Retail

DELRAY BEACH, FLA. — PEBB Enterprises and Banyan Development have started construction on Atlantic II, a 10-acre mixed-use project located at 8778 W. Atlantic Ave. in Delray Beach. Upon completion, which is scheduled for mid-2024, the development will feature a 10,000-square-foot, multi-tenant retail building, 100,000 square feet of self-storage space and a car wash outparcel. The outparcel is currently under contract for sale, and Paradise Grills has signed a lease to occupy 6,000 square feet in the retail building. Liberty Investment Properties, which develops self-storage properties, is partnering with the joint venture on the development.

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DEER PARK, TEXAS — Northmarq has brokered the sale of The Shoppes at Town Square, an 11,692-square-foot retail strip center in Deer Park, an eastern suburb of Houston. Five tenants occupy the center. Riley Sharman of Northmarq represented the Florida-based seller in the deal. The buyer was a local 1031 exchange investor. Both parties requested anonymity. Larry Peters and Michael Borden of Northmarq arranged acquisition financing.

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ALSIP, ILL. — Lee & Associates has negotiated the $1.8 million sale of a retail pad site in Alsip, a southern suburb of Chicago. The property at 4839 W. 111th St. was formerly home to Bakers Square restaurant. Rick Scardino of Lee & Associates represented the seller, Orion Capital. Dave and Ryan Chopp of DRC Realty LLC represented the buyer, Barnes Development Co., which will build a new Belle Tire store on the site. Belle Tire operates roughly 130 locations in Michigan, Indiana, Ohio and Illinois.  

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Assembly Food Hall

Deciding where to eat out is a conundrum familiar to many an American consumer. The plethora of food-and-beverage concepts now dotting the retail landscape complicate the question. Food halls embody a sort of paradox — they act as a microcosm of all this variety, while simultaneously removing the need to select a single restaurant. As Michael Morris, chief executive officer of Food Hall Co. puts it, consumers “can come in with various different dietary restrictions or desires and find something for everyone.” Nearly five years ago, founders Jack Gibbons and Randy DeWitt of Front Burner Restaurants (also known as FB Society) were approached by a Plano, Texas, developer interested in establishing a food hall. This resulted in the company’s first location — Legacy Food Hall — and the genesis of Food Hall Co. itself.  A food hall located at Fifth and Broadway in Nashville, dubbed Assembly Food Hall, has since joined the portfolio, and though the company’s footprint currently stands at two, Morris says this won’t be the case for long.  Everything’s Bigger in Texas One aspect of Food Hall Co.’s locations that distinguishes them from other food halls is their sheer size. While Morris says that the typical food …

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TREASURE ISLAND, FLA. — Marcus & Millichap has brokered the $5.9 million sale of Treasure Island Plaza, a 20,000-square-foot retail strip center located at 118 107th Ave. in Treasure Island, a city in the Tampa Bay metro area. Built in 1981, the property was leased to 11 tenants at the time of sale. The buyer, an unnamed investment firm based in Miami, plans to redevelop the one-acre parcel into a mixed-use building with 40 residences atop 10,000 square feet of retail space. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office brokered the transaction. 

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HUTTO, TEXAS — EVO Entertainment Group has signed a 53,300-square-foot lease at Townwest Commons in Hutto, with plans to open a cinema, bowling and entertainment venue at the property in 2024. Nathan Nickerson of Common Ground represented the tenant in the leasing negotiations and secured an incentives package with the City of Hutto. Josh Friedlander and David Meyers represented the landlord, NewQuest Properties, on an internal basis.

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CORPUS CHRISTI, TEXAS — Partners Real Estate has brokered the sale of River Court Shopping Center, a 14,000-square-foot retail strip center in Corpus Christi. Tenants include First Cash Pawn, Pro Cleaners and Hu-Dat Noodle House. Gustavo Torres of Partners, along with Lynann Pinkham of Cravey Real Estate Services, represented the seller, an entity doing business as KCP River Court, in the transaction. The buyer and sales price were not disclosed.

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WASHINGTON, UTAH — Gantry has arranged a $15.2 million loan for the acquisition of Cotton Mill II, a retail center located in Washington, a suburb of St. George.  Situated on 18.2 acres, the property comprises a shopping center and two outparcel ground leases totaling 165,000 square feet, with an additional pad that has capacity for a 15,000-square-foot multi-tenant inline building.  Tenants at the center include Kohl’s, Natural Grocers, Ross Dress For Less, JOANN Fabrics, Dollar Tree, Red Robin and Cache Valley Bank.  Tony Kaufmann and Erinn Cooke of Gantry secured the 30-year financing through a life insurance company on behalf of the undisclosed borrower.

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IMPERIAL, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of two single-tenant retail properties in Imperial for a total $5.8 million.  A Starbucks Coffee drive-thru occupies the first building, which comprises 2,089 square feet, on a 10-year lease. A private investor purchased the property for $2.9 million.  The United States Postal Service leases the second building, which totals 5,430 square feet. An Indiana-based private partnership acquired the property for $2.9 million.  Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development LLC, in both transactions. Details on the buyer were not disclosed.

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CARLSBAD, CALIF. — Three new tenants have signed leases at Carlsbad Arcade in the Village, a retail center comprising 13,000 square feet in Carlsbad, roughly 35 miles north of San Diego.  Village Florist Co., Carlsbad Golf Carts and Joey Snow Design Co. will occupy 1,180; 1,250; and 1,060 square feet, respectively.  Serena Patterson and Luke Holler of Urban Property Group represented both the tenants and the landlord, Carlsbad One LLC, in the leasing transactions. 

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