REBusinessOnline

Joint Venture Breaks Ground on 1 MSF Central Station Mixed-Use Development in Downtown Phoenix

PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix.Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces.One …

Marcus & Millichap Negotiates $3.1M Sale of Chipotle-Occupied Property in St. Louis

ST. LOUIS — Marcus & Millichap has negotiated the sale of a Chipotle-occupied retail property in St. Louis for $3.1 million. The 2,415-square-foot building, located at 3547 Hampton Ave., features a “Chipotlane” drive-thru. Chipotle opened for business at the location in 2020. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. The buyer was not

Cooper Group Negotiates Sale of P.F. Chang’s-Occupied Property Near Cleveland for $3.8M

BEACHWOOD, OHIO — The Cooper Commercial Investment Group has negotiated the $3.8 million sale of a single-tenant property occupied by P.F. Chang’s in Beachwood, a suburb of Cleveland. The restaurant’s lease expires in 2025. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the all-cash buyer. The transaction represents a cap rate of 4.62 percent. The property sold for $543 per square foot and at approximately 98 percent of the list

PSRS Secures $4.6M Refinancing for Two Retail Properties in Meridian, Idaho

MERIDIAN, IDAHO — PSRS has secured a $4.6 million refinancing for Gramercy and Mason Creek Retail, two retail assets in Meridian. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the 65 percent loan-to-value, nonrecourse loan with a 10-year term and 30-year amortization for the undisclosed borrower.The properties consist of a total of four retail buildings featuring 14 units and 27,022 square feet. All buildings are fully occupied with a diverse mix of restaurants, local and national …

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in.Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square …

Whataburger Opens Two Restaurants in Metro Atlanta, Plans Six More Around Georgia

CORPUS CHRISTI, TEXAS — Whataburger, a Corpus Christi-based fast food burger chain, is opening its first metro Atlanta restaurants this year. The two locations will be situated at 705 Town Park Lane NW in Kennesaw and 9766 GA-92 in Woodstock. At its Kennesaw location, Whataburger plans to hire 180 employees, and to employ more than 1,400 employees in the metro Atlanta area restaurants by the end of 2023.In 2023, other Whataburger locations will open around metro Atlanta including at 503 …

Unpredictability Lies at the Heart of Successful Experiential Retail, Say EEE Panelists

By Taylor WilliamsWith the COVID-19 pandemic largely in society’s rearview mirror and warm weather months approaching, Americans are fired up to recoup lost time at their favorite restaurants, bars and entertainment venues.But the collision of this pent-up demand with 40-year inflationary highs means that many consumers are going to be more selective about where they eat, drink and source entertainment. To that end, meals, drinks, games and activities must offer a truly unique …

Matthews Brokers $9M Sale of Woodland Hills Retail Property in California

WOODLAND HILLS, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. California-based Bolour Associates acquired the property from California-based Flamingo Investments for $9 million in an off-market transaction.Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the …

PMB Capital Unveils New Tenants, Multifamily Development Plans at Metro Dallas Mixed-Use Project

SACHSE, TEXAS — PMB Capital Development has unveiled updated plans for the retail and multifamily components of The Station, the Dallas-based developer’s $500 million mixed-use project in the northeastern suburb of Sachse. New food and beverage users that will open in the coming months at The Station include Manny’s Tex-Mex Restaurant, brewery Brass Tap, confectionary concept Cold Stone Creamery and Vietnamese kitchen Pho Station. In addition, PMB Capital has announced the construction of …

Azarian Realty Inks Deal with Primo Hoagies at Allendale Town Center in Northern New Jersey

ALLENDALE, N.J. — Azarian Realty Co. has signed fast casual restaurant concept Primo Hoagies to a 2,008-square-foot lease at the 90,000-square-foot Allendale Town Center, located in Bergen County in Northern New Jersey. Kevin Pelio and James Azarian of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Jason Brooke of MSC Retail represented the tenant. Primo Hoagies currently operates 85 franchised locations across seven states and is underway on expansion …




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