LITTLE FERRY, N.J. — Liberty Street Realty has completed the disposition of a vacant warehouse, located at 200 Liberty St. in Little Ferry. Stamford, Conn.-based Hartford Realty Corp. acquired the property for an undisclosed price. The buyer plans to redevelop the site and construct a 15,655-square-foot CVS/pharmacy at the location. Gary Sauerborn of NAI James E. Hanson represented the seller in the transaction.
LOS ANGELES — Faris Lee Investments has arranged the sale of a retail property located at 959 Crenshaw Blvd. in Los Angeles. Rite Aid occupies the 12,573-square-foot building, which is situated on 1 acre. A Newport Beach-based private seller sold the property to a Beverly Hills-based private buyer for $10 million. Nicholas Coo, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in an all-cash 1031 exchange.
LAS VEGAS — Dunkin’ Donuts’ has opened two restaurants in the Hard Rock Hotel & Casino in Las Vegas and Biloxi, Miss. Further expanding the Dunkin’ Donuts footprint within rest stops and travel centers, the brand’s franchisees opened a total of 12 travel center restaurants around the country. The company also significantly increased its partnership with Pilot Flying J Travel Centers in 2017, accounting for five of the total 12 locations open throughout the year, with a commitment for an additional 20 in 2018. These new locations expanded the brand’s portfolio to include full-service restaurants, as well as additional self-serve locations. A Dunkin’ Donuts franchisee opened its first non-traditional location at the University of Hawaii in October. Eight restaurants on college and university campuses opened during 2017, including George Mason University in Fairfax, Va.; Binghamton University in Binghamton, N.Y.; and the second restaurant to open in the Air Force Academy in Colorado Springs, Colo .
SAN FRANCISCO — Jeff Kirwan, president and CEO of Gap brand, will leave Gap Inc. A search is underway for his replacement. In the interim, Brent Hyder, currently serving as Gap Inc.’s executive vice president of global talent and sustainability, will oversee the brand. Prior to his current role, Hyder served as chief operating officer at Gap brand. He also served as vice president and general manager of Gap Japan K.K., leading all aspects of the Gap Inc. business in Japan. Gap Inc. is a global retailer overseeing the Gap, Banana Republic, Old Navy, Athleta, Intermix and Weddington Way brands. Gap Inc. has approximately 3,200 company-operated stores and 450 franchise stores in more than 90 countries worldwide.
SUGAR LAND, TEXAS — Vista Equities Group has broken ground on Phase II of University Commons in Sugar Land, an expansion project that will deliver 108,000 square feet of new retail space. Sprouts Farmers Market will anchor the second phase with a 30,000-square-foot store. Phase I of University Commons delivered 155,000 square feet of retail space that is 95 percent leased and anchored by a 50,000-square-foot Burlington. Houston-based Arch-Con Construction is serving as general contractor for the expansion project, which was designed by Dallas-based O’Brien Architects. The project is expected to be ready for tenant build-out in December. A third phase of undetermined size is also planned at the property.
SUGAR LAND, TEXAS — Houston-based Dhanani Private Equity Group has acquired Fort Bend Center, a 42,000-square-foot retail center in Sugar Land. Kroger anchors the center, which also houses tenants such as Gyro King and Ritz Nails. Ryan Watson of mortgage banking firm Q10 KDH secured an undisclosed amount of acquisition financing through a CMBS lender for the sale, the seller of which was not disclosed. The non-recourse loan featured a fixed 5.05 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-cost (LTC) ratio.
MINEOLA, TEXAS — Marcus & Millichap has brokered the sale of Shoppes at Mineola, a 14,610-square-foot retail center in Mineola, about 90 miles east of Dallas. The property was 100 percent leased at the time of sale to tenants such as Dollar Tree, Hibbett Sports and Envy Salon. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, and procured the undisclosed buyer.
CHICAGO — Marcus & Millichap has brokered the sale of a 6,141-square-foot retail property in Chicago for $1.8 million. The ground-floor retail space is located at 2142-2144 W. Roscoe St in the Roscoe Village neighborhood. Tenants include Pure Motion Chiropractic, Pilates + Coffee, XO Studio salon and Roscoe Books. Sean Sharko, Austin Weisenbeck and Brewster Hague of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the private investor buyer.
FORT WORTH, TEXAS — Bakery FunkyTown Donuts and Drafts and apparel and home décor retailer Willow House Boutique will open stores within Sundance Square, a retail and dining destination that spans 35 blocks in downtown Fort Worth. FunkyTown will occupy 1,248 square feet and Willow House will occupy 2,410 square feet. Both stores are slated to open this spring.
FAIRFAX, VA. — HFF has arranged $115.4 million in construction financing for Scout on the Circle, a 551,000-square-foot residential and retail project in Fairfax, roughly 20 miles west of Washington, D.C. Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged a $100 million floating-rate loan and $15.4 million in preferred equity on behalf of the developer, Washington, D.C.-based Combined Properties Inc. Scout on the Circle will feature a 54,000-square-foot, single-story grocery store, two five-story apartment towers totaling 400 units and 29,000 square feet of ground-floor retail. Apartment units will feature stainless steel appliances, quartz countertops, plank flooring and private outdoor terraces or balconies. Community amenities will include a coffee bar, business center, clubroom, screening room, pool table, fitness center, dog park and two outdoor courtyards with a swimming pool, grilling areas, shuffleboard and a ping pong table. The transit-oriented property will be located one mile from the Vienna Metrorail station and less than four miles from George Mason University’s campus. Combined Properties expects to complete Scout on the Circle in 2021.
