APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.
HOUSTON — Houston-based Gordon Partners has acquired University Plaza, a 95,960-square-foot retail center in Houston. The property was built in 1979 and is leased to tenants such as Goodwill, Dollar Tree, Arby’s and The UPS Store. Micha van Marcke and Chace Henke of EDGE Realty Capital Markets represented the undisclosed seller in the transaction.
COOKEVILLE, TENN. — CBL Properties, along with Browning Development Solutions and CHM LLC, has opened The Shoppes at Eagle Point, a power retail center located on Interstate Drive in Cookeville. Publix, Academy Sports + Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival and Ulta Beauty anchor the 228,000-square-foot shopping center. Additional tenants include Panera Beach and Chipotle Mexican Grille, among other shops and restaurants.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.
WARNER ROBINS, GA. — Palomar Group and Berkeley Capital have brokered the sale of Crossroads Marketplace, a retail property located on Watson Boulevard in Warner Robins, about 19 miles south of Macon. A Georgia-based 1031 exchange buyer acquired the property from a Charlotte-based regional investment group for $11.6 million. Best Buy and Bed Bath & Beyond anchor the 78,832-square-foot retail center. Ryan McArdle, David Rivers, Steve Collins, Jefferson Knox and Lee Malchow of Palomar Group, along with Berkeley Capital, handled the transaction.
SPRING VALLEY, N.Y. — Meridian Capital Group has arranged a $22 million loan to refinance Central Crossing, a 115,000-square-foot shopping center in Spring Valley. Located at 175 East Central Ave., the shopping center is currently 98 percent leased to a tenant roster that includes Food Fair, Planet Fitness and Popeyes. Eli Serebrowski of Meridian secured the financing for the undisclosed borrower through a balance sheet lender. The loan features 10-year term with a rate of 4.2 percent and a 30-year amortization schedule.
WINDSOR, VT. — Marcus & Millichap has brokered the $2.3 million sale of Price Chopper Plaza, a 30,674-square-foot, grocery-anchored shopping center in Windsor. Located at 2781 US Route 5, the center is occupied by three service-based tenants, including Price Chopper, a regional grocery operator that has been at the site since 1998. The other tenants at the property include Dollar General and Aubuchon Hardware. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller, Gary Richetelli of Commercial Development Co., in the transaction. The buyer was a real estate investment firm based in Pittsburgh.
CEDAR PARK, TEXAS — Retail Solutions has brokered the sale of a 6,600-square-foot, single-tenant retail property leased to Dave’s Ultimate Automotive in Cedar Park, a northern suburb of Austin. According to LoopNet Inc., the property was built in 1986. Alan Rust and Dave Burggraaf of Retail Solutions represented the seller in the transaction. David Stojanik of NAI Partners represented the buyer. Both parties requested anonymity.
CHARLOTTE, N.C. — A joint venture between private equity firms Durational Capital Management LP and The Jordan Company LP has agreed to acquire chicken-and-biscuits chain Bojangles’ Inc. for $593.7 million in an all-cash transaction. Bojangles’ (NASDAQ: BOJA) stockholders will receive $16.10 in cash for each share held, representing a 15 percent premium to the closing share price of Sept. 27, a day prior to a published report by Reuters that the company was exploring alternatives including a sale. The deal is expected to close in the first quarter of 2019 and is subject to shareholder approval. Once the transaction closes, Bojangles’ will operate as an independent, privately held company based in Charlotte. “For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand,” says Randy Kibler, Bojangles’ interim president and CEO. “The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades.” Jack Fulk and Richard Thomas founded Bojangles’ in Charlotte in 1977. As of July 1, 2018, the company had 766 locations, of which 325 were company operated and 441 were franchised. The locations are primarily located in the Southeastern United States. “Bojangles’ is …
MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has unveiled its plans to close 20 underperforming stores in the United States as part of its ongoing strategic reassessment. Additionally, the company will close 31 Canadian stores. The Mooresville-based home improvement retailer stated that most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of affected stores are located within 10 miles of another Lowe’s store. Lowe’s expects to close the impacted stores by Feb. 1, 2019, which is the end of the company’s 2018 fiscal year. The list of the closed stores can be found here. The company intends to conduct store-closing sales for most of the impacted locations, with the exception of select stores in the U.S. that will close immediately. “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” says Marvin Ellison, president and CEO of Lowe’s. Previously the CEO of J.C. Penney, Ellison was appointed over the summer to lead Lowe’s, taking over for Robert Niblock. Shortly after the hire, Lowe’s announced plans to close all 99 Orchard Supply Hardware stores, as well as a …
