ALPHARETTA, GA. — Five Guys Taverns LLC has signed a lease to open Taffer’s Tavern at 33 S. Main St. in historic downtown Alpharetta in February 2020. The location will be the first in the nation for Taffer’s Tavern, which is backed by TV star Jon Taffer. Taffer is the host of “Bar Rescue.” The restaurant will be situated in the Liberty Hall building, directly across the street from City Hall. The building will feature the original bar, which was built in the 1700s and imported from England. Taffer’s Tavern will offer a menu that features a vacuum-sealed cooking method that doesn’t use traditional, commercial equipment. Locally based firm Chandlee and Sons Construction will serve as the general contractor. Five Guys Taverns plans to open four more restaurants across the state. The company has teamed with Fransmart, which also partners with companies such as Qdoba Mexican Grill and Five Guys, as its franchise development partner.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has arranged a $14.1 million acquisition loan for THEBlvd, a 42,000-square-foot entertainment, retail and restaurant building in Myrtle Beach. The property is located at 1410 N. Ocean Blvd., a mile north of downtown Myrtle Beach. The seller, Land South of MB LLC, developed the three-story asset, which was fully triple-net leased to tenants including live music venue Tin Roof Myrtle Beach, Bandito’s Restaurant and Cantina and American Resort Management. An undisclosed New York-based family investor acquired the property for $22.6 million via a 1031 exchange. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. represented the buyer in placing debt financing through Morgan Stanley.
LACEY, WASH. — Marcus & Millichap has arranged the sale of St. Martin’s Center, a retail asset located in Lacey. A limited liability company sold the property to an undisclosed buyer for $3.5 million. Located at 1225 Ruddell Road SE, the property features 35,942 square feet of retail space. Nicholas Bushong of Marcus & Millichap’s Portland, Ore., office represented the seller in the deal.
KENNESAW, GA. — JLL has negotiated the sale of Cobb Place, a 335,190-square-foot retail center in Kennesaw. The property was 95 percent leased at the time of sale to tenants including Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market, Hobbytown USA, DSW, Jersey Mike’s and Play It Again Sports. Cobb Place is situated on 31 acres at 840 Ernest W. Barrett Parkway, 24 miles northwest of downtown Atlanta. Jim Hamilton and Brad Buchanan of JLL represented the seller, a partnership between DRA Advisors LLC and RCG Ventures LLC, in the transaction. A fund sponsored by Wicker Park Capital Management purchased the asset. Additionally, Chip Sykes of JLL arranged acquisition financing on behalf of the buyer. Goldman Sachs provided the seven-year, fixed-rate loan.
POWAY, CALIF. — Pacific Coast Commercial has arranged the purchase of a retail property located at 12947 Poway Road in Poway. FRH Realty acquired the building for $2.5 million. Big O Tires occupies the 3,510-square-foot retail building, which is situated on 0.7 acres. Dave Dilday of Pacific Coast Commercial represented the buyer, while the seller was self-represented in the deal.
JERSEY CITY, N.J. — Levin Management Corp. (LMC) has negotiated two new retail leases totaling 10,000 square feet at Twin City Shopping Center, 95,000-square-foot shopping center in the western New York City suburb of Jersey City. Hook & Reel Cajun Seafood and Bar leased 8,350 square feet, and Apple Nail salon leased 1,650 square feet. The property’s dining options also include Taco Bell, Popeye’s Louisiana Kitchen, Wendy’s and Dunkin’. E.J. Moawad of LMC represented the landlord in both lease negotiations. Igal Nassim of Mason Asset Management represented Hook & Reel.
SOUTH BEND, IND. — Mid-America Real Estate Corp. has arranged the sale of a 5,013-square-foot retail building in South Bend for an undisclosed price. ATI Physical Therapy and AT&T fully occupy the property, which is located along Portage Road. Carly Gallagher, Christian Tremblay and Rick Drogosz of Mid-America represented the seller, Veritas Realty. A West Coast-based investor purchased the property while completing a 1031 tax-deferred exchange.
ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail asset located in Escondido. Malakooti & Kaikavoosnejad Revocable Trust sold the property to Goodwill Industries of San Diego for $6.1 million. Located at 315 W. Washington Ave., the building features 17,908 square feet of retail space. The property is situated on a 2.1-acre lot adjacent to City Hall and the California Center for the Arts. Michael Golden of Lee & Associates – North San Diego County represented the seller, while Bryan Cunningham of Flocke & Avoyer represented the buyer in the deal.
PHILADELPHIA — Fast fashion retailer Primark will open a 34,200-square-foot store to anchor the west end of Fashion District Philadelphia, an apparel-focused mall redevelopment located in the Center City area of Philadelphia. Cosmetic retailer Sephora and apparel retailers Forever 21 and Kate Spade New York Outlet also recently signed new leases at the retail center. PREIT and Macerich developed Fashion District Philadelphia, which opened in September.
The number of retail store closures nationwide in the first half of 2019 surpassed 7,000 and is on pace to reach a record 12,000 by year’s end, according to Cushman & Wakefield. Major retail bankruptcies over the last year have caused the power and regional shopping center sector to experience continued store closures and negative absorption of 2 million square feet in the first half of 2019. That said, discount retailers, entertainment and fitness concepts are still in expansion mode and help backfill vacant space. Mall and shopping center owners are scrambling to redevelop properties and incorporate a variety of uses. For example, this month CBL Properties will wrap up completion of a Sears redevelopment at Brookfield Square in Milwaukee. The project includes new-to-market entertainment operator WhirlyBall as well as a Movie Tavern by Marcus Theatres. Additionally, there are several new dining options and an Orangetheory Fitness location. “Our strategy is to transform our properties from traditional, enclosed malls to suburban town centers that offer a variety of uses, including entertainment, dining, fitness and in some cases office, hotel or multifamily,” says Stacey Keating, public relations and corporate communications director for Chattanooga, Tennessee-based CBL, which owns 108 properties totaling 68.2 …