Retail

Redwood West Joins Owners of Lido Marina Village Shopping Center in Newport Beach, California

by Amy Works February 12, 2024

NEWPORT BEACH, CALIF. — JLL Capital Markets has arranged the recapitalization of Lido Marina Village, a 3.1-acre mixed-use shopping center in Newport Beach. The firm represented the existing ownership, DJM Capital and Arc Capital Partners through a partnership with Belay Investment Group, in the transaction that added Redwood West to the partnership. Built in 1971 and renovated in 2016 and 2022, Lido Marina Village features 77,922 square feet of retail space, 28,694 square feet of office space and a 47-slip marina. Current tenants include Nobu, Zinque, Malibu Farm, Circle Hook Fish Co., Aesop, Warby Parker, Elyse Walker, Faherty, Curl Fitness, Eberjay and LoveShackFancy. The property is currently 100 percent occupied. As part of the transaction, Arc Capital Partners and Belay Investment Group exited the original partnership. JLL also secured an undisclosed amount of financing through a life insurance company for the transaction. Bryan Ley, Geoff Tranchina, Gleb Lvovich, Tim Kuruzar and Daniel Tyner led the JLL Capital Markets investment sales advisory team. Jeff Sause, John Marshall and Alex Olson led the JLL Capital Markets debt advisory team.

February 12, 2024

Acquisitions Arizona Loans Retail Western

Mesa South Center Receives $8M Acquisition Financing for Retail Property in Mesa, Arizona

by Amy Works February 12, 2024

MESA, ARIZ. — Mesa South Center LP has received $8 million in financing for the acquisition for Mesa South Shopping Center at 1230 S. Gilbert Road in Mesa. The borrower purchased the asset from an undisclosed seller for $15 million. Mesa South Shopping Center features 133,663 square feet of retail space that was 85.3 percent occupied at the time of sale. Current tenants include Big 5 Sporting Goods, Harbor Freight Tools and Dollar Tree. The property was originally built in the 1980s but has undergone renovation, including recent capital investments to the parking lot. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance secured the 10-year loan through a correspondent life insurance company. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the sale transaction, while Maha Odeh-Arnold of Regal Properties represented Mesa South Center LP.

February 12, 2024

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $2.7M Sale of Two-Tenant Retail Property in Waukegan, Illinois

by Kristin Harlow February 12, 2024

WAUKEGAN, ILL. — Marcus & Millichap has negotiated the $2.7 million sale of a two-tenant retail property in the Chicago suburb of Waukegan. The 7,100-square-foot asset is home to Tropical Smoothie Café and Ivy Hall dispensary. The property at 992 S. Waukegan Road serves as an outlot to a casino and hotel that are currently under construction and slated to open in 2025. Both tenants’ leases feature 10 percent rental increases every five years. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not released.

February 12, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $7.7M Sale of Single-Tenant Retail Property in Orlando Suburb Leased to Crunch Fitness

by John Nelson February 9, 2024

WINTER PARK, FLA. — SRS Real Estate Partners has brokered the $7.7 million sale of a 29,987-square-foot single-tenant retail property located in Winter Park, a suburb of Orlando. Crunch Fitness occupies the property, which is located on 3.7 acres at 14150 W. Colonial Drive, on a 15-year triple-net lease. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based investment and development group, in the transaction. The buyer was a Florida-based private investor.

February 9, 2024

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 14,605 SF Retail Building in Cypress, Texas

by Taylor Williams February 9, 2024

CYPRESS, TEXAS — Marcus & Millichap has brokered the sale of a 14,605-square-foot retail building in the northwestern Houston suburb of Cypress. The vacant building, which was most recently occupied by CVS, was originally constructed in 2002. James Bell and Watt Harrison of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

February 9, 2024

Acquisitions Michigan Midwest Restaurant Retail

Farbman Group Brokers Sale of Former Sportsmen’s Den Restaurant Building in Riverview, Michigan

by Kristin Harlow February 9, 2024

RIVERVIEW, MICH. — Farbman Group has brokered the sale of the former Sportsmen’s Den restaurant building in Riverview, a southern suburb of Detroit. The sales price was undisclosed. Located at 15001 Sibley Road, the Sportsmen’s Den had been operated by the Orlando family for more than four decades. The 24,250-square-foot property, which includes a banquet hall, was listed for sale after previous owner, Joe Orlando, announced his retirement last year. The restaurant catered for the Detroit Tigers from 1982 to 2009. Local restaurateur Jeremy Syrocki was the buyer. Syrocki owns numerous restaurants such as Truago, Mamacitas, Rocky’s Roadhouse, Major Biddle’s and Lloyds. Nanci Tarpley of Farbman brokered the sale.

February 9, 2024

Acquisitions Retail Texas

2GR Equity, SHOP Development Acquire 177,000 SF Shopping Center in Metro Dallas

by Taylor Williams February 8, 2024

RICHARDSON, TEXAS — A joint venture between two locally based firms, 2GR Equity and SHOP Development, has acquired the 177,000-square-foot Promenade North Shopping Center in the northeastern Dallas suburb of Richardson. The center was roughly 70 percent leased at the time of sale to tenants such as Verizon Wireless, Papa Murphy’s and WingStop. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program that will include landscape and parking lot improvements, along with new paint, LED lighting and signage upgrades.

February 8, 2024

Leasing Activity Midwest Ohio Retail

Six New Retailers to Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow February 8, 2024

COLUMBUS, OHIO — Six new retailers are slated to open at Easton Town Center in Columbus this year. Louis Vuitton is opening a newly expanded and redesigned space at the shopping center, marking its largest retail space within Ohio. David Yurman, Golden Goose, BOSS and Breitling are all opening their first stores in Ohio. Additionally, L’Occitane is moving and expanding into a larger space at Easton, which opened 25 years ago and is home to more than 250 fashion, dining and entertainment offerings.

February 8, 2024

Development Illinois Midwest Retail

The Feil Organization Underway on $8M Renovation of North Riverside Park Mall in Suburban Chicago

by Kristin Harlow February 8, 2024

RIVERSIDE, ILL. — The Feil Organization is underway on an $8 million renovation of North Riverside Park Mall, a 1.4 million-square-foot shopping center in the Chicago suburb of Riverside. The project team includes JP2 Architects and AECom Hunt Construction Group. Plans call for modernized flooring, updated ceilings and a revamped entrance. Completion is slated for October. Acquired by Feil in 2004, North Riverside Park Mall is home to 130 national and boutique stores, services and eateries. New tenant additions include Miniso, Pandora, Kids Empire, Kong Dog and Kids Foot Locker House of Play.

February 8, 2024

Acquisitions Massachusetts Net Lease Northeast Retail

Ironside Realty Acquires 3,300 SF Single-Tenant Retail Property in Downtown Boston

by Taylor Williams February 8, 2024

BOSTON — Ironside Realty has acquired a 3,300-square-foot single-tenant retail property located at 177 State St. in downtown Boston. The building is located within the 1 McKinley Square mixed-use development and is net leased to 7-Eleven. An undisclosed, third-party broker represented the seller, which also requested anonymity, in the transaction. Ironside Realty was self-represented.

February 8, 2024

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