PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.
BLUE SPRINGS, MO. — Pine Tree LLC has assumed operational responsibility for Adams Dairy Landing, a 552,000-square-foot regional shopping center in Blue Springs, 19 miles east of downtown Kansas City. Pine Tree will manage and lease the property. Developed by RED Development in 2007, the center is located at the southeast corner of I-70 and Adams Dairy Parkway. Target, TJ Maxx, HomeGoods, Ross Dress for Less, Petco, Michaels and Ulta anchor the property.
CARSON, CALIF. — Macerich (NYSE: MAC) and Simon Property Group (NYSE: SPG) have formed a 50/50 joint venture to develop Los Angeles Premium Outlets, a new outlet mall in Carson, about 13 miles south of downtown Los Angeles. The first phase will span 400,000 square feet, and the second phase will include 166,000 square feet. “Our city is thrilled that this exciting project is moving forward,” said Carson Mayor Albert Robles in a prepared statement. “We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world.” The outlet mall will feature 2,500 linear feet of frontage along the Interstate 405 Freeway. Roughly 515,000 cars pass the site each day along I-405 and the Interstate 110 Freeway. The site has roughly 2.5 million residents within a 10-mile radius and is situated about 11 miles south of Los Angeles International Airport (LAX). As currently planned, the project’s shops and restaurants will be elevated above street level and sit atop a ground-level parking deck. Site work is expected to begin immediately. Macerich and Simon plan to open the Los Angeles County property in fall 2021. …
There is a lot of buzz in the Las Vegas market a full 10 years after the Great Recession. Much of this buzz surrounds sports with the new Golden Knights hockey team; the Las Vegas Lights professional United Soccer League team; Las Vegas Aces WNBA team; and the NFL Raiders team. The new Raiders stadium is under construction now and is widely considered the most talked-about major development happening in Vegas. In a city that offers unmatched access to world-class gaming, shopping, tradeshows and conventions, the NFL coming to town creates yet another reason for people to visit Las Vegas. As you can imagine, many retailers and investors are trying to position themselves to take advantage of this entry. The overall vacancy rate for retail in the Las Vegas metro area was 8.7 percent. Rents for new developments range from $2.50 per square foot, triple-net to $4 per square foot, triple-net. Existing neighborhood centers, power centers and strip centers average $1.75 per square foot to $2.25 per square foot. Anchor and mid-box leases average $0.75 per square foot to $1.25 per square foot for both gross and triple-net-structured leases. Ground lease and build-to-suit are averaging $120,000 to $225,000 in annual …
PAPILLION, NEB. — PREP Property Group has purchased Shadow Lake Towne Center in Papillion, a suburb of Omaha, for an undisclosed price. The 654,666-square-foot shopping center is located at the southwest corner of 72nd Street and Highway 370. Originally built in 2007, the property includes tenants such as Dick’s Sporting Goods, JC Penney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart and Old Navy. The seller was not disclosed. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved or distressed.
CLEVELAND — DealPoint Merrill is redeveloping a former Giant Eagle store in Cleveland. The developer plans to convert the 56,500-square-foot property, which is situated on 4.3 acres at 13820 Lorain Ave., into a CubeSmart Self Storage location. Plans also call for the construction of a restaurant on an adjoining pad site. Project completion is slated for the first quarter of 2019. Overland Associates was the seller. DealPoint Merrill received a $6.6 million construction loan from an undisclosed lender for the project.
ORLANDO, FLA. — Tavistock Development Co. has unveiled plans for Boxi Park at Lake Nona, an outdoor entertainment venue located within Lake Nona Town Center, a 100-acre mixed-use development that anchors the master-designed Lake Nona community in Orlando. The 30,000-square-foot venue will be built using repurposed shipping containers, and will feature a mix of restaurants and bars, beach volleyball courts, a fenced dog park, playground and a live entertainment venue. The park will be built using 12 containers arranged in one- and two-story configurations. The structure allows the containers to be moved as Lake Nona Town Center expands. Boxi Park is scheduled to open in December.
DAVENPORT, IOWA — Quantum Real Estate Advisors Inc. has brokered the sale of a gas station occupied by Hy-Vee in Davenport for $855,000. The single-tenant property is located at 3850 Elmore Ave. A Davenport, Iowa-based private investor was the buyer. A southern California-based acquisition and development company was the seller. Chad Firsel of Quantum represented both parties in the sale. Hy-Vee has approximately 1,200 fuel stations across the Midwest.
BRENTWOOD, TENN. — HFF has brokered the $14.4 million sale of Mallory Corners, a 70,000-square-foot shopping center in Brentwood, located roughly 10 miles south of Nashville. Jim Hamilton and Shea Petrick of HFF arranged the transaction on behalf of the seller, the estate of Charles S. Ackerman. Leo Weiner of Ackerman Retail, a division of Ackerman & Co., is acting as an advisor to the estate. Barnes & Noble and Electronic Express anchor Mallory Corners, which was 96 percent leased at the time of sale. Additional tenants include Brilliant Sky Toys & Books, Sprint, Hoover Paint, AAA Autoclub and Play It Again Sports.
WESTLAKE, OHIO — British gas station and convenience store operator EG Group has agreed to acquire a portfolio of real estate assets, including 225 Minit Mart-branded stores, for $305 million. The seller was Westlake, Ohio-based TravelCenters of America, which operates several convenience store and gas station chains across the country, including Petro, TA and Quaker Steak & Lube. The transaction follows EG Group’s acquisition of a 762-site portfolio of convenience stores across the country earlier this year. Kroger sold those properties, which include stores under the Tom Thumb, Loaf ‘N Jug and Kwik Shop banners. “We have a firm commitment to growing our presence in the USA, the world’s largest convenience market,” says Mohsin Issa, founder and CEO of EG Group. “The Minit Mart portfolio will be a strong addition to our business.” Upon closing of the deal, EG Group will own and operate approximately 1,000 convenience retail stores and gas stations across the country. A timeline for closing was not released. Legal advisors to EG Group are Eversheds Sutherland LLP for acquisition issues and Kirkland & Ellis LLP for banking and finance issues. Barclays Bank acted as M&A advisor to EG Group and also underwrote debt financing for the deal. — Taylor Williams
