Retail

L.A. Clippers Owner Agrees to Acquire The Forum for $400M, Propelling New Arena Plans

by Alex Tostado March 26, 2020

INGLEWOOD, CALIF. — CAPSS LLC, a new company formed by Los Angeles Clippers’ chairman Steve Ballmer and vice chairman Dennis Wong, has agreed to acquire The Forum in Inglewood for $400 million in cash. By reaching an agreement with The Madison Square Garden Co. (NYSE: MSG), the litigation battle between the team and seller over the proximity of the basketball team’s new arena to the older events venue will end. MSG, which also owns the New York Knicks, argued that the Clippers’ proposed NBA arena was too close to The Forum and would compete as an events venue. CAPSS says the 17,500-seat Forum will continue to operate as a music venue and the new ownership will extend employment offers to current employees. The parties expect to close the sale in the second quarter of this year. The new Clippers arena will be situated on West Century Boulevard between South Prairie Avenue and South Yukon Avenue, one mile south of The Forum. The proposed stadium will offer 18,000 seats and will include the team’s headquarters and a community center. The stadium will be privately funded and is currently undergoing an environmental review by the City of Inglewood, which the Los Angeles …

March 26, 2020

California Development Retail Western

AWM Opens Southern California’s First Autonomous Micromarket in Santa Ana

by Amy Works March 25, 2020

SANTA ANA, CALIF. — Orange County, Calif.-based Adroit Worldwide Media (AWM) opened QuickEats at Nineteen01, an autonomous micromarket in Santa Ana, on Tuesday. The store is located on the ground floor of Nineteen01, an apartment community at 1901 E. First St. Greenwood & McKenzie owns the property. QuickEats utilizes Frictionless, AWM’s proprietary shopping solution of a low-contact, cashierless marketplace. The store will offer a variety of products, including sodas, water, specialty items, fresh grab-and-go foods and household items ranging from cleaning products and toilet paper to dog food. “When we planned the launch of QuickEats many months ago, we never could have imagined the circumstance our community now faces, as Orange County practices social distancing due to the coronavirus,” said Kevin Howard, CEO of AWM. “We made the decision to open our doors because QuickEats can provide vital, food, drink and personal care items to Nineteen01’s residents in a completely frictionless environment that adheres to the current protocols being requested by Orange County’s health officer.” Customers enter the market through an entry gate using a personalized QR code downloaded from the QuickEats app. Cameras placed throughout the store track traffic, and customers are assigned a random, anonymous ID when they …

March 25, 2020

Acquisitions Retail Texas

STRIVE Arranges Sale of 68,500 SF Fossil Creek Plaza Shopping Center in Fort Worth

by Taylor Williams March 25, 2020

FORT WORTH, TEXAS — Dallas-based retail investment brokerage firm STRIVE has arranged the sale of Fossil Creek Plaza, a 68,500-square-foot shopping center located at the intersection of Western Center Boulevard and North Beach Street in Fort Worth. The property was built in 1990. STRIVE represented the Los Angeles-based seller in the transaction, with the firm’s Sam House procuring a Dallas-based investor as the buyer.

March 25, 2020

Acquisitions Georgia Retail Southeast

Transwestern Arranges $19.7M Sale of Atlanta Retail Properties Leased to Target, Taco Bell

by Alex Tostado March 25, 2020

ATLANTA — Transwestern Real Estate Services has arranged the $19.7 million sale of a single-tenant building leased to Target and an outparcel leased to Taco Bell. The property is situated at the intersection of North Druid Hills and Briarcliff roads in Atlanta, less than one mile from Emory Healthcare and Children’s Healthcare of Atlanta. The Target store spans 154,000 square feet and the Taco Bell restaurant comprises 2,272 square feet. Fred Victor and Jon Kleinberg of Transwestern represented the seller, Lauderhill, Fla.-based Scarlett & Associates Inc., in the transaction. San Francisco-based Stockbridge Capital Group acquired the property.

March 25, 2020

Acquisitions California Net Lease Retail Western

Kase Group Directs $27.9M Sale of Albertsons-Occupied Retail Asset in California

by Amy Works March 25, 2020

PASO ROBLES, CALIF. — The Kase Group has arranged the sale of a single-tenant retail property located at 189 Niblick Road in Paso Robles. A California-based investor acquired the property from an undisclosed seller for $27.9 million. Albertsons occupies the 52,691-square-foot building on a long-term, triple-net lease basis. Robert Walker of The Kase Group represented the seller in the off-market transaction.

March 25, 2020

Acquisitions California Retail Western

SRS Real Estate Partners Negotiates $5.3M Sale of Harbor Pacific Court Retail Center in Costa Mesa

by Amy Works March 25, 2020

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the sale of the Harbor Pacific Court, a multi-tenant retail center located in Costa Mesa. A Los Angeles-based private investor sold the property to an Orange County, Calif.-based private investor for $5.3 million, or $454.50 per square foot, in an all-cash transaction. Located at 2346 Newport Blvd., the property features 11,771 square feet of retail space. At the time of sale, the property was 91 percent occupied by eight tenants, including Circle K as the anchor. Michael Walseth of SRS’ National Net Lease Group represented the seller and buyer in the deal.

March 25, 2020

Development Multifamily Retail Seniors Housing Utah Western

Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah

by Amy Works March 25, 2020

OGDEN, UTAH — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.

March 25, 2020

Midwest Ohio Retail

Washington Prime Group to Temporarily Shutter Enclosed Retail Assets

by Kristin Harlow March 25, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has temporarily closed its enclosed retail assets that feature an indoor common area in order to help contain the spread of coronavirus. The measure took effect on Monday and will end on March 29 or at a date in compliance with applicable federal, local or state mandates. In the Midwest, these affected assets include Lincolnwood Town Center and Northwoods Mall in Illinois; Markland Mall and Muncie Mall in Indiana; Lindale Mall and Southern Hills Mall in Iowa; Maplewood Mall and Northtown Mall in Minnesota; and Dayton Mall, Great Lakes Mall, Indian Mound Mall, Lima Mall, New Towne Mall, Polaris Fashion Place, Southern Park Mall and The Mall at Fairfield Commons in Ohio. Exceptions for enclosed centers include exterior-facing restaurants with carryout and delivery services and other tenants that have exterior-facing entrances and may remain open for offering essential goods. In addition, Washington Prime anticipates that a portion of its open-air centers, which represent approximately 40 percent of total net operating income, will remain open to continue offering essential goods and services to the extent permitted by law. The company has also offered to applicable governmental agencies all of its open-air and …

March 25, 2020

Acquisitions Illinois Midwest Restaurant Retail

Stan Johnson Co. Brokers Sale of Property Net Leased to Andy’s Frozen Custard in Suburban Chicago

by Kristin Harlow March 25, 2020

GLEN ELLYN, ILL. — Stan Johnson Co. has brokered the sale of a single-tenant retail property net leased to Andy’s Frozen Custard in Glen Ellyn, a western suburb of Chicago. Although the sales price was undisclosed, the property was listed at $2.75 million. Constructed in 2019, the 1,255-square-foot building is located at 415 Roosevelt Road. Mack Wolfgram, Tom Fritz, Brandon Duff and Matt Spangenberg of Stan Johnson represented the seller, Illinois-based LM Commercial Real Estate. A New York-based private investor purchased the asset in a 1031 tax-deferred exchange.

March 25, 2020

Michigan Midwest Retail

Detroit’s Bedrock to Offer Rent Forgiveness for Restaurants, Small Businesses in Wake of COVID-19

by Kristin Harlow March 24, 2020

DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, comes as businesses across the state temporarily suspend in-person operations unless they are deemed essential. Michigan Gov. Gretchen Whitmer issued a “Stay Home, Stay Safe” executive order on Monday in response to the coronavirus outbreak. The order will be in effect through April 13. Bedrock recognizes that many of its small restaurant and retail tenants have taken a big hit financially due to lost business during the crisis and want to enable these tenants to use their resources to pay bills and meet payroll commitments. Qualification as a small business is based on criteria established using industry and governmental standards.

March 24, 2020

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