SAN DIEGO – Solana Beach Pho Bar & Grill has leased 2,881 square feet of restaurant space in San Diego. The space is located at 1005 Rosecrans Street. The 10-year lease is valued at $1.1 million. The pho restaurant was represented by Jose Bravo of Vanguard Resource Group. The landlord, Oliver McMillian Rosecrans, was represented by Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate.
SAN ANTONIO — Austin-based fast casual restaurant Vertskebap will open two locations in San Antonio, with a third location in the works. This is the chain’s first expansion into San Antonio after successful expansions into Dallas and Houston and growth in Austin in 2014. The first location will open in May in the Park North Shopping Center at the southwest corner of Loop 410 and San Pedro Avenue. The second location will open this fall in Alamo Ranch Culebra Market, located at the intersection of Loop 1604 and Culebra Road. Vertskebap is built around döner kebap, a European street food, and is one of the first restaurants to bring döner kebap to the United States. Vertskebap restaurants are designed by Austin-based architect Michael Hsu. CBRE represented Vertskebap on site selection and lease negotiations in San Antonio. John Heffington of CBRE’s Austin office is the master broker for Vertskebap.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 10 retail properties for $17.5 million. Located in seven states, the properties are net leased to five different tenants operating in three retail sectors. The transactions were completed at a weighted-average cap rate of 8.3 percent and have a weighted-average remaining lease term of 17.8 years. The recently closed transactions include sale-leaseback transactions involving multiple Taco Bell and Wendy’s locations, as well the acquisition of a Jiffy Lube service center, a KFC restaurant and a Dollar General store. Bloomfield, Mich.-based Agree Realty currently owns and operates a portfolio of 233 properties located in 39 states and containing 4.7 million square feet of gross leasable space.
SPRINGFIELD, VA. — Vornado Realty Trust has completed the previously announced $465 million sale of the redeveloped Springfield Town Center in Springfield to Pennsylvania Real Estate Investment Trust (PREIT). The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The sales price comprises $340 million in cash and 6.25 million operating partnership units of PREIT, granted at $20 per unit. Vornado’s 8.07 percent ownership interest in PREIT will be accounted for under the equity method. Vornado has treated the $19 million of tenant improvements and allowances as a closing adjustment.
BEDFORD, N.H. — HFF has brokered the sale of The Shoppes at Bedford Mall, a shopping center located at 73 South River Road in Bedford. Emmes Asset Management Co. sold the 277,289-square-foot center to an undisclosed buyer for $46.1 million. HFF represented the seller, and placed a 10-year, fixed-rate $30 million loan with Guggenheim Commercial Real Estate Finance LLC for the buyer. Renovated in 2012, the property is 98.6 percent leased to a variety of tenants, including Kohl’s, The Fresh Market, Marshalls, Staples, Weight Watchers, Pet Supplies Plus, Bob’s Store, Starbucks Coffee, Chipotle and Outback Steakhouse. James Koury and Xave Jacoby of HFF represented the seller, and Porter Terry, also of HFF, placed the financing for the buyer in the transaction.
LOS ANGELES – The San Fernando Valley is set to receive its first Dunkin’ Donuts. The donut chain will open a new outpost at the corner of Ventura Boulevard at Balboa Boulevard in the Los Angeles submarket of Encino. The transaction was executed by Illi Commercial Real Estate.
PHOENIX — Palm Glen Shopping Center, a 175,686-square-foot shopping center in Phoenix, has sold to Primestor Development for $14.3 million. The center is located at 3500 W. Glendale Ave. It is anchored by Food City. Notable tenants include Wells Fargo, Dollar Tree and Title Max. The center is set to undergo a renovation this year. The property was listed by Jason Gribin of Wilson Retail Group.
RICHARDSON, TEXAS — Regency Centers has signed several new tenants that will open in 2016 at CityLine Market located in Richardson. Anchored by Whole Foods Market, the new tenant lineup at CityLine includes Taco Diner, Luna Grill, Modmarket, Pei Wei, Smashburger, 18|8 Fine Men’s Salon, Massage Envy Spa, CityLine Dental, The Joint Chiropractic and Luxx Lash’s beauty studio. CityLine Market will serve as the second-largest employment center in the Dallas/Fort Worth metro area with major employers including State Farm Insurance, Raytheon, AT&T, The University of Texas at Dallas, Blue Cross and Blue Shield of Texas, Verizon and Cisco Systems. The mixed-use development will join several million square feet of office space, an Aloft hotel, LOOK Cinema and nearly 4,000 new residential units. The project is located near the George Bush turnpike and within walking distance of the DART light rail stop.
LANCASTER, OHIO — Marcus & Millichap has brokered the $4.7 million sale of The Shops at Ety Village, a 29,400-square-foot retail property in Lancaster. The property is located at 1348-1374 Ety Road. The property was a bank-owned deal and was 69 percent occupied at the time of sale. Tenants include Panera Bread, Pet Supplies Plus, Gamestop and Great Clips along with a few local retailers. The asset sits as an outparcel to a Giant Eagle grocery store and is across the street from Walmart, Menards and Kohls. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices marketed the property on behalf of the seller, a regional bank. Jackson, Patton, Wiles and Fuller also secured and represented the buyer, a private investor.
SAN ANTONIO — San Antonio Commercial Advisors (SACA) has arranged the sale of Nogalitos Shopping Center, a 16,279-square-foot shopping center located at 3002 Nogalitos St. in San Antonio. Brent Smith and Bradley Suttle of SACA represented the seller in the transaction and also procured the Houston-based buyer. Built in 1963, Nogalitos Shopping Center is fully leased with 66 percent of the square footage on a long-term lease with O’Reilly Auto Parts. SACA is an independently owned and operated member of the Cushman & Wakefield Alliance.