CRYSTAL LAKE, ILL. — Northmarq has brokered the $34.7 million sale of a freestanding grocery store property occupied by Mariano’s in the Chicago suburb of Crystal Lake. Built in 2018, the property spans 74,800 square feet. The grocery store features a Starbucks, sushi bar, pizza oven, oyster bar and sweets shop. Jason Maier of Northmarq represented the seller, a New York-based private investor. The New York-based buyer completed a 1031 exchange.
HOUSTON — Marcus & Millichap has brokered the sale of Bissonnet Beltway Plaza, a 29,205-square-foot retail property in southwest Houston. According to LoopNet Inc., the property was built on 5.6 acres in 1978. Alex Wolansky and Gus Lagos of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
DALLAS — Immersive Gamebox, a British entertainment concept centered on interactive digital gaming, will open a new venue at 2525 Elm St. in the Deep Ellum area of Dallas. Immersive Gamebox, which also has locations in San Antonio, The Woodlands and at the 433-acre Grandscape mixed-use development in metro Dallas, expects to open the Deep Ellum facility before the end of the month.
WESTMINSTER, COLO. — Willow Run Investors, an entity operated by Gart Properties, has completed the sale of Willow Run, a retail center located at 12900-12910 Zuni St. in Westminster. Denver-based CentrePoint Properties acquired the asset for $10.9 million. Tenants at the 91,565-square-foot shopping center include Frolic Brewing Co. and Big Liquor Warehouse. The property also offers ample parking and close proximity to Interstate 25. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction.
MOUNT LAUREL, N.J. — Cushman & Wakefield has brokered the $4.9 million sale of a 30,327-square-foot retail center in Mount Laurel, located outside of Philadelphia in Southern New Jersey. A 7-Eleven store anchors the property, which sits on 4.4 acres at 3163 Marne Highway. Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, an affiliate of New Jersey-based developer The Becker Organization, in the transaction. The trio also procured the buyer, an entity doing business as 3163 Holdings LLC.
By Tom Georges, investment sales broker, Northmarq The U.S. economy reported annualized growth of 2.6 percent in gross domestic product (GDP) in the third quarter, thereby avoiding a third consecutive quarter of negative growth. This positive news can be easily tempered by the fact that the growth was greatly affected by trade and inventory numbers, which were skewed as a result of world events like the war in Ukraine. But the news of growth was welcomed in an economy that has been starved for something positive for most of the year. Compounding the economic caution in the absence of sustained economic growth, of course, is the strain that inflation has inflicted on all Americans. In response to 40-year inflationary highs, the Federal Reserve has been forced to react with its primary inflation-countering tool: increasing interest rates. In early November, the Fed raised short-term rates to their highest level since January 2008. Additional rate hikes are anticipated in December, although signals suggest we’ll see increases in smaller increments going forward. Still, amid all the turmoil and uncertainty, several quick service restaurant (QSR) operators continue to roll out expansion plans and report better-than-expected sales and earnings. Restaurant Brands International (NYSE: QSR) recently …
For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …
LAKE CHARLES, LA. — Schelin Uldricks & Co. has arranged $13.9 million in financing for the redevelopment of University Plaza, a grocery-anchored shopping center located at the corner of Ryan Street and Sale Road in the southeast Louisiana city of Lake Charles. Financing will enable the renovation of portions of the property that experienced hurricane damage in 2020. When finished, the retail center will span 203,965 square feet. An undisclosed regional bank lender provided the loan. The property is currently leased to a mix of tenants that include a fitness center, grocery store and several inline restaurants and retailers.
AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.
WESTMINSTER, COLO. — A joint venture between Dunton Commercial and Centre Point Properties has acquired Westminster Plaza, a shopping center in Westminster, from Slate Asset Management for $20.1 million. At the time of sale, the 98,975-square-foot Westminster Plaza was 95 percent occupied. Current tenants include VASA Fitness, Chipotle Mexican Grill, Buffalo Wild Wings, Dunkin’ Donuts and Rent-A-Center. Brad Lyons and Matt Henrichs of CBRE’s National Retail Partners represented the seller in the sale.
