Retail

The Boulder Group Brokers $1M Sale of Net Leased Qdoba Property

by Kristin Harlow November 23, 2016

GRAND RAPIDS, MICH. — The Boulder Group has brokered the sale of a single-tenant property net leased to Qdoba Mexican Eats in Grand Rapids for $1 million. The building is located at 3225 Alpine Ave. NW across from Green Ridge Square shopping mall. There are over five years remaining on the Qdoba lease, which expires in September 2021. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company, in the transaction. A high-net-worth individual from the West Coast was the buyer.

November 23, 2016

Restaurant Retail Texas

Fox Restaurants Concepts Signs Lease for 5,500 SF Restaurant Space at The Union Dallas

by Amy Works November 22, 2016

DALLAS — Fox Restaurants Concepts has signed a lease for 5,500 square feet of restaurant space at The Union Dallas. The company plans to open a North Italia restaurant at the location in 2018. The modern, full-service pizza and pasta restaurant will be located on the ground level of the 800,000-square-foot office, residential and retail project in Dallas’ Uptown district. The property is owned by RED Development.

November 22, 2016

Industrial Loans New Jersey Northeast Office Retail

Cronheim Closes $27.8M Refinancing for Six Properties in Central, Northern New Jersey

by Amy Works November 22, 2016

MORRIS, SOMERSET AND MERCER COUNTIES, N.J. — Cronheim Mortgage has arranged a cash-out refinance of $27.8 million for six northern and central New Jersey properties. The assets include office, industrial and retail properties in Morris, Somerset and Mercer counties. The undisclosed borrower will use proceeds to cash out some of the significant equity of the property. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the financing.

November 22, 2016

Industrial Northeast Retail Rhode Island

Sweeney Real Estate Brokers $1.3M Sale of Redevelopment Site in Rhode Island

by Amy Works November 22, 2016

CUMBERLAND, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a four-acre redevelopment site located at 15 Jones St. in Cumberland. Civic RI Central Falls Charter I LLC acquired the property for $1.3 million. Existing structures on the site include a 13,960-square-foot retail space and a 10,000-square-foot warehouse space. The buyer plans to demolish both buildings for the construction of a new charter school. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.

November 22, 2016

Midwest Retail Wisconsin

Marcus Theatres Acquires All 14 Wehrenberg Theatres Locations in Four Midwestern States

by Kristin Harlow November 22, 2016

MILWAUKEE — Marcus Theatres, a division of The Marcus Corp. (NYSE: MCS) has acquired the assets of St. Louis-based Wehrenberg Theatres in four Midwestern states. Terms of the transaction were not disclosed. Wehrenberg Theatres is the oldest family-owned and operated theater circuit in the United States with 197 screens at 14 locations in Missouri, Iowa, Illinois and Minnesota. Upon completion of the transaction, Marcus Theatres will increase its number of screens by 29 percent, operating 885 screens at 68 locations in eight states. In conjunction with the acquisition, Marcus Theatres will also acquire the underlying real estate for six of the theater locations, as well as Ronnie’s Plaza, an 84,000-square-foot retail center located at 5320 S. Lindbergh Blvd. in St. Louis. Peter J. Solomon Co. assisted Marcus Theatres in the transaction. The Fortune Group served as advisor for Wehrenberg Theatres.

November 22, 2016

Illinois Midwest Retail

Thor Equities Closes $44.2M Sale of 12,000 SF Retail Building in Chicago

by Kristin Harlow November 22, 2016

CHICAGO — Thor Equities has closed on the sale of 26-34 S. State St. in Chicago for $44.2 million. The retail space is home to the first dedicated Jordan Brand store, which opened in October 2015. Thor leased approximately 12,000 square feet of retail space to the athletic apparel store in 2014. The two-level location sells sneakers and apparel, and features a basketball gym and consumer lounge. The buyer was not disclosed. Michael Marks of Cushman & Wakefield brokered the transaction.

November 22, 2016

Midwest Retail Wisconsin

HSA Commercial, Innovative Capital Advisors Acquire 217,346 SF Shopping Center in Brookfield, Wisconsin

by Kristin Harlow November 22, 2016

BROOKFIELD, WIS. — A partnership between HSA Commercial Real Estate and Innovative Capital Advisors has acquired the 217,346-square-foot Brookfield Fashion Center in Brookfield, a western suburb of Milwaukee. The sales price was not disclosed. Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty anchor the regional shopping center located on Bluemound Road near Brookfield Square Mall. The center is currently 97 percent leased.

November 22, 2016

Florida Retail Southeast

Equinox to Develop $18M Wawa-Anchored Retail Project in Orlando

by John Nelson November 22, 2016

ORLANDO, FLA. — Equinox Development Properties Inc. plans to develop an $18 million retail project located at the corner of Kirkman Road and Raleigh Street in Orlando’s MetroWest area. Situated on a 9.5-acre parcel, the property will feature a new Wawa gas station and convenience store; a two-story, 38,000-square-foot 24-Hour Fitness location; a quick-service restaurant and 11,000 square feet of additional retail space. Equinox plans to break ground on the project in the first quarter of 2017.

November 22, 2016

California Retail Western

AEG, Regal, Barco Complete First All-Laser Movie Theater on the West Coast

by Nellie Day November 22, 2016

LOS ANGELES — AEG, Regal and Barco have converted all auditoriums at Regal L.A. LIVE: A Barco Innovation Center to 100 percent laser projection. This final phase of installations and upgrades makes the cinema the first all-laser multiplex on the West Coast. AEG owns the theater, which opened in 2009. Regal operates the property, and Barco installed the laser projectors. In addition to improving image quality, Barco’s laser technology reduces costs via lowered energy costs. Additionally, the theater has reduced its carbon footprint by no longer using cardboard standees from movie studios and instead plays the content directly on digital displays in the lobby. Headquartered in Los Angeles, AEG is a sports and live entertainment company.

November 22, 2016

California Oregon Retail Top Stories Uncategorized Washington Western

CBRE Global Investment Partners Acquires Minority Stake in $1.5B West Coast Retail Portfolio

by John Nelson November 22, 2016

LOS ANGELES AND SAN FRANCISCO — CBRE Global Investment Partners has acquired a 45 percent stake in a $1.5 billion portfolio of 55 retail assets located on the West Coast. The investment was made on behalf of the company’s flagship Global Alpha Fund and various separate account clients and totals roughly $450 million, according to reports by The Wall Street Journal. San Francisco-based Merlone Geier Partners (MGP) is the majority owner in the portfolio, which totals nearly 7 million square feet, and will maintain its position as operating partner. The properties are largely anchored by grocery and necessity-based retailers, and are concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland. “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.” Eastdil Secured advised MGP in the transaction. MGP is a private real estate investment company focused on the acquisition, development and redevelopment of retail and mixed-use …

November 22, 2016

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