IMPERIAL BEACH, CALIF. — JLL Capital Markets has brokered the sale of Breakwater Town Center, a four-building retail property located at 781-881 Palm Ave. in Imperial Beach. An undisclosed buyer acquired the asset for $12.1 million. Constructed in 2018, Breakwater Town Center consists of 31,934 square feet of retail space spread across four freestanding outparcel pads. At the time of sale, the property was fully occupied by Starbucks Coffee, Chipotle, Five Guys Burgers and Fries, Baskin Robbins, Jersey Mike’s Subs, Great Clips and Grocery Outlet. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the undisclosed private seller in the deal.
Retail
LONG BEACH, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a restaurant property, located at 2201 N. Bellflower Blvd. in Long Beach. An undisclosed buyer acquired the property for $5.6 million. The name of the seller was not released. Wendy’s occupies the 2,404-square-foot property, which was built in 1977. The tenant has scheduled a remodel for mid-year and is obligated by the lease to completely renovate the restaurant to match the Wendy’s current prototype by the start of 2022. Aron Cline of Matthews Real Estate Investment Services handled the transaction.
EULESS, TEXAS — JLL has negotiated the sale of the Shops at Vineyard Village, a 219,379-square-foot retail power center in Euless, located just south of Dallas-Fort Worth International Airport. The property was 98.2 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond, Marshalls, Staples, PetSmart, Party City, Dollar Tree and Rally House. Chris Gerard, Barry Brown, Ryan Shore, Aaron Johnson, Austin Ross and Ben Siegel of JLL represented the seller, BIG Shopping Centers USA Inc. in the transaction. The buyer was an undisclosed private investor.
LEAGUE CITY, TEXAS — Austin-based Alamo Drafthouse Cinema will open a 10-screen movie theater within the Victory Lakes shopping center in League City, a southeastern suburb of Houston, in late 2020. The theater will feature oversized recliners, made-from-scratch food and a standalone lobby with more than 40 local and regional craft beers. The new Alamo Drafthouse will be the company’s first venue in the Houston area since Alamo Drafthouse LaCenterra opened in Katy in 2018.
WHEATON, ILL. — Marcus & Millichap has brokered the sale of an 8,808-square-foot retail building in Wheaton for $5 million. Located at 2040 S. Naperville Road, the newly constructed property is fully leased to four tenants. Dunkin’ anchors the building and maintains a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a limited liability company.
COLUMBUS, OHIO — The Silver Group and Quantum Real Estate Inc. have arranged the sale of a Jiffy Lube quick-service oil change facility in Columbus for $1.4 million. The 1,620-square-foot, freestanding building sits on a half-acre at 7007 E. Broad St. The tenant is Team Car Care, an operator of 520 Jiffy Lube locations nationally. There are approximately five years remaining on the 20-year lease. Barry Silver of Silver Group represented the San Francisco-based private seller. Dan Waszak of Quantum Real Estate represented the buyer, a New York City-based private real estate investor.
Indianapolis is a humble midwestern city that often seems to fly under the radar, but for those willing to take a closer look, they will find more than just a famous racetrack and cornfields. Indianapolis is a dynamic city with a thriving commercial real estate market. Sitting as the 14th-largest city in the U.S., Indianapolis is the economic heart of the region and has experienced steady growth over the past decade — and with true Hoosier hospitality. Here’s a look at what’s happening and what’s to come in the Indianapolis market. Downtown Indianapolis has rapidly evolved over the last few years. The “Circle City” gained momentum through the emergence of a thriving technology sector and steady employment gains in an already economically diverse business landscape. Those influences added to the convenience and tourism that make downtown a desirable destination for retailers. Increased interest from brands has spurred new development and better amenities. An additional 1 million square feet of first-floor commercial space has been added in downtown Indianapolis over the last eight years, and an additional 400,000 square feet is expected over the next few years — a firm foundation that tells an incredible story of growth and investment. Mass …
BALTIMORE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mount Clare Junction, a 234,036-square-foot retail property in Baltimore’s Mount Clare neighborhood. The property was 82 percent leased at the time of sale to tenants including Price Rite, Family Dollar and Capital One Bank. The shopping center is situated on 16 acres at 1223 W. Pratt St., two miles west of downtown Baltimore. Christopher Burnham, Dean Zang and David Crotts of IPA represented the undisclosed seller, a New York City-based investment management firm, in the transaction. An affiliate of Carlyle Group acquired the property for an undisclosed price. Bryn Merrey is Marcus & Millichap’s broker of record in Maryland.
Shorenstein Properties, Nichols Partnership to Develop One Platte Office/Retail Project in Denver
by Amy Works
DENVER — A joint venture between Shorenstein Properties and Nichols Partnership has unveiled plans for One Platte, a five-story office and retail development located at 1701 Platte St. in downtown Denver. Situated on 1.5 acres in the Central Platte Valley neighborhood, One Platte will feature a 250,000-square-foot building offering 240,000 square feet of office space and 10,000 square feet of ground-floor retail space. The Beck Group is providing design-build services for the development. The building will feature floor-to-ceiling windows with views of the Rocky Mountains and Denver skyline. Amenities include a lounge, rooftop terrace, event spaces, fitness center, bicycle lockers and a secure underground parking facility. Construction started Feb. 11 on the project, with completion slated for early 2022.
Continuum Partners, CIM Group Complete 319-Unit Multifamily Building at Urban Infill Project in Denver
by Amy Works
DENVER — 9th Avenue (Denver) Land, a joint venture between Continuum Partners and CIM Group, has opened Milo, a market-rate multifamily building at 9+CO, a mixed-use property in Denver. Designed by Shears Adkins Rockmore Architects, Milo features 319 micro, studio, one-, two- and three-bedroom apartments across two buildings. The units range from 370-square-foot micro units with built-in wardrobes and murphy beds to 1,590-square-foot three-bedroom flats. Ground-floor units include walk-up private entrances and two-story townhomes. Additional unit finishes include stainless steel appliances, walk-in closets, in-unit washers/dryers and balconies in select units. Community amenities include co-working office space; roof deck with grills, fire pits and seating; a hot tub; heated lap pool; resident lounge with entertaining kitchen; shuffleboard table; 24-hour fitness center; secured parking garage; bicycle and ski repair center; pet and bicycle wash; and storage units on every floor. Milo is the second market-rate residential building at 9+CO, joining the 275-unit Theo development that opened in May 2018. The 26-acre urban infill project is located at the site of the former University of Colorado Health Sciences Center in Denver. The project will ultimately comprise approximately 2 million square feet of mixed-use space. Currently signed retailers include Fluff Salon, Sweet Combforts, Elevation …