MUNSTER, IND. — Blue West Capital has arranged the sale of Ridgewood Plaza in Munster for $4.5 million. The 36,307-square-foot retail center is located on Ridge Road. Tenants include Fresenius, ATI Physical Therapy, Check ’n Go, GNC, Supercuts and Applebee’s. Carly Kelly of Blue West Capital represented the buyer, Time Equities Inc. A Chicago-based private investor was the seller.
CLINTON TOWNSHIP, MICH. — SRS Real Estate Partners has brokered the $2.5 million sale of an Aldi ground lease in Clinton Township, about 20 miles north of Detroit. The 19,744-square-foot, single-tenant building is located at 39827 S. Groesbeck Highway. Aldi has roughly 18 years remaining on its lease at the property, which was built in 2009. Frank Rogers and Michael Carter of SRS represented the seller, a Michigan-based private investor. SRS also represented the buyer, a Midwest-based private investor.
ST. JOHNS, FLA. — Earth Fare, an organic and natural grocery chain based in Asheville, N.C., will be reopening a location within Shoppes at St. Johns Parkway in St. Johns. Earth Fare will once again occupy a 24,000-square-foot space as an anchor tenant. Located at 120 Shops Blvd., Earth Fare previously was in this location but had to close, following the company declaring bankruptcy at the beginning of 2020. Sleiman Enterprises, which is the developer and owner of Shoppes of St. Johns Parkway, helped arrange the reopening of Earth Fare. When Earth Fare filed for bankruptcy in February 2020, it caused a nationwide liquidation of its stores. However, Dennis Hulsing of Hulsing Enterprises purchased the company in March 2020. Under the new ownership of Hulsing Enterprises, Earth Fare has since opened 22 locations throughout the East Coast with plans of ongoing expansion. The Shoppes of St. Johns Parkway also includes retailers such as Ember and Iron, Canopy Road Café, Xtreme Wings, Massage Envy, RaceTrac and Engel & Volkers. Space is still available for lease at the center.
CYPRESS, TEXAS — Illinois-based shopping center REIT InvenTrust Properties will redevelop Cyfair Town Center, a 433,667-square-foot shopping center in the Houston suburb of Cypress. Kroger, J.C. Penney and Cinemark Theatres are the anchor tenants. InvenTrust’s improvements to the center will include new paint, LED lighting along the storefront exteriors, improved storefront awnings, upgraded signage and enhanced landscaping throughout the property. In addition, InvenTrust will incorporate more public seating and gathering spaces into the design of the center. The first phase of the renovation will begin this month, with completion scheduled for the fourth quarter. The second phase will begin in January 2022 with completion anticipated in late summer 2022.
HILLSDALE, N.J. — Axiom Capital Corp. has placed a $17.8 million loan for the refinancing of a 63,000-square-foot retail building in the Northern New Jersey community of Hillsdale. An undisclosed bank provided the loan to the borrower, a private investor and developer. The property has been leased to a single tenant on a triple-net basis since 1979 and was also renovated between 2016 and 2017.
NORTH ARLINGTON, N.J. — Cushman & Wakefield has brokered the $13.5 million sale of Arlington Plaza, a 37,603-square-foot retail center in North Arlington, about 15 miles west of New York City. Grocer Super Foodtown anchors the property, and other tenants include Dunkin’, Taco Bell and Santander Bank. Seth Pollack, Brian Whitmer, Max Helfman, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield represented the seller, Arlington North Associates, and procured the buyer, a privately held investment firm.
NEW YORK CITY — Locally based firm Midwood Investment & Development has sold an 8,867-square-foot retail property located in the Riverdale neighborhood of The Bronx for $9.8 million. The property is leased to Bank of America and Montefiore Medical Center. Steven Siegel, Judson Kauffman and Philip Biancavilla of Marcus & Millichap represented Midwood in the transaction. The buyer was an undisclosed, New York City-based investor.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has arranged a lease for a 52,638-square-foot space within Pembroke Mall for Decisions LLC. The Pembroke Mall location was formerly a Sears building and is located at 4588 Virginia Beach Blvd. Decisions LLC, a provider of no-code, business process automation software, will use the property as office space. Decisions is relocating from nearby Chesapeake, Va., to this newest location at the corner of Virginia Beach Boulevard and Independence Boulevard. John Duffy and Daniel Rasmussen of Cushman & Wakefield | Thalhimer represented Decisions in the lease negotiations. Located at 4554 Virginia Beach Blvd., Pembroke Mall has over 50 shops including Bath and Body Works, Claire’s, DSW, E&N Jewelry, Foot Locker and J.Crew Factory. The mall also has restaurants such as 757 Poke, Jason’s Deli and Bahama Breeze Island Grille.
DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.
SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.
