HARLINGEN, TEXAS — Los Angeles-based investment firm BH Properties has acquired a 103,000-square-foot anchor building at Valle Vista Mall in the Rio Grande Valley (RGV) city of Harlingen. Arkansas-based department store Dillard’s formerly occupied the space as a clearance center and vacated the site following the expiration of its lease earlier this year. BH Properties plans to reposition the building, which was constructed in 1983, and market it for retail, office or entertainment uses. Daniel Galvan of Coldwell Banker Commercial RGV represented the seller, an undisclosed New York-based investment firm, in the transaction. Octavio Guajardo with API Real Estate represented BH Properties. Valle Vista Mall spans 665,000 square feet.
WACO, TEXAS — Cinemark has opened a 14-screen movie theater at Cottonwood Creek Market, a 285,000-square-foot shopping center in Waco that is owned by Houston-based NewQuest Properties. Other anchors at the shopping, dining and entertainment destination, which is located within the 143-acre Cottonwood Creek mixed-use development, include Main Event and Topgolf.
CHICAGO — McHugh Construction has begun the renovation of the historic Ramova Theater in Chicago’s Bridgeport neighborhood. The scope of the project involves restoring the theater and building out adjacent space for a new brewery and restaurant. Originally constructed in 1929, the theater has been vacant since 1985. Completion is slated for late 2022. The project is a public-private partnership with the City of Chicago and co-developers Our Revival Chicago and Baum Revision. Upon completion, the 22,000-square-foot Ramova Theater will include a 1,600-seat auditorium and a separate balcony-level theater that can accommodate 200 people. The venue will host bands as well as events for local schools and community groups. The project will restore the theater’s existing marquis, lobby, auditorium, plaster ceiling and vintage ticket booth. Adjacent to the theater, a separate entrance will lead patrons to a 4,000-square-foot brewery and tap room fronting Halsted Street. A 200-person space on the second floor will host private events and intimate music performances. The project will also include the revived Ramova Grill restaurant. The 30-seat eatery will be run by The Duck Inn chef and owner Kevin Hickey, a Bridgeport native who used to frequent the Ramova Grill as a child. The original …
BENTONVILLE, ARK. — Global Net Lease Inc. (GNL) has acquired the Walmart Learning Center, a 90,000-square-foot training and development center in Bentonville that is leased to Walmart Inc. The sales price was $40.6 million. The Walmart Learning Center serves as the primary digital and onsite training and development facility for Walmart associates. The retail giant has seven years of remaining lease term at the facility.
CHICAGO — Marcus & Millichap has brokered the sale of a Starbucks-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park neighborhood for $7 million. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants are a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.
FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property net leased to Planet Fitness in Fort Wayne for $2.4 million. Located at 7528 S. Anthony Blvd., the building spans 20,000 square feet. The former Kmart property was recently redeveloped into a Planet Fitness location as well as a self-storage facility. Dylan Mallory of Hanley represented the seller, a private partnership between locally based McCormack Development and Jackson Investment Group. A Southern California-based private investor was the buyer.
CHICAGO — Chicago’s Fifty/50 Group will debut the first full-service restaurant at Willis Tower in downtown Chicago. Known as Kindling, the char-house restaurant will occupy a two-story space and outdoor terrace as part of Catalog, the five-story dining, retail and entertainment portion of Willis Tower. Kindling is slated to open in 2022. The restaurant will feature a large wood-burning grill and guests will enjoy entrees such as rotisserie chicken, brisket and halibut. Also joining Catalog in spring 2022 is the Chicago-based corner store, café and delivery market Foxtrot. The Catalog location will feature a coffee bar plus a selection of everyday essentials, locally sourced goods and grab-and-go offerings. Users of the Foxtrot app can order items for pickup or delivery. EQ Office owns Willis Tower, which is undergoing a $500 million renovation project. The Fifty/50 Group is a hospitality group that owns and operates 14 restaurants and bars across Chicago.
INDIANA — Newmark has brokered the sale of a four-property retail portfolio in Indiana for approximately $10.5 million. The portfolio includes a Starbucks, Dollar Tree and two CVS properties for a total of 34,814 square feet. Specific addresses and cities were not provided. Matt Berres, Samer Khalil and Jenna Barnett of Newmark represented the seller, a private developer. The team also procured the buyer, a REIT.
SALINA, KAN. — Quantum Real Estate Advisors Inc. has arranged the $2.5 million sale of a single-tenant retail property net leased to Wendy’s in the central Kansas town of Salina. The 2,967-square-foot building is located at 1940 S. Ohio St. Jason Caplan of Quantum represented the Chicago-based buyer. Matthew Mousavi of SRS Real Estate represented the seller, a real estate investment and operating company based in California.
RICHMOND, TEXAS — RealSource Group has brokered the sale of a 47,000-square-foot retail building leased to LA Fitness in Richmond, located southwest of Houston. The newly constructed building is located within the 525,000-square-foot Waterview Town Center, which is across the street from an Amazon distribution center and in front of a 300-unit apartment community. Austin Blodgett of RealSource, in conjunction with brokerage firm ParaSell Inc. represented the Houston-based seller in the transaction. Blodgett and ParaSell also represented the buyer, a private partnership based in Texas.