Retail

Dunkin’ Sells 1,809 SF Restaurant Building in Southgate, Michigan

by Kristin Harlow February 24, 2022

SOUTHGATE, MICH. — Dunkin’ has sold its former restaurant building on Eureka Road in Southgate, about 14 miles southwest of Detroit. The retailer is relocating from the 1,809-square-foot building to a different building down the street that features a drive-thru. Michael Murphy, Vicki Gutowski and Tjader Gerdom of Gerdom Realty & Investment worked with Excess Space Retail Services to represent Dunkin’ in the sale. Jordan Jabbori of CMP Real Estate Group represented the buyer, a local restaurant owner that plans to open a new restaurant in the space.

February 24, 2022

Acquisitions Massachusetts Northeast Retail

Coldwell Banker Brokers $15M Sale of Boston Retail Building

by Taylor Williams February 24, 2022

BOSTON — Coldwell Banker Commercial has brokered the $15 million sale of a 16,500-square-foot retail building located on a half-acre site at 1004-1016 Beacon St. in Boston’s Brookline neighborhood. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the seller, a local family trust, in the transaction. Casimir Groblewski and Colin Monahan of locally based mortgage banking firm Fantini & Gorga arranged a $13 milion acquisition loan for the deal.

February 24, 2022

Acquisitions California Retail Western

Raith Capital Sells 100,162 SF Arden Square Retail Center in Sacramento

by Amy Works February 23, 2022

SACRAMENTO, CALIF. — Raith Capital Partners has completed the disposition of Arden Square, a shopping center located at 3102-3198 Arden Way in Sacramento. Rhino Investments Group acquired the asset for an undisclosed price. BevMo!, Joann Fabrics and Office Max anchor the 100,162-square-foot retail center, which is situated on 7.4 acres. At the time of sale, the property was 90 percent occupied. Additional tenants include Kaiser Permanente, GameStop, Sacramento Credit Union, Jackson Hewitt Tax Services, Great Clips and Eco-Friendly Nail Salon. Constructed in 1961, the center was renovated in 1996. Eric Kathrein, Tim Kuruzar and Warren McClean of JLL Retail Capital Markets represented the seller in the deal.

February 23, 2022

Acquisitions Georgia Retail Southeast

DNA Partners Sells Metro Atlanta Shopping Center for $29.5M

by Julia Sanders February 23, 2022

ROSWELL, GA. — Great Neck, N.Y.-based DNA Partners has sold Connexion at Holcomb Bridge, a 106,711-square-foot neighborhood shopping center in Roswell, about 21 miles from downtown Atlanta. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL Capital Markets represented DNA Partners in the sale. Brixmor Property Group purchased the property for $29.5 million. Connexion at Holcomb Bridge was 93 percent leased at the time of sale to tenants including Planet Fitness, Starbucks, Kale Me Crazy, My Salon Suite, Emory Healthcare Network, Dogtopia and From the Earth Brewing Co. Originally constructed in 1985, the property was expanded in 2014 and underwent a multimillion-dollar renovation in 2016. Situated on 11.8 acres at 1570 Holcomb Bridge Road, Connexion at Holcomb Bridge is located less than one mile from Ga Highway 400.

February 23, 2022

Acquisitions Midwest Minnesota Restaurant Retail

Hanley Investment Group Negotiates $3.5M Sale of Raising Cane’s Ground Lease in Metro Minneapolis

by Kristin Harlow February 23, 2022

ST. CLOUD, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $3.5 million sale of a Raising Cane’s ground lease in St. Cloud near Minneapolis. Built in 2021, the 3,493-square-foot restaurant building is located at 2635 W. Division St. Jeff Lefko and Bill Asher of Hanley, in conjunction with Rob Wise of CBRE, represented the seller, Minneapolis-based TOLD Development Co. Chris Rodriguez of Pacific Commercial Investments Inc. represented the buyer, California-based Caravella Properties.

February 23, 2022

Leasing Activity NAI Retail Texas

NAI Partners Negotiates 9,000 SF Retail Lease in Houston

by Taylor Williams February 23, 2022

HOUSTON — NAI Partners has negotiated a 9,000-square-foot retail lease at Greenwood Place, an 18,000-square-foot, newly constructed commercial building located near the intersection of State Highway 105 and FM 3083 in Houston. Jason Gaines of NAI Partners represented the landlord, an entity doing business as Greenwood Place LLC, in the lease negotiations. Elena Bakina of Colliers represented the tenant, Action Behavior Center LLC, a provider of mental health services.

February 23, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

PREIT Announces New Tenants at Cherry Hill Mall in Metro Philadelphia

by Taylor Williams February 23, 2022

CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced a slate of new retailers and restaurants at Cherry Hill Mall, located outside of Philadelphia in Southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.

February 23, 2022

Acquisitions Michigan Midwest Retail

JLL Brokers Sale of 166,100 SF Shopping Center in Holland, Michigan

by Kristin Harlow February 22, 2022

HOLLAND, MICH. — JLL Capital Markets has brokered the sale of Felch Street Shopping Center in the Grand Rapids suburb of Holland. The sales price was undisclosed. The 166,100-square-foot shopping center is fully leased to tenants such as Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Old Navy, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J. Maxx and Ulta Beauty. Amy Sands, Clinton Mitchell, Michael Nieder and Matthew Schoenfeldt of JLL represented the undisclosed seller. A private fund based in the Southeast purchased the asset.

February 22, 2022

California Development Mixed-Use Multifamily Office Retail Western

Holland Partner Group Starts Construction of $400M Courthouse Commons Mixed-Use Tower in San Diego

by Amy Works February 22, 2022

SAN DIEGO — Holland Partner Group, North America Sekisui House and Lowe have started construction of Courthouse Commons, a 37-story mixed-use project in San Diego. The $400 million project will feature 270,000 square feet of office space, 19,000 square feet of retail space and 431 apartments. Completion is slated for first-quarter 2024. Designed by Carrier Johnson + CULTURE, with Holland Construction serving as general contractor, the building will offer office spaces with 39,000-square-foot floor plates, floor-to-ceiling glass and outdoor balconies; a first-floor lobby with indoor/outdoor dining for tenants, ground-floor restaurants and retail shops; direct access to building parking; and tenant community engagement programs by onsite property manager Hospitality at Work. The ninth floor and roof decks offer panoramic views; indoor/outdoor meeting spaces; green roof space with outdoor seating and entertainment areas; private workspaces; conference rooms; flexible spaces to accommodate a variety of events; indoor/outdoor fitness facilities; and a dog run with pet turf, seating, shade and dog wash. Tony Russell and Richard Gonor of JLL are handling leasing for the office component.

February 22, 2022

Colorado Development Restaurant Retail Western

Buc-ee’s Unveils Plans for First Travel Center Outside the South in Colorado

by Amy Works February 22, 2022

JOHNSTOWN, COLO. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 60 minutes north of Denver. The development, which is the company’s first location outside of the South, is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot Buc-ee’s Johnstown will offer 120 fueling positions and a store with thousands of snack, meal and drink options, including Texas barbecue, homemade fudge, kolaches, jerky and fresh pastries, for travelers. The location will be the most western and highest altitude Buc-ee’s to date. Founded in 1982, Buc-ee’s has 35 stores across Texas. The company begin its multi-state expansion in 2019 and now has locations in Florida, Georgia, Alabama, South Carolina, Kentucky and Tennessee.

February 22, 2022

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