CINCINNATI — Noble Chicken, a new fast-casual restaurant concept from the creators of Wings and Rings, is set to open its flagship location in Cincinnati in March. The idea for Noble Chicken began in 2019 as an entry into a local wing competition in Cincinnati. The concept evolved via a ghost kitchen and a licensed, non-traditional food court location that opened in 2020. Noble Chicken is now backed by a franchise with over 40 years of experience in growing restaurants and supporting franchisees. In addition to chicken sandwiches, tenders and wings, Noble Chicken’s menu includes Nashville hot slaw, hatch chile queso mac & cheese, hush puppies and carnival-inspired deep-fried cookie dough. All main and side items are designed with portions significantly larger than those found at competitors. For franchisees, the initial investment ranges from $449,750 to $698,342. Restaurant sizes range from roughly 1,400 to 1,800 square feet. The brand is targeting growth in the Midwest, South and Southwest, with immediate focus on Ohio, Indiana, Kentucky, Florida and Texas.
Retail
STOW, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the sale of Stow Shopping Center, a 124,405-square-foot retail property in Central Massachusetts. Grocer Shaw’s anchors the center, which was 90 percent leased at the time of sale via the recent new leases with a dentistry practice and spa operator. Justin Smith, Chris Peterson, Sam Koonce, Danielle Donovan and Matt Austin of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CYPRESS, TEXAS — Fort Worth-based Trademark Property Co. will develop a 25-acre retail and restaurant district within Dunham Pointe, a 1,300-acre master-planned community located in the northwestern Houston suburb of Cypress. The new district will total 205,000 square feet, and roughly 50 retail and food-and-beverage operators have already submitted preliminary lease offers for the property, according to Trademark. Construction is expected to begin in the fourth quarter, with the first openings slated for early 2027. At full build-out, Dunham Pointe will also feature more than 2,000 single-family homes and a school.
SCHENECTADY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.9 million loan for the refinancing of Crosstown Plaza, a 210,515-square-foot grocery-anchored shopping center in Schenectady, located just north of Albany. According to LoopNet Inc., Crosstown Plaza was built in 1978 and renovated in 2018). Tenants include grocer Price Rite, Harbor Freight Tools and Ocean State Job Lot. Steven Rock of MMCC arranged the loan, which carried a three-year term and a 25-year amortization schedule, through an undisclosed bank. The sponsor was also not disclosed.
MONTEREY, CALIF. — Federal Realty Investment Trust has acquired Del Monte Shopping Center, a 674,000-square-foot retail development located in Monterey, for $123.5 million. Originally built in 1967 and renovated in 2007, the center is situated on 47 acres. Whole Foods Market anchors the property, which was 83 percent leased at the time of sale. Other tenants at the center include Sephora, lululemon, Pottery Barn and Anthropologie. According to Placer.ai, the development ranks among the top 5 percent of shopping centers in the United States for annual foot traffic. Federal Realty plans to implement a strategic lease-up process at the center, as well as merchandising and placemaking enhancements.
Bolour Associates Sells Beachfront Retail Portfolio in Hermosa Beach, California for $33.5M
by Amy Works
HERMOSA BEACH, CALIF. — Bolour Associates has completed the $33.5 million sale of a beachfront retail portfolio in Hermosa Beach. Situated on nearly one acre, the asset is located at 11-29 Pier Avenue and 1250-1272 The Strand. At the time of sale, the property was 88 percent occupied by beach-centric tenants, including Hermosa Cyclery, Oakberry, Hermosa Beach Trading Co., Waves, Playa Hermosa Fish & Oyster and Heavenly Couture. Tim Kuruzar, Bryan Ley, Brendan McArthur and Tess Berghoff of JLL served as investment advisors in the Strand and Pier transaction. Jeff Sause and Chad Morgan of JLL served as debt advisors.
CHICAGO — Greenstone Partners has brokered the sale of 821 W. Eastman, a 23,150-square-foot multi-tenant property in Chicago’s Lincoln Park neighborhood. The British International School of Chicago anchors the building, occupying 65 percent of the rentable square footage with 17 years remaining on its lease. Other tenants include Bright Horizons, a provider of early education that has occupied the space since 2007, and Hill Family Pet Care, which offers daycare, boarding, grooming and training services. Danny Spitz of Greenstone represented the seller and procured the buyer, a partnership between Honore Properties and Peerless Development.
NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) is underway on construction of a 210,000-square-foot convention center within the Valley Ranch master-planned development in New Caney, a northeastern suburb of Houston. The facility will feature a 55,000-square-foot ballroom/exhibit hall, nearly 20,000 square feet of meeting space and approximately 25,000 square feet of pre-function and lobby space and outdoor courtyards. Plans also call for an attached 813-space parking garage and connection to a full-service hotel. Completion is slated for fall 2026. Signorelli Co. is the master developer of Valley Ranch and previously owned the land on which the facility will be located.
NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, has opened a theme park in North Richland Hills, a suburb of Fort Worth, that is dedicated to children’s character Peppa Pig. The site formerly housed a Mountasia Family Fun Center, and the new park features multiple rides, interactive attractions, themed playscapes and shows. Merlin Entertainments, which also operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters. Merlin Entertainments announced the concept in spring 2023.
GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.