Retail

Lee & Associates Arranges 16,000 SF Lease for Fitness Factory Health Club in Yonkers

by David Cohen July 10, 2018

YONKERS, N.Y. — Lee & Associates has arranged a 16,000-square-foot lease at RXR Realty’s Larkin Plaza developmentin Yonkers for Fitness Factory Health Club. Larkin Plaza is a three-building, mixed-use residential and retail project, which will feature 439 residential units. Steve Lorenzo, Mitchell Salmon and Chris Ventura of Lee & Associates represented both the tenant and the landlord, RXR Realty, in the transaction. Fitness Factory Health Club signed a 15-year lease. The health club, which offers strength and cardio equipment, group classes, personal training, and nutrition is scheduled to open in early 2019.

July 10, 2018

Acquisitions North Carolina Retail Southeast

CBRE Negotiates Sale of Publix-Anchored Center in Metro Charlotte

by Camren Skelton July 10, 2018

MOORESVILLE, N.C. — CBRE has arranged the sale of Brawley Commons, a 122,054-square-foot retail center in Mooresville, roughly 30 miles north of Charlotte. Mike Burkard and Steve Shields of CBRE arranged the transaction on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co. Atlanta-based New Market Properties, an affiliate of Preferred Apartment Communities, acquired the property. The purchase price was not disclosed, but the company financed the acquisition using an $18.5 million, first mortgage loan from Nationwide Financial Services Inc. Brawley Commons was constructed in 1998 and redeveloped in 2016 with the addition of a new 49,098-square-foot Publix. Additional tenants at the center include Pet Supermarket, MOD Pizza, Orangetheory Fitness, SuperCuts and Jersey Mikes.

July 10, 2018

Acquisitions Arizona Retail Western

Faris Lee Brokers $9.8M Acquisition of Retail Property in Phoenix

by Amy Works July 10, 2018

PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.

July 10, 2018

Acquisitions Retail Texas

STRIVE Arranges Sale of 111,374 SF Retail Center in Fort Worth

by Taylor Williams July 9, 2018

FORT WORTH, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Westover Village, a 111,374-square-foot retail center in Fort Worth. The property, which houses tenants such as AT&T, Firehouse Subs and SportClips, was close to full occupancy at the time of sale. The site includes additional land for development. Jennifer Pierson of STRIVE represented the seller, a St. Louis-based developer, in the transaction. A Texas-based investor purchased the asset for an undisclosed price.

July 9, 2018

Development Illinois Midwest Restaurant Retail

Englewood Begins Construction of Outback Steakhouse in Gurnee, Illinois

by Kristin Harlow July 9, 2018

GURNEE, ILL. — Englewood Construction has broken ground on a 6,524-square-foot Outback Steakhouse restaurant in Gurnee, located about 45 miles north of Chicago. Outback is relocating from 5642 Northridge Drive in Gurnee. Janet Pugh is the project architect. Tampa-based Bloomin’ Brands is the parent company of Outback. Englewood has recently completed Outback restaurants in Downers Grove, Ill.; Springfield, Ill.; and Merrillville, Ind.

July 9, 2018

Acquisitions California Restaurant Retail Western

Marcus & Millichap Brokers $1.5M Sale of Restaurant Property in Santa Ana, California

by Amy Works July 9, 2018

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a restaurant property located at 1502 S. Main St. in Santa Ana. A private investor sold the property for $1.5 million. Jack in the Box occupies the 1,311-square-foot property on a net-lease basis. Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office represented the seller. Jon Emrani of Marcus & Millichap’s West Los Angeles office represented the buyer, a private investor, in the transaction.

July 9, 2018

Acquisitions Retail Texas

Marcus & Millichap Negotiates Sale of 16,000 SF Shopping Center in Angleton, Texas

by Taylor Williams July 6, 2018

ANGLETON, TEXAS — Marcus & Millichap has arranged the sale of Old Ash Square, a 16,000-square-foot shopping center in Angleton, about 45 miles south of downtown Houston. The property was fully leased at the time of sale to tenants such as State Farm Insurance, Alamo Title and USDA. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a local developer, in the transaction. Other terms of sale were not disclosed.

July 6, 2018

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers Sale of 138,895 SF Retail Center Near Newark

by David Cohen July 6, 2018

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of Kearny Square, a 138,895-square-foot retail center in Kearny. The retail center was delivered in 2016 and is anchored by BJ’s Wholesale Club and ShopRite. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Seth Pollack, and Frank DiTommaso II of Cushman & Wakefield represented the seller, the original developer, in the transaction. Bentall Kennedy’s U.S. Core Fund purchased the property for an undisclosed amount. Kearny Square was 100 percent leased to 13 tenants at the time of the sale.

July 6, 2018

Acquisitions Midwest Minnesota Net Lease Retail

Marcus & Millichap Negotiates $3.1M Sale of Building Net Leased to Preschool in Eden Prairie, Minnesota

by Kristin Harlow July 6, 2018

EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $3.1 million sale of a 10,816-square-foot building net leased to Prestige Preschool Academy in Eden Prairie, approximately 18 miles southwest of Minneapolis. The preschool, located on Mitchell Road, was constructed as a build-to-suit for Prestige this spring. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap marketed the property on behalf of the undisclosed seller. The team also procured the buyer. The asset traded as part of a 1031 exchange.

July 6, 2018

Acquisitions Retail Southeast Virginia

Calkain Arranges $6.1M Sale of Retail Strip Center in Northern Virginia

by Camren Skelton July 6, 2018

LEESBURG, VA. — Calkain Cos. has arranged the $6.1 million sale of a multi-tenant strip center located at 400-416 Sycolin Road S.E. in Leesburg, a city in northern Virginia. The sales price equates to $440 per square foot. The names of the buyer and seller were not disclosed. A 9,300-square-foot Kiddie Academy anchors the center, which is co-located with a Walgreens.

July 6, 2018

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