets serve as outparcels to Randhurst Village, a Costco-anchored shopping mall. The first property at 102 E. Kensington Road is home to Chipotle, Five Guys, Jersey Mike’s, Sports Clips and T-Mobile. The second, at 1065 Emhurst Road, features GNC, Panera Bread and Nothing Bundt Cakes. The third property, located at 1027 Randhurst Village, is home to Hangry Joe’s, MOD Pizza and Poke Bros. Built in 2012, the buildings occupy a combined 3.6 acres. Jeff Rowlett and Matthew Gordon of Marcus & Millichap procured the buyer, Lula Holdings, a Wisconsin-based limited liability partnership. Maggie Holmes of Northmarq represented the seller, RREF III-P Randhurst Village, a Delaware-based limited liability company. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction. Michael Hughes of Marcus & Millichap Capital Corp. arranged $6.4 million in acquisition financing through US Bank.

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AcquisitionsMichiganMidwestRetail

Boulder Group Arranges $3.5M Sale of Caliber Collision-Occupied Retail Property in Mount Pleasant, Michigan

by Kristin Harlow

MOUNT PLEASANT, MICH. — The Boulder Group has arranged the $3.5 million sale of a single-tenant retail property net leased to Caliber Collision in Mount Pleasant within central Michigan. The property at 1005 Corporate Drive features a newly renovated, 15,800-square-foot automotive building on two acres. Caliber Collision maintains a 15-year lease. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, an Iowa-based corporation. The seller was a Delaware-based limited liability company.

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Advance-Auto-Parts_Kinston
AcquisitionsCompany NewsDistrict of ColumbiaIndustrialNorth CarolinaRetailSoutheastTop Stories

Advance Auto Parts Agrees to Sell Worldpac Distribution Business to Carlyle for $1.5B

by Katie Sloan

RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash.  Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees.  These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …

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CivicDevelopmentMixed-UseNevadaRestaurantRetailWestern

KemperSports, City of Henderson to Build 180,000 SF Fieldhouse Facility in Nevada

by Amy Works

HENDERSON, NEV. — KemperSports has partnered with the City of Henderson to build and operate West Henderson Fieldhouse, a state-of-the-art athletic and entertainment facility in Henderson, a suburb southeast of Las Vegas. Slated to open in 2026, the public-private development will include capital investment, development oversight and the long-term management of the complex by KemperSports. The 180,000-square-foot facility will feature: West Henderson Fieldhouse is expected to generate $1.5 million in annual tax revenue, $39.1 million in total economic impact annually and $10.7 million in wages and salaries, according to KemperSports.

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AcquisitionsRetailSoutheastTennessee

Matthews Arranges Portfolio Sale of Two Shopping Centers in Tennessee

by John Nelson

ELIZABETHTON AND LAFOLLETTE, TENN. — Matthews Real Estate Investment Services has arranged the portfolio sale of two Tennessee shopping centers: Elk Crossing in Elizabethton and Cumberland Crossing in Lafollette. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the seller, Big V Property Group, in the portfolio sale. An entity doing business as Vishal 1 LLC purchased the portfolio for an undisclosed price. The centers, situated roughly 140 miles from each other, span a combined 170,900 square feet and were 99.4 percent leased at the time of sale. Elk Crossing’s tenant roster includes Ross Dress for Less, United Grocery Outlet and Workout Anytime, and Cumberland Crossing’s tenant roster includes Big Lots and Ross Dress for Less.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.7M Sale of New Central Florida Restaurant Property Leased to Chipotle

by John Nelson

HAINES CITY, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a newly delivered restaurant property located at 35654 U.S. Highway 27 in Haines City, a city in Central Florida. Chipotle Mexican Grill occupies the property on a 15-year triple-net lease. The 2,493-square-foot restaurant sits on 0.7 acres and features a drive-thru. Patrick Nutt, William Wamble and Connor Barton of SRS represented the seller, an undisclosed development firm based in Florida, in the transaction. The buyer, a private investment firm based in Spain, purchased the restaurant at a 4.5 percent cap rate.

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