Retail

PENN Entertainment to Build $185M Casino at Rock Run Crossings in Joliet, Illinois

by Kristin Harlow October 12, 2022

JOLIET, ILL. — PENN Entertainment has unveiled plans to build Hollywood Casino Joliet at the Rock Run Crossings development in Joliet. Construction is expected to begin in late 2023, subject to local regulatory approval. The project has an estimated budget of $185 million and will combine gaming, dining and 10,000 square feet of meeting and event space. The land-based casino will replace PENN’s riverboat casino in Joliet. Cullinan Properties owns Rock Run Crossings, which spans 310 acres and 1 million square feet.

October 12, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Illinois Midwest Retail Top Stories

Puttshack Raises $150M in Growth Capital, Unveils Expansion Plans

by Kristin Harlow October 12, 2022

CHICAGO — Chicago-based Puttshack, an indoor mini golf venue operator, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will be announced soon, according to the company. Puttshack says the latest round of funding enables the team to continue securing unique and desirable real estate opportunities as it expands into more top markets. The company first introduced its tech-driven mini golf game in 2018 with the opening of the first location in London. Currently, Puttshack operates two locations in the United States and four in the United Kingdom. Puttshack’s patented Trackaball technology is integrated throughout the entire game, including automated scoring, bonus points opportunities and interactive games at each hole. Puttshack also offers a dining menu and drinks. “As the global leader in the emerging and growing market of …

October 12, 2022

Acquisitions Company News Georgia Mixed-Use Retail Southeast

Simon Agrees to Acquire 50 Percent Stake in Jamestown

by John Nelson October 11, 2022

INDIANAPOLIS AND ATLANTA — Indianapolis-based mall giant Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had more than $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership with Simon, Jamestown will gain a partner with a broad platform of resources and operational tools that will enhance its ability to scale and grow. “The partnership with Simon will help position us for our next chapter as we scale our differentiated products in an increasingly global world,” says Michael Phillips, president of Jamestown. With Jamestown, Simon now has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer. Simon will also be able to access the Jamestown platform to accelerate its future densification projects. “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and …

October 11, 2022

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 294,431 SF Retail Power Center in Odessa, Texas

by Taylor Williams October 11, 2022

ODESSA, TEXAS — Dallas-based brokerage firm Disney Investment Group has arranged the sale of Chimney Rock, a 294,431-square-foot retail power center located in the West Texas city of Odessa. Built in 2012 and expanded in 2016, Chimney Rock was 93 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Best Buy, Marshalls, Ulta Beauty, Petco, Northern Tool + Equipment, Mattress Firm, Kirkland’s and Longhorn Steakhouse. David Disney and Adam Crockett of Disney Investment Group represented the undisclosed seller and procured the buyer, Houston-based investment firm Fidelis, in the transaction.

October 11, 2022

Acquisitions Massachusetts Net Lease Northeast Retail

SRS Arranges $16.1M Sale of Metro Boston Retail Property Leased to CVS

by Taylor Williams October 11, 2022

WATERTOWN, MASS. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the asset via a 1031 exchange.

October 11, 2022

Acquisitions Illinois Midwest Restaurant Retail

Greenstone Partners Brokers $2.3M Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Kristin Harlow October 11, 2022

LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 11, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $18.9M Partial Sale of Greenfield Gateway Retail Center in Mesa, Arizona

by Amy Works October 11, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of a 67,709-square-foot portion of Greenfield Gateway, a 349,143-square-foot retail center in Mesa. Southern California-based investor Greenfield Gateway LLC sold the asset to an entity formed by the Hinkson Co. for $18.9 million. Situated on 10.1 acres, the sold portion consists of fully leased buildings, including an EoS Fitness-anchored building and two multi-tenant strip-retail buildings. Michael Hackett, Ryan Schubert and Chris Hollenbeck of Cushman & Wakefield in Phoenix represented the seller in the transaction.

October 11, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.3M Sale of Orlando Store Net Leased to CVS

by John Nelson October 10, 2022

ORLANDO, FLA. — Marcus & Millichap has brokered the $6.3 million sale of a store located at 3212 Curry Ford Road in Orlando. The 13,824-square-foot retail property is net leased to CVS/pharmacy. Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap’s Miami office represented the seller, a limited liability company, and the buyer. Both parties requested to remain anonymous.

October 10, 2022

Development Iowa Midwest Retail

Ders Group Breaks Ground on PinSeekers Golf Venue at Park Place in Tiffin, Iowa

by Kristin Harlow October 10, 2022

TIFFIN, IOWA — The Ders Group LLC has broken ground on a two-story PinSeekers golf venue at the Park Place mixed-use development in Tiffin, about 20 miles south of Cedar Rapids. The 49,022-square-foot venue will feature 56 heated bays and Toptracer ball tracking technology, which uses high-speed cameras and computer algorithms to provide instant feedback on golf swings. The facility, which will be open year-round, also features 18 holes of mini golf, a full-service restaurant and two bars. Completion is slated for summer 2023. Innovative Construction Solutions is serving as the general contractor for the $29 million project. Park Place is a 450-acre development consisting of residential, retail, entertainment and dining space.

October 10, 2022

Newer Posts

Older Posts