SAN DIEGO — CBRE has negotiated the sale of a freestanding restaurant property located at 16785 Bernardo Center in San Diego. Kim Family Trust sold the asset to a private buyer for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the 8,915-square-foot building. Built in 1987, the asset is within Rancho Bernardo Town Center. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller, while AGAS Real Estate represented the buyer in the transaction.
LEWISVILLE, TEXAS — Planet Fitness will open a 20,105-square-foot gym at Vista Ridge Plaza in Lewisville, a northern suburb of Dallas. The opening is slated for January. Oliver Willman, Baylor Worman, Grayson Duyck and William Carr of Matthews Real Estate Investment Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. Other tenants at Vista Ridge Plaza include Harbor Freight Tools, McAllister’s Deli and Smoothie King.
OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale of The Overlook at Oakbrook, a 54,120-square-foot retail center in the Chicago suburb of Oakbrook Terrace. Built from 2022 to 2023, the fully leased property consists of seven single-tenant and multi-tenant buildings. Some of the tenants include Guidepost, Lazy Dog, Panera and Vet Emergency Group. Alex Sharrin, Michael Nieder, John Detlaff and Noel O’Donnel of JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.
MURFREESBORO, TENN. — JLL has arranged a cash-out refinancing totaling $125 million for The Avenue Murfreesboro, an 864,467-square-foot open-air retail center located in the southern Nashville suburb of Murfreesboro. Chris Drew, Brian Dawson and Matt Casey of JLL arranged the five-year balance sheet loan on behalf of the borrower, Big V Property, which acquired the center in 2020. The direct lender was not disclosed. Built in 2007, Avenue Murfreesboro was 93.1 percent leased at the time of sale to tenants including Best Buy, Belk, Dick’s Sporting Goods, Havertys Furniture, Burlington, Barnes & Noble, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Ulta Beauty and Sephora.
By Sara Hanke, The Lerner Co. Eternally optimistic is the state most commercial real estate brokers find themselves in, particularly when it comes to the retail sector. We must be, as the conditions of the retail market are quite often painted in negative broad strokes. The predictions that online sales would be the demise of physical retail proved wrong. Retailers that are digitally native continue to open brick-and-mortar locations after realizing the limits of online customer acquisition and growth. Most recently, the pandemic has shown us that retail can weather the storm of restrictions and limitations. Now we are in a post-pandemic world where the restrictions and upheaval of the way we consume has shifted our mindset. Shoppers have returned to their daily shopping, eating and entertainment needs. Navigating the complexities of the retail real estate market continues to keep us all on our toes. The first and third quarters were healthy with vacancy dipping below 5 percent. So far, the third quarter has proven strong due to new-to-market concepts looking to do multiple location rollouts as well as existing retailers looking to add additional locations. As the year progresses, we are not without challenge. There has been a shortage …
TOMBALL, TEXAS — Houston-based development and investment firm NewQuest Properties has announced that The Grand at 249, a $90 million retail project the northwestern Houston suburb of Tomball, is now 96 percent leased. The site spans 65 acres and fronts both Tomball Tollway/Texas Highway 249 and Grand Parkway/Texas Highway 99, and the center itself will feature 404,256 square feet of shopping, dining and entertainment space. Tenants that have already committed include AT&T, Boomer Jack’s, Gringo’s, Jersey Mike’s, Milano Nails and Two Pho Nine Asian Fusion.
BURBANK, CALIF. — BWE has secured a $32.6 million loan to provide first mortgage financing for First Street Village, a six-story, mixed-use development in Burbank. Steve Perricone and Tom Mazlo of BWE originated the loan from a correspondent life company on behalf of the borrower, a regional private investment firm. First Street Village features 94 studio, one-, two- and three-bedroom units and 6,100 square feet of fully leased commercial space. Units feature quartz countertops, Energy Star-rated appliances, European cabinetry, nine-foot ceilings and in-unit washers/dryers. Community amenities include an outdoor swimming pool, a fitness center, spa, sundeck, business center and landscaped courtyard. The loan has a 15-year term with a 30-year amortization and is open to prepayment at par after nine years. The borrower used the proceeds to pay off an existing high-interest construction loan.
DELRAY BEACH, FLA. — Pebb Capital has signed 136,852 square feet of retail, restaurant and commercial office leases at Sundy Village, a mixed-use development underway in Delray Beach. The new tenants include communications infrastructure provider Vertical Bridge, Barcelona Wine Bar and a Schulson Collective project by chef and restauranteur Michael Schulson. Additionally, Pebb Capital will relocate its Boca Raton headquarters to Sundy Village in one of the property’s standalone office buildings, taking approximately 5,600 square feet of office space. The firm has also signed a 79,141-square-foot lease on the neighboring block, located at 100 S.E. 1st Ave., for a build-to-suit corporate headquarters relocation of an undisclosed, publicly traded company. Sundy Village will span across six buildings on approximately seven acres at 22 W. Atlantic Ave. Joe Freitas and John Criddle of CBRE oversee the Sundy Village’s office leasing, and Sara Wolfe of Vertical Real Estate handles retail leasing. Pebb Capital broke ground on the project in February, with delivery estimated for summer 2024. The project team includes Gensler and RLC Architects.
EULESS, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Euless Town Center, a 239,610-square-foot shopping center located on the eastern outskirts of Dallas. Ross Dress for Less and grocer Aldi anchor the center, which was roughly 86 percent leased at the time of sale. Other tenants include Dirt Cheap, Skechers USA and Sally Beauty. Hudson Lambert and Jennifer Pierson of STRIVE represented the California-based seller and procured the Texas-based buyer, both of which requested anonymity, in the transaction.
FALCON, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 7575 Falcon Market Place in the Colorado Springs suburb of Falcon. A limited liability company sold the asset to an undisclosed buyer for $2.6 million. Freddy’s Frozen Custard & Steakburgers occupies the 3,030-square-foot property on a net-lease basis. Part of a 20-acre development, the new restaurant is located in front of a King Soopers supermarket that is currently under construction. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver represented the seller in the deal.
