Retail

Marcus & Millichap Arranges $1.6M Sale of Retail Property in Manchester, New Jersey

by Amy Works November 14, 2016

MANCHESTER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 2111 Route 37 West in Manchester. A limited liability company acquired the 9,790-square-foot property for $1.6 million. Known as GreenTree at Manchester, the property comprises a two-tenant, two-building retail center with a ground lease to STS and a lease to Spirits Express. David Thurston and Charles Loccisano of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the deal.

November 14, 2016

Indiana Michigan Midwest Restaurant Retail Wisconsin

FCPT Acquires 16 KFC Restaurant Properties for $21.1M

by Kristin Harlow November 14, 2016

INDIANA, MICHIGAN AND WISCONSIN — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties net leased to KFC in Indiana, Michigan and Wisconsin for $21.1 million. The restaurants are occupied under new triple-net leases with 20-year terms. Seven of the properties are under a master lease and nine properties are under individual leases. FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031 exchange sale of a property in Florida occupied by Bahama Breeze.

November 14, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Brokers $1.6M Sale of Net Leased Starbucks Property in Cary, Illinois

by Kristin Harlow November 14, 2016

CARY, ILL. — The Boulder Group has arranged the sale of a single-tenant property in Cary net leased to Starbucks for $1.6 million. The newly built property is located at 630 NW Highway. The Starbucks lease, which began in October 2016, spans for 10 years and features four five-year renewal option periods with 10 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The buyer was a private west coast-based real estate partnership.

November 14, 2016

Retail Texas

Cypress Equities Opens 12.7-Acre Crystal Falls Town Center in Leander, Texas

by Amy Works November 14, 2016

LEANDER, TEXAS — Cypress Equities has opened Crystal Falls Town Center, a 12.7-acre retail center located at the corner of Lakeline Boulevard and Crystal Falls Parkway in Leander. A 63,182-square-foot Randalls Food Market anchors the 93,642-square-foot center. Additional tenants include Orange Theory Fitness, Jack Brown Cleaners, La Bella Nails and Spa, ABC Liquor, Tomlinson’s Feed, Cost Cutters, GNC and Apple Springs Family Dentistry. SRS Real Estate Partners has been retained to lease the property.

November 14, 2016

Loans Michigan Midwest Retail

Bernard Financial Group Arranges $9M Acquisition Loan for 266,439 SF Retail Center in Sault Ste. Marie, Michigan

by Kristin Harlow November 14, 2016

SAULT STE. MARIE, MICH. — Bernard Financial Group has arranged a $9 million acquisition loan for a 266,439-square-foot retail shopping center in Sault Ste. Marie in the Upper Peninsula of Michigan. Cascade Crossing is located at 4500 I-75 Business Spur. Tenants include T.J. Maxx, Dollar Tree and Kohl’s, among others. David Dismondy of Bernard Financial Group originated the loan. Cascade X LLC was the borrowing entity.

November 14, 2016

Retail Texas

Venture Commercial Completes Sale of 38,000 SF Retail Property in Frisco, Texas

by Amy Works November 14, 2016

FRISCO, TEXAS — Venture Commercial Real Estate has arranged the sale of a single-tenant, net-leased LA Fitness in Frisco. The 38,000-square-foot gym anchors the Frisco Market Center, a 100-acre mixed-use development located at Main Street and Dallas North Tollway. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture Commercial represented the seller, Hermansen Land Development Inc., in the sale. The name of the buyer and the acquisition price were not released.

November 14, 2016

Industrial Office Retail Texas

NAI Robert Lynn Brokers Four Sales Totaling 120,722 SF in Texas

by Amy Works November 11, 2016

DALLAS, CEDAR HILL, FORT WORTH AND WAXAHACHIE — NAI Robert Lynn has arranged the sales of four properties totaling 120,722 square feet in Texas. In the first transaction, Taxco Produce acquired an 111,263-square-foot building located at 4202 Dan Morton Drive in Dallas. Matt Elliot of NAI Robert Lynn represented the tenant in the deal. In the second transaction, Tom Heraty of NAI Robert Lynn represented U Need Nails & Tan LLC in the acquisition of a 3,559-square-foot building located at 101 E. Belt Line Road in Cedar Hill. In the third deal, Colt Power of NAI Robert Lynn represented CAP Software in the purchase of a 3,200-square-foot building located at 7250 W. Vickery Blvd. in Fort Worth. Eric Walsh of HGC Commercial represented the undisclosed seller in the transaction. In the final transaction, Tom Heraty of NAI Robert Lynn represented the Rocksteady LLC in the acquisition of a 2,700-square-foot building located at 503 N. Highway 77 in Waxahachie. Sandia Properties represented the undisclosed seller in the deal.

November 11, 2016

Connecticut Northeast Retail

Fischer Commercial Real Estate Brokers $1.1M Sale of Retail Property in Norwalk, Connecticut

by Amy Works November 11, 2016

NORWALK, CONN. — Fischer Commercial Real Estate has arranged the sale of a retail property located at 233 E. Ave. in East Norwalk. An entity that owns and operates laundromats acquired the property for $1.1 million. The buyer plans to convert the 7,450-square-foot property into a state-of-the-art laundromat. Alan Fischer of Fischer Commercial Real Estate Inc. represented the seller and procured the buyer.

November 11, 2016

California Retail Western

Sterling Organization Acquires $23.5M Retail Building in Beverly Hills

by Nellie Day November 11, 2016

BEVERLY HILLS, CALIF. — Sterling Organization has purchased a retail building located at 315-319 N. Beverly Drive in Beverly Hills’ Golden Triangle. The property was purchased off-market on behalf of the firm’s institutional fund Sterling Value Add Partners II for $23.5 million. The 4,700-square-foot property is expected to be vacant in the first quarter of 2017. Justin Mendelson of Charles Dunn Company represented the buyer. Darrell Levonian and Brian Jensen of Charles Dunn Company represented the seller, a private investor partnership based in California and Texas.

November 11, 2016

California Retail Western

Alberta Development, Pacific Coast Capital Complete Phase I and II of Promenade at Downey Near Los Angeles

by Nellie Day November 11, 2016

DOWNEY, CALIF. — A joint venture between Alberta Development Partners and Pacific Coast Capital Partners has completed Phase I and II of Promenade at Downey, a 656,000-square-foot shopping center and entertainment district located in Downey, roughly 12 miles outside Los Angeles. A movie studio and a NASA plant previously occupied the property. The center’s entertainment court will feature educational reading stations and themed elements associated with the space program, as well as a walkway honoring space missions. Retailers opening in Phase I and II of the development include TJ Maxx, HomeGoods, Ulta Beauty, Famous Footwear, Dress Barn, Carter’s, Oshkosh, Five Guys, Chipotle Mexican Grill, Mod Pizza, California Fish Grill, Benihana, 24 Hour Fitness, Floor & Décor, Cinemark, Lazy Dog, Ruby’s Diner, Bar Louie, Skechers, AT&T and Gaucho Grill. Dallas-based Falcon Construction Advisors is building the project.

November 11, 2016

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