CHICAGO — Chicago-based Brauvin Real Estate has sold a portfolio of 59 net-leased retail properties for $185 million. The properties are located in 18 states across the country and are leased to 16 tenants. John Morse and Andrew Hahn of Patzik, Frank and Samotny represented Brauvin in the transaction. The buyer was undisclosed. The sale completes the investment cycle of Brauvin’s 17th investment fund. The company now plans to acquire another $200 million in assets for its 18th fund.
SANDY SPRINGS, GA. — Connolly, in a joint venture with Coro Realty Advisors, has purchased Sandy Springs Gateway, a 121,370-square-foot, grocery-anchored shopping center in Sandy Springs, about 16.2 miles from downtown Atlanta. The two Atlanta-based firms purchased the center from Atlanta-based Core Property Capital for $40.5 million. Anchored by Sprouts Farmers Market, Sandy Springs Gateway was 82 percent leased at the time of sale to tenants including Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, Blast fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie Shop and CVS. The property also features 28,000 square feet of second-story boutique office space. Conor Lalor and Eric Zimmerman of Eastdil Secured brokered the sale. Walker & Dunlop secured an undisclosed amount of financing through Credit Union Business Services and Georgia’s Own Credit Union. Coro Realty will manage the property, and LaVista Associates Inc. will lease the retail space.
NAPERVILLE, ILL. — Caton Commercial Real Estate Group has completed the retail lease-up of Central Park Place in downtown Naperville. Pizza chain Gia Mia has leased the historic Old Nichols Library that anchors the four-story residential and retail development. The 4,433-square-foot space features a restored fireplace and a 1,412-square-foot patio. Christina Caton Kitchel and Steve Caton of Caton Commercial negotiated the lease. Beyond the first-floor retail space, Central Park Place is comprised of 17 luxury condos. Other retail tenants at the property include Sweetwaters Coffee & Tea, The NOW Massage and James & Sons Fine Jewelers. Barbara Montes of Caton Commercial oversees the property’s management.
ATTLEBORO, MASS. — JLL has negotiated the sale of a 115,650-square-foot retail building in the southern Boston suburb of Attleboro that is net leased to BJ’s Wholesale Club. The tenant has occupied the building since its original construction in 2011. Nat Heald, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.
NEW YORK CITY AND MCLEAN, VA. — Ares Management Corp. (NYSE: ARES) has acquired Capital Automotive LLC, a McLean-based firm that specializes in the sale-leaseback of car dealerships under new triple-net leases. Ares purchased the company through its alternative credit strategy division and real estate group for $3.8 billion. The seller was a private real estate fund managed by Brookfield Asset Management (NYSE: BAM). Capital Automotive owns more than 250 real estate assets in the United States and Canada that are structured under long-term, triple-net leases to various car dealers. The names and locations of the properties were not disclosed. Ares purchased Capital to expand and diversify its net-lease investment strategy. Including the recent investment in Capital Automotive, Ares’ funds have invested in over 1,200 real estate assets totaling approximately $7.2 billion of gross asset value in North America and Europe over the past 15 months. These net lease investments include retail, industrial and office properties leased to tenants with varying credit profiles. Ares’ real estate group had approximately $41.2 billion of assets under management as of year-end 2021. Ares Management’s stock price closed on Thursday, Feb. 17 at $79.01 per share, up from $52.02 a year ago, a nearly …
GOODYEAR, ARIZ. — Sigma Contracting is scheduled to break ground in March on a $14 million, 100,000-square-foot warehouse, manufacturing and retail space in Goodyear for Potato Barn, a family-owned furniture store. Situated on eight acres at the southwest corner of West McDowell Road and Pebble Creek Parkway, the ground-up building will feature eight loading docks, 25,000 square feet of warehouse space, 20,000 square feet of manufacturing space and more than 54,000 square feet of retail/showroom space with administrative offices in the mezzanine area. Completion is slated for late fourth-quarter 2022. The project team includes R&M Concrete, State Electric and Alstate Steel.
GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use retail and medical office property in Glendale. An undisclosed seller sold the property for $12.5 million. Consisting of five one- and two-story buildings, the asset was 96 percent leased at the time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining space is occupied by medical, wellness and professional office tenants. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix negotiated the sale.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Newmark have arranged the sale of a single-tenant retail building located at 8700 Baseline Road in Rancho Cucamonga. A private, Northern California-based investor acquired the property from WM Capital for $6.1 million. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark represented the seller in the transaction. Bank of America has occupied the 9,195-square-foot drive-thru property since 1976. The building is located within Country Village shopping center.
HOUSTON — Northern Tool + Equipment has signed a lease to open a 31,000-square-foot store at Woodforest Shopping Center in East Houston. Shawn Ackerman and Jason Du of Henry S. Miller Brokerage represented the undisclosed landlord in the lease negotiations. Clay Mote of Retail Union and Jason Baker with Baker Katz represented Northern Tool.
VALDOSTA, GA. — Marcus & Millichap has brokered the $7 million sale of Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta. James Medefind, John Brigel, James Garner and Jim Shiebler of Marcus & Millichap represented the seller, an undisclosed limited liability company. Medefind of Marcus & Millichap represented the undisclosed buyer. Promenade Plaza was fully occupied at the time of sale to tenants including Shoe Carnival, Books-A-Million, Best Buy, Five Guys and Sleep Number. Located on 5.5 acres at 1705 Norman Drive, the property is situated adjacent to the Valdosta Mall, an indoor mall with tenants such as JC Penney, Belk and Envy Boutique. The property is also 2.5 miles from Valdosta State University and 20 miles north of the Georgia-Florida state line via Interstate 75.