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Highland-Plaza-Easton-Massachusetts
AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Arranges Sale of 112,869 SF Highland Plaza Shopping Center in Metro Boston

by Taylor Williams

EASTON, MASS. — Atlantic Capital Partners has arranged the sale of Highland Plaza, a 112,869-square-foot shopping center in Easton, located about 30 miles south of Boston. Regional grocer Big Y anchors the property, which was 96 percent leased at the time of sale, with a 56,519-square-foot store. Other tenants include T.J. Maxx and Liberty Mutual. Justin Smith, Chris Peterson, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller, Cincinnati-based shopping center REIT Phillips Edison & Co. (NASDAQ: PECO), in the deal. The team also procured the undisclosed buyer.

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Company NewsMassachusettsNortheastRetail

Wayfair to Open Three Brick-and-Mortar Stores in Metro Boston in 2022

by Taylor Williams

BOSTON — Wayfair (NYSE: W), a Boston-based e-commerce firm specializing in furniture, will open three brick-and-mortar stores in the Boston area in 2022. The first two stores will be located within open-air centers in Lynnfield and Dedham that are owned by WS Development and will carry the company’s AllModern brands. The third store will be located within Simon Property Group’s Burlington Mall and will carry the Joss & Main brand. Wayfair plans to open more stores to support other brands over the next two years.

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Thorofare-11111-Jefferson
CaliforniaDevelopmentMixed-UseMultifamilyOfficeRetailTop StoriesWestern

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City.  The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles.  Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office.  Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties.  Los Angeles-based 3MR Capital is a privately held real estate firm …

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Montgomery-Mall-North-Wales-Pennsylvania
AcquisitionsNortheastPennsylvaniaRetail

JLL Negotiates $55M Sale of Montgomery Mall in Metro Philadelphia

by Taylor Williams

NORTH WALES, PA. — JLL has negotiated the $55 million sale of Montgomery Mall, a 1.1 million-square-foot regional shopping and dining destination in North Wales, a northern suburb of Philadelphia. Wegman’s, Macy’s, J.C. Penney and Dick’s Sporting Goods are the anchor tenants at the 105-acre property, which opened in 1973, was renovated in 2014 and was 73 percent leased at the time of sale. Other tenants include H&M, Forever 21, American Eagle, Bath & Body Works and Outback Steakhouse. David Monahan, Jim Galbally, Chris Munley, Cameron Pittman, Colin Behr and Akhil Patel of JLL represented the seller, an undisclosed CMBS trust, in the transaction. New York-based Kohan Retail Investment Group purchased Montgomery Mall for an undisclosed price.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Edie’s All Day Café & Bar to Open Second Location in Chicago

by Kristin Harlow

CHICAGO — Edie’s All Day Café & Bar has signed a lease for approximately 4,000 square feet of ground-floor space at Kingsbury Center in Chicago. Scheduled to open in spring 2022, the new location is Edie’s second in Chicago’s River North neighborhood. Edie’s will offer a café, restaurant, workspace and wine bar. Kingsbury Center is a six-story, 90,689-square-foot office building owned by an affiliate of Next Realty LLC and The Habitat Co. David Goldberg and Allan Perales of Goldstreet Partners represented Edie’s in the lease transaction.

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Vista-Terrace-Marketplace-Vista-CA
AcquisitionsCaliforniaRetailWestern

Black Lion Divests of Final Parcel of Vista Terrace Marketplace in California

by Amy Works

VISTA, CALIF. — Black Lion Investment Group has completed the sale of the fifth and final parcel of Vista Terrace Marketplace, a retail property in Vista. Crow Holdings acquired the two-acre parcel, which features 28,440 square feet of retail space, for $13.3 million. Vista Terrace Marketplace is currently more than 90 percent occupied by a variety of tenants, including Jersey Mike’s Subs, Pacific Dental, Sports Clips and Discovery Preschool. Gleb Lvovich and Daniel Tyner of JLL’s Capital Markets team handled the transaction.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $8M Sale of Property Net Leased to Valli Produce in Hoffman Estates, Illinois

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestRetail

Quantum Negotiates $4.3M Sale of Retail Center in Champaign, Illinois

by Kristin Harlow

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.

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River Marketplace
AcquisitionsLouisianaRetailSoutheast

GBT Realty Buys 168,000 SF Shopping Center in Lafayette, Louisiana

by Julia Sanders

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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AcquisitionsHospitalityLeasing ActivityMarylandMixed-UseNortheastPennsylvaniaRestaurantRetailSoutheastTop Stories

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

by John Nelson

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.) …

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