CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.
FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.
DENVER — Westwood Financial has purchased The Shops at Walnut Creek, a community shopping center in Denver. InvenTrust Properties sold the asset for an undisclosed amount. At the time of sale, the 225,224-square-foot property was 94 percent occupied. Current tenants include TJ Maxx, HomeGoods, PetSmart, Michaels, Old Navy, Dollar Tree, Qdoba, Buffalo Wild Wings, Massage Envy, LensCrafters, Sephora and Lash Lounge. Brad Lyons of CBRE | National Retail Partners represented the seller in the deal.
MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement compared with the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines the holiday season as Nov. 1 through Dec. 31, 2022. “We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” says Jack Kleinhenz, NRF’s chief economist. “The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.” According to the Washington, D.C.-based organization, retail sales were down 0.6 percent in December relative to November, but up 5 percent year-over-year. Overall growth for the year met NRF’s forecast, reaching 7 percent. On Wednesday, the United States Department of Commerce reported that retail sales, including automobile, …
HOUSTON — Locally based developer Radom Capital has welcomed six new tenants to Montrose Collective, an office and retail development in Houston. Concepts coming to the property include restaurants Graffiti Raw and Picnik — opening this month and in the spring, respectively — as well as four fitness and beauty concepts. SISU, a med spa, will debut in February, while Studio BE, Glosslab and Skin Laundry will open later this year. Montrose Collective, which currently features 15 retailers and five restaurants, is now 97 percent leased.
AUGUSTA, GA. — The Palomar Group has brokered the $2.8 million sale of a 3,512-square-foot restaurant located at 4329 Belair Frontage Road in Augusta. The property is triple-net-leased to Steak N Shake, a diner chain that serves burgers, fries and milkshakes. Steak N Shake has approximately 15 years remaining on its lease term, which features a 10 percent rental increase every five years. The restaurant is situated at a signalized intersection off I-20 and near Fort Gordon Army Base. An investment firm based in New Britain, Conn., purchased the restaurant from an entity based in Aiken, S.C. Both parties requested anonymity.
NEW YORK CITY — Score Sports Bar will open a 9,000-square-foot restaurant in Midtown Manhattan. The tenant has committed to a three-story space at 416 Eighth Avenue, which is located adjacent to Madison Square Garden, for 15 years. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord, Riese Organization, in the lease negotiations. Spencer Planit of Winick Realty represented Scores Sports Bar.
FRANKLIN, TENN. — In-N-Out Burger, a popular fast-food chain based in California, has announced plans to expand to Tennessee, beginning with a regional office in the Nashville suburb of Franklin. The company plans to open its first Tennessee restaurant in the Nashville area by 2026, which represents the furthest east location for In-N-Out. “We are very excited to provide Tennesseans with our quality burgers, fries and shakes,” says Lynsi Snyder, In-N-Out owner and president. “This expansion is significant for our company. For many years, we’ve heard requests from our customers in Tennessee to consider opening locations near them, further east than we’ve ever been. We very much look forward to serving them in years to come and becoming part of the wonderful communities in The Volunteer State.” In-N-Out was founded in 1948 by Harry and Esther Snyder as a small hamburger stand in Baldwin Park, Calif. The building is considered California’s first drive-thru hamburger stand. Today, In-N-Out operates 385 locations in Arizona, California, Colorado, Nevada, Oregon, Texas and Utah. The company, which has headquarters in Baldwin Park and Irvine, Calif., employs about 35,000 associates and does not franchise any of its locations.
SIMI VALLEY, CALIF. — Woodland Hills, Calif.-based Toibb Enterprises has completed the disposition of Simi Valley Promenade, a retail center located at 5105-5197 E. Los Angeles Ave. in Simi Valley. A Chino Hills-based private investor acquired the asset for $19.5 million. Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block are tenants at the 82,366-square-foot Simi Valley Promenade, which was built in 1981 and most recently renovated in 2002. At the time of sale, the property was 92 percent occupied. Bill Ashe, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the buyer, while Avi Narang of Beverly Hills-based BRC Advisors represented the seller in the deal.
