LOS ANGELES — Kennedy Wilson has arranged three leases for three fast casual poke restaurants: Hoke Poke, OkoPoki and Honeyfish Poke. Poke is a type of fish salad popular in Hawaiian cuisine. Hoke Poke signed a 10-year lease from Essex Portfolio for 1,200 square feet of space at 801 Hope St. in downtown Los Angeles. Hoke Poke plans to open in July with three more locations slated to open within the next year. OkiPoki inked a five-year lease from DTLA Development Group for 1,000 square feet of space at The Alexandria, located at 507 S. Spring St. in Los Angeles’ historic core. Honeyfish Poke opened a 1,100-square-foot location at 8850 Tampa Ave. in Northridge. The restaurant signed a five-year lease with 8850 Tampa Associates for the space. Honeyfish Poke is scheduled to open its second location in Westlake Village in May. Kennedy Wilson represented the landlords in each transaction.
CRYSTAL, MINN. — Paster Properties has acquired a 5,000-square-foot outparcel for the development of a retail building with a drive-thru located in Crystal, approximately ten miles outside of Minneapolis. The property is currently part of a Target parking lot. Paster Properties is pre-leasing the space to multiple retail users. Construction is set to begin upon lease signing.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.
GARLAND, TEXAS — InvestCore Commercial has brokered the $3.2 million sale of a 4,315-square-foot retail building in Garland, which is triple-net leased to Panera Bread. The 0.9-acre pad is located at 200 Town Center Blvd., directly adjacent to an In-N-Out Burger. The eatery is situated at the entrance to Firewheel Town Center, a more than 1 million-square-foot shopping center owned by Simon Property Group. Panera Bread opened on Feb. 8. The fast-casual bakery-café holds a 15-year ground lease, with three, five-year renewal options. Rent schedules include increases of up to 7.3 percent. An out-of-state investor purchased the asset from Next Play Firewheel LLC in an all-cash, 1031 tax-deferred exchange transaction. The deal closed at a 4.25 percent cap rate. Michael Campbell and Ed Colson of InvestCore Commercial represented the seller.
GLENN HEIGHTS, TEXAS — The Vitorino Group has negotiated the sale of a Family Dollar store just south of Dallas. The property is situated on a hard corner lot in Glenn Heights. James Mangum of the Vitorino Group sourced the unnamed buyer. The seller, an entity based in the Northeast, originally purchased the asset from the developer five years ago. The buyer resides in Houston and secured local bank financing.
NORTH MYRTLE BEACH, S.C. — Inland Real Estate Income Trust Inc. has purchased the 311,313-square-foot Coastal North Town Center in North Myrtle Beach. According to Inland’s federally mandated quarterly report, the sales price was $72.4 million and the company borrowed from its credit facility to fund a portion of the acquisition. Constructed in 2014, the shopping center was 93.5 percent leased at the time of sale to tenants such as Publix, Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and several restaurants. Mark Cosenza of Inland Real Estate Acquisitions Inc. facilitated the purchase of the property on behalf of Inland Income Trust. The seller was undisclosed.
MCHENRY, ILL. — CBRE has negotiated the sale of a 99,448-square-foot retail center in McHenry, approximately 55 miles northwest of Chicago, for $5.4 million. First Midwest Group purchased the property, located at 2000 N. Richmond Road, from Regency Centers Corp. and Global Retail Investors LLC. McHenry Commons is 91 percent occupied and is anchored by Hobby Lobby. Other tenants at the shopping center include Goodwill, OneMain Financial and Rent-A-Center. Derrick Almassy and Richard Frolik of CBRE represented the seller in the transaction.
LOS ANGELES — George Smith Partners (GSP) has secured financing on behalf of Canadian retail investment firm CormackHill LP for the $43 million acquisition of the Fred Segal retail property at 8100 Melrose Ave. in Hollywood. George Smith Partners’ Principal David Rifkind and his team arranged the sub-3 percent, floating-rate loan with prepayment flexibility.
VISTA, CALIF. — Lee & Associates has arranged the sale of a 4.6-acre land parcel located on E. Vista Way and Monte Mar Road in Vista. J&T Business Management purchased the site for $3 million. The buyer has plans to build and operate a gas station and additional retail on the site. Matt Weaver, Al Alpuzzo and Patrick Miller of Lee & Associates – North San Diego County represented the sellers, Monte Mar Land LLC and ALB Land LLC, while Brian Bielatowicz of Lee & Associates – Temecula represented the buyer in the deal.
LOS ANGELES — A local family trust has acquired a single-tenant, net-leased Del Taco property located at 2060 S. La Cienega Blvd. in Los Angeles. An Orange County, Calif.-based private investor sold the 1,804-square-foot property for $2.5 million, or $1,386 per square foot. Built in 1965, the 24-hour Del Taco features a drive-thru lane and was remodeled in 2004. Jeremy McChesney of Hanley Investment Group represented the seller, while Shah Noorvash of Coldwell Banker Commercial represented the buyer in the all-cash transaction.