Retail

Chuze Fitness Signs 45,000 SF Lease in Fontana, California

by Amy Works June 25, 2019

FONTANA, CALIF. — Progressive Real Estate Partners has signed Chuze Fitness to a 45,000-square-foot lease with Morningside Marketplace in Fontana. Chuze Fitness will occupy the space of a former Ralphs Grocery, leaving 12,000 square feet of space for a yet-to-be-named co-tenant. Morningside Marketplace is a 90,000-square-foot retail center located at 14574 Baseline Ave. The center is fully leased to tenants including Chase Bank, Great Clips, Chevron, KFC, Pizza Hut, Baskin Robbins, Togo’s and Wienerschnitzel. The new Chuze Fitness is scheduled to open early next year. Paul Su of Progressive represented the undisclosed landlord, while Chad Ifrate of Cushman & Wakefield represented the tenant in the lease negotiations.

June 25, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $2.5M Sale of Retail Asset in Anaheim

by Amy Works June 25, 2019

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at the intersection of Lemon Street and Orangethorpe Avenue in Anaheim. An undisclosed developer acquired the asset from a private investor for $2.5 million. The buyer plans to make improvements to the 5,752-square-foot property. At the time of sale, six local tenants occupied the two-building asset. Michael Matter and Nicholas Phillips of Marcus & Millichap’s South Bay, Calif., office represented the seller in the deal.

June 25, 2019

Acquisitions Indiana Midwest Retail

Cooper Group Brokers $1M Sale of Retail Property in Evansville, Indiana

by Kristin Harlow June 25, 2019

EVANSVILLE, IND. — The Cooper Commercial Investment Group has brokered the sale of Diamond Center in Evansville for $1 million. The 10,000-square-foot retail property is fully occupied. Tenants include Dollar General and Subway. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Indiana-based private investment group. A New Jersey-based private group purchased the asset at a cap rate of 7.3 percent.

June 25, 2019

Leasing Activity Michigan Midwest Retail

Gerdom Realty Negotiates Two Leases at Retail Center in Novi, Michigan

by Kristin Harlow June 25, 2019

NOVI, MICH. — Gerdom Realty & Investment has negotiated two leases at Thomasville Centre in Novi. Alchile Mexican Grill & Bar and Pho Mai Vietnamese restaurant are the newest tenants to join the center, which is located on Grand River Avenue. Alchile opened this spring, leasing 5,130 square feet. Pho Mai will open during the second half of this year and occupy 1,680 square feet. Joel Karboske of Gerdom represented the landlord, Mclaughlin Family Properties.

June 25, 2019

Acquisitions Company News Hospitality Nevada Retail Top Stories Western

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

by John Nelson June 25, 2019

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate approximately 60 casino-resorts and gaming facilities across 16 states. The combined company will also oversee the completion of the $1.2 billion room remodeling program of Caesars’ Las Vegas Strip assets. Eldorado will acquire all the outstanding shares of Caesars using $7.2 billion in cash, approximately 77 million Eldorado common shares and the assumption of Caesars outstanding net debt, excluding face value of the existing convertible note (i.e. short-term debt that converts to equity). Eldorado and Caesars shareholders will hold approximately 51 percent and 49 percent of the combined company’s outstanding shares, respectively. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors. The board of directors for both …

June 25, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $11M Sale of Retail Center in Central Florida

by Alex Tostado June 24, 2019

HAINES CITY, FLA. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, about 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 tax-deferred exchange. Tim Giambrone of Marcus & Millichap represented the seller, a New York investor, in the transaction.

June 24, 2019

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $6.6M Sale of Property Net Leased to Walgreens in Orland Park, Illinois

by Kristin Harlow June 24, 2019

ORLAND PARK, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Orland Park for $6.6 million. The 14,820-square-foot building is located at 11981 W. 143rd St. Walgreens has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private partnership. An individual investor purchased the asset.

June 24, 2019

Acquisitions Retail Texas

Williamsburg Enterprises Breaks Ground on 60,000 SF Retail Project in Greater Houston

by Taylor Williams June 24, 2019

MISSOURI CITY, TEXAS — Houston-based Williamsburg Enterprises has broken ground on the latest phase of Sienna Crossing, a project in the southwestern Houston suburb of Missouri City that will deliver 60,000 square feet of retail space. Williamsburg acquired the 35-acre tract in 2014, and the property now houses retailers such as Academy Sports + Outdoors, IHOP and Chick-fil-A. This phase of the project, which is expected to be complete in the first quarter of 2020, is preleased to retailers such as 24-Hour Fitness and Spec’s Wine, Spirits & Finer Foods.

June 24, 2019

Acquisitions Oregon Retail Western

Weingarten Realty Sells 97,147 SF Oak Grove Market Shopping Center in Oregon

by Amy Works June 24, 2019

MILWAUKIE, ORE. — Weingarten Realty has completed the disposition of Oak Grove Market, a four-building shopping center located at 15003-15121 SE McLoughlin Blvd. in Milwaukie. Clackamas Federal Credit Union acquired the 97,147-square-foot asset for an undisclosed price. The buyer plans to occupy the 53,000-square-foot former Safeway space at the property, which was built in 1991 by Gramor Development. Additional tenants include Five Guys, Baxter’s Auto Supply, Bank of America, Panda Express, Credit Concepts and Gentle Dental. Todd VanDomelen and Timothy Pfeiffer of Norris & Stevens represented the buyer, while Connelly Woody and Gary Surgeon of Commercial Realty Advisors Northwest represented the seller in the transaction.

June 24, 2019

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $5.1M Sale of Central Park Plaza Retail Asset in Denver

by Amy Works June 24, 2019

DENVER — Marcus & Millichap has brokered the sale of Central Park Plaza, a shopping center located in Denver’s Stapleton neighborhood. A private investor acquired the property for $5.1 million. Located at 5096 Central Park Blvd., Central Park Plaza features 17,844 square feet of retail space. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer and seller, a private investor, in the deal.

June 24, 2019

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