GLENDALE, WIS. — Marcus & Millichap has brokered the $3.2 million sale of Bayshore Area Retail Plaza in Glendale, a northern suburb of Milwaukee. The 13,763-square-foot retail center was 89 percent leased at the time of sale to tenants such as Fast Signs, Gyro Palace and WingStop. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The buyer was undisclosed.
WARREN, MICH. — Green Lantern Pizza has leased 1,400 square feet at Village Plaza in Warren, a northern suburb of Detroit. The Warren restaurant marks Green Lantern Pizza’s 10th location in the state. Michael Murphy, Bill McLeod and Haley Kelly of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group. Located at the northwest corner of 13 Mile and Mound roads, Village Plaza spans roughly 100,000 square feet. Green Lantern Pizza has operated in metro Detroit since 1955.
SAN DIEGO — Realty Income Corp. (NYSE: O), a publicly traded REIT, has agreed to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust Inc. for approximately $894 million. The exact composition of the portfolio depends on completion of due diligence and the potential exercise of rights of first refusal related to certain properties. If the entire 185 properties are included, the transaction will represent a 7.1 percent capitalization rate. “We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth,” says Richard Ressler, president, CEO and chairman of CIM Real Estate Finance Trust. “Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.” The properties feature a weighted average remaining lease term of approximately 9.2 years with approximately 48 percent of the portfolio’s annualized contractual rent derived from investment-grade rated clients. The properties total 4.6 million square feet, with 55 retail clients representing 95 percent of the total portfolio rent. The remaining 5 percent comes from four industrial clients. The top two renters in the portfolio …
So much has been made about the future of retail in the United States. Is it dead? Is it back? How has it evolved? No doubt, retail was the sector most affected by the COVID-19 pandemic, and that is also true here in Washington, D.C. If you look at regional data, it appears to be rebounding nicely. The overall market currently boasts a near record-low vacancy rate at just 5.1 percent, according to CoStar Group. Tighter market conditions have helped landlords restore pricing power throughout the District, and asking rents and rent growth have surpassed pre-pandemic highs. When we measure by net absorption, retail demand in the region in 2022 is on pace to reach its highest level since 2016. But numbers don’t tell the whole story as the retail sector’s recovery in D.C.’s downtown market post COVID differs greatly from all of the metropolitan area’s other submarkets in a scenario that can only be described as a tale of two markets. Downtown D.C. So, what’s driving downtown retail these days? Simply, it’s the office market. Retail’s post-pandemic recovery is almost entirely dependent on office workers, and there is no more significant factor at play for its success than corporation’s …
INDIANA — In a sale-leaseback transaction, Four Corners Property Trust (FCPT) has purchased a portfolio of five retail properties occupied by Jiffy Lube in Indiana. Jiffy Lube has roughly 15 years remaining on its leases at the net-leased properties. The sales price of $7.9 million represents a cap rate of 6.5 percent.
CLARKSTON, MICH. — Fitness concept Club Pilates will open a 2,580-square-foot location at the White Lake Commons shopping center in Clarkston, a northern suburb of Detroit. The property is located near the intersection of Dixie Highway and White Lake Road. Michael Murphy, Haley Kelly and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Shango Properties. Stephen Smith of TNF Realty represented the tenant.
SAN DIEGO, BRAWLEY, LEMON GROVE AND IMPERIAL BEACH, CALIF. — Union Bank has completed the sales of five bank branches, totaling 39,331 square feet, in California. A private investor acquired the assets for $19.2 million. Michael Peterson, Reg Kobzi and Joel Wilson of CBRE represented the seller in the transactions. The portfolio includes: A 5,379-square-foot property at 1858 Cable St. in San Diego. A 12,422-square-foot building at 6010 El Cajon Blvd. in San Diego. A property at 3285 Lemon Grove Ave. in Lemon Grove. A 4,751-square-foot asset at 900 Palm Ave. in Imperial Beach. A 9,461-square-foot branch at 290 Main St. in Brawley.
CASTLE ROCK, COLO. — Marcus & Millichap has brokered the sale of a restaurant building located at 4995 Factory Shops Blvd. in Castle Rock. Niki Castle Rock LLC sold the asset to an undisclosed buyer in a 1031 exchange for $2.5 million, or $399.46 per square foot. Buffalo Wild Wings occupies the property and offers a bar, indoor/outdoor space and VIP spaces. Drew Isaac and Ian Hicks of Marcus & Millichap represented the seller in the deal.
DENVER — A subsidiary of Denver-based investment firm Montfort Cos. has purchased The Chisholm Corner Portfolio, a collection of 19 gas station and convenience stores in southwest Oklahoma. The subsidiary, 7E Holdings LLC, will subsequently assume operations of all stores, the exact locations of which were not disclosed. Grant McWhirter of Southwest Petroleum Realty represented the seller, Bostick & Associates, in the transaction.
PETERSBURG, VA. — Cordish Cos. has announced plans for a $1.4 billion mixed-use project located in Petersburg, roughly 24 miles south of Richmond. Upon completion, the development, dubbed Live! Gaming & Entertainment District, will comprise 4 million square feet, including 600,000 square feet of retail, dining and entertainment space. The property will also include 1,300 residential units, 500 hotel rooms and office space. Built in phases, the project’s first phase will consist of the Live! Casino & Hotel Virginia, pending legislative approval. Plans for the 670,000-square-foot first phase include a 200-room hotel with 20 suites, an events center, 2,000 gambling slots, 60 live-action table games, food-and-beverage options and a sportsbook.