HOFFMAN ESTATES, ILL. — Marcus & Millichap has brokered the sale of a 61,047-square-foot retail property net leased to grocer Valli Produce in Hoffman Estates for $8 million. The building is located about 30 miles northwest of Chicago at 850 N. Roselle Road. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local private investor. The Florida-based buyer completed a 1031 exchange. Brian Stulak of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. Valli Produce recently signed a 10-year lease to remain at the property through 2031.
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 24,454-square-foot retail center in Champaign for $4.3 million. Located at 2012-2032 N. Prospect Ave., the property is home to David’s Bridal, America’s Best Eyewear, Little Caesar’s Pizza, Sally Beauty and a few local tenants. Chad Firsel and Jason Lenhoff of Quantum represented the seller, Chicago-based Core Acquisitions LLC. A Milwaukee-based private real estate investor was the buyer.
LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed. Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the center was 99 percent leased at the time of sale to a tenant lineup including Total Wine & More, Ross Dress for Less, Raising Cane’s and Chili’s.
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Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties
PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …
SAN DIEGO AND LAKE FOREST, CALIF. — Jack in the Box Inc. (NASDAQ: JACK) and Del Taco Restaurants (NASDAQ: TACO) have entered into a merger agreement valued at approximately $575 million, inclusive of existing debt. Under the terms of the agreement, Jack in the Box will acquire Del Taco for $12.51 per share in cash. The deal, which is expected to close in the first quarter of 2022, would yield a company with more than 2,800 restaurants across 25 states. In addition, the new entity plans to grow its store count by 4 percent annually by 2025. “This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities,” says Darin Harris, CEO of Jack in the Box. “Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities and unit growth for both brands.” “Del Taco has a loyal, passionate guest base and a strong operating model, and we believe that we can leverage our infrastructure, experience refranchising and development strategy to support Del Taco’s growth plans and expand Del Taco’s footprint,” continues Harris. “In recent years, we have uniquely positioned Del Taco …
RICHMOND, TEXAS — JLL has negotiated the sale of The Shops of Bella Terra, a 271,157-square-foot regional power center in the southwestern Houston suburb of Richmond. Built in phases between 2008 and 2013, the property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty, Chick-fil-A and Whataburger. Barry Brown, Adam Howells, George Cushing, Wendy Vandeventer, Ethan Goldberg and Erin Lazarus of JLL represented the undisclosed seller in the transaction. Colby Mueck, James Brolan and Stuart Hepler of JLL arranged a 10-year, fixed-rate acquisition loan through Morgan Stanley on behalf of the buyer, Fidelis Realty Partners.
GLEN ELLYN, ILL. — JLL Capital Markets has brokered the sale of Market Plaza in the Chicago suburb of Glen Ellyn for $30.2 million. Jewel-Osco anchors the 166,572-square-foot retail center. Built in 1965 and renovated in 2009, Market Plaza is home to tenants such as Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa and Goldfish Swim School. The property sits on 12 acres along Roosevelt Road. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty. North American Real Estate Group was the buyer.
MILFORD, CONN. — CBRE has negotiated the sale of Milford Plaza, a 180,315-square-foot shopping center located in the southern coastal part of the state. Anchored by grocer G-Mart, Milford Plaza was 65 percent leased at the time of sale, with other tenants including Planet Fitness, Dollar Tree and Hartford Healthcare. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, The Hampshire Cos., in the transaction. The team also procured the buyer, Northpath Investments. Michael Klein, Max Custer and Ryan Carroll of JLL arranged $9 million in fixed-rate acquisition financing through Easthampton Savings Bank on behalf of the new ownership.
FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …
GOODLETTSVILLE, TENN. — Dollar General (NYSE: DG) has unveiled plans to open approximately 1,000 new Popshelf stores by the end of fiscal year 2025, including roughly 100 stores in fiscal year 2022. Each Popshelf store spans approximately 9,000 square feet and offers seasonal and home décor, health and beauty products, cleaning supplies and party goods. The target customer is primarily female, lives in the suburbs and maintains an annual household income ranging from $50,000 to $125,000, according to the retailer. Dollar General, which is based in Goodlettsville near Nashville, debuted the Popshelf concept last fall and opened its first two stores in Tennessee in October 2020. At the end of its fiscal third quarter, Dollar General operated 30 Popshelf stores in six states and 14 store-within-a-store formats, which combine the offerings of Popshelf with DG Market, a larger footprint store that focuses on groceries. By February 2022, Popshelf is on track for 50 stores, as well as up to 25 store-within-a-store formats. “Throughout Popshelf’s first year, we’ve been very pleased by the customer demand for the concept’s on-trend merchandise, price points and shopping experience,” says Emily Taylor, Dollar General’s executive vice president and chief merchandising officer. “Popshelf is an integral …