PLANO, TEXAS — JAH Realty has purchased Preston Parkway Center, a 62,394-square-foot shopping center in Plano. At the time of sale, the property was 79 percent leased to tenants such as Red Hot & Blue, Einstein Bros. Bagels, Dogtopia, Honey Baked Ham, Ben & Jerry’s. Toronto-based Great Gulf sold the asset for an undisclosed price. Dallas-based John Freese & Associates brokered the deal.
EAST PEORIA, ILL. — Krab Kingz has opened at EastPort Plaza, which is located within the central Illinois town of East Peoria. The seafood restaurant specializes in Southern-style seafood boils and offers fresh king crab, snow crab and blue crab. The menu also features other seafood options such as shrimp, lobster and salmon. The East Peoria location will be the first Krab Kingz restaurant in central Illinois. Rimmon McNeese is the franchisee. Peoria-based Cullinan Properties Ltd. owns and manages EastPort Plaza, a retail center that is home to tenants such as Erie Insurance, Mobil Gas, The Galley Restaurant, Maloof Realty and Edward Jones.
BOSTON — Newmark has brokered the $5.6 million sale of a 9,947-square-foot office and retail building located at 50-52 Broad St. in Boston. The property was originally built in 1853 and is known as The Architectural Building. Robert Griffin, Michael Greeley Joseph, Alvarado, George Demoulas and Casey Valent of Newmark represented the seller in the transaction. Matthew George of Newmark procured the buyer. Both parties requested anonymity.
By Taylor Williams Demand for retail and restaurant space in Northern New Jersey has long been buoyed by spillover tenants that find themselves priced out of premium spaces in New York City. Yet despite the fact that retail rents throughout the city have been depressed for the last 18 months, users have not flocked to Manhattan and Brooklyn at the expense of the fringe markets of Northern New Jersey. In fact, brokers in the latter region see a healthy level of demand from a wide range of users that see opportunity in the current conditions. “The closures of national soft goods retailers that were squeezed by reduced demand and supply chain constraints during the height of COVID-19 left some beautifully built-out spaces,” notes Kevin Pelio, director of leasing at Azarian Group. “This has benefitted local and regional operators who can come into a prominent retail location without the capital-intensive, upfront investment typically required in a normal market.” Pelio adds that the larger trend among brick-and-mortar retailers to reduce initial capital outlays and build-out costs has also led to reductions in landlords’ tenant improvement (TI) allowances. Brian Katz, CEO of Englewood, N.J.-based Katz & Associates, concurs that certain retailers are aggressively …
NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily cash considerations, as well as $53.4 million in AFIN’s stock and additional considerations based on performance metrics achieved in the first 180 days after closing. The transaction is scheduled to close in the first quarter of 2022. “This immediately accretive off-market transaction represents a unique value creation opportunity,” says Michael Weil, CEO of AFIN. “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.” For CIM Real Estate Finance Trust, the sale repositions the REIT’s retail portfolio to 437 credit-leased retail properties with a weighted average lease term of 10.8 years. The remaining portfolio totals 13.2 million square feet across 45 …
EL CAJON, CALIF. — Southern California-based Brixton Capital has completed the disposition of Fletcher Marketplace, a retail strip center situated on 1.9 acres at 110 Fletcher Parkway in El Cajon. A private investor acquired the asset for $11.4 million. Built in 2020, the two-building, 11,996-square-foot Fletcher Marketplace is triple-net leased to five tenants, including Mattress Firm, Dave’s Hot Chicken, The Joint Chiropractic, Urbane Café and California Fish Grill. Gleb Lvovich and Daniel Tyner of JLL Retail Capital represented the seller in the deal. Don Moser of Retail Insite provided local market support.
CARROLLTON, TEXAS — Marcus & Millichap has negotiated the sale of Woodlake Square, an 80,774-square-foot retail center located in the northern Dallas suburb of Carrollton. Woodlake Square was built on 6.7 acres in 1979 and renovated in 2019. Tenants at the property, which was 94 percent leased at the time of sale, include Harbor Freight Tools, LA Fitness and Dollar Tree. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Levy also procured the buyer, a locally based 1031 exchange investor. Both parties involved in the deal requested anonymity.
GAINESVILLE, GA. — Bridge33 Capital has sold Westbrook Plaza, a 49,364-square-foot retail center in the Atlanta suburb of Gainesville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. Charlotte-based Collett Capital purchased the property for $8.7 million. Constructed in 2006 and anchored by Best Buy, Westbrook Plaza was fully leased at the time of sale to tenants including Burn Boot Camp, Mattress Firm, WNB Factory, Pazzi’s Pizza, Paris Nails and Pet Pleasers Bakery. Located at 668 Dawsonville Highway, the center is situated less than one mile from Lake Lanier, which provides an annual economic impact of over $5.5 billion.
WINDSOR, N.J. — Cronheim Mortgage has arranged a $19 million permanent loan for The Shops at Windsor Green, a 157,200-square-foot retail center in West Windsor, a northeastern suburb of Trenton. Whole Foods Market, Marshall’s and Staples are the anchor tenants at the property, which was originally built in 1993. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage placed the loan with a life insurance company on behalf of the borrower, Mainardi Management Co. The loan carried a seven-year term and fixed interest rate of 3 percent.
NAPLES, FLA. — JLL Capital Markets has brokered the sale of Granada Shoppes, a 307,000-square-foot shopping center in Naples. Danny Finkle and Eric Williams of JLL represented the sellers, Miami-based Courtelis Co. and Barron Collier Cos., in the transaction. New York-based Brixmor Property Group acquired the property for $97 million. Anchored by Trader Joe’s, Granada Shoppes was 98 percent leased at the time of sale to a tenant lineup including Marshalls, Haverty’s Furniture, Dollar Tree, Tuesday Morning, Xfinity, First Watch, Jersey Mike’s, Sports Clips, Visionworks, Men’s Wearhouse, Petland of Naples, Hobby Lobby and P.F. Chang’s. Located at 10940 Tamiami Trail N. on more than 39 acres, Granada Shoppes is 3.5 miles west of the Interstate 75, 11 miles from Naples Beach and about 27 miles from Fort Myers.