JARRELL, TEXAS — A group of local entrepreneurs has opened The Granary, a food, drink and entertainment venue in Jarrell, located about 40 miles north of Austin. The Granary is a 1.1-acre site fronting Interstate 35 that is a retrofit of an existing garage and office space using old barn wood from a nearby church barn that was torn down. The venue houses multiple food trucks, outdoor seating for 200 people and a music stage that is a retrofit of an old grain truck. The owners are also looking to purchase the adjacent lot to provide additional parking.
LAKE WORTH, FLA. — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has acquired The Shoppes at Sherbrooke, a 57,901-square-foot neighborhood shopping center anchored by LA Fitness. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the undisclosed seller in the $11.3 million deal. The Shoppes at Sherbrooke was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The Shoppes at Sherbrooke represents the seventh retail property and ninth asset acquired by the fund, following last year’s acquisition of Mount Pleasant Towne Centre, a 510,000-square-foot, open-air regional shopping venue near Charleston, S.C.. Constructed in 2004 and positioned at 8954 Lantana Road, The Shoppes at Sherbrooke has a tenant mix comprising six retailers. The approximate eight-acre site includes a nearly one-acre undeveloped land parcel. The property is approximately 15 miles from Palm Beach International Airport and less than 15 miles from downtown West Palm Beach.
ATLANTA — JLL Capital Markets has arranged the $50 million sale of Restoration Hardware (RH) Atlanta, a 63,831-square-foot store in Atlanta’s Buckhead district leased on a long-term basis to Restoration Hardware. Jim Hamilton, Coler Yoakam, Brad Buchanan and Andrew Kahn of JLL represented the seller, a partnership between an affiliate of LaSalle’s Income & Growth value-add fund series, Ferncroft Capital, Redan Group and Blackmount Real Estate Partners. RH, a global lifestyle company, has occupied the five-story building since it was constructed in 2014. RH Atlanta is located on 1.6 acres at 3030 Peachtree Road across the street from Jamestown’s Buckhead Village District and near the Buckhead Theatre. The sale transaction included a land parcel with development rights.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of Double Branch Plaza, an 8,996-square-foot, multi-tenant retail strip center located at 12856 W Hillsborough Ave. in Tampa. The property was completed in 2020 and is situated on 1.5 acres. Patrick Nutt and Will Wamble of SRS represented the seller, a Florida-based developer, in the sale. The buyer was a private investor that owns a portfolio of multi-tenant properties in the area. At the time of initial marketing, Double Branch Plaza’s tenant roster included Le Peep Café, Ocean Nail Salon and Tropical Smoothie Cafe. There was still one vacancy left to fill whose lease was negotiated during the due diligence period, according to SRS.
FLORISSANT, MO. — First National Realty Partners has acquired The Shoppes at Cross Keys in Florissant, a northern suburb of St. Louis. The 339,464-square-foot shopping center is 93 percent occupied and features a 63,094-square-foot Schnucks and a 98,133-square-foot Home Depot. CBRE represented the seller, a Boston-based investment advisor. The sales price was undisclosed.
SHORELINE, WASH. — Marcus & Millichap has brokered the sale of a retail property located at 18025 Aurora Ave. North in Shoreline. A limited liability company sold the asset to a limited liability company for $4.6 million. O’Reilly Auto Parts has occupied the 16,265-square-foot property since 1997. The current corporate-guaranteed lease expires in 2028 and features several five-year options to renew. Carson Breshears and Hank Wolfer of Marcus & Millichap’s Seattle office represented the seller in the deal.
ELMHURST, ILL. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.
SPRING, TEXAS — NorthMarq has arranged a $3.8 million acquisition loan for Louetta Creek Plaza, a 26,472-square-foot retail center in the northern Houston suburb of Spring. Tenants at the property include State Farm, Snowflake Donuts, Expro Nails, Leslie’s Pool Supplies and Pizza Zone. Travis Fite of NorthMarq arranged the fixed-rate loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also not disclosed.
LEXINGTON, KY. — NAI Isaac has brokered the sale of Ruccio Pavilion, a 17,649-square-foot shopping center located at 220 Ruccio Way in Lexington. Al Isaac and Jim Holbrook of NAI Isaac represented the seller, Legacy Investments LLC in the transaction. John Bunch of SVN Stone represented the buyer, an entity doing business as Ruccio Shoppes LLC. The sales price was not disclosed. Ruccio Pavilion is situated close to Fayette Mall, Target, The Mall at Lexington Green and Embassy Suites Hotel. The center’s tenants include Mr. Brews Taphouse, Commonwealth Dentistry, Aqua-Tots Swim School, Thomas Sewing Center and Cuts & Paste Craft Studio. Meijer shadow-anchors Ruccio Pavilion.
NEW YORK CITY — Ariel Property Advisors has arranged a $6.9 million loan for the refinancing of a 20-unit portfolio of multifamily and retail properties in Brooklyn and Queens. Dime Community Bank provided the loan, which carried a 3.65 percent interest rate with $3 million in cash-out proceeds. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the financing on behalf of the undisclosed borrower. The names and addresses of the properties were also not disclosed.