Retail

Progressive Real Estate Partners Brokers $4.8M Sale of Former Food 4 Less Store in Corona, California

by Amy Works January 21, 2021

CORONA, CALIF. — Progressive Real Estate Partners has arranged the sale of a former Food 4 Less grocery store located at 109 N. McKinley St. in Corona. Expert Hardware Flooring acquired the property for $4.8 million. The buyer plans to use the 55,000-square-foot building as a showroom and wholesale distribution center for its commercial flooring. Built in 1989, the building features an open floor plan, two loading docks and bay doors, pylon signage along McKinley Street and expansive parking. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, a West Los Angeles-based private investor group, while Barrett Woods with Lee & Associate represented the buyer in the deal.

January 21, 2021

Acquisitions Midwest Nebraska Retail

98,837 SF Shopping Center in Omaha Trades Hands for $12.7M

by Kristin Harlow January 21, 2021

OMAHA, NEB. — The 98,837-square-foot 72nd Crossing Shopping Center in Omaha has traded hands for $12.7 million. Situated in the 72nd Street Corridor, the property was fully leased at the time of sale to tenants such as Michaels, PetSmart, Big Lots and Dunkin’. Ember Grummons of Investors Realty represented the seller, NewStreet Properties. Jason Taylor of Equity Management Group represented the buyer, Kentucky-based LVP Center LLC.

January 21, 2021

Acquisitions Northeast Office Pennsylvania Retail

Colliers Brokers Sale of 74,452 SF Bicentennial Building in Wilkes-Barre, Pennsylvania

by Taylor Williams January 21, 2021

WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.

January 21, 2021

Company News Florida Retail Southeast

Office Depot Parent Company Rejects Staples’ $2.1B Acquisition Offer

by Alex Tostado January 20, 2021

BOCA RATON, FLA. — ODP Corp. (Nasdaq: ODP), the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph Vassalluzzo said the company is not opposed to selling, but “what we do not plan to do, however, is engage in a transaction that, as history has shown, would likely result in a prolonged and expensive regulatory review process with no guarantee of success.” In the letter, Vassalluzzo did not rule out the merger altogether, stating: “In addition, we are open to combining our retail and consumer-facing ecommerce operations with Staples under the right set of circumstances and on mutually acceptable terms.” ODP owns Office Depot, OfficeMax and IT-services business CompuCom. ODP has been in the process of selling CompuCom since November 2020. According to The Wall Street Journal, USR …

January 20, 2021

Acquisitions Florida Retail Southeast

JLL Negotiates $9.1M Sale of Grocery-Anchored Shopping Center in Orlando

by Alex Tostado January 20, 2021

ORLANDO, FLA. — JLL has negotiated the $9.1 million sale of Southgate Shopping Center, a 144,052-square-foot retail property in Orlando. Aldi anchors the center, which was 92 percent leased at the time of sale to tenants including AutoZone, dd’s Discount’s, Aaron’s and Value Pawn. Additionally, the property can be expanded with the addition of a 6,000-square-foot pad site and drive-thru ATM development opportunity. The asset spans 17 acres and is located at 4649 S. Orange Blossom Trail, four miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Marx Realty, in the transaction. An undisclosed Texas-based real estate company purchased the property.

January 20, 2021

Acquisitions Midwest Missouri Office Retail

Rubenstein Real Estate Acquires 20,000 SF Office, Retail Building in Kansas City

by Kristin Harlow January 20, 2021

KANSAS CITY, MO. — An affiliate of Rubenstein Real Estate, together with an affiliate of Exact Architects, has acquired a 20,000-square-foot office and retail building located at the corner of Linwood and Main streets in Kansas City. At the time of sale, the building was 25 percent occupied. A new tenant will soon lease a portion of the first floor, leaving 9,418 square feet remaining available for lease. Substantial building and common area renovations are underway. The two-story building features almost 80 parking spaces. Dwight Medbery III of Rubenstein led the buyer investment group. The purchase price and seller were undisclosed.

January 20, 2021

Development Illinois Midwest Retail

Cannabis Facility Construction Completes 3,000 SF Dispensary in Suburban Chicago

by Kristin Harlow January 20, 2021

CALUMET CITY, ILL. — Cannabis Facility Construction has completed the buildout of a recreational and medical dispensary occupied by Mission Dispensaries in Calumet City, about 23 miles south of Chicago. The 3,000-square-foot property is located at 1330 Torrence Ave. across from River Oaks Center. It includes back office space, an oversized vault and an advanced security system. 4Front Ventures Corp. was the developer.

January 20, 2021

Acquisitions Massachusetts Northeast Restaurant Retail

Joyal Capital Management Sells 14-Store Dunkin’ Portfolio in Metro Boston

by Taylor Williams January 19, 2021

CANTON, MASS. — A subsidiary of Joyal Capital Management (JCM) has sold a portfolio of 14 Dunkin’ stores located throughout the Boston area in a transaction valued at $44 million. The buyer was Northern Management Group, a franchisor of hotel, convenience store and restaurant concepts that operates more than 100 properties in the Northeast. JCM also recently closed on the sale of 61 Dunkin’ stores in Southeast Florida to an undisclosed purchaser.

January 19, 2021

Acquisitions Indiana Midwest Retail

Three Retail Properties in Metro Indianapolis Trade Hands for $10.8M

by Kristin Harlow January 19, 2021

PLAINFIELD, WESTFIELD AND FISHERS, IND. — Hanley Investment Group Real Estate Advisors has represented a private investor in the acquisition of three retail properties in metro Indianapolis for $10.8 million. Dylan Mallory of Hanley represented the Bloomington, Ind.-based buyer. In Plainfield, Stafford Crossing is a 26,000-square-foot center home to Chicago’s Pizza, Big Red Liquors, Specks Pet Supply, UPS Store and Jack’s Donuts. Built in 2007, it was 91 percent leased at the time of sale. Carey Road Center in Westfield spans 13,043 square feet. It was also built in 2007. Lastly, Windermere Place in Fishers spans 16,800 square feet. Built in 2003, the asset was 93 percent occupied at the time of sale. Stan Johnson Co. represented the seller of Stafford Crossing, SRS National Net Lease Group represented the seller of Carey Road Center and Jackson Investment Group represented the seller of Windemere Place. Seller information was not disclosed.

January 19, 2021

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Brokers $6.2M Sale of Johnstown Plaza Retail Center in Colorado

by Amy Works January 19, 2021

JOHNSTOWN, COLO. — Marcus & Millichap has arranged the sale of Johnstown Plaza, a shopping center located at 4914 Thompson Parkway in Johnstown. A private developer sold the asset to an undisclosed buyer for $6.2 million. Built in 2017, the property features 15,140 square feet of retail space. At the time of sale, the center was 100 percent occupied by Bad Daddy’s, Visionworks, Sprint, Berry Blendz, LUX NailBar and Honolulu Poke Bar. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller in the deal.

January 19, 2021

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