AUSTIN, TEXAS — An undisclosed, locally based investment firm has purchased a 1,922-square-foot retail property in the South Lamar neighborhood of Austin that is occupied by Maria’s Taco Xpress. Brad Bailey and Adam Rabin of CBRE brokered the deal on behalf of Maria Corbalan, the owner of the restaurant, which has been open since 1997. Weitzman is working with the new ownership to re-tenant the building.
CORTLAND, N.Y. — JLL has negotiated the sale of Tops Plaza, a 133,849-square-foot, grocery-anchored shopping center in Cortland, located south of Syracuse in the Finger Lakes region. Regional grocer Tops anchors the center, which was 90 percent leased at the time of sale. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli of JLL represented the seller, an undisclosed CMBS trust. Jonathan Abda represented the buyer, Namdar Realty Group, on an internal basis. The property was built in 1994 and renovated in 1999.
ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 15,120-square-foot retail property occupied by Walgreens in Orland Park for $6.8 million. The single-tenant building is situated at 14680 S. La Grange Road in suburban Chicago. The Walgreens lease expires in September 2032. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A West Coast-based investor purchased the asset.
SOUTH GATE, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 8700-8730 Santa Fe Ave. in South Gate. A private investor acquired the asset for $2.8 million. The 21,161-square-foot property comprises three commercial parcels and one residential parcel. The buyer plans to operate a retail business at the property. Derek Caldwell of Marcus & Millichap represented the undisclosed seller and secured the buyer in the deal.
NEW YORK CITY — Reading International (NASDAQ: RDI), an international cinema and real estate firm, has unveiled the redevelopment of the historic Tammany Hall Building at 44 Union Square in Manhattan. The former 19th-century political hub is now a Class A building with 73,095 square feet of space that can be utilized for either office or retail usage. BKSK Architects designed the project, which included a restoration of the façade and the addition of a three-story glass and steel dome with 19-foot ceilings and views overlooking Union Square.
KATY, TEXAS — Marcus & Millichap has arranged the sale of a 40,511-square-foot retail building net-leased to Louetta Automotive at 4019 FM 1463 in the western Houston suburb of Katy. James Bell of Marcus & Millichap represented the buyer, a limited liability company that acquired the single-tenant property via a 1031 exchange, in the transaction. The seller was not disclosed.
O’FALLON, ILL. — Midwest BankCentre has opened a loan office in O’Fallon near St. Louis. The new office serves both commercial and mortgage loan customers. Midwest BankCentre also serves the needs of businesses and nonprofits in southern Illinois, including dozens that received Paycheck Protection Program loans through the bank earlier this year. Due to COVID-19 restrictions, the bank is currently open by appointment only. Its location at 920 Talon Drive is situated near I-64. Midwest BankCentre employs a staff of about 280 workers at 18 bank locations around metro St. Louis. Orvin Kimbrough serves as chairman and CEO.
WESTFIELD, IND. — The Woodmont Co., a national developer specializing in retail, has begun development of a new 10,759-square-foot Kiddie Academy in Westfield near Carmel. Located at 1367 Waterleaf Drive, the school will offer full-time care as well as after-school programs and summer camps for children between six weeks and 12 years old. Three Colors Flag LLC will own and operate the property, which is slated for completion in spring 2021.
KNOXVILLE, TENN. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld (LON: CINE) owns Knoxville, Tenn.-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United States,” says Mooky Greidinger, CEO of Cineworld. “From putting in place robust health and safety measures at our theaters to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives, we are grateful for and proud of the hard work our employees put in to adapt our theaters to the new protocols,” he adds. While theaters in several major markets, most notably New York City, remain closed, many large cities have permitted theaters to reopen at limited capacities in recent weeks. Venues located in Manhattan’s famous Broadway District that showcase plays also …
EAST RUTHERFORD, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks are mandatory, and social distancing guidelines will be enforced. A limited number of shopping and dining options will also be available under similar restrictions. Other attractions at American Dream, a project that went through various ownership groups and redevelopment obstacles, include a Sea Life Aquarium, Lego Discovery Center and an indoor ski and snow park.