WARRENVILLE, ILL. — SVN Chicago Commercial has brokered the $3 million sale of an 11,916-square-foot restaurant property in the Chicago suburb of Warrenville. The two-building asset is located at 28258 Diehl Road. Ronald Weissenhofer of SVN represented the buyer, the owner of Simply South Indian Cuisine. The transaction marks the first Midwest location for Simply South Indian Cuisine, which plans to expand across the country. The seller was undisclosed.
ENCINITAS, CALIF. — Calbay Development has completed the sale of 1967 San Elijo Ave. in Cardiff-by-the-Sea, a beach community in Encinitas, north of San Diego. Albatross LLC acquired the asset for $3.1 million. Situated on 16,702 square feet, the coastal pad is adjacent to Cardiff Seaside Market Center and across from San Elijo State Beach. Jack in the Box formerly occupied the 1,429-square-foot building, which offers 20 parking spaces. The buyer plans to redevelop the property and occupy the site. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the deal.
DEERFIELD, ILL. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations in the United States, meaning that as many as 2,150 underperforming stores face potential closure. “We are finalizing a multifactor store footprint optimization program, which we expect will include the closure of a significant portion of these underperforming stores over the next three years,” said Wentworth. “Plans to finalize this number are in motion, and we will update you in due course.” Even among the underperforming stores that will remain open, “we will contemplate additional closures if performance does not improve, which includes external factors, such as reimbursement rates,” said Wentworth. “While it is not an easy decision to close a store, we will work to minimize customer disruptions. …
HUNTINGTON STATION, N.Y. — Whole Foods Market will open a 43,916-square-foot store in Huntington Station, a hamlet and census-designated area on Long Island, on July 17. The store will be located at 330 Walt Whitman Road and will offer more than 2,000 locally sourced items from more than 400 regional suppliers. The store will also feature full-service meat and seafood counters, a bakery, wellness and beauty section and a selection of more than 300 craft beers. The Austin-based grocer operates about 30 stores in New York, including more than half a dozen on Long Island.
WASHINGTON, D.C. — Gantry has arranged a $22.3 million acquisition loan for Cityline at Tenley, a Target-anchored shopping center located at 4500 Wisconsin Ave. NW in Washington, D.C.’s Tenleytown neighborhood. The center is part of a mixed-use development that also features 204 condominiums. Other retail tenants at the 89,000-square-foot retail property include Ace Hardware and Bank of America. Cityline at Tenley is situated above a Metro station near American University and across Wisconsin Avenue from a Whole Foods Market grocery store, Wawa and Chick-fil-A. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the fixed-rate financing through a life insurance company on behalf of the borrower, Lincoln Property Co. The loan features a seven-year term with five years of interest-only payments followed by a 30-year amortization schedule.
WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.
STEVENSON RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a neighborhood shopping center in Stevenson Ranch, approximately 35 miles northwest of Los Angeles. San Francisco-based Catalyst Real Estate sold the asset to a Los Angeles-based private investor for an undisclosed price. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley Investment Group represented the seller, while Edmond Bina of Beverly Hills-based EMB Properties represented the buyer in the deal. Originally built in 1999 and remodeled in 2023, Stevenson Ranch Plaza offers 29,817 square feet of retail space at 25804-25860 Hemingway Ave. Tutor Time, a subsidiary of Learning Care Group, anchors the retail center and has operated at the property since it was built.
SANTA MONICA, CALIF. — NAI Capital Commercial has arranged the sale of The Powerhouse, a historic retail building located at 3116 2nd St. in Santa Monica, a coastal city west of Los Angeles. Temple Mishkon sold the asset to 2nd Street Santa Monica LLC for $2.5 million, or $1,660 per square foot. Built in 1909 and totaling 1,500 square feet, The Powerhouse is on the California Register of Historical Resources. In 1982, Ry Hay, Paul Linke and Lucinda Zeising converted the building into a playhouse, but by the early 1990s, the theatre fell into disrepair and was abandoned. The Powerhouse Theatre Co. revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms and an exterior dock.
CHICAGO AND NILES, ILL. — Cannabis Facility Construction (CFC) has completed two Bud & Rita’s-branded dispensaries in metro Chicago. Nature’s Grace and Wellness, a family-owned and operated Illinois cannabis firm, pursued an operational partnership approach for both locations. The company partnered with Illinois Cannabis Co. for the property at 5960 W. Touhy Ave. in Niles and Green & Randle for the dispensary at 3425 W. Belmont Ave. in Chicago’s Avondale neighborhood. The design of both facilities draws inspiration from 1950s diners. Half of the 6,000-square-foot Avondale location is designated as open space for hosting community event. The Niles location is larger at 7,600 square feet. In addition to Eastlake Architects, the project team included Boulder for engineering work, Quick Electric for security and IT, Bataglia and Parkside for electrical installations, Dunaway for carpentry, Tim’s Glass for the installation of storefront glass and Right Way Signs for the exterior and interior signage as well as painted murals.
LIVE OAK, TEXAS — Dick’s Sporting Goods will open a 100,000-square-foot “House of Sport” store at Live Oak Town Center, a shopping center development located on the northeastern outskirts of San Antonio. The space will feature a climbing wall, outdoor field, multiple golf bays and a multi-sport cage that can be used for baseball, softball, lacrosse and soccer. IKEA (300,000 square feet) and Floor & Décor (79,681 square feet) anchor Live Oak Town Center, which is being developed in phases and will ultimately feature more than 800,000 square feet of shopping, dining and entertainment space. A tentative opening date was not announced. Weitzman owns Live Oak Town Center.