LOS ANGELES — A property occupied by fashion house Bijan has traded hands on Rodeo Drive in Los Angeles. An undisclosed investor acquired the property, located at 420 N. Rodeo Drive, in an all-cash transaction. Bijan has operated at the property for more than 40 years, and is the longest standing privately owned designer house on Rodeo Drive. Marc Schillinger, Bryan Ley and Bill Fishel of HFF represented the undisclosed seller in the transaction.
LOS ANGELES — Dunkin’ Donuts has signed a development agreement with Precision Hospitality & Development to develop eight new restaurants in Los Angeles. The first restaurant is planned to open in 2018. This agreement closes out the company’s first wave of franchise commitments since announcing the state would be open for franchise sales in January 2013. In 2014, Precision Hospitality & Development signed a store development agreement to open 10 Dunkin’ Donuts restaurants in South Orange County and surrounding cities. The group already has two restaurant locations open in Laguna Hills and Irvine, with plans to open a multi-brand restaurant with sister-brand Baskin-Robbins this fall in Foothill Ranch.
LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has entered into a definitive agreement to acquire the largest theater exhibitor in Europe, London-based Odeon & UCI Cinemas Group, from private equity firm Terra Firma. The transaction is valued at approximately £921 million, or $1.2 billion. The transaction is comprised of roughly £500 million, or roughly $665 million, for the equity, 75 percent of which is in cash; and 25 percent of which is stock consideration. The deal also includes the assumption of £407 million, or roughly $542 million, worth of net debt. The transaction is contingent upon antitrust clearance by the European Commission and is subject to consultation with the European Works. With 242 theaters and 2,236 screens, Odeon & UCI is currently the number one theater operator in Europe. The combination of AMC and Odeon & UCI will result in AMC’s operation of 627 theaters and more than 7,600 screens in eight countries, making AMC the largest movie theater operator in the world. AMC is also currently in a process to acquire Carmike Cinemas (NASDAQ: CKEC). AMC will continue to be headquartered in Leawood, and Odeon & UCI will continue to be headquartered in London, and will operate as a …
NEW YORK CITY — Tishman Speyer, in partnership with Qatar Diar, is moving ahead with the construction of a 1.1 million-square-foot office and retail project in Long Island City. The project concludes Tishman Speyer’s purchase of 1.8 million square feet of development rights from New York City, which included a 700,000-square-foot office building that the company completed in 2011. Designed by MdeAS Architects, the new commercial project will comprise two 27-story towers connected by a four-story podium featuring a mix of retail, food hall, restaurant and parking garage space. Construction is slated to begin in early 2017, with completion scheduled for 2019. More than 800,000 square feet of the available office space in the development has been preleased, including 250,000 square feet to WeWork, a shared office space provider. Fried Frank acted as counsel to Tishman Speyer in the closing of the company’s $770 million transaction to develop the two towers. The transaction included the acquisition of the site from the New York City Economic Development Corp., an equity investment by Qatari Diar, construction financing and tax benefits from the New York City Industrial Development Agency. The Fried Frank team included Jonathan Mechanic, Tal Golomb, Michael Barker, Michael Werner, Janice Mac …
CAROL STREAM, ILL. — SVN | Chicago Commercial has brokered the $1.8 million sale of Elk Trail Center, a 16,299-square-foot shopping center located at 257-81 Elk Trail Road in Carol Stream, a village in DuPage County roughly 33 miles west of Chicago. Tim Franz of SVN | Chicago Commercial represented the undisclosed seller in the transaction. The buyer was an out-of-state entity. Elk Trail Center’s tenant roster includes Allstate Insurance, Maytag Laundromat, Papa Ray’s Pizza, Sul Realty, White Bridge Cleaners, Village View Barber Shop and the Carol Stream Food Mart.
BEAUMONT, TEXAS — UT Physicians has leased 12,000 square feet for a retail health center at Gateway Shopping Center in Beaumont. The property is located at the intersection of Stagg Drive and College Street. Nelson Spitz represented the landlord, Lombard Texas Holdings, and Mark Davis of Davis Commercial Real Estate represented UT Physicians. UT Physicians is the clinical practice of The University of Texas Medical School in Houston.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Forty Oaks Shopping Center, a 37,500-square-foot retail property located in Fort Worth. Blake Burnett and Chance Hales of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Lisa Estrada, also of Marcus & Millichap, procured the buyer, an individual/personal trust. Forty Oaks Shopping Center is located at 5405-5425 E. Lancaster Ave., just off Grandview Drive. Built in 1958, the asset is situated on 3.5 acres near Loop 820 and I-30. Family Dollar anchors the shopping center, which was 100 percent leased at the time of sale.
SUNBURY, PA. — Weis Markets Inc., a Mid-Atlantic grocery retailer, has reached an agreement with Food Lion LLC to purchase 38 Food Lion supermarket locations in Maryland, Virginia and Delaware. The assets include 21 stores in Maryland, 13 in Virginia and four in Delaware. This transaction marks Weis Markets’ entry into Virginia and Delaware. Upon completion of the transaction and the purchase of five Mars Super Markets in Baltimore County, Weis will have increased its store count by 25 percent and will operate 202 stores in seven states — Pennsylvania, Maryland, Virginia, New York, New Jersey, Delaware and West Virginia. Weis Markets will convert the 38 stores to its brand upon completion of the transaction. The portfolio sale is part of a previously announced merger agreement between Delhaize Group, a Belgian food retailer with a presence in seven countries on three continents, and Koninklijke Ahold, a Dutch food retailer whose grocery brands include Stop & Shop and GIANT. The international retailers have agreed for their U.S. subsidiaries to sell 86 of their stores to other food retailers such as Sunbury-based Weis Markets.
NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.
RENO, NEV. — Shopoff Realty Investments has acquired Firecreek Crossing, a 348,000-square-foot regional power center located at the intersection of Kietzke Lane and Redfield Parkway in Reno, for $48.5 million. The Walmart and Sam’s Club shadow-anchored center is 71 percent occupied. Tenants at Firecreek Crossing include Ross Dress for Less, TJ Maxx, HomeGoods, Michaels and Ulta Beauty.
