MANTECA, CALIF. — A Northern California-based family has purchased Stadium Center, a shopping center located at 2120 Daniels St. in Manteca. A Chicago-based REIT sold the property for an undisclosed price. The new owners have retained NAI Benchmark to manage the asset. The 185,000-square-foot shopping center is occupied by Famous Footwear, Mattress Firm, Queenbee Nails & Spa, Subway, Chili’s Bar & Grill, GameStop, Maurice’s, Ross Dress for Less, Supercuts, Jamba Juice, My Kid’s Dentist & Orthodontist, Round Table Pizza, Ulta Beauty, Jo-Ann Fabrics & Crafts, Old Navy, rue21, Wild Wings n’ Things, dressbarn, Justice, Ono Hawaiian BBQ, Stadium Dental Group, Eyebrow Arch, Panda Express and Starbucks Coffee.
NAMPA, IDAHO — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant net-lease investment property, located at 1460 N. Happy Valley Road in Nampa. An East Coast-based real estate investment acquired the property from Atlanta-based RCG-Nampa LLC for an undisclosed price. The tenant, CircusTrix, is a developer, operator and franchisor of indoor active recreation parks. The facility combines super trampoline arrays with obstacle courses, foam pits, slacklines and trapezes. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.
PICO RIVERA, CALIF. — Lee & Associates has arranged the sale of a restaurant property, located at 9209 Telegraph Road in Pico Rivera. NLA Pico Rivera sold the property to Bellside Property Management for $1.2 million. The built-to-suit property was completed in late December for Little Caesars. Situated on 0.2 acres, the 1,252-square-foot building features a drive-thru. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Lee & Associates – Riverside represented the buyer in the deal.
ARCADIA, CALIF. — CalBay Development has purchased a drive-thru restaurant redevelopment site in Arcadia. An undisclosed seller sold the asset for $1.9 million. Totaling 30,000 square feet of land, the property features a 3,000-square-foot building with an expiring lease. The current tenant is Burger King. Rory Holdstock of Pinnacle Estate Properties brokered the transaction.
AUSTIN, TEXAS — World Class Property Co., an Austin-based investment firm headed by Nate Paul, has acquired Arboretum Crossing, a 191,760-square-foot regional power center in Austin. The property is situated on 20 acres at the intersection of three of Austin’s busiest thoroughfares. Tenants include Bed Bath & Beyond, World Market, Mattress Firm and Ferguson Enterprises. The seller was New York-based Kimco Realty Corp.
DETROIT — H&M, a Swedish fashion retailer, has unveiled plans to open its first Detroit location this fall. The trendy clothing retailer has signed a lease with Bedrock, the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans. H&M will occupy a 25,000-square-foot space within three Albert Kahn-designed buildings on the west side of Woodward Avenue. The historic Woodward shopping district was once home to Detroit’s most prominent department stores, including J.L. Hudson’s.
WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Warrenville for $5.4 million. At the time of sale, the 18,000-square-foot property was 93 percent leased to Starbucks, Potbelly Sandwich Works, T-Mobile, Spotted Paw and Jazza Nails. Chad Firsel and Daniel Waszak of Quantum brokered the transaction. A Chicago-based private investor purchased the asset from a Chicago-based investment group.
While Indiana is well known for the Indianapolis 500, the state’s economy is firing on all cylinders and experiencing noteworthy job growth. Indiana’s marketing campaign, “A State That Works,” has been successful in attracting investment to the state by touting its highly ranked business climate, competitive cost of doing business, pro-business tax climate, low cost of living, extensive logistical infrastructure and access to strong educational systems. In June 2018, Bloomberg ranked the Indiana cities of Elkhart (No. 1), Kokomo (No. 3) and Columbus (No. 13) for having the largest employment gains in the country since the recession. The Indianapolis metro area has created one of the nation’s top burgeoning tech scenes with a 68.1 percent increase in tech job growth from 2006 to 2016, landing No. 5 on Forbes’ list of “Cities Creating the Most Technology Jobs.” The state’s stable economy and encouraging unemployment rate have provided strength to the rapidly evolving retail industry. While national news is filled with retail bankruptcies and store closures, there has been tremendous retail activity backfilling vacancies and spurring new development from the following retail sectors: grocery, home living, health and wellness, beauty, fitness, off-price/discount, and dining and entertainment. Backfilling bankruptcies Following the bankruptcy …
AVENEL, N.J. — Marcus & Millichap has brokered the $2.6 million sale of St. George Plaza, a 16,050-square-foot retail property in Avenel. Located at 1144-1162 St Georges Ave., the property is anchored by UPS and H&R Block. Jason Petrick of Marcus & Millichap’s New Jersey office represented the seller in the transaction, the original developer of the property. The buyer was an out-of-state investor.
MCKINNEY, TEXAS — Weitzman has negotiated the sale of McKinney Marketplace, a 16,900-square-foot retail center located approximately 30 miles north of downtown Dallas. Sprouts Farmers Market and LA Fitness shadow-anchor the Class A property, which is leased to tenants such as Hollywood Feed and Little Caesars. Derek Schuster and Kevin Butkus of Weitzman represented the Plano-based buyer in the transaction. Jason Vitorino of STRIVE represented the seller, Malouf Interests, Inc.