WHEELING, ILL. — Marcus & Millichap has negotiated the sale of Creekside Plaza in Wheeling for $2 million. The 31,460-square-foot retail center is located at 200-300 McHenry Road. Some of the tenants include a beauty salon, dry cleaners and dentist office. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Chicago-based 1031 exchange investor.
PHOENIX — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.
LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …
NEW YORK CITY — Macy’s Inc. (NYSE: M) reported fourth-quarter results that exceeded the company’s expectations, thanks to 21 percent year-over-year growth in digital sales across all of its brands. In addition, the department store chain reported that comparable in-store sales during the period that included the holiday shopping season were down 17 percent. However, that performance beat the company’s projections, and contributed to Macy’s posting its first profitable quarter in a year, CNBC reported. Product categories such as home beauty and jewelry led the pronounced spike in digital sales, and Macy’s CEO Jeff Gennette said that the company anticipates that within the next three years, it will reach $10 billion in annual online revenue. In February 2020, the company announced that it planned to close 125 underperforming stores, or about 20 percent of its total count, by early 2023. Macy’s stock price opened at $15.31 per share on Tuesday, Feb. 23, down slightly from $15.68 per share a year ago.
MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has rejected the attempt by an investor group to seize control of its board of directors, saying the effort would disrupt the company’s momentum and growth strategy. The investor group consists of Macellum Advisors GP LLC, Legion Partners Holdings LLC, Ancora Advisors LLC and 4010 Capital LLC. The Kohl’s board and management team had been engaged in discussions with the group since early December, but this week was the first time the group shared its plans to create value. Kohl’s says its strategic plan already includes several initiatives they propose and that some ideas would not be accretive to shareholder value. The investors wanted to add directors with deep retail experience, cut executive compensation, slash inventory levels and consider selling noncore real estate, according to CNBC. The Kohl’s board will continue to engage with the investor group with the goal of identifying new ideas that could enhance shareholder value. Based in Menomonee Falls, Kohl’s operates more than 1,100 stores in 49 states. The retailer’s shares soared more than 8 percent in trading Monday, according to CNBC. The stock price closed at $55.97 per share Monday, up from $43.13 per share one year …
ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant property occupied by Arby’s in Orland Park for nearly $1.4 million. The building is located at 15765 S. Harlem Ave. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a California-based development group that redeveloped the former Taco Bell space. A California-based private investor was the buyer.
NEW YORK CITY — Los Angeles-based chef Matthew Kenney will open a plant-based restaurant concept at a 7,900-square-foot space at 1245 Broadway in Manhattan. Anthony Stanford and Henry Rossignol of CBRE represented the tenant and the landlord, a partnership between locally based developer GDSNY and Stockholm-based Klovern, in the negotiations.
MIAMI — Target has signed a 77,000-square-foot lease as part of Terra’s CentroCity mixed-use redevelopment located at 3825 NW 7th St. in Miami. Construction is expected to start this summer. Arquitectonica and RSP Architects are designing CentroCity. As part of the CentroCity project, Terra is redeveloping what was previously known as Central Shopping Plaza into a 38-acre mixed-use project. The plans for CentroCity includes up to 1,200 residential apartments, green space for residents, an office building and a shopping center with 300,000 square feet of retail and restaurant space. CentroCity will be located 2.9 miles from Miami International Airport. CentroCity will feature three eight-story multifamily buildings with 460 rental apartments. Future phases with additional multifamily units and a 250,000-square-foot Class A commercial office building are also planned. The project’s plan includes seven new multifamily buildings lining the property behind the Target-anchored shopping center. The residential buildings will feature a series of courtyards, pool decks and landscaped sidewalks. Units will range from one- to three-bedroom apartments measuring between 500 and 1,250 square feet. Community amenities will include multiple pools, poolside cabanas, barbecue grill areas, a children’s playground, a dog park, resident lounges and game rooms.
FAYETTEVILLE, ARK. — MAG Capital Partners has acquired a 14,004-square-foot restaurant, brewery and entertainment venue in Fayetteville. The property is operated by JBGB Restaurant and JJ’s Beer Garden & Brewery, and offers an outdoor playground, a stage for live music and a 225-seat dining area. The new ownership plans to immediately break ground on a 10,921-square-foot expansion of the JBGB restaurant and venue. Judd Dunning of DWG Capital Group arranged the sale-leaseback transaction on behalf of MAG Capital Partners. T.J. Lefler with Sage Partners represented the seller, JBGB Restaurant and Brewery. MAG Capital Partners is a private commercial real estate investment firm based in Fort Worth, Texas.
MOUNT PLEASANT, MICH. — Magoo’s Pet Outlet will open a new store in Mount Pleasant. This is the 10th location in the state of Michigan for the pet retailer, which has purchased the 5,800-square-foot, former Redbird Feed & Supply building located on East Pickard Street. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Magoo’s in the transaction. The seller and sales price were undisclosed.