Retail

Sansone Group Sells 163,293 SF Shopping Center in Terre Haute, Indiana

by Kristin Harlow April 7, 2022

TERRE HAUTE, IND. — Sansone Group has sold Towne South Plaza, a 163,293-square-foot shopping center in the western Indiana city of Terre Haute. Wild Moose Ventures purchased the property for an undisclosed price. Sansone has managed and leased the property since 2002 and acquired the asset in 2015. The property has maintained strong occupancy over the years and underwent a major roof renovation. Some of the tenants include Ross Dress for Less, TJ Maxx, Dollar Tree and Best Buy. Grant Mechlin of Sansone, along with Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp., brokered the transaction.

April 7, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 211,218 SF Wood Ridge Plaza Shopping Center in Metro Houston

by Taylor Williams April 7, 2022

THE WOODLANDS, TEXAS — JLL has negotiated the sale of Wood Ridge Plaza, a 211,218-square-foot shopping center in The Woodlands, a northern suburb of Houston. Built on 19.5 acres in 1975, the five-building property was 88 percent leased at the time of sale to tenants such as Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers and Office Depot. Ryan West, Rusty Tamlyn and Ethan Goldberg of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. Cameron Cureton and Jack Britton, also with JLL, arranged an undisclosed amount of nonrecourse, floating-rate acquisition financing on behalf of the buyer, New York-based DLC Management Corp.

April 7, 2022

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

Development Healthcare New York Northeast Retail

Simone Development Acquires Medical Office, Retail Complex in The Bronx for $32M

by Taylor Williams April 7, 2022

NEW YORK CITY — Locally based investment firm Simone Development has acquired Triangle Plaza Hub, a 50,000-square-foot medical office and retail complex located in the Mott Haven neighborhood of The Bronx. The sales price was $32 million. Triangle Plaza Hub was built in 2015 and was 97 percent leased at the time of sale, with grocer Fine Fare and Sun River Health serving as the anchor tenants. Other tenants include DaVita, Dunkin’, Boston Market and VistaSite Eyecare. Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller, Triangle Equities, in the transaction.

April 7, 2022

Acquisitions Company News Retail Texas Top Stories

Dave & Buster’s Agrees to Acquire Entertainment Concept Main Event for $835M

by Katie Sloan April 7, 2022

DALLAS AND COPPELL, TEXAS — Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has agreed to acquire family entertainment concept Main Event for $835 million in an all-cash transaction. The seller is a joint venture between Ardent Leisure Group Limited and Red Bird Capital Partners, and the deal is expected to close later this year. Chris Morris, current CEO of Main Event, will serve as CEO of the combined entity upon closing. The move ends the search for a new Dave & Buster’s CEO, which has been ongoing for approximately seven months following the retirement of Brian Jenkins. The purchase price represents a valuation of approximately nine times Main Event’s 12-month adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as of Dec. 31. Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and BMO Capital Markets Corp. are the joint lead arrangers and joint book-runners on the transaction. “From a strategic fit perspective, Main Event’s business model, footprint and asset quality aligns well with Dave & Buster’s,” says Kevin Sheehan, board chair and interim CEO of the Coppell-based buyer. “Main Event targets a different demographic — families with younger children — while Dave & Buster’s primarily targets young adults,” he continues. …

April 7, 2022

Illinois Midwest Retail

Brookfield Properties Turns Over Water Tower Place Mall in Downtown Chicago to Lender

by Kristin Harlow April 6, 2022

CHICAGO — Brookfield Properties is turning over Water Tower Place to its lender, a unit of insurer MetLife, according to reports by the Chicago Sun-Times and Crain’s Chicago Business. The two media outlets report that the action indicates that the shopping mall is worth less than the estimated $300 million in debt owed on it. Situated on North Michigan Avenue in downtown Chicago, the mall lost its anchor tenant Macy’s last year. The property, which was the city’s first indoor mall when it opened in 1975, rises nine stories and spans 818,000 square feet. Today, nearly a quarter of all of Chicago’s Magnificent Mile retail space is vacant, more than double its vacancy four years ago, according to Crain’s.

April 6, 2022

Development Illinois Midwest Retail

McHugh Construction Breaks Ground on FanDuel Sportsbook at Chicago’s United Center

by Kristin Harlow April 6, 2022

CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.

April 6, 2022

Development Georgia Hospitality Office Retail Southeast

Jamestown Begins Construction on Ponce City Market Expansion in Atlanta

by Julia Sanders April 6, 2022

ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …

April 6, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $13M Sale of Gold’s Gym Plaza in Richmond

by Julia Sanders April 6, 2022

RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the sale of Gold’s Gym Plaza in Richmond. An entity doing business as Seminole Trail Annex LLC acquired the property for $13 million. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the sellers, West Tower LLC and SugarOak Investments, in the transaction. Located at 8900 West Broad St., the property spans 124,275 square feet across five buildings. The center is currently fully leased and co-anchored by Gold’s Gym and Regal Cinemas, which have occupied space at the property for 40 and 19 years, respectively. The 44,000-square-foot box anchored by Regal Cinemas and an adjacent parking lot are subject to a ground lease.

April 6, 2022

Acquisitions New Hampshire Northeast Retail

Atlantic Capital Partners Negotiates Sale of 39,750 SF Shopping Center in Nashua, New Hampshire

by Taylor Williams April 6, 2022

NASHUA, N.H. — Boston-based brokerage firm Atlantic Capital Partners has negotiated the sale of 270 Amherst Street, a 39,750-square-foot shopping center located near the Massachusetts-New Hampshire border in Nashua. Anchored by German discount grocer Aldi, the property was 86 percent leased at the time of sale. Justin Smith, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented the seller, Saxon Partners, and procured the buyer, Linear Retail, in the transaction.

April 6, 2022

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