HUMBLE, TEXAS — Dallas-based investment firm STRIVE has brokered the sale of a 3,583-square-foot retail freestanding retail property in the northern Houston suburb of Humble. Leased to Taco Cabana, the property is an outparcel to a Super Target retail center. Kyle Rozell and Anthony Pucciarello of STRIVE represented the seller, a California-based private investor, and procured the buyer, a Houston-based private investor.
LAS VEGAS — Amid a throng of more than 37,000 convention-goers at RECon — the world’s largest retail real estate trade show — Heartland Real Estate Business sat down with veteran Chicago broker Rick Scardino and CEO Jeff Rinkov of Lee & Associates on the show floor of the Las Vegas Convention Center in late May. Scardino, a principal with the Chicago office, spearheads the retail division at Lee & Associates of Illinois. Rinkov serves as CEO and chairman of the board. The two discussed the overall health of the retail market in the Windy City and beyond, the emergence of “grocerants” and the driving factors behind the recent rash of retail bankruptcies and store closures. What follows is an edited version of that conversation. Heartland Real Estate Business: Does the old saying that the grocery sector is recession-proof because everyone needs to eat still hold true? Rick Scardino: I just hate painting anything with a broad brush. I don’t think anything is recession-proof. I grew up with family retail and the restaurant business. Sometimes people move from one category to another, they’ll go from an Aldi when things are tighter to a Jewel. HREB: Who do you think is …
MODESTO, CALIF. — HFF has arranged the $170 million refinancing of a portfolio of 33 triple-net-leased grocery properties totaling 1.73 million square feet in Northern California. The portfolio is fully occupied under a master lease with The Save Mart Companies, operating under the Save Mart, Lucky, Lucky California and FoodMaxx brands. The portfolio consists of freestanding and anchor stores located in the San Francisco Bay Area, Sacramento and the Central Valley. Peter Smyslowski, Chris Gandy and Rob Bova of HFF worked on behalf of the borrower, Modesto-based RMP Properties LLC, to place the 10-year, fixed-rate loan with a UBS-led consortium of CMBS lenders.
BEVERLY HILLS, CALIF. — Quantum Capital Partners has secured a $13 million CMBS loan for four fully leased retail buildings in Beverly Hills. The borrower is a Beverly Hills-based private investor operating as MC Ventures LLC. The loan will refinance existing debt on the portfolio, which is located on La Cienega Boulevard. Tenants include restaurants Matsuhisa, Fogo de Chao and Gyu-kaku, along with beauty salon YUMILashes.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the sale of 926 Plaza, a retail strip center located at 926 Haddonfield Road in Cherry Hill. An undisclosed buyer acquired the property for $4.2 million, or $298 per square foot. The UPS Store, Sherwin Williams, Primo Hoagies and local businesses occupy the 14,123-square-foot property. Shannon Bona, Mark Taylor and Derrick Dougherty of Marcus & Millichap represented the undisclosed seller, while Michael Lombardi, also of Marcus & Millichap, represented the buyer in the transaction.
CANTON, TEXAS — Dallas-based investment firm STRIVE has brokered the sale of Trader’s Square Shopping Center, a 57,920-square-foot retail asset located at 301 State Highway 243 in Canton, a city about 60 miles east of Dallas. The center was 79 percent leased at the time of sale to tenants such as GameStop, Nail Depot and It’s Fashion. Bryce Gissler, Will Merritt and James Mangum of STRIVE represented the seller, a Texas-based investment firm, in the transaction. Other terms of sale were not released.
FORT WAYNE AND MERRILLVILLE, IND. — Englewood Construction has completed the ground-up construction of three new restaurants: a BJ’s Restaurant and Brewhouse in Fort Wayne, Ind., an Outback Steakhouse in Merrillville, Ind. and an Eddie V’s in Troy, Mich. The 7,525-square-foot BJ’s Restaurant and Brewhouse is located next to Glenbrook Square Mall along Coliseum Boulevard in Fort Wayne. BJ’s, a pizza and burger restaurant, was designed by Dublin, Ohio-based WD Partners. Englewood completed a 6,494-square-foot Outback Steakhouse at 1590 E. Lincoln Highway in Merrillville for Bloomin’ Brands. The company chose to move from a nearby location. The Roberts Group was the project architect. North of Detroit, Englewood completed construction of a 9,698-square-foot Eddie V’s restaurant in Troy. Scheduled to open in June, it is the 16th Eddie V’s location for Orlando, Fla.-based Darden Restaurants Inc. Located at 2100 W. Big Beaver Road, the restaurant will feature seafood, cocktails and live music from jazz musicians. Designers of Progressive Architecture was the project architect.
NORTH RIDGEVILLE, OHIO — Marcus & Millichap has brokered the sale of a 15,000-square-foot retail property net leased to Walgreens in North Ridgeville, about 22 miles southwest of Cleveland, for $5.4 million. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Melinda Marston of JRW Realty represented the buyer, a California-based private fund.
CHICAGO — Horizon Realty Services has arranged two retail leases for Kilwins in the Chicago area. The chocolate and ice cream store leased 1,409 square feet at the vintage Metropolitan Tower building located at 310 S. Michigan Ave. in Chicago’s South Loop. The store is slated to open this summer. In Naperville, Kilwins leased a former restaurant space totaling 1,864 square feet. Located at 36 W. Jefferson Ave., the store is slated to open in the first quarter of 2018. Kilwins maintains approximately 114 stores nationally, seven of which are in the Chicago market. Stuart Lenhoff and Jason Lenhoff of Horizon Realty brokered the lease transactions on behalf of Kilwins.
FORT OGLETHORPE, GA. — The Cooper Commercial Investment Group has brokered the $1.7 million sale of The Forts Shopping Center, a 4,200-square-foot retail asset located in Fort Oglethorpe, about 9 miles south of Chattanooga in Georgia. The property’s tenant roster includes Moe’s Southwest Grill and Supercuts. Bob Havasi and Dan Cooper of Cooper Commercial represented the Tennessee-based seller in the transaction. The Georgia-based buyer purchased The Forts for roughly $411 per square foot.
