Retail

Eldorado Resorts Temporarily Closes 2,379-Room Tropicana Atlantic City Casino, Hotel

by Alex Patton March 18, 2020

ATLANTIC CITY, N.J. — Eldorado Resorts has temporarily closed its 2,379-room Tropicana Atlantic City casino and hotel in New Jersey. In an effort to limit the spread of COVID-19, the disease caused by the coronavirus, the company is complying with an order from the governments of New Jersey, New York and Connecticut to temporarily close movie theaters, gyms and casinos in the Tri-State area. The property features 125,935 square feet of casino space, 20 restaurants, 18 bars and amenities including a fitness center, indoor and outdoor pools and full-service spa.

March 18, 2020

Acquisitions Northeast Pennsylvania Retail

The Boulder Group Negotiates $1.6M Sale of Retail Property in Reading, Pennsylvania

by Alex Patton March 18, 2020

READING, PA. — The Boulder Group has negotiated the $1.6 million sale of a single-tenant retail property net-leased to Dunkin in Reading, located approximately 60 miles northwest of Philadelphia. The property is located at 1350 Carbon St. in close proximity to the 910,000-square-foot Berkshire Mall, as well as a Walmart Supercenter, Home Depot and Best Buy. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the Pennsylvania-based seller in the transaction. The buyer was a private investor. Both parties requested anonymity.

March 18, 2020

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.3M Sale of Retail Property Net Leased to AT&T in Minnesota

by Kristin Harlow March 18, 2020

MAPLEWOOD, MINN. — The Boulder Group has arranged the $3.3 million sale of a newly constructed retail property net leased to AT&T in Maplewood, just east of St. Paul. The 4,305-square-foot building is located at 3070 White Bear Ave. across from Maplewood Mall. Jimmy Goodman and Randy Blankstein of Boulder represented the seller, a Midwest-based developer. An individual investor purchased the asset. The tenant, New Cingular Wireless PCS, is a wholly owned subsidiary of AT&T Corp. New Cingular Wireless is the primary corporate entity for AT&T’s retail stores with over 2,200 locations worldwide.

March 18, 2020

Leasing Activity Michigan Midwest Retail

Brazilian Jiu Jitsu Academy Leases 3,750 SF in Grand Rapids

by Kristin Harlow March 18, 2020

GRAND RAPIDS, MICH. — Daniel Gracie Grand Rapids, a Brazilian Jiu Jitsu academy, has leased a 3,750-square-foot space at 131 Division Ave. in Grand Rapids. The academy will offer a variety of classes for all ages. Todd Leinberger, Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan represented the tenant in the lease transaction with the undisclosed landlord. Cody Hier and Miguel Diaz, both professional MMA fighters, are the co-owners of the studio.

March 18, 2020

Arizona Development Office Restaurant Retail Western

Diversified Partners Breaks Ground on En Fuego Retail, Office Development in Arizona

by Amy Works March 18, 2020

GLENDALE, ARIZ. — Scottsdale, Ariz.-based Diversified Partners has broken ground for En Fuego, a retail, office and flex development located at 91st and Glendale avenues in Glendale. The first phase of En Fuego will include retail pads ranging in size from 3,000 square feet to 15,600 square feet. Starbucks Coffee, Raising Cane’s Chicken Fingers, Barro’s Pizza, Biscuits Café and Jack in the Box have pre-leased space at the property. The second phase of development will include 8.32 acres of office, flex or entertainment space.

March 18, 2020

Company News Mississippi Retail Southeast

Eldorado Resorts Temporarily Closes Three Casinos in Mississippi

by Alex Tostado March 17, 2020

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has temporarily closed Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi, due to the worldwide COVID-19 outbreak. The Reno, Nev.-based company said in a press release that the closures are in accordance with the Mississippi Gaming Commission order to shut down operations as of midnight local time, March 16. Eldorado agreed to sell Lady Luck last summer to Twin River Worldwide. The sale is expected to close this year. Eldorado acquired Tropicana Entertainment Inc. and all of its real estate assets in April 2018 for $1.85 billion.

March 17, 2020

Acquisitions Georgia Retail Southeast

Coro Realty, Pope & Land Acquire Three Shopping Centers Near Atlanta

by Alex Tostado March 17, 2020

ATLANTA — An Atlanta-based partnership between Coro Realty and Pope & Land has acquired three shopping centers spanning 118,500 square feet north of Atlanta. The first property is the 23,500-square-foot Brookside Station in Alpharetta. The asset is situated along Old Milton Parkway, 35 miles north of downtown Atlanta. Also included in the sale was Mansell Oaks, which spans 43,000 square feet. Mansell Oaks is situated in Roswell, 25 miles north of downtown Atlanta. The final property is Town Center Oaks in Kennesaw. The property comprises 52,000 square feet and is situated 23 miles northwest of downtown Atlanta. Dunwoody, Ga.-based Muntzing-Sattele Co. sold the properties for an undisclosed price.

March 17, 2020

Leasing Activity Retail Texas

CBRE Negotiates 14,996 SF Retail Lease in San Antonio

by Taylor Williams March 17, 2020

SAN ANTONIO — CBRE has negotiated a 14,996-square-foot retail lease at 4949 NW Loop 410 in San Antonio. P.J. Pfeiffer of Birnbaum Property Group represented the tenant, Goodwill Industries, in the lease negotiations. Andrew Polunsky of CBRE represented the landlord, Summit Income Partners LP.

March 17, 2020

Acquisitions Midwest Nebraska Retail

Hanley Investment Group Arranges Sale of 174,000 SF Shopping Center in Lincoln, Nebraska

by Kristin Harlow March 17, 2020

LINCOLN, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of Edgewood Shopping Center in Lincoln for an undisclosed price. Built in 1991, the 174,000-square-foot shopping center sits on 22 acres. At the time of sale, the center was 95 percent occupied to tenants such as Super Saver Foods, CVS, Dollar Tree, AutoZone, Herbalife, Party America, Petco, Cartridge World, H&R Block and Papa John’s. Hanley Investment Group represented the seller, Perkins Properties. Scott Taubin of The R.H. Johnson Co. represented the buyer, a Kansas City-based private investor.

March 17, 2020

Acquisitions Illinois Midwest Retail

Avalon Equities Buys 5,780 SF Retail Building in Barrington, Illinois

by Kristin Harlow March 17, 2020

BARRINGTON, ILL. — Avalon Equities has purchased Barrington Station, a 5,780-square-foot retail building in Barrington, a northwest suburb of Chicago. The purchase price was undisclosed. Tenants at the property include Starbucks, Verizon, Briddick Tile & Stone and Skinovatio Medical Spa. CBRE represented the seller, GK Development.

March 17, 2020

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