ADDISON, TEXAS — SRS Real Estate Partners has arranged the $5.6 million sale of a 5,672-square-foot restaurant building in the northern Dallas metro of Addison. The tenant, Florida-based breakfast eatery First Watch, recently committed to a 12-year term at the property via a corporate-guaranteed lease. Matthew Mousavi and Patrick Luther of SRS represented the seller, Dallas-based real estate private equity firm 90Ten, in the transaction. The buyer, a New Mexico-based private investor, acquired the asset via a 1031 exchange. The sales price equates to a cap rate of 5.5 percent.
OMAHA, NEB. — Equity Bancshares Inc. (NYSE: EQBK), the Wichita, Kan.-based holding company of Equity Bank, has entered into a definitive merger agreement with Frontier Holdings LLC, the parent company of Frontier Bank in Omaha. The transaction adds seven locations to Equity’s franchise and marks the company’s entrance into Nebraska. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Frontier will receive approximately 75 percent of its consideration in EQBK stock and the balance in cash. Subject to receipt of customary regulatory and member approvals and closing conditions, the merger is expected to close in the fourth quarter. Following completion, Frontier Bank will merge with and into Equity Bank. Established in 1937, Frontier Bank currently operates seven Nebraska locations, with two in Lincoln and one each in Falls City, Madison, Norfolk, Omaha and Pender. As of June 30, Frontier Bank had $1.4 billion in total assets, including $1.3 billion in loans and $1.1 billion in deposits. The combination with Frontier brings Equity’s total strategic transactions to 26 since the company’s founding in 2002, including 14 whole-bank acquisitions since the company’s initial public offering in 2015. Stephens Inc. advised Equity, which …
SCHAUMBURG, ILL. — Marcus & Millichap has negotiated the $14.6 million sale of a 35-suite retail center in the Chicago suburb of Schaumburg. Located at 1170 S. Roselle Road, the 114,476-square-foot property was built in 1988 and sits on 12.8 acres. The anchor tenant is KD Market, a Chicagoland grocer that recently signed a 10-year lease extension. Tenants have an average operating history of 12 years, with a mix of medical, wellness, restaurant and service providers. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, an overseas-based family who has owned the property for 32 years. The buyer was a Chicago-based private investment group.
CHARLESTOWN, MASS. — Pickleball operator PickleBOS will open a 22,570-square-foot sports entertainment venue in Charlestown, a northern metro of Boston. The site at 440 Rutherford Ave. is located within Charlestown Labs, a 166,000-square-foot office and life sciences campus owned by Related Beal. Designed by StudioTYAK, the indoor facility will feature 10 courts that will be equipped with TVs, iPads and cameras for live scoring and instant replays, as well as private event spaces. The opening is slated for December.
HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 31,113-square-foot shopping center located at 10750 Barker Cypress Road in northwest Houston. Known as Lakes of Riata Retail Center, the property is home to tenants such as Domino’s Pizza, Shipley Donuts, Anytime Fitness and The Cupcake Cowgirls. The buyer and seller were not disclosed.
MOBILE, ALA. — Mobile-based Burton Property Group and Peaceable Street Capital have closed the $123 million recapitalization of a four-property shopping center portfolio in Alabama. The properties include Riviera Square and Foley Square in Foley, Jubilee Square in Daphne and Westwood Plaza in Mobile. The 785,000-square-foot portfolio was 98 percent leased at the time of the recapitalization, details of which were not disclosed. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL arranged the financing on behalf of Burton Property Group, which will use its newfound capital flexibility on its mixed-use projects including the 1,300-acre South Alabama Logistics Park and River Walk Plaza, both in Mobile.
FORT WAYNE, IND. — Mid-America Real Estate Corp. has arranged the sale of Covington Plaza, a 182,051-square-foot shopping center in Fort Wayne. Anchor tenants include The Fresh Market, Office Depot, Planet Fitness and The Woodhouse Day Spa. Other tenants include Pet Supplies Plus, Tequila Mexican Cantina, Cap n’ Cork, Christopher James Menswear and Catablu Grille. Ben Wineman, Joe Girardi, Rick Drogosz and Eric Geskermann of Mid-America represented the seller, Broad Reach Retail Partners. Charleston, S.C.-based Ziff Real Estate Partners was the buyer.
ACWORTH, GA. — Marcus & Millichap has brokered the $2.7 million sale of a newly built restaurant located at 3558 Cobb Parkway NW in Acworth, a northwest suburb of Atlanta. Whataburger occupies the freestanding restaurant, which features a double drive-thru, on a new 15-year corporate ground lease. Don McMinn and Andrew Koriwchak of Marcus & Millichap represented the seller, an unnamed developer based in Georgia, in the transaction. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap procured the unnamed buyer. The 3,318-square-foot Whataburger restaurant was delivered in April and is adjacent to a Walmart Super Center and Super Target.
MANVEL, TEXAS — Northmarq has brokered the sale of Sedona Lakes Plaza, a 14,803-square-foot retail strip center in Manvel, located south of Houston. The center was fully leased at the time of sale to tenants such as HOTWORX, Smart Core Labs and Behavioral Innovations. Riley Sharman led the Northmarq team that represented the seller, a Houston-based developer, in the transaction. The buyer was Dallas-based Metro Real Estate LLC.
MOUNT PLEASANT, S.C. — JLL Capital Markets has arranged a $14.3 million loan for the refinancing of The Plaza at East Cooper, a 102,731-square-foot shopping center located in Mount Pleasant, roughly two miles from downtown Charleston. Eric Tupler, Rob Bova and Ellie Savage of JLL’s Debt Advisory team, along with Alexis Kaiser of JLL’s Charlotte office, represented the borrower, an entity doing business as Bamoza LLC, in securing the loan through an unnamed insurance company lender. Aldi anchors The Plaza at East Cooper, which was 85 percent leased at the time of sale to tenants including Firehouse Subs, Batteries Plus and 843 Nail & Spa. The center was originally built in 1975 on roughly 37 acres, according to LoopNet.