REBusinessOnline

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million.Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net …

Joyal Capital Management Sells 14-Store Dunkin’ Portfolio in Metro Boston

CANTON, MASS. — A subsidiary of Joyal Capital Management (JCM) has sold a portfolio of 14 Dunkin’ stores located throughout the Boston area in a transaction valued at $44 million. The buyer was Northern Management Group, a franchisor of hotel, convenience store and restaurant concepts that operates more than 100 properties in the Northeast. JCM also recently closed on the sale of 61 Dunkin’ stores in Southeast Florida to an undisclosed

Marcus & Millichap Brokers $6.2M Sale of Johnstown Plaza Retail Center in Colorado

JOHNSTOWN, COLO. — Marcus & Millichap has arranged the sale of Johnstown Plaza, a shopping center located at 4914 Thompson Parkway in Johnstown. A private developer sold the asset to an undisclosed buyer for $6.2 million.Built in 2017, the property features 15,140 square feet of retail space. At the time of sale, the center was 100 percent occupied by Bad Daddy’s, Visionworks, Sprint, Berry Blendz, LUX NailBar and Honolulu Poke Bar.Ryan Bowlby and Drew Isaac of Marcus & …

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times.Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and …

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness.A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. …

Aries Capital Arranges $3.4M Loan for Acquisition of Restaurant Building Occupied by Hampton Social in Chicago

CHICAGO — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 …

Indoor Dining Expected to Resume Feb. 1 in Michigan

LANSING, MICH. — The State of Michigan has continued its ban on indoor dining, but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16-31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social …

Block & Co. Acquires Net-Leased Restaurant Property in Liberty, Missouri

LIBERTY, MO. — Block & Co. Inc. Realtors has acquired a 2,685-square-foot property occupied by Dickey’s Barbecue Pit in Liberty within metro Kansas City. The purchase price was undisclosed. The net-leased building is located at 600 S. 291 Highway. Block & Co. will serve as property manager. David Block of Block & Co. represented the company in its

Regency Centers Sells South Bay Village Shopping Center Near Los Angeles to Charing Cross for $39.7M

TORRANCE, CALIF. — Regency Centers has completed the disposition of South Bay Village, a shopping center located at 19330 Hawthorne Blvd. in Torrance. Charing Cross acquired the property for $39.7 million.Built in 1971 and renovated in 2012, South Bay Village features 107,539 square feet of retail space. Current tenants include Home Goods, Walmart Neighborhood Market, Orchard Supply Hardware, Marshalls and El Pollo Loco.Bill Bauman and Kyle Miller of Newmark, along with Luke Palmo of …

Progressive Real Estate Partners Brokers $1.6M Sale of Restaurant Property in Moreno Valley, California

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million.The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is …

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