ROCKLIN, CALIF. — Capital Rivers Commercial has arranged the sale of a retail showroom located at 4467 Granite Drive in Rocklin. The 15,600-square-foot building, which features a second-floor mezzanine level, sold for $4.1 million. Ryan Orn and Joe Blanton of Capital Rivers Commercial handled the transaction. The names of the seller and buyer were not released.
LOCKPORT, N.Y. — New Jersey-based private equity firm First National Realty Partners has purchased Tops Plaza, a 166,634-square-foot shopping center located outside of Buffalo in Lockport. A 92,000-square-foot Tops grocery store anchors the property, which was 97 percent leased at the time of sale. The seller and sales price were not disclosed.
ALGONQUIN, ILL. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Located at 1504-2298 S. Randall Road, the center sits on 70 acres. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest nearly $30 million for the renovation and repositioning of the asset. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While in escrow, Red Mountain executed a new lease with Ashley Furniture. The company says it is currently working with two other large-format national retailers. Red Mountain’s portfolio comprises 95 shopping centers across 18 states.
RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.
HUMBLE AND SPRING, TEXAS — EDGE Realty Partners has negotiated two restaurant leases totaling 4,913 square feet on the northern outskirts of Houston. Dave’s Hot Chicken signed a lease to open a 2,995-square-foot restaurant at Spring Town Center in Spring, and Teriyaki Madness inked a deal for a 1,918-square-foot space at West Lake Crossing in Humble. In the first transaction, Debbie Adams of EDGE Realty represented Dave’s Hot Chicken, and Kevin Sims of NewQuest Properties represented the unnamed landlord. In the second deal, Kathy King of EDGE represented Teriyaki Madness, and Brett Strake of NewQuest Properties represented the undisclosed landlord.
ALPHARETTA, GA. — Skyline Seven Real Estate has arranged the $12.4 million sale of Rivermont Square, a 102,800-square-foot, Goodwill-anchored shopping center in the northern Atlanta suburb of Alpharetta. Kenny Holzer, Elliott Kyle and Chase Murphy of Atlanta-based Skyline Seven represented the undisclosed seller in the transaction. Wes Allen with Pinnacle Leasing & Management LLC represented the undisclosed buyer. Rivermont Square includes a freestanding Starbucks, as well as a vacant outparcel previously occupied by Verizon Wireless. The 12-plus acre property is located at 8560 and 8514 Holcomb Bridge Road and is shadow-anchored by Kroger.
CHESTERFIELD TOWNSHIP, MICH. — Hanley Investment Group Real Estate Advisors has brokered the $2.4 million sale of an Olive Garden ground lease in Chesterfield Township, about 30 miles north of Detroit. The 7,757-square-foot restaurant property, located at 27169 23 Mile Road, opened in the fall of 2020. The single-tenant building is situated on an outparcel directly in front of a Meijer supermarket. Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a Southern California-based 1031 exchange buyer. Phil Sambazis of Marcus & Millichap represented the seller, a Detroit-based investor. There are 10 years remaining on the ground lease.
ACWORTH, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot, Kroger-anchored retail property located 33 miles north of Atlanta in Acworth. Built in 1986, the center was 91 percent leased to tenants including Pet Supplies Plus and CosmoProf at the time of sale. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.
FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Frisco Crossing, a 12,158-square-foot retail center located on the northern outskirts of Dallas. Frisco Crossing was fully occupied at the time of sale to tenants such as Stonelake Family Dentistry, Palio’s Pizza Café and Frisco Pharmacy. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were local investors that requested anonymity, in the transaction.
CHICAGO, NEW YORK CITY AND LONDON — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New York City-based Barnes & Noble, will oversee daily operations of both companies. While Paper Source and Barnes & Noble will continue to function as separate businesses, executives involved in the deal noted that the complementary nature of the two retail operations creates potential for future partnerships. Elliott Investment Management originally acquired Barnes & Noble in September 2019.