OLD BRIDGE, N.J. — R.J. Brunelli & Co. has negotiated a 24,000-square-foot retail lease for a Jersey Strong fitness center in Old Bridge, located about 35 miles south of New York City. The tenant will anchor the 84,900-square-foot Browntown Shopping Center along with a Walgreens. Danielle Brunelli and Richard Brunelli of R.J. Brunelli & Co. represented Jersey Strong in the lease negotiations, as well as the landlord.
MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.
NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.
COLUMBUS, OHIO — Three new retailers have opened at Easton Town Center in Columbus, including Brandy Melville, Peloton and 7 For All Mankind. Brandy Melville is an Italian clothing and accessories brand geared toward teenage girls and young women. The brand has locations in 12 states. Peloton is an indoor cycling company with over 80 showrooms across the United States, United Kingdom and Canada. Customers can try out the bike and mobile classes firsthand. Los Angeles-based 7 For All Mankind is a denim retailer with more than 100 retail locations in North America, Europe, Asia and the Middle East. Easton Town Center, developed by The Georgetown Co., L Brands and Steiner + Associates, is a 1,300-acre mixed-use development for shopping, dining and entertainment. It is undergoing a $500 million expansion set to open late this year and early 2020.
STATESBORO, GA. — Marcus & Millichap has arranged the $2.7 million sale of an Aldi-occupied grocery store located in Statesboro. The freestanding property, which was delivered in June, is leased to the German grocer on a 20-year, triple-net ground lease. The store spans 23,435 square feet within Statesboro Crossing shopping center. It is located at 270 Henry Blvd., two miles from both downtown Statesboro and Georgia Southern University. Don McMinn of Marcus & Millichap represented the seller, Statesboro Crossing LLC, in the transaction. Martina Crevecoeur of International Capital Acquisitions LLC represented the buyer, H.H. US Real Estate Statesboro LLC.
ST. CHARLES, MO. — Two new retail tenants have opened at the Streets of St. Charles, a mixed-use property in suburban St. Louis. Both Narwhal’s Crafted and YogaSix are located in the development’s newest building at 1450 Beale St. This is Narwhal’s second location. The bar serves a variety of frozen cocktails in addition to beer and wine. YogaSix offers yoga classes seven days a week. Each class has a specific focus. Cullinan Properties Ltd. owns and manages the 27-acre Streets of St. Charles.
PLAINFIELD, N.J. — R.J. Brunelli & Co. LLC has brokered the sale the sale of a vacant 30,000-square-foot retail building in Plainfield, a western suburb of New York City. The property is located at 165 E. Front St. and includes 10,000 square feet of space on each of three floors, plus a basement. Alan Gott of R.J. Brunelli represented the buyer, Paramount Assets, in the transaction. Gott also represented the seller, Abeco Management.
ARLINGTON, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Cooper Oaks Shopping Center, a 17,836-square-foot retail strip center in Arlington, for $3 million. Built in 1996 and shadow-anchored by Kroger, the property was fully occupied at the time of sale. Sam House of STRIVE represented the seller, a California-based private investor, in the transaction. Will Merritt of STRIVE secured the buyer, a local investor.
ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …
The evolution and transformation of Philadelphia’s retail real estate market is in full swing, as evidenced by the arrival of several long-awaited shopping and dining concepts, the growth of retail in mixed-use settings and the balanced levels of demand between urban and suburban submarkets. According to the latest data from CoStar Group, over the last three years the Philadelphia metro area’s retail inventory has grown by about 1.3 million square feet per year. The development pipeline is leveling off, with less than 700,000 square feet of retail product currently under construction, and steady demand has pushed the market’s vacancy rate down to 4.2 percent. While the quantity of annual new space added has been on par with the national average for primary markets, the quality of that space and the fundamentals that drive demand for it have made Philadelphia a key market for expanding and new-to-market retailers. “Philadelphia is a market with many millennials and college students, a dense residential downtown area and a thriving tourism industry,” says Doug Green, managing principal at brokerage firm MSC Retail. “If you’re Bonobos, Warby Parker or Untuckit, Philadelphia is going to be one of your stops, because we check all the boxes that …