DETROIT — As part of its Development at Cadillac Square, Bedrock plans to restore and re-introduce the National Theatre as a music and performance venue. Plans call for the preservation and relocation of the Theatre’s historic façade. The venue originally opened in 1911, but has fallen into disrepair since its closure in 1975. Bedrock is working to restore the National Theatre in consultation with tvg Hospitality, a venue operator based in both the U.S. and U.K. In partnership with locally based promoters, tvg will operate the venue. Development at Cadillac Square is a 1.5 million-square-foot mixed-use project adjacent to Campus Martius Park and Cadillac Square. Construction of Phase I is slated to begin following the 2024 NFL Draft.
ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.
CROFTON, MD. — Jersey Mike’s Subs and Bruster’s Ice Cream have signed leases to join the tenant roster at Seven Oaks Shopping Center, a Weis Markets-anchored retail center in Crofton. The two brands are dividing a 3,046-square-foot retail pad site at 2288 Blue Water Blvd. Brandon Howard of Divaris Real Estate represented the undisclosed landlord in the lease negotiations. He has also negotiated all the inline retail vacancies at Seven Oaks and is marketing a build-to-suit opportunity for a 5,000-square-foot pad site next to the Jersey Mike’s and Bruster’s. Seven Oaks is situated one block from the Fort Meade campus and about 20 miles south of Baltimore.
FOND DU LAC, WIS. — Marcus & Millichap has brokered the $1.2 million sale of a 2,070-square-foot gas station occupied by Exxon in Fond du Lac, a city in eastern Wisconsin along Lake Winnebago. The net-leased property is located at 362 N. Peters Ave. Austin Weisenbeck, Sean Sharko, Nicholas Kanich and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. Weisenbeck, Sharko and Nichols secured and represented the buyer, a private investor.
VACAVILLE, CALIF. — ProEquity Asset Management has completed the disposition of Power Plaza, a grocery-anchored neighborhood retail center at 1001-1071 Helen Drive in Vacaville, approximately midway between Sacramento and San Francisco Bay. DPI Retail acquired the asset for $29.2 million. Built in 1993 and 1994, the 112,250-square-foot retail center was 96 percent occupied at the time of sale. Current tenants include Sprouts Farmers Market, Restoration Hardware Outlet, Williams Sonoma Home Outlet, Pacific Dental Services, The Good Feet Store and Banfield Pet Hospital. Eric Kathrein, Tim Kuruzar, Warren McClean and Andy Spangenberg of JLL Retail Capital Markets represented the seller in the deal.
HAPPY VALLEY, ORE. — CBRE has arranged the sale of a 146,888-square-foot property located in Happy Valley, a suburb of Portland. Sears formerly occupied the building, which is physically attached to the adjacent Clackamas Town Center mall, which totals 1.4 million square feet. Dick’s Sporting Goods partially backfilled the property in 2019 and opened in 2020 following the departure of Sears in 2018. The remainder of the building, including two 15,000-square-foot, ground-level spaces and a 64,000-square-foot upper-level space, remains vacant. Dino Christophilis and Daniel TIbeau of CBRE represented the undisclosed seller in the transaction. A Texas-based private investment group acquired the property for an undisclosed price.
KISSIMMEE, FLA. — Concord Summit Capital has arranged a $42 million bridge loan for the refinancing of The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot shopping center within the Sunset Walk master-planned development in Kissimmee. The property is situated along U.S. Highway 192 near Walt Disney World’s Magic Kingdom, EPCOT Center and MGM Studios. Kevin O’Grady and Justin Neelis of Concord Summit’s Miami office arranged the loan on behalf of the borrower, Encore Capital Management. The sponsor will use the loan to repay the original construction loan and access excess cash. Built in late 2019 and early 2020, The Promenade was fully leased at the time of financing to tenants including Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.
GEORGETOWN, TEXAS — Northmarq has arranged the sale of a 10,556-square-foot retail property in the northern Austin suburb of Georgetown that is leased to Dollar General. The newly constructed building sits on a 1.3-acre site just off I-35. The buyer and seller both requested anonymity. Jack Collins of Northmarq brokered the deal, which traded at a cap rate of 5.25 percent.
WALNUT CREEK, CALIF. — Newmark has completed the sale of Midtown Plaza, an urban retail center in the Bay Area city of Walnut Creek. The asset traded for an undisclosed amount. Nicholas Bicardo, Rick Steffens and Cheyne Bloch of Newmark represented the undisclosed seller, while L&B Realty Advisors represented the buyer, an institutional client. The 24,867-square-foot property is located at 1410-1444 N. California Blvd. and 1620-1630 Cypress St. and includes a surface parking lot. At the time of sale, the shopping center was 100 percent leased to a variety of food, home improvement and service retail tenants, including Galpao Gaucho Brazilian Steakhouse and Premier Bath & Kitchen.
GLASSPORT, PA. — Michigan-based brokerage firm Friedman Real Estate has negotiated the sale of a 14,560-square-foot, single-tenant retail building in Glassport, a southern suburb of Pittsburgh. Rite Aid occupies the building, which is located at 210 Ninth St. Steven Silverman and Ryan Wilner of Friedman Real Estate represented the seller in the transaction. Additional terms of sale were not disclosed.