REBusinessOnline

Taco Bell Cantina to Open at The Paramount Building in Times Square

NEW YORK CITY — Taco Bell Cantina, a concept from the fast-food chain that incorporates alcoholic beverage service, will open a new restaurant at The Paramount Building, an 800,000-square-foot tower located in Manhattan’s Times Square. David Firestein and Jenna Heidenberg of SCG Retail represented Taco Bell in the lease negotiations. Ross Berkowitz, Jason Wecker and Andrew Taub of Newmark Knight Frank represented the landlord, Rosemark Management and Levin Management Corp. in conjunction …

Palmer Development Breaks Ground on 250,000 SF Office, Retail Project in Scottsdale

SCOTTSDALE, ARIZ. — Scottsdale-based Palmer Development Group has broken ground on The Edge, a mixed-use project located at the northeast corner of 90th Street and Loop 101 in Scottsdale. The 15-arce development will include a four-story, 212,000-square-foot Class A office building, plus 22,000 square feet of retail in-line shop space and two pad locations. Designed by Butler Design Group, the office portion is slated for completion in March 2021, while initial occupancy of the retail …

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, …

Stockdale Capital Partners to Proceed with Horton Plaza Mall Redevelopment in San Diego

SAN DIEGO — Stockdale Capital Partners and Macy’s have reached an agreement for the redevelopment of the existing Horton Plaza Mall in downtown San Diego. The project was put on hold due to a disagreement between the two companies. Macy's has now agreed to close its store at the property, paving the way for the redevelopment to continue. The terms of the agreement were not disclosed. Stockdale Capital will now continue with its redevelopment plans to transform the nearly vacant mall …

Hanley Investment Group Arranges $8M Sale of Two-Tenant Retail Asset in Yucaipa, California

YUCAIPA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a freeway-adjacent, two-tenant retail investment property in Yucaipa, approximately 75 miles east of Los Angeles. Newport Beach, Calif.-based VantageOne Real Estate Investments sold the asset to a Los Angeles-based private investor for $8 million, or $956 per square foot. Built in 2016, the two-building asset is located on 2.2 acres at 31465 and 31467 Avenue E. In-N-Out Burger, with a drive-thru, …

SRS Arranges $6.6M Ground Lease Sale of Restaurant Asset in Garden Grove, California

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the ground lease sale of a single-tenant restaurant property, located 12001 Harbor Blvd. in Garden Grove, 1.2 miles south of Disneyland. A Southern California-based partnership sold the asset to a private investor for $6.6 million, or $1,072 per square foot. Outback Steakhouse occupies the 6,180-square-foot property on an absolute triple-net lease basis that was recently extended for an additional 20 years. Patrick Luther and …

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, …

Unibail-Rodamco-Westfield to Redevelop 160,000 SF Former Los Angeles Sears Store into Dining, Entertainment District

LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational …

Woodmont Secures Daylight Golf Lease in Grapevine, Venue to Open in Summer

GRAPEVINE, TEXAS — The Woodmont Co. has arranged a 14,713-square-foot retail lease for Daylight Golf, a new virtual golf and sports bar concept, at 2505 E. Grapevine Mills Circle in Grapevine. Set to open this summer, the Daylight Golf venue will be situated on two acres along the outer ring road of Grapevine Mills, a regional mall owned by Simon that attracts more than 10 million visitors annually. The venue will feature virtual golf simulators for courses around the world, an outdoor …

Marcus & Millichap Arranges $1.7M Sale of Net-Leased Arby’s Property in Minnesota

AUSTIN, MINN. — Marcus & Millichap has arranged the $1.7 million sale of a 3,713-square-foot property net leased to Arby’s in Austin, approximately 40 miles southwest of Rochester in southern Minnesota. Tom Gommels of Marcus & Millichap’s Minneapolis office marketed the single-tenant building, located at 1305 18th Ave. NW, on behalf of the seller, a limited liability company. Chad Lieber of Marcus & Millichap’s Newport Beach office secured and represented the buyer, an …

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