Retail

The-District-Berkeley-Heights-New-Jersey

Connell Co. Unveils Plans for Expansion at The Park in Berkeley Heights, New Jersey

by Taylor Williams November 18, 2022

BERKELEY HEIGHTS, N.J. — Connell Co. has unveiled plans for expansion at The Park, a 185-acre mixed-use campus in the Northern New Jersey community of Berkeley Heights. The latest phase of The Park will be known as The District and will comprise five new buildings that will house 328 multifamily units and 190,000 square feet of retail, restaurant and entertainment space. The two multifamily buildings will total 179 and 149 units and will both feature a variety of indoor and outdoor amenities. The first of the three retail buildings will encompass 81,715 square feet and will be fully dedicated to entertainment. End users within this structure, which will also house a covered garden and event space, will include a brewery, Mexican restaurant, Italian steakhouse and a duckpin bowling concept. The other retail buildings will total 30,515 and 25,755 square feet. The District will also feature various pocket parks and open green spaces. Completion is slated for 2025.

November 18, 2022

Acquisitions Northeast Pennsylvania Retail

Colliers Arranges Sale of 41,311 SF Ferrari Philadelphia Car Dealership

by Taylor Williams November 18, 2022

BRYN MAWR, PA. — Colliers has arranged the sale of Ferrari Philadelphia, a 41,311-square-foot car dealership located on the city’s northwestern outskirts in Bryn Mawr. The property comprises a 36,314-square-foot sales and service building and a 4,997-square-foot repair building across the street. An affiliate of Piazza Auto Group purchased Ferrari Philadelphia from an affiliate of RDS Automotive for an undisclosed price. Rich Weitzman of Colliers brokered the deal.

November 18, 2022

Acquisitions Illinois Midwest Retail

Quantum Brokers $3.5M Sale of Multi-Tenant Retail Building in Suburban Chicago

by Kristin Harlow November 18, 2022

OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,000-square-foot retail building in the Chicago suburb of Oak Lawn for $3.5 million. Built in the mid-2000s and known as 51st Avenue Station, the property is fully leased to Chiro One, Miracle One, Cold Stone Creamery and other local and national tenants. Chad Firsel and Brett Berlin of Quantum represented the seller, a private fund based in Illinois. The Illinois-based private buyer completed a 1031 exchange.

November 18, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Perry’s Steakhouse & Grille to Open Third Chicago-Area Restaurant

by Kristin Harlow November 18, 2022

VERNON HILLS, ILL. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.

November 18, 2022

California Development Loans Restaurant Retail Western

Parkview Financial Provides $35M in Construction Financing for 42-Acre West Harbor Retail Project in Los Angeles

by Amy Works November 17, 2022

LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.

November 17, 2022

Acquisitions California Retail Western

Progressive Real Estate Arranges $8.4M Sale of Chino Village Shopping Center in Southern California

by Amy Works November 17, 2022

CHINO, CALIF. — Progressive Real Estate Partners has brokered the sale of Chino Village, a neighborhood retail center at 4103 Riverside Drive in Chino. An Orange County-based seller sold the asset to a Los Angeles-based private investor for $8.4 million. The purchase included the retail center and approximately 2.5 acres of undeveloped land with flexible zoning. Built in 1984, Chino Village features 20,600 square feet of retail space with more than 380 feet of frontage along multiple points of access. Current tenants include Jiffy Lube, Subway, Wienershnitzel and a variety of daily needs services. Mike Lin of Progressive Real Estate represented the seller in the transaction.

November 17, 2022

Acquisitions New Hampshire Northeast Retail

Atlantic Capital Partners Arranges Sale of 166,332 SF Former Sears Building at New Hampshire Mall

by Taylor Williams November 17, 2022

NASHUA, N.H. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of an 166,332-square-foot former Sears building at Pheasant Lane Mall in Nashua, located in the southern part of New Hampshire. The building sits on 12.2 acres. Justin Smith, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

November 17, 2022

Acquisitions Illinois Midwest Northmarq Retail

Northmarq Brokers $18.1M Sale of Whole Foods Market-Occupied Property in Chicago

by Kristin Harlow November 17, 2022

CHICAGO — Northmarq has brokered the sale of a retail property occupied by Whole Foods Market in Chicago for $18.1 million. The 41,148-square-foot store is situated on the first floor of a condominium development at 6020 N. Cicero Ave. within the Sauganash neighborhood. The property was built in 2007. Isaiah Harf of Northmarq represented the seller, a private investor based in Maryland. The buyer was a California-based family trust.

November 17, 2022

Acquisitions Retail Texas

CBRE Arranges Sale of 214,625 SF Lake Air Shopping Center in Waco

by Taylor Williams November 16, 2022

WACO, TEXAS — CBRE has arranged the sale of Lake Air Shopping Center, a 214,625-square-foot retail property in Waco. At the time of sale, the center was 85 percent leased to tenants such as Dollar Tree, Melrose, Tuesday Morning, Twin Liquors, AT&T, Starbucks Coffee and Domino’s Pizza. Blaine Dozier, Jim Batjer, Chris Cozby, Mark Witcher and Harrison Tye of CBRE represented the undisclosed seller in the transaction. Clay Fuller of Coldwell Banker Commercial assisted in closing the deal. The buyer was also not disclosed.

November 16, 2022

Development Kentucky Mixed-Use Restaurant Retail Southeast

North American Properties, Galley Group to Open Food Hall at Newport on the Levee in Kentucky

by John Nelson November 16, 2022

NEWPORT, KY. — Cincinnati-based North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of NAP’s redevelopment of Newport on the Levee, which originally opened in 2001. The Galley on the Levee is set to open in summer 2023 and will mark Galley Group’s entry into the Kentucky market. In addition to the food hall, several other restaurants are currently under construction at the mixed-use development, including Shiners on the Levee, 16 Lots Brewing Co. and Amador. Shiners will soft-open during Thanksgiving week and host grand opening festivities in early December, while 16 Lots and Amador are slated to open next spring, according to NAP.

November 16, 2022

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