LA GRANDE, ORE. — Marcus & Millichap has brokered the purchase of La Grande Strip Center, a retail asset in La Grande. A private investor acquired the property from an undisclosed seller for $1.6 million. Located at 11621 Island Ave., the 7,448-square-foot La Grande Strip Center was 67 percent occupied at the time of sale. Eric Garske of Marcus & Millichap’s Portland office represented the buyer in the deal.
IRVING, TEXAS — A joint venture between shopping center owner-operator Edens and CBRE Investment Management has purchased MacArthur Park, a 425,612-square-foot retail power center in Irving. Target, Kroger, Office Depot, T.J. Maxx, Michaels, Ross Dress for Less and Ulta Beauty serve as the anchor tenants at the center, which was built in 2001 and is located at the intersection of I-635 and the George Bush Turnpike. The seller and sales price were not disclosed.
PFLUGERVILLE, TEXAS — Spec’s Wine, Spirits & Finer Foods has signed a 30,000-square-foot retail lease at Stone Hill Town Center in the northern Austin suburb of Pflugerville. The retail power center is located at the intersection of State Highways 130 and 45 and is home to tenants such as Super Target, Ross Dress for Less, Dick’s Sporting Goods, Best Buy, Cinemark Theaters, 24 Hour Fitness and St. David’s Healthcare. Josh Friedlander and Kevin Sims of NewQuest Properties internally represented the landlord in the lease negotiations. Dawn Hilty of SFP Brokerage LLC represented the tenant.
MUNDELEIN, ILL. — Marcus & Millichap has arranged the $1.4 million sale of an 1,800-square-foot retail property occupied by Grease Monkey in Mundelein, a far north suburb of Chicago. The building is located at 1079 W. Maple Ave. across from Mundelein High School. Brian Bailey and Drew Isaac of Marcus & Millichap represented the seller, a limited liability company. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap secured and represented the buyer, a boutique real estate investment firm based in California. Grease Monkey provides services such as oil changes.
LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.
By Taylor Williams For the past several years, including during the height of the pandemic, the Boston retail market has performed well, if unspectacularly. Defined and driven by stable fundamentals in terms of job growth and tenant demand, the state capital’s retail sector has proven itself a reliable environment in which to expand store counts and park long-term money. But few, if any commercial markets and asset classes are wholly immune to the effects of sluggish and disruptive macroeconomic activity. Through no fault of its own, the Boston retail market is seeing its paces of growth slow across the key verticals that are development, leasing and investment sales. That said, seasoned players in this space know better than to panic. Boston remains a dynamic market, despite data from the U.S. Census Bureau showing that the city’s total population shrunk by about 25,000 people, or 3.7 percent, between April 2020 and April 2022. In addition, even in an inflationary economy, Boston consumers tend to retain healthy disposable income levels. A burgeoning life sciences sector that is bringing thousands of well-paying jobs to the city and a steady flow of students and young professionals across its 25-plus colleges and universities lie at …
MANSFIELD, TEXAS — Flix Brewhouse has signed a 15-year lease to open a 40,000-square-foot theater at The Shops at Broad, a retail center located in the southern metroplex suburb of Mansfield. Scheduled to open this fall, the venue will feature nine auditoriums and offer in-theater dining service. Sam Kartalis of Younger Partners and John Weber of Weber & Co. negotiated the lease on behalf of the landlord, Trez Capital. The venue will be the fifth in Texas and 10th nationwide for Flix Brewhouse.
UPPER MARLBORO, MD. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot power retail center in the Washington, D.C., suburb of Upper Marlboro, for $70 million. The Bethesda, Md.-based investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. During its nearly four-year ownership period of Largo Town Center, Finmarc initiated capital improvements and executed multiple leases, including Burlington, Foot Locker and Urban Air Adventure, the latter of which is expected to open this fall. Other notable tenants are anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto and Dollar Tree.
LENEXA, KAN. — Copaken Brooks is set to begin development of Restaurant Row at Lenexa City Center. Located on the corner of 87th Street and Renner Boulevard, the project is adjacent to AdventHealth’s 13-building campus that is currently under construction. The first phase of Restaurant Row will include two restaurant concepts set to open in fall 2024, with two remaining spaces available for lease. Cactus Grill TexMex & Tequila, a local Kansas City restaurant that has operated for more than 30 years, will occupy 5,000 square feet. Restaurant Row will be Cactus Grill’s third location, following its original restaurant in Leawood and its newest in BluHawk. North Carolina-based Tupelo Honey will occupy 5,700 square feet. The Southern food chain currently operates 21 locations across the United States with six additional planned to open in the next 18 to 24 months. John Nolan of Crossroads Real Estate Group represented Cactus Grill, while Howard Zoldessy of Hatcher-Hill Brokerage LLC represented Tupelo Honey.
PHOENIX — Phoenix Commercial Advisors has arranged the sale of Plaza 32, a community shopping center located on 15.9 acres at the southeast corner of 32nd Street and Bell Road in Phoenix. An undisclosed buyer in a 1031 exchange acquired the asset for $31.3 million, or $181 per square foot. Esporta Fitness, Starbucks Coffee, Domino’s, Dollar Tree, UPS, Denny’s, Subway, Jimmy John’s, Harbor Freight Tools and Banner Urgent Care are tenants the eight-building, 173,303-square-foot property. The asset was 81 percent leased at the time of sale. Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.