COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) and chef Jean-Georges Vongerichten have opened the Tin Building by Jean-Georges, a 53,000-square-foot food hall at Pier 17 at the Seaport in Lower Manhattan. The new culinary destination is an adaptive reuse of the Tin Building, a historic waterfront property that once served as the site of the Fulton Fish Market. The new food hall features six new full-service restaurant concepts and six fast-casual counters, as well as three specialty retailers and bars serving wine, craft cocktails and craft beers. The eateries and shops surround a central marketplace that sells locally sourced seafood, meat, cheese and produce. “It has been a great privilege to have this opportunity to bring back the Tin Building and reinvent such an iconic New York staple in a new and authentic way — honoring and inspired by the Seaport’s rich history and continuing the legacy of providing a one-of-a-kind experience that pays tribute to the global influences found in New York City,” says Vongerichten. The eateries include a French brasserie, seafood restaurant (Fulton Fish Co.), Asian speakeasy, breakfast counter, several vegetarian options, a bakery and a coffee shop. Vongerichten curated all 20 installments at the …
MISSION, KAN. — The Other Place, a sports-themed pizzeria and grill, has signed a 4,050-square-foot lease to open its fourth Kansas City-area location. The restaurant will occupy space within the Mission West shopping center at 6522 Martway St. The Other Place expects to open its Mission location in the beginning of 2023. Block & Co. Inc. Realtors serves as the leasing agent and property manager for Mission West. Block & Co.’s Phil Peck and Dakota Grizzle represented the tenant, while David Block, Max Kosoglad and Darren Siegel represented ownership. The Other Place now operates 11 locations throughout Kansas and Iowa. Its first location opened in Cedar Falls, Iowa, in 1970.
ORLANDO, FLA. — Avanath Capital Management has purchased City View, a mixed-use development located at 595 Church St. in Orlando, for $62.5 million. The buyer purchased the asset using a combination of its commingled fund equity and debt financing from JPMorgan Chase and Fannie Mae. Marcus & Millichap’s Affordable Housing Advisors division brokered the sale. Nearly half of City View’s 266 apartments are designated affordable, with the property’s rent restrictions continuing until 2050. Avanath Capital has taken steps to preserve the current designations of 28 units at 50 percent of area median income (AMI), 79 units at 60 percent of AMI and 24 units at 120 percent of AMI. The property was 96.9 percent occupied at the time of sale. In addition to the apartments and resident amenities, City View houses 13 commercial tenants occupying nearly 25,000 square feet, including boutique retail, restaurant, deli and financial education/literacy users, as well as the Orlando Police Department. Avanath Capital plans to complete interior renovations of the market-rate units to bring finishes and rents in-line with those of market competitors. Additionally, the firm will upgrade City View’s common areas and retails spaces and replace the roof, HVAC and boiler.
NEW YORK CITY — Five Iron Golf will open a 30,000-square-foot entertainment center at 101 Park Ave. in Manhattan. The space will house the concept’s signature golf simulators, widescreen TVs, leisure games and a full-service restaurant and bar. Anthony Dattoma of CBRE and Jason Goode of Compass Real Estate represented Five Iron Golf in the lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co. A tentative opening date was not disclosed.
FORT WORTH, TEXAS — Trademark Property Co. has welcomed seven new tenants to WestBend, the locally based developer’s mixed-use destination in Fort Worth. Four food and beverage concepts — fast casual eatery Sweetgreen, confectionary Van Leeuwen, burger chain Shake Shack and global culinary experience Quince — are scheduled to open before the end of the year. The Shade Store, a concept that specializes in window shades and blinds, will also debut in the fourth quarter. In addition, ear piercing salon Rowan and Karl’s Fishing & Outdoors are now open. The seven new leases total 17,102 square feet.
LANCASTER, CALIF. — Newmark has arranged the sale of Valley Central, a community shopping center in Lancaster. The property traded for $45.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark led the transaction. Situated on more than 35 acres at 44400 Valley Central Way, Valley Central features 375,541 square feet of retail space. At the time of sale, the property was 68 percent occupied. Current tenants include Marshalls, Staples, Michaels, 99 Cents Only, Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks Coffee, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapstake.
MORENO VALLEY, CALIF. — Progressive Real Estate Partners has brokered the sale of a restaurant property located at 23060 Alessandro Blvd. in Moreno Valley. Kalaveras, a Southern California-based Mexican restaurant chain, acquired the building from an Inland Empire-based private investor for $2.8 million. The 8,927-square-foot building was previously home to a Woody’s Restaurant, which closed in late 2021. Kalaveras Mexican Cuisine & Bar currently has 13 Southern California restaurants with plans underway for a dozen more locations, including this Moreno Valley site. The fully equipped restaurant features indoor seating for 200, an outdoor patio that seats 70 and on-site parking. The building includes a commercial brewing system and super-sized kitchen with upgraded hoods and equipment. The purchase included the building, land, furniture, fixtures and equipment, as well as a Type 47 liquor license and entertainment permit. Albert Lopez and Greg Bedell of Progressive Real Estate Partners represented the seller, while Allen Kirschbaum of Saddleback Realty represented the buyer in the deal.
NASHVILLE, TENN. — Southwest Value Partners and AEG have executed an agreement with EVO Entertainment Group to open a new entertainment venue within Nashville Yards, an 18-acre mixed-use development in downtown Nashville. The destination, which represents the first Tennessee EVO location, will span 48,000 square feet within a 420,000-square-foot office building at Nashville Yards. Gary Shanks and Miller Fitts of JLL represented Austin-based EVO in the lease transaction. Slated to open in 2024, plans for EVO Entertainment Nashville Yards include a 12-screen dine-in cinema, eight lanes of bowling, kitchen and bar and private event spaces, as well as gaming and attractions, gravity ropes and virtual reality experiences. Other uses at Nashville Yards include an upcoming live music venue operated by AEG with a capacity for 4,500 guests; Amazon’s regional office towers; a multi-tenant office tower that will house headquarters for Pinnacle Financial Partners and Bass, Berry & Sims; shops and restaurants; seven acres of open plazas, courtyards and green space; and two hotels: the 591-room Grand Hyatt Nashville and the newly renovated Union Station Nashville Yards hotel.
LAS VEGAS — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway. Situated at 7101-7181 W. Craig Road, the property was built in 2002.