ROCKY HILL, CONN. — Locally based brokerage firm Chozick Realty has arranged the $11 million sale of Hillview Plaza, a 33,799-square-foot retail center located in Rocky Hill, roughly 10 miles south of Hartford. Tenants at the property, which was built in 1990 and was 97 percent leased at the time of sale, include Webster Bank, Salute Restaurant and Dunkin’. Tom Boyle and Jordan Pinto of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SIOUX FALLS AND BROOKINGS, S.D. — Upland Real Estate Group has arranged the sale of two properties net leased to Arby’s in South Dakota for an undisclosed price. The buildings are located in Sioux Falls and Brookings. Arby’s has 20-year leases with 5 percent rent increases every five years on both properties. The tenant on the leases, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s locations in seven Midwest states. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. Both properties sold to cash buyers completing 1031 exchanges.
— By Jason DuFault, Regional Managing Director – Southern California, KW Commercial — With a population of about 440,000, the City of Long Beach has grown substantially over the past two decades. This is due, in part, to the draw of its coastal location, public spaces, dining and nightlife, employment, the ports of Los Angeles and Long Beach, and its many tourist attractions, including the Queen Mary and the Aquarium of the Pacific. This all bodes well for the retail sector. However, over the past 18 months, the retail market has been inconsistent for success based on location. The city’s overall vacancy rate is currently around 4.3 percent, with the most challenged market being downtown Long Beach, which is currently at 4.6 percent. While the vacancy is still low by most standards, I believe it will likely increase before it gets better. Like many CBDs across the nation, Long Beach’s office vacancy has been high. The decline in the daytime population has retailers struggling. The most challenging projects to rent out retail-wise seem to be the newer vintage mixed-use properties. On the other hand, smaller submarkets in east Long Beach, such as Second Street and Naples, have been strong, giving …
SANTA ANA, CALIF. — Tabani Group has acquired Bristol Marketplace, a retail property located at 1351 W. 17th St. in the Orange County city of Santa Ana. An undisclosed seller sold the asset for $16.7 million. The 107,687-square-foot plaza comprises a two-story, 99,751-square-foot former Kohl’s and adjacent shop space. The buyer plans to reposition the vacant box space. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Conor Quinn of JLL Capital Markets Investment Sales Advisory represented the seller in the deal.
BOSSIER CITY, LA. — An affiliate of Cordish Cos. doing business as LRGC Gaming Investors LLC has broken ground on Live! Casino & Hotel Louisiana, a $270 million development in Bossier City. The development represents the first land-based casino in the Bossier City-Shreveport metropolitan area, according to Cordish. The project is expected to create 750 new construction jobs and 750 permanent jobs upon completion. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish acquired earlier this year. Scheduled to open in 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu.
MELBOURNE, FLA. — Brookwood Financial Partners has acquired Melbourne Shopping Center, a 211,006-square-foot retail center located at 1301-1441 S. Babcock St. in Melbourne. Built in 1959 and renovated in 2022, the property was 92.4 percent leased at the time of sale to tenants including Publix, Big Lots, Beall’s Outlet, Conn’s, Club 4 Fitness, Dollar Tree, Pet Supermarket, CATO, Pizza Hut and Firestone Complete Auto Care. Danny Finkle, Jorge Portela and Eric Williams of JLL represented the seller in the transaction. Andrew Gray and Ryan Parker of JLL secured acquisition financing on behalf of the buyer. The seller, sales price and loan amount were not disclosed.
DERBY, CONN. — CBRE has brokered the $33 million sale of Hilltop Commons, a 198,910-square-foot shopping center in Derby, located west of New Haven. Big Y, CVS, Dollar Tree and American Freight anchor the newly redeveloped property. Other tenants include Verizon, AT&T, McDonald’s, Wendy’s and Sherwin-Williams. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, a partnership between DLC and Hutensky Capital Partners, in the transaction. Kempner Properties and Lee & Associates NYC acquired the property in partnership via a 1031 exchange.
LENEXA, KAN. — Enjoy Pure Food + Drink has signed a lease to open at Restaurant Row in Lenexa City Center. The 4,000-square-foot space will serve as the restaurant’s second location and is slated to open in fall 2024. Enjoy Pure Food + Drink is a health-forward restaurant offering breakfast, lunch and dinner as well as organic cold-pressed juices, smoothies, clean cocktails and a gluten-free and vegan bakery. John Nolan of Crossroads Real Estate Group represented the tenant, while Erin Johnston of Copaken Brooks represented ownership on an internal basis. Future phases of Restaurant Row call for an additional 10,000 square feet of retail and restaurant space and 50,000 square feet of office space.
WATERTOWN, MASS. — A pair of confectionaries, Blackbird Doughnuts and cookie maker Chip City, have opened stores at Arsenal Yards, a mixed-use development located in the western Boston suburb of Watertown. Grand opening celebrations for both stores took place last weekend. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.
FORT WORTH, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.6 million acquisition loan for Renaissance Square, a shopping center in Fort Worth that totals 105,065 square feet, according to LoopNet Inc. The center was built in 2013 and was fully leased at the time of the loan closing to tenants such as Marshall’s, Ross Dress for Less and Dollar Tree. The borrower and direct lender were not disclosed. The loan carried an interest rate of 6.75 percent and a 30-year amortization schedule. Marcus & Millichap also represented the undisclosed seller in the disposition of the property.