FRANKLIN PARK, N.J. — Marcus & Millichap has arranged the $12.7 million sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail center in Franklin Park, located about 40 miles south of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. The buyer was a local private investor. The tenant roster at the center includes Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
TERRELL, TEXAS — A partnership between South Carolina-based RealtyLink and Dallas-based Oakridge Investments is underway on the construction of Crossroads at Terrell, a 190,000-square-foot retail development in Terrell, about 28 miles east of downtown Dallas. The property will be anchored by a 74,000-square-foot Film Alley Movie Entertainment Center that is scheduled to open in 2019. New tenants including Hobby Lobby, Ross Dress for Less, Five Below, Chick-fil-A and Rack Room Shoes are slated to open at the development in spring 2019. Andrew Lehner of CBRE is marketing the property on behalf of the developers.
RIALTO, CALIF. — Lewis Retail Centers, part of the Lewis Group of Companies, has opened the first portion of Renaissance Marketplace, a 430,000-square-foot shopping, dining and entertainment center located off the 210 Freeway in Rialto. Anchored by a 13-screen Cinemark Theatres, a 38,000-square-foot 24 Hour Fitness and a 43,000-square-foot Burlington, the center features modern architecture, tenanting and marketing specifically for today’s millennials. Additional signed tenants include The Habit, California Fish Grill, Ahi Poke Bowl, Pho ’77, Panera Bread and Septembers Taproom and Grill, Five Below, Ross Dress for Less and a Grocery Outlet. Currently, six tenants are open, and an additional 26 tenants are scheduled to open in September.
YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore of CBRE represented both the seller and buyer in the transaction.
DELAWARE COUNTY, OHIO — Blue Horseshoe Ventures has unveiled plans to build a $10 million stadium dedicated to e-sports at its Planet Oasis project in Delaware County. The 30,000-square-foot, multi-level arena will be designed to host every form of competitive gaming and will feature a competition stage; 50-foot LED video wall; VIP lounges; a broadcast center and production studio; gamer-inspired menu; e-sports exhibition show matches; and a vintage video game cocktail bar. The new facility will be one element of the $2 billion Planet Oasis project, which Blue Horseshoe first announced in July. At full build-out, Planet Oasis will span 350 acres and will feature attractions such as indoor skydiving, electric go-karts, virtual golf, bowling, laser tag, indoor waterpark, at least 15 hotels, more than 75 restaurants, a health and wellness resort and a conference center. Blue Horseshoe expects to break ground on the project in December, with a planned opening date of December 2019 for the first 45 percent of the development, according to David Glimcher, CEO and principal of Blue Horseshoe.
CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards outside and at the drive-thru; designated parking spots for curbside pick-up through mobile order and pay; expanded McCafé counters; and larger display cases. The renovations will take place throughout this year and 2019. In addition to the investments to modernize the spaces, McDonald’s has also introduced its McDelivery service with Uber Eats at more than 5,000 U.S. restaurants. In June, McDonald’s opened its new $250 million headquarters in Chicago’s West Loop after 47 years in the suburbs. The fast food chain also opened its newly designed flagship restaurant in Chicago last week.
ORLANDO, FLA. — Tavistock Development Co., in partnership with Steiner + Associates, has signed Cinépolis USA, a Dallas-based movie theater chain, to Lake Nona Town Center, a 100-acre mixed-use development that anchors the master-designed Lake Nona community in Orlando. Cinépolis will open a nine-screen, 40,000-square-foot theater at Lake Nona Town Center in 2020, anchoring the project’s second phase of development. The luxury theater will feature a lobby bar and lounge; stadium-style, fully reclining leather seats; and an in-theater wait staff that will service patrons with a full menu and bar at the touch of a button. Cinépolis USA’s Mexico-based parent company, Cinépolis, is the fourth largest movie theater exhibitor in the world, operating in 14 countries including the U.S. Lake Nona Town Center’s first phase opened in 2016 with an 85,000-square-foot office building, Marriott Residence Inn, Courtyard by Marriott, the 280-unit LandonHouse apartment community, 16,000 square feet of retail and restaurant space and a multi-level parking structure. In spring 2018, Lake Nona Town Center welcomed the 60,000-square-foot flagship location of Drive Shack, a golf entertainment destination. Pixon Apartments, Park Pizza & Brewing Co. restaurant, an outdoor container park and the new BBA Aviation/Signature Flight Support headquarters are also slated to open …
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $2.3 million sale of a 13,000-square-foot retail property in Somerville. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The two-story building is located at 130 W Main St. in downtown Somerville and is currently occupied by Stickley Furniture Company.
CHICAGO — McDonald’s has opened its newly designed flagship restaurant at Clark and Ontario streets in Chicago. The modern and environmentally friendly design features self-order kiosks, table service, mobile order and payment and delivery. The 19,000-square-foot restaurant includes green spaces and energy-saving features such as a vegetated rooftop, on-site solar panel array for renewable energy collection, LED lighting and more than70 trees at the ground level. Chicago-based Ross Barney Architects designed the restaurant, which is set to operate seven days a week and 24 hours a day. Sydney-based Landini Associates designed the interiors. The new restaurant replaces the previous flagship restaurant, which was a rock ‘n’ roll-themed restaurant that closed in December 2017.
INDIANAPOLIS — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,936-square-foot retail building in Indianapolis for $1.9 million. The multi-tenant property is located at 1950 Kessler Blvd. Tenants include Starbucks, Verizon and Subway. Jack Farritor of Quantum brokered the transaction. A Washington, D.C.-based investment group was the buyer. A Phoenix-based developer was the seller.
