Retail

OAK BROOK, ILL. — General contractor Skender has completed a 6,877-square-foot build-out for Bettinardi Golf at 1225 W. 22nd St. in the Chicago suburb of Oak Brook. The experiential showroom opened Tuesday, Aug. 15. Bettinardi offers a high-tech putter fitting facility called Studio B. There is also The Hive, which sells unique and high-end putters built and designed in-house by master club designer Robert Bettinardi. There is also ample space for special events and workshops. Cresa managed the project’s design and build-out, and provided turnkey services such as site selection, building analysis, program confirmation, architect selection, design review, general contractor selection, owner integration, fixture integration and grand opening set-up. Cresa’s Bradley Metzger negotiated Bettinardi’s lease in October. Cresa’s Eric Nolin spearheaded the project management. RGLA Solutions designed the space. Bettinardi’s corporate headquarters and manufacturing facility will remain in Tinley Park.

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ORANGE, CONN. — Locally based brokerage firm Pearce Commercial has negotiated the sale of a 29,750-square-foot retail building in Orange, located in the southern coastal part of Connecticut. According to LoopNet Inc., the freestanding building at 401 Boston Post Road was originally constructed in 1945. Carl Russell of Pearce Commercial represented the buyer, Tessa Marie Holdings, in the deal. Tyler Lyman of True Commercial Real Estate represented the seller. Through an affiliate, the buyer has committed to opening a baseball and softball training facility that will occupy half of the building under a separate lease agreement. The other half remains available for lease.

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777-W-Ray-Rd-Gilbert-AZ

GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.

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CLAY, N.Y. — Locally based investment firm Hart Lyman Co. has purchased Great Northern Mall, a shuttered retail and dining development located in the northern Syracuse suburb of Clay, for $9 million. The new ownership plans to redevelop the 120-acre property into a mixed-use destination and has partnered with Conifer Realty for the residential component. Britt Raymond and Kyle Fant of SRS Real Estate Partners represented the seller, New York-based Kohan Retail, in the transaction. The duo also procured Hart Lyman as the buyer.

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Gateway-Marketplace_Meridian-Idaho

MERIDIAN, IDAHO — Wood Investments Cos. has secured refinancing totaling $39.1 million for two shopping centers located in Meridian, roughly 11 miles outside Boise. The first shopping center, Gateway Marketplace, is leased to tenants including a 42,212-square-foot PGA Tour Superstore, Trader Joe’s, Mecca Gym, Land Ocean, Chili’s, Le Peep, Mathnasium and Orange Theory Fitness. Wood acquired the property in 2021. Tim Winton of Keystone Mortgage Corp. arranged a $16.5 million permanent loan through Voya Investment Management for the 135,732-square-foot property.  The second shopping center, CentrePoint Marketplace, totals 197,288 square feet and is located across from Gateway Marketplace. Tenants at the property include Kohl’s, Hobby Lobby, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread and Wingers Restaurant & Alehouse. Greg Richardson of Walker & Dunlop arranged the $22.6 million refinancing through RGA ReCap LLC. 

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Chipotle_Sacramento-Calif

SACRAMENTO — Hanley Investment Group has brokered the $5 million sale of a single-tenant retail property located in Sacramento. Chipotle Mexican Grill occupies the 2,347-square-foot building within The Quad District, a new mixed-use development, on a triple-net lease. Bill Asher and Jeff Lefko represented the developer and seller, Chase Partners LTD. KDC constructed the property, which Vermeltfoort Architects designed. A California-based buyer purchased the property. 

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4314-W-McDowell-Rd-Phoenix-AZ

PHOENIX — NAI Horizon has negotiated the sale of a retail property located at 4314 W. McDowell Road in Phoenix. SEPMAR LLC sold the asset to MMGR Properties for $1.8 million The property features 3,000 square feet of retail space. Jeff Adams of NAI Horizon represented the seller, while Carlos Arellano and Jorge Arellano of Real Estate XG represented the buyer in the deal.

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MILWAUKEE AND BROOKFIELD, WIS. — Planet Fitness has signed two new retail leases in metro Milwaukee. The first lease is for 12,995 square feet at 121 W. Oklahoma Ave. in Milwaukee. PJR Properties LLC is the property landlord. The second lease is for 26,975 square feet at the Shops on Bluemound, which is located at 16085 W. Bluemound Road in Brookfield. An entity doing business as HHAMB LLP is the landlord. Adam Dreier and Tony Colvin of Mid-America Real Estate represented the tenant in both leases.

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Bohler Land Survey

Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …

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MIAMI — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction. The store, which is located directly across the street from LoanDepot Park, the home ballpark for the Miami Marlins, is situated on land zoned for 180 multifamily units up to eight stories.

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