LOS ANGELES — Avison Young has completed three retail leases within Level DTLA, a 303-unit corporate housing tower in the Financial District of downtown Los Angeles. Leases include a 4,177-square-foot SoulCycle, a 2,601-square-foot Sakana Sushi and a 1,416-square-foot Cognoscenti Coffee. Derrick Moore and Amit Parekh of Avison Young represented the landlord, Canada-based Onni Group, as well as Cognoscenti Coffee and Sakana Sushi in the transactions. CBRE represented SoulCycle.
AUBURN, CALIF. — Envoy Net Lease Partners LLC has financed a first mortgage bridge loan for a 5,500-square-foot, single-tenant net lease Denny’s restaurant in Auburn, approximately 30 miles northeast of Sacramento. The property, which is currently vacant, is located on an outparcel in front of the highest-grossing grocery store in Auburn, and is one of the last remaining outparcels in the market.
INDIANAPOLIS — Gershman Partners has unveiled plans for a 700,000-square-foot retail project in Indianapolis. Greenwood Town Center is a $90 million project that will include retail, dining and entertainment spaces once complete. Construction is expected to begin in late 2016 with completion slated for fall of 2017. Gershman will own and manage the property. Dorsky + Yue International will serve as the primary architect, and the general contractor and developer have not yet been determined.
RICHFIELD, MINN. — Marcus & Millichap has brokered the sale of a 28,208-square-foot retail property in Richfield, a southern Minneapolis suburb. Kensington Park was sold to an undisclosed buyer for $7 million. The asset is located at 7610 Lyndale Ave. S. Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins of Marcus & Millichap had the rights to market the property on behalf of the seller. Marcus & Millichap also secured and represented the buyer.
CHICAGO AND DEKALB, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Jimmy Jazz has signed a 4,811-square-foot lease at Ford City Mall in Chicago. The 661,644-square-foot shopping mall is anchored by AMC Theatres, JCPenney, Carson’s, Marshalls, Ross Dress for Less and hhgregg. Marget Graham, Maria Rossobillo and Sarah Drumgould of Mid-America represented the landlord. The tenant was self-represented. In the second transaction, Athletico inked a deal for 3,964 square feet at Oakland Place in DeKalb. Other tenants in the 155,730-square-foot facility include Michaels, T.J. Maxx, Super Target, DSW Shoe Warehouse and Pier 1 Imports. Katie Hennegan and Paige Schisser of Mid-America represented the landlord. Hyatt Thompson of Swearingen Realty Group LLC represented the tenant.
NEW YORK CITY — Quinlan Development Group and Building and Land Technology (BLT) are redeveloping the 100-year-old The Pioneer Warehouse at 41 Flatbush Avenue in downtown Brooklyn. The $30 million redevelopment of the 10-story property, which will be renamed The Pioneer Building, will result in approximately 235,000 square feet of modern office space and 25,000 square feet of retail space ready for occupancy in second quarter 2016. Located near the Barclays Center and Atlantic Terminal, The Pioneer Building is well along in a comprehensive redevelopment to enhance the building’s barrel-vaulted terra cotta ceilings, brick walls and ornate limestone façade. The interior finishes and exterior enhancements have been designed by architects Beyer Blinder Belle. New features include new, oversized, energy-efficient windows, state-of-the-art tenant-controlled HVAC units, industrial-sized elevator cabs, a renovated lobby, a landscaped roof terrace with views of all of Downtown Brooklyn and the New York Harbor, and an on-site bicycle storage facility. The property owners have named Bruce Mosler, Mikael Nahmias, and Joseph Cirone of Cushman & Wakefield as exclusive leasing agents.
JERSEY CITY, N.J. — Margules Properties Inc. has purchased five mixed-use buildings in Jersey City for $8.5 million. The company — which owns and manages more than 1 million square feet of development rights in the city’s Journal Square neighborhood — plans to upgrade the buildings to make them more appealing to new retail tenants and millennials looking for apartments near the PATH train. Two of the buildings form a triangle bound by Montgomery Avenue, Orchard Street and Jordan Avenue, in the McGinley Square section of Jersey City. They include a gut-renovated, five-story walk-up building at 52 Orchard Street, with 12 apartments and three stores, and 685 Montgomery Avenue, a three-story mixed-use building with three stores and five apartments. The other buildings include 70 Tonnele Avenue, a 17-unit apartment building; 142 Monticello Avenue, a corner three-story townhouse building with 2,500 square feet of retail space on the first floor and two units with two bedrooms each on the two upper floors; and 2175 JFKennedy Boulevard, a one-story vacant commercial building.
LAKE GENEVA, WIS. — Quantum Real Estate Advisors Inc. has brokered the $1.3 million sale of a 14,091-square-foot retail center in Lake Geneva. The property, located at 800 N. Edwards Blvd., was 70 percent leased at the time of sale. Tenants include Maurice’s, Sally Beauty Supply and Mattress Firm. The undisclosed seller is a Minnesota-based owner, and the undisclosed buyer is a New York-based fund. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.
BLOOMINGTON AND LOMBARD, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Dick’s Sporting Goods has signed a 49,957-square-foot lease at Colonial Plaza in Bloomington. The 241,340-square-foot shopping center also includes Ashley Furniture and Cato Fashions. Katie Hennegan and Samantha Spinell Schnell of Mid-America represented the landlord. Tim Miller and Jon Reese of Great Street Realty represented Dick’s. In the second transaction, Anytime Fitness has inked a deal for 5,926 square feet at Highlands of Lombard in Lombard. Other tenants in the 21,071-square-foot facility include Potbelly Sandwich Shop and Performance Bike. The shopping center is shadow anchored by The Dump. Paige Schiesser, Samantha Spinell Schnell and Angela Gasbarro of Mid-America represented the landlord. Jim Runyon of Franchise Real Estate represented the tenant.
RIVERVIEW, FLA. — Tampa-based Dunphy Properties and Atlanta-based Batson Cook Development Co. have formed a joint venture to build Rivercrest Commons, a grocery-anchored shopping center located at the intersection of U.S. 301 and Symmes Road in Riverview. Publix will anchor the property, which will feature a Publix Liquor Store and an additional 16,100 square feet of inline retail space housing Casablanca Spa, East Wok, Majik Touch Dry Cleaning and Hair Cuttery. Joe Tyszko of Insite Realty’s Clearwater, Fla., office is responsible for leasing the project. Rivercrest Commons is slated for a summer 2016 completion.
