Retail

SRS Arranges $3.4M Sale of Red Robin-Occupied Restaurant Property Near Disneyland

by Amy Works February 1, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.

February 1, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $12.9M Sale of Property Net Leased to Jewel-Osco in Illinois

by Kristin Harlow February 1, 2019

LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.

February 1, 2019

Acquisitions Retail Texas

First Washington Acquires Sprouts-Anchored Retail Center in Dallas

by Taylor Williams January 31, 2019

DALLAS — Maryland-based investment firm First Washington Realty Trust has acquired The Shops at Lake Highlands Town Center, a 63,209-square-foot retail center in Dallas. Anchored by Sprouts Farmers Market, the property is situated within the Lake Highlands Town Center mixed-use development on the city’s northeastern side. The seller was not disclosed.

January 31, 2019

Acquisitions California Restaurant Retail Western

Paragon Commercial Sells In-N-Out Burger Ground Lease in San Jose for $6.9M

by Amy Works January 31, 2019

SAN JOSE, CALIF. — Paragon Commercial Group has completed the sale of a ground lease for an In-N-Out Burger located at the corner of Great Oaks Parkway and Cottle Road in San Jose. A private Bay Area buyer acquired the property for $6.9 million. In 2014, Paragon began work to acquire a former parking lot site and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The property is currently under construction and is expected to open in first-quarter 2019. Christopher Sheldon of Cushman & Wakefield represented Paragon, while Andy Chana of Sands Investment Group represented the buyer in the deal.

January 31, 2019

Loans Midwest Minnesota Retail

Sterling Organization Receives $7M Refinancing for 137,396 SF Retail Center Near Minneapolis

by Kristin Harlow January 31, 2019

BURNSVILLE, MINN. — Sterling Organization has received a $7 million loan for the refinancing of Burnsville Market, a 137,396-square-foot retail centered anchored by Cub Foods in Burnsville. The property is situated on 16 acres at 1750 County Road 42 West. Chris Drew, Nat Scarmazzi, Matthew McCormack and Jules Sherwood of HFF arranged the three-year, fixed-rate bridge loan with RGA Reinsurance Co. Loan proceeds will be used to implement the borrower’s redevelopment plans.

January 31, 2019

Loans Midwest Nebraska Retail

NorthMarq Arranges Refinancing for Two Retail Properties in Lincoln, Nebraska

by Kristin Harlow January 31, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged two loans for the refinancing of two retail properties in Lincoln. Steve Ruff arranged a $1.8 million refinancing for Williamsburg Retail, a 16,709-square-foot property located on Village Drive. A life insurance company provided the loan, which is fully amortized over 20 years. Ruff also arranged a $1 million loan for the refinancing of GlynOaks Plaza, a 6,032-square-foot building located at 5025 Lindberg St. Rock ‘n’ Joe Coffee Bar is the tenant. A life insurance company provided the loan, which is fully amortized over 15 years.

January 31, 2019

Alabama Leasing Activity Retail Southeast

Halpern Enterprises Signs Culver’s, Aldi at Shopping Center in Phenix City, Alabama

by Alex Tostado January 30, 2019

PHENIX CITY, ALA. — Halpern Enterprises has signed Culver’s and Aldi to join the tenant lineup at Phenix City Marketplace in Phenix City. Smyrna, Ga.-based Halpern Enterprises is designing the 18-acre site that sits adjacent to Chick-fil-A, Verizon Wireless, McDonald’s, Precision Auto Tune and Waffle House. The site is also across from a Walmart Supercenter and next to Encompass Health’s Regional Rehabilitation Hospital. Phenix City Marketplace is located along U.S. Highway 280 about four miles from downtown Columbus, Ga.

January 30, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $1.3M Sale of New Family Dollar-Occupied Building Near Athens, Georgia

by Alex Tostado January 30, 2019

HULL, GA. — Marcus & Millichap has arranged the $1.3 million sale of a Family Dollar-occupied building in Hull, about seven miles north of Athens. The 8,247-square-foot building was delivered in 2018. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Butler Properties & Development, in the transaction. Joe Siemienowski of Siemienowski & Associates represented the buyer, ALBOC137 LLC.

January 30, 2019

Development Retail Texas

Cinemark to Open 14-Screen Theater at Cottonwood Creek Market in Waco

by Taylor Williams January 30, 2019

WACO, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) will open a 14-screen theater within Cottonwood Creek Market, a mixed-use development in Waco by Houston-based NewQuest Properties. The venue, which is expected to open in spring 2020, will feature electric-powered, oversized recliners, wall-to-wall screens with enhanced sound systems and expanded food and beverage options. Cottonwood Creek will ultimately offer a total of 285,000 square feet of retail, restaurant and entertainment space, as well as office space and multifamily units.

January 30, 2019

Development Illinois Midwest Restaurant Retail

Velvet Taco to Open Second Chicago Location at Lincoln Common Development

by Kristin Harlow January 30, 2019

CHICAGO — Velvet Taco, a Texas-based fast casual restaurant, will open its second Chicago location at Lincoln Common, a mixed-use project located in the heart of Chicago’s Lincoln Park. The restaurant will occupy 2,572 square feet beginning in mid- to late-2019. Lincoln Common, currently under development by McCaffery Brokerage and Hines, will feature residential, office, dining, fitness and retail space. Previously announced tenants include Kohler Waters Spa and Equinox Fitness.

January 30, 2019

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