Retail

HFF Arranges $28.2M Sale of Publix-Anchored Retail Center in Metro Nashville

by Camren Skelton February 7, 2018

MOUNT JULIET, TENN. — HFF has arranged the $28.2 million sale of Providence Commons, a 110,137-square-foot shopping center located at 631 S. Mt. Juliet Road in Mount Juliet, an eastern suburb of Nashville. Jim Hamilton and Richard Reid of HFF arranged the transaction on behalf of the seller, Boyle Investment Co. Boyle will continue to provide development, leasing and management services for the property. The name of the buyer was not disclosed. Publix anchors Providence Commons, which was fully leased at the time of sale to additional tenants including Tuesday Morning, Anytime Fitness, Pizza Hut, Subway, Edible Arrangements, Moe’s Southwest Grill, Salons by JC, Precision Eye Care and PostalAnnex, an authorized UPS shipping outlet. The property also includes seven acres of developable land.

February 7, 2018

Midwest Ohio Retail Top Stories

UK-based EG Group to Buy Kroger’s Convenience Store Business for $2.1B

by Nellie Day February 7, 2018

CINCINNATI — United Kingdom-based EG Group has agreed to acquire Kroger’s (NYSE: KR) convenience store business for $2.1 billion. Kroger’s convenience store arm employs 11,000 workers in 18 states across 66 franchise operations. The stores operate under the brands Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger’s convenience store business generated $4 billion in revenue, including the sale of 1.2 billion gallons of fuel, in 2016. EG Group will establish its North American headquarters in Cincinnati and continue to operate the stores under their established brand names. It is the company’s first venture in the United States. Kroger’s supermarket fuel centers and its Turkey Hill Dairy are not included in the sale. Kroger plans to use net proceeds from the sale to repurchase shares and to lower its ratio of net total debt to adjusted EBITDA. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Kroger, with Weil, Gotshal & Manges LLP acting as legal advisor. Morgan Stanley, Bank of America Merrill Lynch and Barclays are acting as financial advisors to EG Group, while Allen & Overy is acting as legal advisor. EG Group was founded in 2001 by brothers Zuber and …

February 7, 2018

California Restaurant Retail Western

Cracker Barrel Old Country Store Opens First California Location

by Nellie Day February 6, 2018

VICTORVILLE, CALIF. — Cracker Barrel Old Country Store has opened its newest location in Victorville, which is the first Cracker Barrel store to open in the Golden State. The restaurant combines dining and shopping. Each Cracker Barrel location is decorated with authentic artifacts, memorabilia and signage collected by a team of Americana experts. In Victorville, Cracker Barrel’s new store celebrates the history and culture of the local area through decorative walls that pay homage to the famous Route 66, the area’s contributions to the film industry and to California’s Gold Rush era. Guests can also shop in the old country store for toys, games, food items, apparel, accessories and other items. Cracker Barrel Old Country Store Inc. was established in 1969 in Lebanon, Tenn. Cracker Barrel and its affiliates operate 649 company-owned Cracker Barrel Old Country Store locations in 45 states and own the fast-casual Holler and Dash restaurants.

February 6, 2018

Florida Mixed-Use Retail Southeast

Encore Signs First Tenants to Retail Portion of $750M Mixed-Use Project in Orlando

by Camren Skelton February 6, 2018

ORLANDO, FLA. — Encore Capital Management has unveiled the first retailers to join the 200,000-square-foot SunsetWalk at Margaritaville Resort Orlando. SunsetWalk will anchor the $750 million, 300-acre Margaritaville Resort development. At full build-out, the project will feature a 187-room Margaritaville hotel, 900 resort rental homes, 300 timeshare units and a 12-acre waterpark. The project is currently under construction near U.S. Highway 192 and State Road 429, across the street from Disney’s Animal Kingdom. The largest tenant to join SunsetWalk is Studio Movie Grill, a 40,000-square-foot theater that will feature 12 screens and more than 1,000 recliners. GameTime will also join the development, opening a 24,000-square-foot entertainment center that will include a restaurant, sports bar, video arcade games, prize machines and more than 60 TVs. Country band Rascal Flatts will open a themed restaurant at the development that will feature a full-service bar, live entertainment and retail space. In addition, Rock & Brews — a restaurant associated with musicians Gene Simmons and Paul Stanley — will join SunsetWalk. Other confirmed tenants at the development include Skechers, Bahama Bucks, Avalon Day Spa, Café Rio, Cold Stone Creamery, Paradise Spirits and Wine and BugerFi. The first phase of SunsetWalk is expected to open in November.

February 6, 2018

Georgia Loans Office Retail Southeast

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

Restaurant Retail Texas

Private Investor to Develop 31,500 SF Food Hall, Parking Garage in Downtown Houston

by Taylor Williams February 6, 2018

HOUSTON — An undisclosed private investor will develop Lyric Market, a 31,500-square-foot food hall that will be located at the corner of Louisiana and Preston streets in downtown Houston. The development includes the construction of an 801-space parking garage. Set to open this fall, the concept will include a bakery, sushi bar, ice cream shop and wine and cocktail bars. Matthew Putterman of HFF arranged an undisclosed amount of construction financing on behalf of the developer through Origin Bank.

February 6, 2018

Midwest Net Lease Retail South Dakota

Boulder Group Negotiates $1.1M Sale of Net Leased Dollar General in Howard, South Dakota

by Kristin Harlow February 6, 2018

HOWARD, S.D. — The Boulder Group has negotiated the sale of a 9,026-square-foot property net leased to Dollar General in Howard, approximately 70 miles northwest of Sioux Falls, S.D., for $1.1 million. The newly constructed property is located at 23300 435th Ave. along Highway 34. Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. A Northeast-based private investor purchased the property from a Midwest-based developer. Dollar General has over 14 years remaining on its lease.

February 6, 2018

Georgia Restaurant Retail Southeast Top Stories

Arby’s Completes $2.9B Acquisition of Buffalo Wild Wings, Launches New Company

by Kristin Harlow February 6, 2018

ATLANTA — Arby’s Restaurant Group Inc. has completed its $2.9 billion acquisition of Buffalo Wild Wings Inc. As part of the transaction, the company launched a new restaurant company known as Inspire Brands Inc. The company will oversee the growth of Arby’s, Buffalo Wild Wings and an emerging brand, R Taco. More than 4,600 company-owned and franchised restaurants across 15 countries are within Inspire’s portfolio. The combined global sales of its restaurants in 2017 exceeded $7.6 billion. “We believe the time is right to create a different kind of restaurant company — one with a broad portfolio of distinct brands across a full spectrum of restaurant occasions,” says Paul Brown, CEO of Inspire Brands. “Our goal is to build an organization that leverages the benefits of scale, not only to save cost, but also to enable outsized investments in long-term growth initiatives.” Inspire is designed to enable each individual brand to benefit from and build off the strengths of the others. Brown of Arby’s and Neal Aronson of Roark Capital Group, a private equity firm, co-founded Inspire. The company’s headquarters will be based in Atlanta with a support center in Minneapolis. Founded in 1964, Atlanta-based Arby’s is a sandwich restaurant …

February 6, 2018

Retail Texas

Topgolf Opens 65,000 SF Venue in El Paso

by Taylor Williams February 5, 2018

EL PASO — Dallas-based Topgolf has opened a 65,000-square-foot, three-level venue in the Mesa Hills neighborhood on El Paso’s north side. The El Paso venue is the company’s 10th in Texas and its 52nd in the country, including facilities opening soon in markets such as Albuquerque, Columbus, Miami, Pittsburgh and St. Louis. More than 500 full- and part-time employees were hired in advance of the opening.

February 5, 2018

Connecticut Northeast Retail

Pearce Real Estate Negotiates $5.5M Acquisition of Retail Property in Rocky Hill, Connecticut

by Amy Works February 5, 2018

ROCKY HILL, CONN. — Pearce Real Estate has arranged the acquisition of a retail property located at 323 Cromwell Ave. in Rocky Hill. Jordan Realty purchased the property from Broad Street III for $5.5 million. CVS/pharmacy occupies the 15,000-square-foot building. DeForest Smith of Pearce Real Estate represented the buyer in the 1031 exchange transaction.

February 5, 2018

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