WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 6700 Park Ave. in West New York. A private investor sold the 16,000-square-foot property for $2.9 million. The building features 18 apartment units and one commercial storefront. Andrew Zuckerman of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
LEXINGTON, KY. — Mid-America Real Estate Corp. has brokered the $59.8 million sale of two Kroger-anchored shopping centers in Lexington: Tates Creek Centre and Millpond Center. Branch Properties acquired both assets in a single transaction. Joe Girardi of Mid-America arranged the sale on behalf of the seller, Weingarten Realty. The 196,028-square-foot Tates Creek Centre is home to tenants such as Proof Fitness, Rite Aid, MOD Pizza, PNC Bank and H&R Block. Millpond Center totals 124,498 square feet and is home to tenants such as Workout Anytime, Subway and Pizza Hut.
RALEIGH, N.C. — Williams Realty & Building Co., in conjunction with Kane Realty Corp. and capital partner Lionstone Investments, has received construction financing for the development of a high-rise mixed-use project in Raleigh’s central business district. Colby Mueck, Roger Edwards and Travis Anderson of HFF arranged the construction loan through New York Life Insurance Co. Other terms of the financing were not disclosed. The property is located at the southwest corner of West Peace and North West streets, next to the future 16-acre Devereux Meadows Park. The first phase of the project will include a 45,600-square-foot Publix store, 5,340 square feet of inline retail space, 417 multifamily units and a 735-space structured parking garage. The residential portion will include studio to three-bedroom units averaging 898 square feet. The development team expects to deliver the first phase in mid-2019. Future phases will include additional residential and retail space, along with office and hotel space.
DAYTONA BEACH, FLA. AND CHATTANOOGA, TENN. — CBL Properties has signed leases with five new restaurants at shopping malls in Daytona Beach and Chattanooga. The new dining options are part of the redevelopment of two former Sears Auto Centers, which CBL acquired in 2017. Bonefish Grill, Metro Diner and The Casual Pint will join the tenant mix at Volusia Mall in Daytona Beach. Tennessee-based Aubrey’s and Panda Express will open at Northgate Mall in Chattanooga. Construction on both mall redevelopments will begin in March, with an expected opening for all five eateries this fall.
MANITOWOC, WIS. — Panera Bread has signed a 4,300-square-foot lease in Manitowoc, about 40 miles southeast of Green Bay. The fast casual restaurant will occupy the space at 4626 Calumet St. Joe Kleiman and Dan Cohen of Mid-America Real Estate-Wisconsin LLC represented Panera in the lease transaction. The landlord was not disclosed.
SUGAR LAND, TEXAS — Rubicon Realty Group LLC has begun work on The Crossing at Telfair, a 45,000-square-foot retail center located at the intersection of State Highways 6 and 90 in the southwestern Houston metro of Sugar Land. Tenants will include H-E-B, Jersey Mike’s, Whataburger, Navy Federal Credit Union and AT&T. Delivery is slated for this fall.
MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of a 13,562-square-foot retail property located at 32818 Tamina Road in Magnolia, about 45 miles northeast of Houston. The property had a listing price of approximately $2.5 million. David Fisher and Thomas Costello of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not released.
CRANBERRY TOWNSHIP, PA. — M&J Wilkow, along with ALTO Real Estate Funds, has acquired Cranberry Square, a retail center located in Cranberry Township, outside of Pittsburgh. The property was acquired for $23.5 million. At the time of sale, the 195,165-square-foot property was fully occupied by a variety of tenants, including Field & Stream, Best Buy and Barnes & Noble. The name of the seller was not released.
TOMS RIVER, N.J. — Progress Capital has secured a $6.5 million construction loan for the development of a retail and office center located near the intersection of Hooper Avenue and Yorktown Boulevard in Toms River. The 40,000-square-foot property will also feature an adjoining 4,140-square-foot pad site. David Cappello of Progress Capital arranged the financing for the undisclosed borrower. The 18-month loan was funded by Procida’s 100 Mile Fund and represents 67 percent of the project’s total cost. The property is currently pre-leased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams Brokerage office. The development is slated for completion this summer.
DENVER — Chipotle Mexican Grill’s board of directors has appointed Brian Niccol as CEO and a member of the board, effective March 5, 2018. Niccol most recently served as CEO of Yum! Brands’ Taco Bell division. Prior to joining Chipotle, Niccol was at Taco Bell from 2011 and served as CEO from January 2015 and president from 2013 to 2014. Under his leadership, he repositioned Taco Bell as a lifestyle brand and launched numerous product initiatives, including the new breakfast daypart. He transformed Taco Bell into a social media leader and revolutionized its digital approach through mobile ordering and payment across its 7,000 restaurants. Prior to Taco Bell, Niccol held leadership roles at Pizza Hut, including vice president of strategy, chief marketing officer and general manager. Chipotle opened with a single restaurant in Denver in 1993 and now operates more than 2,400 restaurants. As a result of the move, Julie Felss Masino, president of Irvine, Calif.-headquartered Taco Bell North America, and Liz Williams, president of Taco Bell International, will assume leadership of the Taco Bell division in their respective roles, reporting to Yum! Brands CEO Greg Creed. Masino joined Taco Bell in January 2018 from Mattel and, prior to that, …