FLORHAM PARK, N.J. — NAI James Hanson has negotiated the sale of a 3,950-square-foot retail building in Florham Park. The freestanding structure, a former Chase Bank branch, is located at 77 Hanover Road. Joan Cenicola and John Schilp of NAI James Hanson represented the seller, DFK Associates, in the transaction. The buyer is a Florham Park-based Jiu Jitsu and Karate school, which plans to relocate from the rental space it currently occupies nearby.
BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.
CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.
TYLER, TEXAS — HFF has arranged a $105 million loan for the refinancing of The Village at Cumberland Park, a nearly 650,000-square-foot retail power center in Tyler, about 100 miles east of Dallas. The property, construction of which began in 2014, comprises 14 buildings leased to tenants such as Nike, Bed Bath & Beyond, Burlington and Old Navy. Jim Curtin of HFF, along with Joseph Monteleone of Q10 | Triad Capital Advisors, secured the 36-month, floating-rate loan through Bank of America on behalf of the borrower, The Retail Connection.
UVALDE, TEXAS — Hobby Lobby will open a 50,000-square-foot store at Uvalde Plaza Shopping Center in Uvalde, a city with a population of about 17,000 located roughly 80 miles west of San Antonio. Other tenants at the center include Hibbett Sports, Spectrum Communications and Rent-A-Center. Paul Burkhart and Ron White of Concordia Equity represented Hobby Lobby in the lease negotiations. Rob Holliday of Holliday Interests represented the landlord.
SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.
MACON, GA. — A joint venture between The Sembler Co. and Berkley Development has broken ground on North Macon Plaza, a 166,465-square-foot retail project located in Macon, located roughly 83 miles south of Atlanta. The center will be home to Marshalls/HomeGoods, Michaels, Beall’s Outlet, Old Navy, Five Below, Famous Footwear and Lifeway Christian. North Macon Plaza will be situated adjacent to a 600,000-square-foot Bass Pro Shops retail facility and distribution center, as well as the Shoppes at River Crossing, a 750,000-square-foot shopping center. The new center is scheduled to open in fall 2019. A second phase of the project could accommodate up to 50,000 square feet, according to the developers.
VIRGINIA BEACH, VA. — Atlanta-based New Realm Brewing Co. has opened a new brewery in Virginia Beach. Co-founded by Carey Falcone, Bob Powers and Mitch Steele, the new location features a tasting room offering more than 15 different types of beer on tap; a 44,000-square-foot outdoor beer garden with fire pits, adult game areas and a patio bar; and private event space. The facility can produce up to 40,000 barrels annually and is built to scale to even larger capacities in the future. The brewery is located four miles from the oceanfront, in the space that was formerly home to Green Flash Brewing Co. Local food trucks will be onsite at New Realm daily, and bands are scheduled every Friday through Sunday. A full-service restaurant is scheduled to open at the brewery in early 2019. The Virginia Beach location is the second facility for New Realm, which opened its first brewery along the Atlanta BeltLine near Ponce City Market this past year.
NASHVILLE, TENN. — CBRE has arranged the $54 million sale of Public Square Garage, a 12-story, 1,069-space parking garage located at 350 Deaderick St. in downtown Nashville. Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins of CBRE arranged the transaction on behalf of the seller, a joint venture between RBN Equities and a fund managed by Jadian Capital. Nashville Garage LP, an affiliate of Stolz Real Estate Partners, acquired the property. In addition to parking, Public Square Garage features 37,000 square feet of retail and office space on the lower two floors.
HOUMA, LA. — HFF has secured the $27.2 million sale of Houma Shopping Center, a 204,879-square-foot shopping center in the southern Louisiana community of Houma, approximately 57 miles southwest of New Orleans. Jim Hamilton, Barry Brown, Andrew Levy, Ryan Shore, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, Viking Partners LLC. Gregg Shapiro of HFF arranged a five-year, $16.2 million acquisition loan through Goldman Sachs on behalf of the undisclosed buyer. Houma Shopping Center was fully leased at the time of sale to tenants such as Marshalls, HomeGoods, Planet Fitness, Office Depot, Petco, Pro Nails, Burger King, Outback Steakhouse and Chili’s Bar & Grill. Walmart Supercenter shadow-anchors the center.
