INGLEWOOD, CALIF. — SRS Real Estate Partners has arranged the $5.1 million sale of a single-tenant retail property located in Inglewood, roughly 12 miles southwest of Los Angeles. Starbucks Coffee occupies the 1,008-square-foot building, which was built in 2021 on 0.4 acres, on a net-lease basis. Brian Wolfman and Zach Leffers of SRS represented the seller, a Los Angeles-based private investor. David Oberg and Zach Ordin of DLO Realty Group represented the buyer, a Los Angeles-based family office.
By Jaime Bertsche and Lara Keene, Mid-America Real Estate Positive signs for retail real estate abound across many Chicago neighborhoods and high streets, with physical stores demonstrating their necessity coming out of the pandemic. Both of us live and work in the city of Chicago, so it’s particularly heartening to see favorable trends and leasing activity throughout our city of neighborhoods. It may surprise some to know that Chicago has been No. 1 in corporate expansions for the last nine years, with 441 major business expansions and relocations in 2021. Chicago employment has grown by 75,000 since the start of 2022 and ranks third in the U.S., according to World Business Chicago. Google is investing in the city and purchased the 17-story, 1.2 million-square-foot Thompson Center in the Loop with plans to use the building as a second Chicago headquarters. Kellogg announced it will move a spinoff company to Chicago for a new headquarters in the city. Some of the economic changes we saw in the market in the second half of last year affected retailers’ expansion plans. Inflation and interest rates challenged retailers to maintain their customer base, keep their own costs in line, and adapt to higher …
PLANO, TEXAS — JLL has negotiated the sale of Independence Square, a 140,218-square-foot shopping center in Plano. Grocer Tom Thumb anchors the center, which was built in 1977 and renovated in 2005. Independence Square had a 94 percent occupancy rate at the time of sale, and other tenants on the roster include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. Chris Gerard, Barry Brown, Erin Lazarus and Ben Esterer of JLL represented the undisclosed seller in the transaction. The buyer was Dallas-based Head Capital Partners.
SAN FRANCISCO — Westfield has made plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN. The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than 20 years and that it has “made the difficult decision to begin the process to transfer management of the shopping center to our lender,” citing “declines in sales, occupancy and foot traffic.” The company also stated that the property’s debt “is nonrecourse and this action has no impact on the rest of [Unibail-Rodamco-Westfield’s] debt.”
ALGONQUIN, ILL. — A joint venture between Chicago-based real estate developer Hubbard Street Group and athletic club owner and operator College Park Athletic Clubs is building Pickle Haus, a pickleball-themed sports and entertainment center in the Chicago suburb of Algonquin. The project will breathe new life into a vacant retail property. Pickleball has been the fastest-growing sport in the U.S. each of the last three years, according to the developers. Construction is currently underway on the 41,000-square-foot project, and completion is slated for November. Pickle Haus will feature 12 indoor pickleball courts, three golf simulators, a bar and event space and an outdoor patio. Sheamus Feeley of Family Is Food designed the restaurant and bar portion, including a custom menu. Hubbard Street Group has owned the vacant building since 2018. It was originally developed in 2008 for Dania Furniture. Prior to the pandemic, the building was leased to a national fitness center chain. However, the chain filed for bankruptcy and never occupied the building. The project team also includes Harken Interior Design, Hirsch MPG, William A. Randolph Construction, Greenberg Traurig and Phlox Partners.
TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 3,720-square-foot retail building in Toledo for $2.2 million. The property is home to Starbucks and Verizon. Both tenants have occupied the building since it was constructed in 2007. Suzanne Sharbek, Christopher Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The all-cash buyer was a 1031 exchange investor based in California.
GREENVILLE, S.C. — RocaPoint Partners has signed Perch Kitchen & Tap to open a restaurant and brewery at Greenville County Square, a $1 billion mixed-use development in Greenville. Perch Kitchen & Tap is the first committed food-and-beverage tenant and will join Whole Foods Market in the development’s first phase. Charleston-based Palmetto Brewing Co. is partnering with Perch to operate the restaurant’s brewery portion. Perch is based in Chicago and is part of the 4 Star Restaurant Group. The new restaurant and brewery will feature 7,200 square feet of indoor dining and kitchen space and a 2,100-square-foot outdoor patio. Additionally, the new 250,000-square-foot Greenville County administrative building is set to open soon at the development.
HOUSTON — Source Vital, a provider of beauty and cosmetics products, has signed a 7,892-square-foot retail lease in Houston’s Post Oak district. According to LoopNet Inc., the property at 1291 N. Post Oak Road was built in 1983 and totals 58,050 square feet. Ryan Hartsell of Oxford Partners represented the tenant in the lease negotiations. Kyle Whieldon represented the landlord, Prologis, on an internal basis.
SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.
INGLEWOOD, CALIF. — NAI Capital Commercial has arranged three leases totaling 6,049 square feet for Total by Verizon, a wireless phone service provider formerly called Total Wireless. Tina LaMonica and Patrick Ortiz of NAI represented the landlords in the leasing negotiations. In Los Angeles, Total by Verizon will open a 2,234-square-foot store within a space formerly occupied by AT&T and a 2,000-square-foot store at Martin Luther King Jr. Shopping Center. Additionally, the tenant will occupy a 1,815-square-foot space in Inglewood, roughly 12 miles outside Los Angeles.