CHICAGO — Marcus & Millichap has brokered the sale of a 2,700-square-foot retail property net leased to 7-Eleven in Chicago for $3.5 million. The retailer occupies space at 191 W. Adams St. on the ground floor of the JW Marriott hotel, which recently underwent a major restoration. Nicholas Kanich of Marcus & Millichap represented the seller, a Chicago-based private investor, and the buyer, an investment group based in California.
ATLANTA — JLL has brokered the sale of Marketplace at Buckhead, a 102,864-square-foot shopping center located at 3871-3895 Peachtree Road NE in Atlanta’s Buckhead district. Sterling Organization purchased the property for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed seller in the transaction. Marketplace at Buckhead, formerly known as Cherokee Plaza, was built in 1958 and renovated in 1997 and 2013. In addition to Kroger, the center’s tenant roster includes Willy’s Mexicana Grill, Jersey Mike’s Subs and Salon Lofts. The property’s historical occupancy has been 100 percent for over a decade, according to JLL.
MOUNTAIN VIEW, CALIF. — A joint venture between SKS Partners and the University of California, Berkeley has unveiled plans for a $2 billion innovation hub at NASA’s Ames Research Center in the Silicon Valley city of Mountain View. Plans for the 36-acre development, dubbed Berkeley Space Center, currently include 1.4 million square feet of Class A office and research and development space; wet and dry labs; conference space; academic facilities; retail space; and 18 acres of open green space, including outdoor working yards and a central green for community gatherings, activations and exhibitions. The focus for the development is to provide research space for companies interested in collaborating with the university and NASA scientists to create future innovations in aviation and space exploration. Later phases of the project are set to include short-term stay facilities and student and faculty housing. While the development has not yet received municipal approval, the environmental entitlement process has commenced and is expected to last approximately two years. Construction is tentatively scheduled to begin in 2026. The development team for Berkeley Space Center includes design, architecture and engineering firm HOK and urban design and landscape architecture firm Field Operations. The joint venture has also tapped …
LECANTO, FLA. — The Ferber Co. is underway on the development of a 29-acre retail center in Lecanto, about 75 miles north of Tampa. Site work for the property, dubbed The Shoppes at Black Diamond, began in October 2022. Building construction is scheduled to commence over the coming weeks, with openings expected to begin in early 2024. Tenants at the center will include Target Supercenter, Aldi, Starbucks Coffee, 7-Eleven, Panera Bread and Texas Roadhouse.
CHARLOTTE AND HARRISBURG, N.C. — MPV Properties has announced the addition of new tenants and buildings underway at Farmington, the developer’s master-planned community located in Charlotte and Harrisburg. Chick-fil-A opened at the property in May, and Famous Toastery is planning to open in the second half of 2024 within an outparcel behind the development’s Shop Building I. H.T. Fuel will also open on an outparcel, with construction scheduled to begin directly behind Chick-fil-A in the coming months. Construction is also scheduled to begin on Small Shops II, an 11,865-square-foot retail building. MPV is in negotiations with two tenants to fully occupy the building. The developer has also announced plans for three additional commercial buildings totaling 27,000 square feet, with development expected to begin in early 2024. Additionally, Woodfield Development is nearing completion of The Stead at Farmington, a 275-unit apartment community within Farmington. Upon completion, Farmington, which will also feature for-sale residences, will comprise 600 homes and 275,000 square feet of retail space.
ORLANDO, FLA. — Lincoln Property Co. (LPC) has arranged leases with five new tenants at Church Street Market, the 72,000-square-foot retail portion of the 55 West mixed-use property in downtown Orlando. Restaurants Birria 1983, The Bao Spot and BluWave Sushi will occupy 3,800; 2,100; and 3,000 square feet, respectively. Additionally, SAK Comedy Lab will open a 7,200-square-foot venue, and Luxe Med Spa has leased 3,800 square feet. Each of the tenants is scheduled to open before the end of the year. The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy. Aaron Dan and Kathy Bonini of LPC represented the landlord, Hasta Capital, in the lease negotiations.
PARK CITY, UTAH — Crandall Capital is set to break ground on Studio Crossing, a mixed-use development in Park City, in late October. Spanning 320,000 square feet, Studio Crossing will feature 208 affordable housing units, approximately 100 townhomes and condominiums, retail, dining and open-air public spaces. With the first phase of the development slated for completion in 2025, Studio Crossing will add an entirely new neighborhood to Park City, while also providing eco-conscious solutions throughout its buildout. At full build out, the project will include: The project team includes Steed Construction as general contractor and Modern Out West as lead architect.
ROSEVILLE, CALIF. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles northeast of Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management. The seller was not disclosed.
JERSEY CITY, N.J. — Whole Foods Market will open a 51,156-square-foot store at the corner of Washington Street and Columbus Drive in Jersey City on Nov. 9. The store, which will be the Austin-based grocer’s first in Jersey City, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.
CHAMPAIGN, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square in Champaign, a city in central Illinois. The property is 99 percent leased to tenants such as PetSmart, Staples, Ulta, Dollar Tree, Party City, Rally House and Citi Trends. Adam Mengacci of IPA arranged the 10-year CMBS loan, which features a fixed interest rate of 6.97 percent and interest-only payments for the entire term. Stonefield Investment Advisors was the borrower.