Retail

Hanley Arranges Sales of Three Walgreens-Occupied Properties Totaling $22.6M

by Jeff Shaw April 12, 2023

CORONA DEL MAR, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens. Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based private investor purchased the 14,535-square-foot building for $6.6 million. Located in Sugar Grove, Illinois, the second property comprises 14,739 square feet. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., arranged the $6.6 million transaction on behalf of the seller, a private investor based in California. Isaiah Harf of Northmarq represented the Chicago-based 1031-exchange buyer. Brad Dessy and Matt Burnett of Hanley, in association with ParaSell Inc., represented the buyer, a California-based private investor, in the third transaction. The 17,325-square-foot property, located in metro Miami, sold for $9.4 million.

April 12, 2023

Acquisitions Illinois Midwest Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Sugar Grove, Illinois

by Kristin Harlow April 12, 2023

SUGAR GROVE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $6.6 million sale of a 14,739-square-foot retail property occupied by Walgreens in Sugar Grove, a western suburb of Chicago. Constructed in 2012, the single-tenant building features a drive-thru. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Orange County, Calif. Isaiah Harf of Northmarq represented the metro Chicago-based, 1031 exchange buyer. The property sold at full asking price.

April 12, 2023

Acquisitions Indiana Midwest Retail

Friedman Brokers Sale of 60,000 SF Retail Center in Plymouth, Indiana

by Kristin Harlow April 12, 2023

PLYMOUTH, IND. — Friedman Real Estate has brokered the sale of Plymouth Plaza in Plymouth, a city in northern Indiana. The sales price was undisclosed. The new owner plans to repurpose the 60,000-square-foot retail center into a mixed-use development featuring both retail and self-storage space. Steven Silverman and Ryan Wilner of Friedman represented both parties in the sale.

April 12, 2023

Development Hospitality Restaurant Southeast Tennessee

McHugh Construction Delivers Inn and Spa at Southall Near Nashville

by John Nelson April 11, 2023

FRANKLIN, TENN. — McHugh Construction has delivered the Inn and Spa at Southall, a 325-acre luxury farm resort in the south Nashville suburb of Franklin. The approximately 95,000-square-foot property features 62 guest rooms, an executive boardroom, 15,000-square-foot spa, an all-day restaurant and bar and a 3,700-square-foot signature restaurant called January that serves fare grown onsite. Many guestrooms include wood-burning fireplaces, exposed wood beams and large windows. McHugh used cross-laminated timber and heavy timber for all four buildings in the project. Paul Mishkin, a Chicago investor, is the founder of Southall.

April 11, 2023

Acquisitions Florida Retail Southeast

SRS Brokers $28.4M Sale of Shopping Center Underway in Central Florida

by John Nelson April 11, 2023

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $28.4 million sale of WaterStar Orlando, a 79,680-square-foot shopping center under construction near Walt Disney World’s Animal Kingdom Lodge. Orlando-based Equinox Development Properties is developing the center, which is located on a 7.7-acre site at 7991 W. Irlo Bronson Memorial Highway in Kissimmee. Set to open in the next few months, WaterStar Orlando will be anchored by Marshalls, Burlington and pOpshelf, and will also house Noire Nail Bar and Keke’s Breakfast Café. Equinox sold the shopping center to a South Florida-based entity doing business as Orlando 22 LLC. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented the seller in the transaction, and John Ellis of Newmark represented the buyer. WaterStar Orlando is part of a mixed-use development that will also include Madison WaterStar Orlando, a 516-unit apartment development that is also under construction.

April 11, 2023

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Minneapolis

by Kristin Harlow April 11, 2023

MINNEAPOLIS — Hanley Investment Group Real Estate Advisors has arranged the sale of a 14,535-square-foot retail property occupied by Walgreens in Minneapolis for $6.6 million. Built in 1966 and renovated in 2020, the single-tenant building is located at 4323 W. Chicago Ave. Hanley’s Kevin Fryman and Ed Hanley, in association with ParaSell Inc., represented the seller, a private investor based in California. A New York-based private investor was the buyer.

April 11, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $4M Sale of Retail Property in Portage, Indiana

by Kristin Harlow April 11, 2023

PORTAGE, IND. — Marcus & Millichap has brokered the $4 million sale of Diamond Plaza in Portage, a city in Northwest Indiana. The 26,524-square-foot retail property is located right off U.S. Route 6. Tarek Chbeir of Marcus & Millichap secured and represented the buyer, a private investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction. Seller information was not provided.

April 11, 2023

Leasing Activity Michigan Midwest Retail

FitStop24 Signs 3,422 SF Retail Lease in Paw Paw, Michigan

by Kristin Harlow April 11, 2023

PAW PAW, MICH. — Fitness concept FitStop24 has signed a 3,422-square-foot retail lease in Paw Paw, a city in Southwest Michigan. Bloom City Club Cannabis leases the other half of the building, which is located on Red Arrow Highway. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord in the lease. FitStop24 now operates 15 locations in Michigan and Indiana.

April 11, 2023

Conference Coverage Features Retail

Sports-Anchored Entertainment Districts Deliver Experiences Well Beyond Athletics, Say EEE Panelists

by Taylor Williams April 11, 2023

LOS ANGELES — As large-scale entertainment districts that are centered around professional sports teams pop up around the country, operators of these developments are realizing that their ability to draw traffic, generate revenue and deliver meaningful experiences goes well beyond the diamond, arena or gridiron. After all, the average professional sports season only lasts about six months — assuming the team qualifies for the postseason — and only half the games are played at home. Given the scope of these projects, in terms of their vast physical footprints and tremendous manpower needed to operate the wide variety of concepts they house, it follows that sports-anchored entertainment districts cannot rely on athletics alone to be successful. At the Entertainment Experience Evolution that took place in Los Angeles in early March, a panel of developers and operators with extensive experience in sports-anchored entertainment districts provided concrete examples of how to achieve this objective. Hosted by Shopping Center Business, the flagship publication of Atlanta-based France Media, the event drew more than 500 people in its eighth annual iteration. Rob Hunden, president and CEO of Hunden Strategic Advisors, a Chicago-based consulting firm for destination-style commercial projects, moderated the discussion. Pioneering Examples John Moncke, a …

April 11, 2023

Illinois Leasing Activity Midwest Retail

Lee & Associates Negotiates 7,667 SF Retail Lease for Bullfrog International in Suburban Chicago

by Kristin Harlow April 10, 2023

VERNON HILLS, ILL. — Lee & Associates has negotiated a 7,667-square-foot retail lease at Hawthorn Mills Square in the Chicago suburb of Vernon Hills. The tenant, Bullfrog International LLC, designs and manufactures high-end hot tubs. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant. Matt Cavanagh of ARC Real Estate Group represented the landlord, an entity doing business as Hawthorn Hills Square 1687 LLC.

April 10, 2023

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