Retail

Neuman Commercial Arranges $18.2M Sale of Grocery-Anchored Shopping Center in Baltimore

by Alex Tostado April 9, 2019

BALTIMORE — Neuman Commercial Group has arranged the $18.2 million sale of Alameda Marketplace, a 124,000-square-foot shopping center anchored by Shoppers Food in Baltimore. The asset was 90 percent leased at the time of the sale to 15 tenants including Walgreens, Family Dollar, Rent-A-Center, Planet Fitness, Fresenius Medical, Rainbow and Bank of America. Gil Neuman of Neuman Commercial represented the sellers, Atlantic Realty Co. and Walton Street Capital, in the transaction. The buyer was a private regional investment group. This is the second time that Neuman Commercial has represented the seller in selling Alameda Marketplace. In 2014, Continental Realty Co. sold the property to Atlantic Realty for $11.3 million.

April 9, 2019

Acquisitions Georgia Retail Southeast

Cole Credit Property Trust Sells LA Fitness-Anchored Retail Center in Metro Atlanta

by Alex Tostado April 9, 2019

DOUGLASVILLE, GA. — Cole Credit Property Trust IV Inc. has sold Village at Chapel Hill, a 62,719-square-foot, LA Fitness-anchored retail center in Douglasville, about 20 miles west of downtown Atlanta. The asset was built in 2009 and was 97 percent leased at the time of the sale. The property is shadow-anchored by Aldi and includes other tenants such as Yogli Mogli, One Main Financial, Chapel Hill Dentistry and Blue Agave Mexican Restaurant. Jim Hamilton, Brad Buchanan, Mike Allison and Andrew Kahn of HFF represented the seller in the transaction. LBX Investments bought the retail center. The sales price was not disclosed.

April 9, 2019

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.5 Million Sale of Raising Cane’s Location in Southern California

by Amy Works April 9, 2019

FONTANA, CALIF. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated on 0.6 acres within a Sprouts Farmers Market-anchored retail center in Fontana. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. Kevin Boeve of Marcus & Millichap represented the buyer, a private investor based in Covina, Calif.

April 9, 2019

Acquisitions Arizona Retail Western

Del Mar Ventures Buys Campbell Crossing Retail Center in Phoenix with Plans to Renovate

by Amy Works April 9, 2019

PHOENIX — Del Mar Ventures Group has acquired Campbell Crossing, an infill retail center located at 4514 N. 16th St. in Phoenix. MCK Realty sold the property for $2.5 million, or $105.37 per square foot. The 1980s-vintage asset features 23,725 square feet across with 15 suites, with five tenants currently in place. Del Mar Ventures plans to remodel the property and change the tenant mix. The firm plans to reposition Campbell Crossing as a high-end retail destination by updating and modernizing building exteriors and interiors and installing high-quality tenants. Jerry Jacobs and David Guido of Newmark Knight Frank represented the buyer in the transaction.

April 9, 2019

Development Midwest Missouri Restaurant Retail

Raising Cane’s to Open in Belton, Missouri

by Kristin Harlow April 9, 2019

BELTON, MO. — Raising Cane Restaurants LLC has received approval from the Belton Planning Commission to build a 3,160-square-foot restaurant near I-49 in Belton. The $1.5 million development will consist of a one-story drive-thru restaurant on a 1.7-acre lot at 1599 E. North Ave. The Raising Cane’s Chicken Fingers restaurant will include an indoor dining room with 80 seats, a covered outdoor area with 25 seats and 36 parking spaces. PM Design Group is the architect and Premier Design Group is the project engineer. The restaurant is slated for a 2020 opening.

April 9, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers $2M Sale of Retail Property in Queens

by David Cohen April 9, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $2 million sale of a retail property in Astoria, Queens. Located at 31-79 Steinway St., the 2,250-square-foot property is a single-story retail building with a full basement. The property offers an additional 4,500 square feet of air rights for future development. Stephen Preuss and Andreas Efthymiouof Cushman & Wakefield represented the seller, Steinway Sports & Recreation Center Inc., in the transaction. The buyer was ABS Partners Real Estate, a locally based investment firm.

April 9, 2019

Acquisitions Company News Restaurant Retail Texas Top Stories

Chuck E. Cheese to Trade on New York Stock Exchange Following $1.4B Merger

by John Nelson April 9, 2019

IRVING, TEXAS — Following a merger with the parent company of the Chuck E. Cheese brand, London-based Leo Holdings Corp. plans to rebrand itself and take the new company public on the New York Stock Exchange (NYSE) under the ticker symbol “CEC.” The enterprise value of the combined company, which will be known as Chuck E. Cheese Brands Inc., is estimated at $1.4 billion. Leo Holdings, which is self-described as a special purpose acquisition firm, has entered into a “definitive business combination agreement” with Queso Holdings Corp., which is the parent company of CEC Entertainment Inc., the owner, operator and leading franchisor of the family dining and entertainment brand Chuck E. Cheese. The other principal in the merger agreement is Queso’s controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management LLC (NYSE: APO), a publicly traded equity firm based in New York. CEC Entertainment is based in the Dallas suburb of Irving and also owns, operates and franchises Peter Piper Pizza, a family dining concept. As of year-end 2018, CEC Entertainment and its franchisees operated a system of 606 Chuck E. Cheese venues and 144 Peter Piper Pizza restaurants, with locations in 47 states and …

April 9, 2019

Acquisitions Midwest Restaurant Retail Wisconsin

Quantum Brokers $2.8M Sale of Popeyes-Occupied Property in Fitchburg, Wisconsin

by Kristin Harlow April 8, 2019

FITCHBURG, WIS. — Quantum Real Estate Advisors Inc. has brokered the $2.8 million sale of a Popeyes-occupied property in Fitchburg, just south of Madison. The 4,442-square-foot building is located at 2844 Fish Hatchery Road. Popeyes has approximately 20 years left on its lease. Chad Firsel and Zack Hilgendorf of Quantum brokered the transaction. A private buyer based in Seattle purchased the property from a Chicago-based developer.

April 8, 2019

Acquisitions California Retail Western

Colliers Brokers $13.6M Sale of Harbor Club Retail Condos in San Diego’s Marina District

by Amy Works April 8, 2019

SAN DIEGO — Colliers International San Diego has arranged the sale of the retail spaces at Harbor Club, a residential and retail building located in downtown San Diego. One Harbor sold the assets to Tower Investments for $13.6 million. Located at 285 J St., 100 J St., 200 Harbor Drive and 330 Third Ave., the property features 42,810 square feet of retail space. Current tenants include Morton’s The Steakhouse, Striders Clubhouse, Robert Cromeans Salon, San Diego Wine & Culinary Event Center, and the Luxe Lounge and Spa. Bill Shrader of Colliers’ Urban Property Team represented the seller and buyer in the deal.

April 8, 2019

Leasing Activity Retail Top Stories

Parent Company of Kay, Zales, Jared to Close 150 Jewelry Stores

by Taylor Williams April 8, 2019

HAMILTON, BERMUDA — Signet Jewelers (NYSE: SIG), which owns jewelry retailers Kay, Zales and Jared, will close approximately 150 North American stores after the 2019 holiday shopping season, the company said in its latest earnings report. These store closings follow Signet’s previous shuttering of 262 stores, most of them in North America, and are part of a larger downsizing program that will reduce the Bermuda-based retailer’s total store count by 13 percent over a three-year period. According to the earnings report, Signet’s same-store sales declined by 2 percent during the fourth quarter of the most recent fiscal year, which ended on Feb. 2, 2019. Same-store sales were projected to drop by another 2.5 percent during the current fiscal year. In a statement, Signet CEO Virginia Drosos pointed to several factors behind the company’s struggles, including increased competition in the jewelry space and weak demand from the United Kingdom market. Drosos also noted that sales of select merchandise for the holiday season fell below projections. A Signet spokesperson also told Business Insider that the broader struggles of American malls, in which many Signet stores are housed, contributed to the decision to close this wave of stores. “Signet is too highly exposed …

April 8, 2019

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