LINCOLNSHIRE, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Culver’s in Lincolnshire for $1.7 million. The building is situated on three acres at 401 Milwaukee Ave. Randy Blankstein and Jimmy Goodman of Boulder brokered the transaction. A Chicago-based real estate company sold the asset to a private investor. Culver’s is a fast-casual restaurant chain that operates primarily in the Midwest and is known for its frozen custards and burgers.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of two multi-tenant pads adjacent to the Walmart Supercenter in Lancaster, approximately 70 miles north of downtown Los Angeles. San Diego-based The Niki Group and Costa Mesa, Calif.-based Wood Investment Cos. sold the properties to a Los Angeles-based private buyer for $6 million. Eric Wohl, Ed Hanley and Andrew Cunningham of Hanley Investment Group represented the sellers, while James Chin of Los Angeles-based Realtex Properties represented the buyer in the deal. Built in 2003, the fully occupied buildings total 13,760 square feet. AT&T, Papa John’s, Advance America and Mi Ranchito Mexican Bar & Grill occupy the 7,500-square-foot Pad B building, which is located at 1721 E. Avenue J. Panda Express, Smoke Rings, GameStop and It’s a Grind occupy the 6,260-square-foot Pad G building, located at 44421 20th St. East.
NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …
NAPLES, FLA. AND KENNESAW, GA. — The Sembler Co. and Forge Capital Partners have purchased a pair of Publix-anchored shopping centers in Naples, Fla., and Kennesaw, Ga. The companies purchased the centers for an undisclosed price via their Forge Real Estate Partners IV (FREP) investment fund. The properties include the 59,893-square-foot Naples Lake Village Center and the 68,744-square-foot Kennesaw Walk. Sembler will serve as the property manager and leasing agent for both properties. Including these properties, Sembler and Forge have acquired 14 shopping centers in the Southeast and Texas using their FREP investment vehicles.
LONGWOOD, FLA. — SRS Real Estate Partners has arranged the $6.3 million sale of Shoppes at Village Square, a 61,200-square-foot shopping center located at 851 E. State Road 434 in Longwood, about 14 miles north of downtown Orlando. The center was 88 percent leased at the time of sale to tenants such as O’Reilly Auto Parts, Sherwin-Williams and CrossFit Evolution. Kevin Yaryan of SRS’ Investment Properties Group in Orlando represented the seller, Harvest Holdings LLC, in the transaction. Trey Gravenstein of First Capital Property Group represented the buyer, Shoppes at Village Square LLC.
TUSCALOOSA, ALA. — GBT Realty has signed HomeGoods and Shoe Station to lease space at McFarland Plaza, a 234,000-square-foot retail power center located at 2600 McFarland Blvd. in Tuscaloosa, about one mile south of the University of Alabama. HomeGoods will backfill a former Toys ‘R’ Us store spanning 23,000 square feet, and Shoe Station will lease 11,900 square feet. The center was 97 percent leased at the time of sale to tenants such as Ross Dress for Less, T.J. Maxx, Stein Mart, Cato Fashions, Michaels and Pet Supplies Plus. GBT Realty’s leasing team is currently seeking quick-service restaurants, financial services, medical/dental chains and other service providers to fill McFarland Plaza’s remaining small shop space.
FORT WORTH, TEXAS —BMC Capital has arranged a $4.4 million acquisition loan for a multi-tenant retail property in Fort Worth. The loan featured a 10-year term, fixed interest rate of 5.25 percent and a 75 percent loan-to-value structure. The borrower and property name were not disclosed.
HOUSTON — Cushman & Wakefield has closed the sale of Bissonnet Corner, a 12,768-square-foot strip retail center in the Bellaire neighborhood of Houston. The property, which was built in 2008, includes a mix of local retailers, including Saltillo Mexican Kitchen and Bissonnet Dental. Chris Harden, Kris Von Hohn and Ryan Duffie of Cushman & Wakefield represented the private seller in the transaction. The buyer was an undisclosed private investor.
KING OF PRUSSIA, PA. — German discount grocer Aldi will open a 19,230-square-foot store at 197 E. Dekalb Pike in Montgomery County, Pa., this spring. The retail property will be situated at the 119,000-square-foot King of Prussia Center, about 20 miles northwest of Philadelphia. Jeffrey Cohen and Nelson Wax of CBRE represented the landlord, D&P Associates, in the lease negotiations. The family-owned business developed the mall beginning in the 1980s.
FRESNO AND PORTERVILLE, CALIF. — CBRE has negotiated the sales of two Smart & Final grocery stores in Central California. A private investor acquired the properties as corporate leasebacks for a combined total of $14.8 million. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, a Los Angeles-based grocery chain with more than 300 locations in the western United States. Jerry Suyderhoud of Newmark Knight Frank represented the buyer in the deal. The properties are a 33,150-square-foot Smart & Final, located at 2425 Blackstone Ave. in Fresno, and a newly built, 31,341-square-foot property at 1419 W. Olive Ave. in Porterville. The Fresno asset was built in 1991 and renovated in 2018.
