Friday, June 27, 2025
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AcquisitionsIllinoisLee & AssociatesMidwestRetail

Lee & Associates Negotiates $1.2M Sale of Retail Strip Center in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Lee & Associates has negotiated the $1.2 million sale of Deertrail Court, a 9,800-square-foot retail strip center in the northwest Chicago suburb of Lake Zurich. Built in 1980, the property is located at 884 S. Rand Road. Tenants include Eye Level Learning Center, Mimi Nails, Nova Care Rehabilitation, Rush Physical Therapy and Sake Sush & Grill. Rick Scardino and Michael Petrik of Lee & Associates represented the undisclosed seller. Adam Foret of CBRE represented the buyer, N.D.C.V.G. Properties LLC.

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AcquisitionsCaliforniaRestaurantRetailWestern

Marcus & Millichap Negotiates $27M Sale of Two Hollywood Nightspots

by Amy Works

WEST HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of The Abbey Food & Bar and The Chapel at The Abbey, two nightspots in West Hollywood. David Cooley sold the assets to Tristan Schukraft for $27 million. Brandon Michaels and Matthew Luchs of Marcus & Millichap represented the seller and procured the buyer in the deal. The previous ownership transformed a small coffee shop into The Abbey Food & Bar became a well-known bar, restaurant and event venue, and opened its sister location, The Chapel at The Abbey. The assets are located on neighboring parcels at the signalized corner of North Robertson and Santa Monica boulevards.

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ArkansasHealthcareRetailSoutheast

Walmart to Shutter All 51 Walmart Health Centers, Virtual Care Service

by John Nelson

BENTONVILLE, ARK. — Walmart has decided to shutter all 51 Walmart Health locations, as well as the Walmart Health Virtual Care service. The Bentonville-based retail giant stated that the business model, which was formally launched in 2019, was not sustainable. The company cited a lack of profitability due to “the challenging reimbursement environment and escalating operating costs.” Walmart Health locations are situated in six different states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas — according to the Walmart Health online directory. The company didn’t offer a timeline for when each clinic would close. Walmart is offering relocation for its Walmart Health associates to nearby Walmart or Sam’s Club stores, as well as severance benefits for eligible associates. The company will continue to operate its nearly 4,600 pharmacies and more than 3,000 vision centers at its retail stores.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $4.6M Sale of New Strip Retail Center in Clearwater, Florida

by John Nelson

CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a strip retail center located at 2420 Gulf to Bay Blvd. in Clearwater, a suburb of Tampa. Situated within a mile from Clearwater Mall, the 6,750-square-foot property is fully leased to three tenants on long-term leases: Jersey Mike’s Subs, My Eye Dr. and MD Now Urgent Care. An unnamed South Florida-based private investor purchased the property at a 6.2 percent cap rate. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed developer based in Florida, in the transaction.

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Leasing ActivityMarylandRetailSoutheast

Continental Realty Corp. Signs Crunch Fitness to 30,973 SF Retail Lease in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has signed Crunch Fitness to a 30,973-square-foot retail lease in Hagerstown, a suburb of Washington, D.C. The fitness concept will backfill a former Bed Bath & Beyond space at Centre at Hagerstown, a nearly 300,000-square-foot regional shopping center located at 17850 Garland Groh Blvd. The lease brings the occupancy rate of the shopping center to 97 percent. Melissa Sweeney of CRC, along with Matt Copeland and Michael Patz of KLNB Retail, represented the landlord in the lease deal. Ryan Wilner of KLNB Retail represented the tenant.

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Leasing ActivityRestaurantRetailTexas

Vila Brazil to Open 7,332 SF Restaurant in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Steakhouse concept Vila Brazil will open a 7,332-square-foot restaurant in the northeastern Dallas suburb of Garland. The site is a freestanding building within the Harbor Point retail center, which is shadow-anchored by Bass Pro Shops, on the shores of Lake Ray Hubbard. Greg Blandford and Jack Thomas of Weitzman represented Vila Brazil in the lease negotiations. David Zoller, also with Weitzman, represented the undisclosed landlord. The opening is slated for late summer.

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DevelopmentNew YorkNortheastRetail

Simon Underway on Expansion at Woodbury Common Premium Outlets in New York

by Taylor Williams

WOODBURY, N.Y. — Simon Property Group is underway on an expansion project at Woodbury Common Premium Outlets, located about 55 miles north of New York City. The project will add 155,000 square feet of new retail and restaurant space, as well as a 200-room hotel, second parking facility and upgraded amenities. A VIP suite with private dressing rooms, a lounge and a private kitchen is also scheduled to open later this year. Simon will also add a new children’s play area, improved crosswalks and wayfinding, and enhanced landscaping to the property, which is home to some 250 tenants.

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AcquisitionsRetailUtahWestern

SSG, Hanley Negotiate Sale of 48,537 SF Canyon Center Retail Asset in Sandy, Utah

by Amy Works

SANDY, UTAH — SSG Realty Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of Canyon Center, a shopping center at 2025-2137 9400 South in Sandy, approximately 15 miles south of Salt Lake City. A Michigan-based private investor sold the asset to a Cincinnati-based investor for an undisclosed price. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, along with Kevin Fryman and Bill Asher of Hanley Investment Group Real Estate Advisors, represented the seller. Richard Webb of Dallas-based Emersons Commercial Real Estate represented the buyer in the deal. Built in 1987 and expanded in 1988, Canyon Center features 48,537 square feet of retail space. At the time of sale, the 6.5-acre property was 96 percent occupied by a variety of tenants, including Wells Fargo, Domino’s Pizza, F45 Training, Club Pilates, Fantastic Sam’s, Palm Beach Tan, Nautical Bowls, Ski ‘N See, Vessel Kitchen, Kibbles & Cuts, Chocolate Covered Wagon, Salt Cycles Bike Shop, Pella Nails, Brightside Chiropractic, Tiger Rock Martial Arts and Rainbow Sakura Massage. The sale also included ground leases for outparcels occupied by Wendy’s and Smith’s Fuel Station.

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DevelopmentFeaturesLeasing ActivityRetailWestern Feature Archive

Cannabis Dispensary Development Requires Specialized Site Selection, Design for Success

by John Nelson

By Virginia Maggiore of RDC Although the roadmap to opening a dispensary presents unique challenges inherent to the cannabis industry, the process shares many parallels with traditional retail projects. From selecting the optimal site, designing the brand and interior and implementing the build-out plan, the similarities are evident. However, a pivotal differentiator lies in the need to assemble a team that has experience with cannabis laws, sites, operations and build-outs. The collective expertise comprised by seasoned architects, designers and general contractors is instrumental in navigating the complexities of the cannabis industry, avoiding unnecessary expenses and delays, while ensuring a successful store opening. Selecting the Optimal Site The first step in the process to opening a dispensary involves choosing the optimal property for the storefront. While some entrepreneurs opt for ground-up construction, the majority leverage existing vacant spaces, repurposing them into cannabis dispensaries. Operators that are refurbishing an existing property for retail will want to select a site that boasts a vanilla shell or blank canvas for the new store to build upon. Choosing properties that already contain many of the costly elements like utilities and bathrooms can greatly minimize construction expenses. This allows operators to save their budget for a …

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DevelopmentFloridaRestaurantRetailSoutheastTop Stories

Burger King to Invest $300M to Remodel 1,100 US Restaurants by 2028

by John Nelson

MIAMI — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital experience that exceeds their expectations,” says Tom Curtis, president of Burger King North America. “We are working in close partnership with our franchisees to transform our restaurant footprint across the country and reclaim our flame as a leader in the QSR [quick-service restaurant] industry.” The newly announced initiative, dubbed Royal Reset 2.0, is a continuation of its existing Royal Reset program announced in 2022 that included a $250 million investment in overhauling the physical real estate, tech and kitchen equipment at thousands of Burger King locations. The first Royal Reset plan was part of a $400 million campaign, called Fuel the Flame, that also included $150 million in digital and …

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