Retail

VICI Properties to Acquire Margaritaville Resort Casino in Louisiana for $261M in Cash, Lease to Penn National

by Camren Skelton June 19, 2018

BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 million and an initial term of 15 years with four, five-year renewal options. In addition, Penn National will acquire the operating assets of the Margaritaville Resort Casino for approximately $115 million in cash. Constructed in 2013, the casino includes four acres of fee land and 30 acres of leased land. The hotel and casino built on the fee land include 26,500 square feet of casino space with 1,215 slots and 50 tables; 395 hotel rooms; an island-style escape theme; six restaurants and food and beverage outlets; and a 1,000-seat theater. The leased land includes 1,500 parking spaces. The transaction is expected to close in the second half of the year, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. …

June 19, 2018

Connecticut Loans Maine Northeast Retail

Fantini & Gorga Secures $2.1M in Financing for Two Dollar General Stores in Maine and Connecticut

by David Cohen June 19, 2018

VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. Terms of the non-recourse loan included a thirty-year amortization schedule.

June 19, 2018

Development Illinois Midwest Retail

Summit Design + Build Completes Renovation of 13,000 SF Retail Building in Chicago

by Kristin Harlow June 19, 2018

CHICAGO — Summit Design + Build LLC has completed the renovation of a 13,000-square-foot retail building located at 1504 N. Fremont St. in Chicago. The project added space for up to three retail tenants and the creation of 11 new openings for storefront windows. Summit also poured new concrete floors for a future retail tenant and completed landscaping with a new sidewalk. L3 Capital LLC is the property owner. OKW Architects served as project architect.

June 19, 2018

Kansas Leasing Activity Midwest Restaurant Retail

Taqueria Signs Lease to Open Second Location in Metro Kansas City

by Kristin Harlow June 19, 2018

LENEXA, KAN. — Rudy’s Tenampa Taqueria has signed a lease to open its second location at 8710 Lackman Road in Lenexa. The Mexican restaurant will occupy 4,678 square feet at Country Hill Shopping Center. Other tenants at the property include Rimann Liquors, Ace Hardware, Panera Bread and Sherwin Williams. The original Rudy’s opened in Kansas City in 1993. The opening for the new restaurant is scheduled for mid-August. David Block and Rob Epstein of Block & Co. Inc. Realtors negotiated the lease transaction. Block & Co. is the leasing and property management company for the shopping center.

June 19, 2018

California Features Industrial Retail Western Western Feature Archive

Retail Drives Industrial Growth Through Much of the Western U.S.

by David Cohen June 19, 2018

The industrial market is enjoying a moment in the sun throughout the West. Much of this is due to the retail sector’s continued technological advances, which have placed increasing demand on speedy delivery as manufacturing, distribution and warehousing needs are more important now than ever. “The market fundamentals for industrial properties are the best they have ever been,” says Bob O’Neill, senior vice president of acquisitions at CapRock Partners in Newport Beach, Calif. “Industrial absorption, lease rates and sales prices are at all-time highs, while market vacancies are at historic lows and construction in the Western United States remains in check.” Michael Collins, vice chairman of DAUM Commercial Real Estate Services in Los Angeles, has witnessed a similar trend in his market. He notes industrial assets in LA typically sell for $140 per square foot to $200 per square foot, with a vacancy rate of less than 2 percent in Southern California. “Developable land is becoming more scarce and the Los Angeles County industrial marketplace remains very vibrant,” he notes. “Lease rates throughout Southern California have reached an all-time high and sales values are at unprecedented highs, with actual prices based on building age, location, functionality and amenities.” Those looking …

June 19, 2018

Acquisitions Retail Texas

SHOP Cos. Brokers Sale of 28,000 SF Shopping Center in Dallas

by John Nelson June 18, 2018

DALLAS — SHOP Cos. has arranged the sale of Haverwood Village, a 28,000-square-foot shopping center located along the Dallas North Tollway at 4809 Cole Ave. in Dallas. The property was 93.6 percent leased at the time of sale to tenants including Skillman Wok, Afrika Fusion, The Fade Shop, I-Apartments and Tsitsi’s African Styles. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the seller, a limited liability company based in Dallas. The buyer and sales price were not disclosed.

June 18, 2018

Leasing Activity Restaurant Texas

Baker Katz Signs Republic Chicken to New Lease in Beaumont, Texas

by John Nelson June 18, 2018

BEAUMONT, TEXAS — Houston-based Baker Katz has signed Republic Chicken, a family-style restaurant serving Southern comfort food, to a new lease in Beaumont. Located at the corner of Interstate 10 and U.S. Highway 96, the new 5,443-square-foot location sits on nearly 1.3 acres. Republic Chicken will move from its current location at 797 N. 5th St. in Beaumont. Lunden McGill represented Baker Katz internally in the lease transaction.

June 18, 2018

Acquisitions Michigan Midwest Retail

Colliers Brokers Sale of 15,067 SF Building Formerly Occupied by Seafood Store in Suburban Detroit

by Kristin Harlow June 18, 2018

ROYAL OAK, MICH. — Colliers International has brokered the sale of a 15,067-square-foot retail building in Royal Oak, a northern suburb of Detroit. Previously owned by the family-run Superior Fish Co., the specialty seafood store was the source of octopus for Detroit Red Wings fans for over seven decades before closing on June 16. The company plans to host a garage sale where fans can purchase signage, memorabilia and frozen foods. Peter E. Kepic and Peter J. Kepic of Colliers represented Superior Fish in the sale. Robert Badgero and Steven Badgero of Colliers represented the buyer, Versa Real Estate, which plans to lease the property as either office or retail space.

June 18, 2018

California Loans Retail Western

NorthMarq Capital Secures $8.5M Refinancing for Retail Center in Richmond, California

by Amy Works June 18, 2018

RICHMOND, CALIF. – NorthMarq Capital has arranged $8.5 million in refinancing for Richmond City Center, a shopping center located at 1100-1350 MacDonald Ave. in Richmond. Walgreens, FoodCo and Payless Shoe Source are tenants at the 73,892-square-foot property. Joe Giordani of NorthMarq Capital’s Los Angeles office secured the refinancing, which was structured with an 18-month term on a 30-year amortization schedule.

June 18, 2018

Acquisitions Delaware Northeast Retail

MacKenzie Arranges Sale of 35,500 SF Facility Occupied by Harley-Davidson Dealership in Delaware

by David Cohen June 15, 2018

NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.

June 15, 2018

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