CORDOVA, TENN. — Titkin Real Estate Investment Services (TREIS) has brokered the $5.2 million sale of Cordova Village, a 30,000-square-foot shopping center located at 1315 N. Germantown Parkway in Cordova, roughly 23 miles east of Memphis. Adam Titkin and Cliff Weisner of TREIS arranged the transaction on behalf of the seller, Cordova TN LLC. HAO Investment Co. acquired the asset. Cordova Village was 92 percent leased at the time of sale to tenants such as PPG Paints, Subway and Domino’s Pizza.
SANTA MARIA, CALIF. — KeyBank Real Estate Capital has provided a $26.8 million CMBS first-mortgage loan for Enos Ranch Retail, a shopping center in Santa Maria. Built in 2017, 10 tenants occupy the 119,760-square-foot property. Dick’s Sporting Goods is the anchor tenant. John Loshbaugh of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and a 30-year amortization scheduled. The undisclosed borrower used the loan to refinance existing debt.
ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment group. Encore also represented the buyer, a private investor from Eldersburg, Md.
PLANO, TEXAS — Marcus & Millichap has closed the sale of an 8,957-square-foot retail asset in Plano, a northern suburb of Dallas. The property is shadow-anchored by Kroger. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a local developer, in the transaction. Justin Miller, Davis Hansen and Dimitri Jordan, also of Marcus & Millichap, procured the buyer, an international private investor.
HIGHLAND, CALIF. — CBRE has facilitated the sale of a retail property located at 27550 Base Line St. in Highland. A Los Angeles-based private buyer acquired the property for $9.5 million. Discount grocer Smart & Final occupies the retail building, which opened in December 2017. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, in the sale of the lot. The seller will continue to occupy the property.
RELAY, MD. — Guinness will open a new U.S. brewery in Relay, 10 miles south of Baltimore, on Friday, Aug. 3. The Guinness Open Gate Brewery & Barrel House represents an $80 million investment and is expected to create 160 new jobs. The brewery will be the first Guinness presence in the United States since 1954 and the first ever purpose-built Guinness brewery in American history, according to the company’s website. The facility will feature public tours, taproom tastings, a 270-seat restaurant and a merchandise shop. Guinness Draught and other stouts will be brewed exclusively in its home country of Ireland and imported to the U.S., but the Maryland team will take over production of Guinness Blonde and experiment with new beers influenced by American and Maryland brewing traditions. Guinness is a brand within Diageo Beer Co. USA, the U.S. beer and flavored malt beverage business of London-based Diageo. Brands under Diageo’s flag include Tusker, Senator Keg Lager, Kilkenny Irish Cream Ale, Johnnie Walker, Crown Royal, Bulleit and Buchanan’s whiskeys, as well as Smirnoff, Ciroc and Ketel One vodkas.
ORLANDO, FLA. — Preferred Apartment Communities (PAC) has acquired Conway Plaza, a 117,705-square-foot shopping center in Orlando. PAC purchased the asset for an undisclosed price through its wholly owned subsidiary, New Market Properties LLC. CBRE arranged the transaction on behalf of the seller, a joint venture between DDR Corp. and Madison International Realty. A 37,888-square-foot Publix anchors the center, which was 90 percent leased at the time of sale. PAC financed the acquisition using a 10-year, $9.8 million loan from PGIM Real Estate Finance.
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail property located at 51 E. Ramona Expressway in Perris. An Orange County, Calif.-based developer sold the property to a Los Angeles-based private investor for $2.8 million, or $1,364 per square foot. Del Taco occupies the 2,060-square-foot property, which was built in 2016, on a triple-net lease with more than 18 years remaining on its 20-year initial term. Eric Vu, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, while Paul Bahk of Realtex Properties represented the buyer in the transaction.
Pittsburgh was recently ranked among the “Top 100 Best Places to Live in 2018” by Livability.com, citing the region’s strong university presence, burgeoning craft beer industry and successful professional sports franchises as important factors. Home to more than 15 breweries and a variety of new restaurants garnering national critical acclaim, Pittsburgh has also added foodie town to its list of accolades. A mix of local ownership groups and national franchisees has been actively pursuing expansion opportunities and new concepts in the region. Among the most active are AMPD Group, a partnership that includes Local Bar + Kitchen, Steel Cactus and Social House 7, which has six new restaurants in the works in the coming months both in Pittsburgh and outside the region in Myrtle Beach, South Carolina. The owners behind a local gastropub, The Yard, are introducing a new concept call Stout Pub & Kitchen in the Airport Corridor submarket. This new concept will focus on a variety of cured and smoked meats coupled with local beers and spirits. The fifth location of The Yard, which specializes in craft beers and gourmet grilled cheese sandwiches, is under construction in the adjacent space. Full Menu of Food Options While full-service dining …
NEW YORK CITY — Gazit Horizons, a subsidiary of Tel Aviv-based Gazit-Globe, has acquired a joint venture interest in the Ceasar’s Bay Shopping Center located in the Gravesend neighborhood of Brooklyn. The joint venture, between Gazit and affiliates of Surrey Equities, owns the leasehold interest in the 300,000-square-foot shopping center. Gazit-Globe’s total investment was $43 million. The property sits on over 14 acres of waterfront land and has a tenant roster that includes Kohl’s, Best Buy, Modell’s Sporting Goods, Five Guys, Starbucks, and Vitamin Shoppe. Pryor Cashman partners Todd Soloway and Danielle Schechner and associates Ari Tran and Ari Buchen represented Gazit Horizons, Inc. in the transaction.
