Retail

Asian Cuisine Concept Opens 6,836 SF Restaurant in Manhattan

by Alex Patton February 28, 2020

NEW YORK CITY — Asian cuisine concept wagamama has opened a 6,836-square-foot restaurant in Midtown Manhattan. The new restaurant is located at 100 W. 55th St. and offers 185 seats. The chain’s parent company, The Restaurant Group, has entered a U.S. joint venture partnership with Conversion Venture Capital (CVC2) as financial partners and Robert Cornog Jr. and Richard Flaherty as operating partners. Cornog and Flaherty previously were leaders of Punch Bowl Social, an experiential food and beverage brand. The joint venture plans to open 30 to 40 new restaurants across the United States.

February 28, 2020

Acquisitions Louisiana Retail Southeast

Azad Commercial Realty Acquires 349,660 SF Retail Center in Baton Rouge

by Alex Tostado February 27, 2020

BATON ROUGE, LA. — Azad Commercial Realty Services LLC has acquired Hammond Aire Plaza, a 349,660-square-foot retail center in Baton Rouge. The property was 97 percent leased at the time of sale to tenants including Burlington, Marshalls, Michaels and Stein Mart. Albertsons shadow anchors the center. Hammond Aire Plaza is located at 9616-9638 Airline Highway, seven miles east of downtown Baton Rouge. Mark Gilbert and Fain Hicks of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 27, 2020

Connecticut Leasing Activity Northeast Retail

Bob’s Discount Furniture Opens 30,000 SF Store in Norwalk, Connecticut

by Alex Patton February 27, 2020

NORWALK, CONN. — Bob’s Discount Furniture has opened a 30,000-square-foot store in Norwalk, a western suburb of Bridgeport. The Manchester, Connecticut-based retailer operates 122 stores across 18 states. The store, which is Bob’s ninth in Connecticut, is located at 59 Connecticut Ave. The building was formerly leased to Toys ‘R’ Us. Benderson Development acquired the property during the toy retailer’s asset liquidation.

February 27, 2020

Acquisitions California Retail Western

Hanley Investment Group Arranges $10.4M Sale of Sprouts-Occupied Retail Asset in Inland Empire

by Amy Works February 27, 2020

FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail building located within the recently completed Highland Village Shopping Center in Fontana. Woodlands Hills, Calif.-based Adler Realty Investments sold the asset to a private investor for $10.4 million. Sprouts Farmers Market occupies the 30,000-square-foot building, which anchors Highland Village Shopping Center. Additional tenants at the center, which were not included in the acquisition, are BurgerIM, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio Mexican Grill, Oggi’s, Mountain View Tire & Auto Service and Pacific Dental. Quick Quack Car Wash is currently under construction as well. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Heidi Kim of Brea, Calif.-based TNG Real Estate Consultants represented the buyer in the transaction.

February 27, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Fairgrounds Coffee & Tea Signs 2,623 SF Retail Lease at Office Development in Chicago

by Kristin Harlow February 27, 2020

CHICAGO — Fairgrounds Coffee & Tea has signed a 2,623-square-foot retail lease at 306 West Erie, an office development currently under construction in Chicago’s River North neighborhood. The location will serve as the company’s seventh coffee shop in the Chicago area. The building is the first phase of Verso, a three-building office redevelopment undertaken by North Wells Capital and Urban Innovations. Renovation work began in late 2019 to expand and modernize the property. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.

February 27, 2020

Acquisitions Illinois Midwest Restaurant Retail

Quantum Negotiates $1.6M Sale of Wendy’s-Occupied Property in Streator, Illinois

by Kristin Harlow February 27, 2020

STREATOR, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.6 million sale of a freestanding 2,158-square-foot property occupied by Wendy’s in Streator in central Illinois. Wendy’s has a 20-year lease at the newly developed building. Dan Waszak of Quantum represented the seller, a Chicago-based developer that specializes in net leased assets. Zack Hilgendorf of Quantum represented the buyer, a Dubuque, Iowa-based private investor.

February 27, 2020

Acquisitions Midwest Missouri Office Retail

Block & Co. Arranges $1.1M Sale of Office, Retail Building in Kansas City

by Kristin Harlow February 27, 2020

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 12,000-square-foot office and retail building in Kansas City for $1.1 million. The property is located at 7208 Wornall Road within the Waldo District. Domino’s Pizza and Injury Chiropractic occupy the 4,000 square feet of retail space on the first floor. The second-floor office space of 5,500 square feet is currently available for lease. Marshal Blount of Block & Co. brokered the sale. An investment group purchased the asset.

February 27, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $11.2M Sale of Retail Property in Camden, South Carolina

by Alex Tostado February 26, 2020

CAMDEN, S.C. — Marcus & Millichap has arranged the $11.2 million sale of River Oaks Shopping Center, a 146,790-square-foot retail property in Camden. The property was leased to eight tenants at the time of sale, including Hobby Lobby, Marshall’s, Big Lots and Five Below. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer, Center Acquisition Corp., and the seller, BMS Camden Associates LLC, in the transaction. The property was a former K-Mart box that was redeveloped in fourth-quarter 2019. The asset was 99 percent leased at the time of sale. Taylor said the buyer is a private, out-of-state investor was attracted to the project because of the national tenants, new long-term leases, new construction and attractive interest rates for acquisition financing. River Oaks Shopping Center is situated at 2235 W. Dekalb St., three miles west of downtown Camden and 32 miles northeast of downtown Columbia.

February 26, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 511,566 SF Westgate Mall in Amarillo

by Taylor Williams February 26, 2020

AMARILLO, TEXAS — JLL has negotiated the sale of Westgate Mall, a 511,566-square-foot enclosed regional mall in Amarillo. The property was built on 93.7 acres in 1982 and has since been renovated multiple times, most recently in 2017. Westgate Mall was roughly 80 percent leased at the time of sale to tenants such as Dillard’s, Beall’s and Premiere Cinema, Shoe Dept. Encore and Forever 21. Dave Monahan, Cameron Pittman, Akhil Patel, Claudia Steeb and Barry Brown of JLL represented the undisclosed seller in the transaction. A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the asset for an undisclosed price. The partnership also purchased the 663,978-square-foot South Park Mall in San Antonio as part of the same deal.

February 26, 2020

Loans Midwest Ohio Retail

SRS Arranges $9.6M Loan for Ground-Lease Acquisition of Home Depot-Occupied Property in Ohio

by Kristin Harlow February 26, 2020

CLEVELAND HEIGHTS, OHIO — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features a 70 percent loan-to-value ratio.

February 26, 2020

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