Retail

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson January 5, 2021

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

January 5, 2021

Acquisitions Office Retail Texas

3650 REIT Provides $31M Construction Loan for Office, Retail Project in Houston

by Taylor Williams January 4, 2021

HOUSTON — Miami-based lender 3650 REIT has provided a $31 million construction loan for an office and retail project that will be located at 4411 San Felipe St. in Uptown Houston. The property will consist of three floors of office space and ground-floor retail space. Michael Fleischer and Shin Bowers of 3650 REIT originated the 30-month loan to DC Partners, a Houston-based developer. Completion is slated for January 2022.

January 4, 2021

Acquisitions California Office Retail Western

Blox Ventures, Angelo Gordon Divest of First Republic Center in Palo Alto for $103.9M

by Amy Works January 4, 2021

PALO ALTO, CALIF. — Silicon Valley, Calif.-based Blox Ventures and New York-based Angelo Gordon & Co. have completed the disposition of First Republic Center, a retail and office property located at 2100 El Camino Real in Palo Alto’s College Terrace neighborhood. According to Santa Clara County records, an affiliate of KKR and Drawbridge Real Estate acquired the building for $103.9 million. First Republic’s regional office occupies 76 percent of the 58,000-square-foot building. Other tenants include a 11,000-square-foot Real Produce International Market, a music group and other local businesses.

January 4, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges $23.5M Sale of Shopping Center in High Point, North Carolina

by Alex Tostado January 4, 2021

HIGH POINT, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. First National Realty Partners acquired the property, which is located in North Carolina’s Triad region.

January 4, 2021

Acquisitions North Carolina Retail Southeast

Palomar Group Arranges $12.3M Sale of Grocery-Anchored Center in Walkertown, North Carolina

by Alex Tostado December 23, 2020

WALKERTOWN, N.C. — Palomar Group has arranged the $12.3 million sale of Walkertown Commons, an 81,432-sqaure-foot shopping center in Walkertown. Lowes Foods anchors the fully leased property, which was originally built in 2004. Walkertown Commons is located at 5180 Reidsville Road, eight miles northeast of downtown Winston-Salem. Ryan McArdle, Steve Collins, David Rivers, Jefferson Knox and Lee Malchow of Palomar Group represented the seller, an undisclosed regional investor, in the transaction. An undisclosed buyer based in South Carolina acquired the asset in a 1031 tax exchange.

December 23, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $5.1M Sale of Office, Retail Portfolio Near Minneapolis

by Kristin Harlow December 23, 2020

ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.

December 23, 2020

Acquisitions Colorado Retail Western

Pinnacle Estate Advisors Arranges $14.9M Sale of Brentwood Center Retail Property in Denver

by Amy Works December 23, 2020

DENVER — Pinnacle Estate Advisors has arranged the sale of Brentwood Center, a shopping center located at 1951, 2095 and 2099 S. Federal Blvd. and 2000 S. Hazel Court in Denver. A local partnership sold the asset to a Denver-based private investor for $14.9 million. Situated on 13.3 acres, Brentwood Center consists of eight buildings offering a total of 133,494 square feet of retail space. At the time of sale, the property was 84 percent leased to 30 tenants, including Save A Lot, Family Dollar, Brurger King and Aaron’s. Justin Kreiger of Pinnacle represented the seller and procured the buyer in the deal.

December 23, 2020

Acquisitions California Net Lease Retail Western

SBH Real Estate Sells Harbor Freight Tools-Occupied Building in Orange County for $6.5M

by Amy Works December 23, 2020

LA HABRA, CALIF. — SBH Real Estate Group has completed the disposition of a single-tenant retail property located on 1.9 acres at 250 N. Harbor Blvd. in La Habra. Engineering Model Associates acquired the building for $6.5 million. Harbor Freight Tools, a discount tool and equipment retailer, occupies the 22,297-square-foot property on a long-term, triple-net lease. Daniel Tyner and Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.

December 23, 2020

Illinois Leasing Activity Midwest Office Retail

Fitness Startup BOLD to Open in Chicago’s Fulton Market

by Kristin Harlow December 22, 2020

CHICAGO — Real estate development firm Sterling Bay has licensed space to local fitness startup BOLD, which will open modular fitness pods at 1000 W. Carroll Ave. in Chicago’s Fulton Market. BOLD will enable Chicago residents to reserve private pods outfitted with fitness equipment that are cleaned to commercial-grade standards between each use. Pods can be reserved in 60-minute increments. Each one features kettlebell sets, medicine balls, bikes, rowing machines and high-definition screens for streaming guided workouts. The 320-square-foot pods are made from shipping containers. “In looking at how the pandemic so quickly impacted the ability of traditional fitness studios to operate at full capacity, it became clear that BOLD’s model for small, private training facilities could help to fill a need for Chicago gym-goers,” says Andy Gloor, CEO of Sterling Bay. Former Wall Street hedge fund investor and investment banker Jake Goldstein founded BOLD on the heels of COVID-19 as a way of offering a safe gym option that bridges the gap between physical gym space and digital fitness. BOLD uses filtration units from AEX Technology Solutions to disinfect its pods. Each pod features its own isolated HVAC air filtration system to prevent recycled air. Users are required to …

December 22, 2020

Acquisitions California Retail Western

Faris Lee Investments Brokers $5M Sale of Moulton Parkway Auto Spa in Orange County, California

by Amy Works December 22, 2020

LAGUNA HILLS, CALIF. — Faris Lee Investments has arranged the sale of Moulton Parkway Auto Spa, a full-service car wash and gas station located in Laguna Hills. The retail property is located at the intersection of El Toro Road and Moulton Parkway. A Newport Beach, Calif.-based seller sold the asset to an undisclosed buyer for $5 million. Moulton Parkway Auto Spa is the only full-service hand car wash in Laguna Hills. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the seller in the deal.

December 22, 2020

Newer Posts

Older Posts