NEW YORK — RKF has arranged two new leases at the 50-story Grace Building in Midtown New York for renowned chef Gabriel Kreuther’s first solo restaurant and Bluestone Lane Coffee. Kreuther’s yet-to-be-named restaurant will be located at 1114 Avenue of the Americas, directly across from Bryant Park. The property will consists of 8,000 square feet on the ground floor and 7,000 square feet on the second floor. Glen Coben of architectural and interior design firm Glen & Co. will design the restaurant. Spencer Levy and Michael Yohai of RKF represented Gabriel Kreuther and the Teton Restaurant Group in the lease. Edward Hogan and Mark Kostic represented Brookfield internally. Bluestone Lane Coffee has taken a 600-square-foot café space on the plaza at the Grace Building. Jon Krieger of RKF represented Bluestone in the transaction. Edward Hogan represented Brookfield internally. The Grace Building is co-owned by Brookfield and The Swig Co.
Retail
NEW HAVEN, IND. — Cronheim Mortgage has arranged two permanent loans totaling $4.5 million for Big Lots-anchored centers in New Haven, Ind., and Bristol, Tenn. The 75 percent LTV cash-out refinances feature a 10-year term and a 30-year amortization schedule. Both centers are located in tertiary submarkets of fewer than 15,000 inhabitants. David Turley and Anna Westhoff of Cronheim Mortgage arranged the loans for the undisclosed borrower.
SAN JACINTO, CALIF. – Circle K Stores has broken ground on a 4,500-square-fot convenience store in San Jacinto. The store will be located at 1450 S. Sanderson Ave. It will offer fresh food, a gas station with eight fuel pumps and a self-serve carwash. The new store will open later this year. The new Circle K facility represents phase one of Esplanade Commons a 90,000-square-foot, mixed-use shopping center that is being developed by Southland Development Company and RoBott Land Company.
AUSTIN — CBRE Capital Markets has arranged the sale of an .87-acre Austin retail parcel with a long-term ground lease to Wells Fargo Bank. A private investor from Wyoming purchased the building located at 1145 Airport Blvd. near the 711-acre Mueller redevelopment. Walter Saad, Cathy Nabours and Logan Reichle of CBRE represented the seller, an Austin-based private investment partnership. The property is 100 percent occupied with 13 years remaining on a 20-year ground lease. Wells Fargo renovated the building in 2007.
SUN CITY CENTER, FLA. — Phillips Edison-ARC Grocery Center REIT II Inc. has purchased Kings Crossing, a 75,020-square-foot grocery-anchored shopping center in Sun City Center, part of the Tampa MSA. Publix anchors the shopping center, which also houses Sally Beauty Supply, Subway and The UPS Store. With this acquisition, the REIT’s portfolio features eight properties representing an aggregate purchase price of approximately $116 million.
HOFFMAN ESTATES, ILL. — DeBartolo Development LLC has sold two adjacent Chicago area retail centers — Poplar Creek Crossing and Prairie Stone Crossing — to Pine Tree Commercial Realty LLC. DeBartolo acquired a defaulted note on the 60,000-square-foot Prairie Stone center in 2011 and purchased the neighboring 257,000-square-foot Poplar Creek shopping center in 2013. Located at state routes 59 and 72, just north of Interstate 90 in Hoffman Estates, both properties are approximately 90 percent leased. Anchor tenants at Poplar Creek include T.J. Maxx, OfficeMax, Michael’s, PetSmart, World Cost Plus Market and Ross Dress for Less. Anchor tenants at Prairie Stone include Sports Authority and Stone Eagle Tavern.
SANTA ANA, CALIF. — Westfield MainPlace Shopping Center in Santa Ana is set to undergo a $50-million revitalization and enhancement. The center is located at 2800 N. Main Street. The revitalization will include the addition of three new tenants to the currently vacant Macy’s Men’s and Home Furnishings store. Ashley Furniture, Round 1 Entertainment and 24 Hour Fitness will soon occupy this 142,500-square-foot space. Ashley Furniture will open later this year, while Round 1 Entertainment and 24 Hour Fitness will open in the first half of 2015. The center is also set to receive four new casual dining restaurants, including Panini Café, before the end of the year. Westfield MainPlace is developing two additional dining areas, including “Restaurant Row” on the north end near JCPenney and “Westside Dining” on the its west side. Recent additions to Restaurant Row include Boudin | SF and Johnny Rockets. New dining options under construction at Westside Dining, located below the Dining Court, include Blaze Pizza, Starbucks and Dog Haus. The new tenants will join the nearly 200 already-existing stores and restaurants. The new retail and dining openings will roll out from November 2014 through June 2015. The center will also add a second family …
BURBANK, CALIF. — Tourmaline Capital has acquired Plaza Del Sol, a 166,216-square-foot retail center in Burbank, for $26 million. The plaza is located at 10950 Sherman Way. Plaza Del Sol is situated near the 170, 5 and 134 freeways. It is adjacent to Bob Hope Airport. The plaza is fully occupied by tenants like Vallarta Supermarkets, Powerhouse Gym, Oakwood Corporate Housing and Freshology. Tourmaline was represented by Geoff Tranchina and Jason Gribin of Wilson Commercial Real Estate. The seller, HRB Plaza Del Sol LLC, was also represented by Tranchina and Gribin, in addition to Deborah Collins of the Collins Company. HRB is an entity of Barco Real Estate Management.
THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of 242 Crossing, a 41,721-square-foot retail center in The Woodlands. Terms of the sale were not released but the asking price for the property was higher than $11.5 million. Nate Newman with Marcus & Millichap’s Woodlands office represented the seller, a local developer. The center is located at 8000 Highway 242.
CARROLLTON, GA. — RCG Ventures’ Fund III has acquired Tower Plaza, an 89,880-square-foot shopping center in Carrollton, roughly 47 miles west of Atlanta. The property’s tenant roster includes Ollie’s Bargain Outlet, Badcock Home Furniture & More, Hibbett Sports and Family Dollar. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented the unnamed seller in the transaction. RCG Ventures was represented internally by Scott Tarbet.