TINLEY PARK, ILL. — Urban Innovations has begun a renovation of the historic Karl Vogt Building at 6811 Hickory St. in the Chicago suburb of Tinley Park. The property will become the Vogt House by Banging Gavel Brews, a craft brewery. Completion is slated for June. The Vogt Building is the only building in Tinley Park listed on the National Register of Historic Places. While the structure was thought to have been built by Karl Vogt, it was actually constructed around 1865 by John Lewis or his brother Allen Cleveland Lewis, creator of the Lewis Institute, the first junior college in the United States. The project entails an interior and exterior renovation of the four-story, 7,835-square-foot building. The brewery will feature both indoor and outdoor seating, new landscaping, new infrastructure and two kitchens. To comply with the National Park Service’s landmark criteria, new front and rear porches will match historical layout and details. The original interior corridor and stairs, front and back doors, cornices and ornamental brackets will be refurbished. The architects, Katherine Pohl and Joakim Backstrom of Altus Works, have been working closely with the National Park Service and the Illinois State Historic Preservation Office.
Retail
EAST HAMPTON, N.Y. — Cushman & Wakefield has brokered the $22 million sale of a two-story, 5,000-square-foot retail property in the Long Island community of East Hampton. Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the two private investors who sold the asset in the transaction. Luxury retailer Louis Vuitton Moët Hennessy acquired the property, which is currently leased to jewelry and accessories retailer Cartier.
GRANDVILLE, MICH. — Crumbl Cookies has signed a lease to open a 2,721-square-foot location at Century Center in Grandville, a southern suburb of Grand Rapids. Tjader Gerdom and Michael Murphy of Gerdom Realty & Investment represented the tenant in the lease. Dave Denton of DAR Development represented the undisclosed landlord. Crumbl Cookies has more than 700 locations across the country.
BROOKFIELD, WIS. — Colliers has brokered the sale of the Shoppes at Brookfield Commons in the Milwaukee suburb of Brookfield for $9.2 million. The 42,356-square-foot shopping center is located at the intersection of West Bluemound and North Moorland roads. The property is 40 percent vacant. Some of the tenants include Chipotle, H&R Block and LasikPlus. Adam Connor led a Colliers team that represented the seller and procured the buyer, a private Illinois-based real estate company. The transaction marked the first acquisition in Wisconsin for the buyer.
GRAYSLAKE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a newly constructed retail property occupied by Kiddie Academy in Grayslake, a northern suburb of Chicago. The 9,492-square-foot, net-leased building is located at 807 Barron Blvd. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, The Woodmont Co. Gordon Nielsen of Summit Commercial Real Estate LLC represented the buyer, a private investor, based in Fairfax, Va. The sales price represented a cap rate of 6.6 percent.
ELLICOTT CITY, MD. — Giant Food has partnered with Maryland-based Nalley Fresh to open a restaurant within the grocer’s Ellicott City store, roughly 13 miles outside Baltimore. Offering customizable salads, wraps and bowls and the ability to fulfill third-party delivery orders, the restaurant marks the 10th location for Nalley Fresh and the first in-store fast-casual restaurant for Giant Food, which currently operates 165 grocery stores.
Westar Plans 175,000 SF Esencia Commons Retail Center in Rancho Mission Viejo, California
by Jeff Shaw
RANCHO MISSION VIEJO, CALIF. — Westar Associates has released plans for Esencia Commons, a 175,000-square-foot retail center in Rancho Mission Viejo. Upon completion, the property will feature a supermarket, fitness center, gas station and other retail and restaurant spaces. Groundbreaking for the project — which will be located within a 50-acre mixed-use development that includes an apartment community, business park, self-storage facilities and planned medical offices — is scheduled for the fourth quarter of this year. Westar will manage the property and has begun leasing efforts for the center.
LOS ANGELES — TTM Real Estate Capital has purchased HHLA, a 248,841-square-foot retail center located in the Westchester neighborhood of Los Angeles. Newmark and JLL brokered the sale. TTM also announced the addition of two tenants to the property, 60out Escape Rooms and Genio Global Entertainment’s Muhammed Ali Experience, which will open later this year. At the time of sale, the property was home to tenants including CineMark, Ben & Jerry’s, Buffalo Wild Wings, Dave & Buster’s and Starbucks Coffee. Rebranded from The Promenade at Howard Hughes Center, the property underwent a $35 million renovation following its acquisition by the previous owner, Laurus Corp. Torchlight Investors LLC was a preferred equity partner when Laurus acquired the asset in 2015 for $111 million.
WASHINGTON — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington. Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer. Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a 30-year amortization schedule. Further information on the borrower and property were not disclosed.
PALO ALTO, CALIF. AND LAS VEGAS — Simon Property Group and José Andrés Group (JAG) have announced plans to collaborate and bring restaurants to three properties located in Las Vegas and Palo Alto. The partnership will introduce new dining concepts to Stanford Shopping Center in Palo Alto and The Shops at Crystals in Las Vegas. The collaboration will also bring Turkish, Greek and Lebanese restaurant Zaytinya to The Forum Shops at Caesars Palace in Las Vegas.