Retail

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Amy Works March 10, 2021

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

Acquisitions California Retail Western

CBRE Negotiates $5.8M Sale of Grocery Outlet-Occupied Retail Property in Anaheim

by Amy Works March 10, 2021

ANAHEIM, CALIF. — CBRE has brokered the sale of a retail property located at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. Grocery Outlet occupies the 26,414-square-foot building, which is situated on a two-acre lot. The asset is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.

March 10, 2021

Development Retail Texas

Talley Riggins Breaks Ground on 20,130 SF Shops at Creekside Project in Frisco

by Taylor Williams March 10, 2021

FRISCO, TEXAS — General contractor Talley Riggins Construction Group has broken ground on Shops at Creekside, a 20,130-square-foot retail project located at 13030 Preston Road in Frisco. Cross Architects is designing the project, and AOS Panther Creek LLC is the developer. Inroads Realty is leasing the project and has already secured commitments from Sweetwaters Coffee & Tea, Domino’s Pizza and a general dentistry practice. Construction of Phase I, which centers on the 13,250-square-foot main building, is underway. Construction of Phase II, which will feature a 6,880-square-foot building that could become a build-to-suit, is scheduled to begin in the coming weeks.

March 10, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $2.6M Sale of Tampa Bay Retail Property

by Julia Sanders March 9, 2021

ST. PETE BEACH, FLA. — Marcus & Millichap has arranged the $2.6 million sale of Mulligan’s Plaza, a 18,750-square-foot retail property located in St. Pete Beach. Evan Cannan and James Medefind of Marcus & Millichap marketed the property on behalf of the seller, a private investor known as Mulligans Plaza LLC. Cannan and Medefind also represented and secured the undisclosed buyer, a private investor. According to Cannan, the property was closed at full list price and at a 5 percent cap rate. Mulligan’s Plaza is located at 9524 Blind Pass Road, approximately 27 miles from Tampa International Airport.

March 9, 2021

Company News Restaurant Retail Texas

Alamo Drafthouse Cinema Files for Chapter 11 Bankruptcy, Enters into Asset Purchase Agreement

by Taylor Williams March 9, 2021

AUSTIN, TEXAS — Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with its group of senior lenders that is led by California-based Altamont Capital Partners and Fortress Investment Group. The agreement involves the sale of “substantially all” of the company’s assets, though it remains unclear how many of its 41 theaters Alamo Drafthouse plans to close. As part of its filing, Alamo Drafthouse has asked the U.S. Bankruptcy Court for the District of Delaware to approve a 75-day timeline for restructuring its debt and has secured $20 million in debtor-in-possession financing from its creditors to cover operational costs during that period. The company, which operates some of its theaters and franchises others, cited the COVID-19 pandemic’s “unprecedented and outsized impact upon the movie theater and dining industries” as the central driver behind its decision. Alamo Drafthouse, founded in Austin in 1997, was one of first entertainment concepts to bring elevated food and beverage offerings into the theater space.

March 9, 2021

Acquisitions Georgia Restaurant Retail Southeast

RRI Acquires Whole Foods-Anchored Shopping Center in Savannah for $24.7M

by Julia Sanders March 8, 2021

SAVANNAH, GA. — New York-based Rothenberg-Rosenfield Inc. (RRI) has acquired Victory Station, a 64,164-square foot, Whole Foods Market-anchored shopping center situated at the corner of Harry S. Truman Parkway and Victory Drive in Savannah. RRI purchased the property from Clarion Partners for $24.7 million. Built in 2013, Victory Station is currently 96 percent leased with only one available space. The Whole Foods is the retailer’s only location in Savannah and one of only two specialty grocery stores in the entire trade area. The shopping center’s other national tenants include PetSmart, Chipotle Mexican Grill, T-Mobile and Zoe’s Kitchen. RRI is engaging Colliers International to lease and manage the property.

March 8, 2021

Development New York Northeast Retail

Marx Realty Breaks Ground on 130,000 SF Retail Project for Target in Yonkers

by Taylor Williams March 8, 2021

YONKERS, N .Y. — Marx Realty, a division of Merchants National Properties, has broken ground on a 130,000-square-foot project for Target in the New York City suburb of Yonkers. The store will be located at the site of a former Sears that closed in 2019 within Cross County Center, a 1.1 million-square-foot open-air shopping and dining destination. In addition to Target, H&M recently signed a long-term renewal for its 28,000-square-foot space that is currently undergoing a $5 million remodeling. Target, which has committed to a 40-year lease, expects to open its new store in 2022.

March 8, 2021

Indiana Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick Makes Debut in Central Indiana

by Kristin Harlow March 8, 2021

INDIANAPOLIS — Chicken Salad Chick is slated to open at Pyramid Place Shopping Center in Indianapolis on Tuesday, March 16. This is the first of four company-owned restaurants to open in central Indiana. Additional locations are scheduled to open in Fishers, Glendale and Greenwood. The Indianapolis restaurant will feature a drive-thru in addition to dine-in, carryout, delivery and curbside pickup options. In addition to its various chicken salad flavors, Chicken Salad Chick serves salads, sides and soups. The company was founded in Auburn, Ala. in 2008.

March 8, 2021

Iowa Leasing Activity Midwest Retail

Coach to Open at Outlets of Des Moines This Fall

by Kristin Harlow March 8, 2021

ALTOONA, IOWA — Coach will open an outlet store at the Outlets of Des Moines this fall. The retailer will offer both women’s and men’s apparel in addition to accessories, handbags and fragrances. Outlets of Des Moines is an open-air shopping destination located in Altoona. It is home to Polo Ralph Lauren, Nike Factory Store, Tommy Hilfiger, Under Armour Factory House, Eddie Bauer Outlet, American Eagle Outfitters and more. New England Development is the developer and owner for the 300,000-square-foot outlet mall, which opened in 2017.

March 8, 2021

Development Mixed-Use Restaurant Retail Southeast Tennessee

Brookfield Properties Opens Retail, Dining Portion of Fifth + Broadway in Downtown Nashville

by Julia Sanders March 5, 2021

NASHVILLE, TENN. — Brookfield Properties has opened the retail and dining component at Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development, which formerly was the location of the Nashville Convention Center. General contractor Skanska broke ground on the project in April 2017, when San Diego-based OliverMcMillan was the lead developer before its acquisition by Brookfield in February 2018. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s Hot Chicken, Eddie V’s, Jeni’s Splendid Ice Cream and Shake Shack, among others. The retail center also includes the 56,000-square-foot National Museum of African American Music. Later this spring, Fifth + Broadway’s Assembly Food Hall will debut 15 new eateries dubbed collectively as “South Hall.” The expanded food hall will also include a rooftop concert venue and a full-service restaurant from FB Society (formerly Front Burner Society). Fifth + Broadway also includes The …

March 5, 2021

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