WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.
ATLANTA — Four new restaurants will open at Westside Paper, an adaptive reuse project slated to open in the second quarter of 2022 in Atlanta’s West Midtown district. The four restaurant tenants include Pancake Social, Glide Pizza, Girl Diver and Boxcar Betty’s. Located at 950 West Marietta St., Westside Paper is a 15-plus acre mixed-use campus that formerly was an industrial campus. A joint venture between Third & Urban and FCP is developing the 245,000-square-foot adaptive reuse project that was formerly a 1950s-era warehouse facility. Pancake Social, an all-day brunch and coffeehouse restaurant, will open its second Atlanta location at Westside Paper in late spring 2022. The first Pancake Social opened in Atlanta’s Ponce City Market in March 2019. Glide Pizza will open its third location at Westside Paper next year. Girl Diver is an Asian seafood restaurant from Richard Tang, who also opened Char Korean Bar & Grill in Atlanta’s Inman Park neighborhood in 2016. Girl Diver’s new location at Westside Paper will be its second location. Lastly, Boxcar Betty’s is a fried chicken sandwich restaurant. With locations in Charleston, Chicago and Charlotte, the Westside Paper location will be its first location in Atlanta. Atlanta-based Bridger Properties is managing …
LAS VEGAS — Brixton Capital has completed the sale of Rainbow Plaza, a dual grocery-anchored shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. Located on the corner of Rainbow Avenue and Charleston Boulevard, Rainbow Plaza features 259,980 square feet of retail space. At the time of sale, the property was 94 percent occupied by credit, internet-resistant tenants, including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank. The weighted average tenture of Rainbow Plaza tenants exceeds 15 years with more than 37 percent of the existing tenants having been at the center for more than 25 years.
SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.
By Taylor Williams The fervent desire that many Americans have to make up for lost eating, drinking and socializing time has New York City’s food and beverage (F&B) market roaring back to life, prompting tenants to revisit growth plans, landlords to aggressively market their spaces and the brokers who represent the two sides to sharpen their pencils. In mid-August, New York City Mayor Bill de Blasio announced that residents wishing to eat or drink inside a restaurant or bar would have to show proof of receipt of at least one dose of a COVID-19 vaccine. Yet after two months of seeing this policy enforced, local brokers say the mandate has had a minimally adverse impact on business. Consequently, leasing activity, which began rebounding a year ago, is now accelerating in the F&B space. According to data from CBRE, F&B deals accounted for 30 percent of all new retail leases executed in New York City between March 2020 and August 2021. The company’s research team also identified 65 F&B leases throughout New York City in 2021 alone, representing about 33 percent of the total deal volume. Specifically within Manhattan, there were 24 leases executed for F&B concepts in the third quarter …
Cotton Cos. Signs Cleaver & Cork to Join Highside Market Adaptive Reuse Project in Columbus, Georgia
COLUMBUS, GA. — Cotton Cos. has signed Cleaver & Cork, a butcher and artisan market, to an 1,800-square-foot lease at Highside Market, an adaptive reuse mixed-use development in Columbus. Cleaver & Cork will offer a selection of charcuterie, meats, seafood, artisan goods, local cheeses, as well as a variety of craft beer and wine. Cleaver & Cork currently has locations across Georgia in Sharpsburg, Newnan, Marietta and Alpharetta. Slated to open this summer, Highside Market will be a 55,000-square-foot mixed-use development featuring 20,000 square feet of restaurants, 20,000 square feet of retail, 15,000 square feet of office space, a greenspace and outdoor lounge areas. Cotton Cos. has already received tenant commitments for 26 percent of Highside Market’s available leases. Colliers is representing the locally based developer in the lease transactions.
LEMONT, ILL. — The Cooper Commercial Investment Group has brokered the sale of Centennial Plaza in the Chicago suburb of Lemont for $8.1 million. Jewel-Osco shadow-anchors the 38,500-square-foot retail center, which was 97 percent leased at the time of sale. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a New Jersey-based private investment group. A California-based private group was the buyer. The asset traded at a cap rate of 7.4 percent.
NEW LENOX, ILL. — Marcus & Millichap has arranged the $4.9 million sale of a retail strip center in New Lenox, a southwest suburb of Chicago. A Chipotle restaurant with a drive-thru anchors the 9,907-square-foot property. Other tenants include MOD Pizza, Smoothie King, Classy Nails and Vino Gaming Wine Bar. Brian Parmacek of Marcus & Millichap represented the seller, a Chicago-based developer. The buyer was undisclosed.
SUGAR LAND, TEXAS — Department of Wonder, an entertainment concept that combines interactive theater with puzzle-solving and immersive technology, will open a 10,000-square-foot venue at Sugar Land Town Square on the southwestern outskirts of Houston. The opening of the flagship venue is slated for early 2022. Department of Wonder was created by a team of storytellers, technologists, designers and producers with decades of collective experience producing novel forms of digital and interactive entertainment.
PHILADELPHIA — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased retail assets, has negotiated the $10.8 million sale of a 12,485-square-foot retail condo in Philadelphia that is leased to CVS. The store is housed within a 62-unit multifamily building known as Shirt Corner that is located in the Old City District. Brandon Duff, Austin Duff, Matt Spangenberg and Mack Wolfgram of Stan Johnson Co. represented the seller, a Chicago-based private investor, in the transaction. The buyer was a 1031 exchange investor from Indiana.