Retail

Encore Arranges Sale of Property Leased to Applebee’s in Roseville, Michigan for $3.4M

by Kristin Harlow July 5, 2018

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.

July 5, 2018

Acquisitions Retail Texas

Marcus & Millichap Closes Sale of 8,957 SF Retail Asset in Plano

by Taylor Williams July 5, 2018

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.

July 5, 2018

Acquisitions California Retail Western

CBRE Brokers $9.5M Sale of Smart & Final Property in Highland, California

by Amy Works July 5, 2018

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.

July 5, 2018

Development Maryland Retail Southeast

Guinness to Open New $80M Brewery South of Baltimore in August

by Camren Skelton July 5, 2018

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.

July 5, 2018

Acquisitions Florida Retail Southeast

Preferred Apartment Communities Acquires Publix-Anchored Retail Center in Orlando

by Camren Skelton July 5, 2018

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.

July 5, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Negotiates $2.8M Sale of Single-Tenant Restaurant Property in Perris, California

by Amy Works July 5, 2018

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.

July 5, 2018

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

New Restaurants, Breweries Make Pittsburgh Culinary Destination

by David Cohen July 4, 2018

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 …

July 4, 2018

Acquisitions New York Northeast Retail

Gazit-Globe Acquires Leasehold Interest in Brooklyn Shopping Center for $43M

by David Cohen July 3, 2018

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.

July 3, 2018

American-Furniture-Warehouse-Fort-Collins-Colorado

Development Industrial Retail Texas

AFW to Open Two Stores Totaling 853,700 SF in Metro Houston

by Taylor Williams July 3, 2018

KATY AND WEBSTER, TEXAS — Colorado-based American Furniture Warehouse (AFW) will open two stores totaling 853,700 square feet in metro Houston. The company will open a 498,700-square-foot store on a 29-acre site in Katy, located west of Houston, as well as a 355,000-square-foot store on a 23-acre tract in Webster, a southeastern suburb of Houston. Both properties will feature showrooms and storage areas. Ben Brown of Houston-based brokerage firm Baker Katz represented AFW in the acquisitions of both sites. The stores will be the company’s first locations in Texas. Construction on the Katy store will begin in late fall/early winter, while work on the Webster store will commence in July or August. Both projects are expected to have construction periods lasting 10 to 12 months.

July 3, 2018

Acquisitions Retail Texas

Albanese Cormier Acquires 105,605 SF Shopping Center in Fort Worth

by Taylor Williams July 3, 2018

FORT WORTH, TEXAS — Beaumont-based investment firm Albanese Cormier Holdings has acquired Renaissance Square, a 105,605-square-foot shopping center in Fort Worth. The Class A property, which was built in 2014 and is shadow-anchored by Walmart, was 98.5 percent leased at the time of sale. The shopping center’s tenant roster includes anchor Ross Dress for Less, Marshalls, Dollar Tree and Hibbett Sports. Eric Wohl and Andrew Cunningham of Hanley Investment Group represented Albanese Cormier in the transaction. Jeffrey Jackson of CBRE represented the seller, Midland-based Moriah Real Estate Co.

July 3, 2018

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