SOUTHFIELD, MICH. — Colliers International has arranged a 2,339-square-foot lease for Naf Naf Grill, a Middle Eastern, fast-casual restaurant chain. Naf Naf Grill will occupy space beginning next spring in an 11,500-square-foot building which is situated on an outlot to Travelers Tower, a 810,460-square-foot office complex. The restaurant will be located at 26555 Evergreen Road in Southfield and will be the company’s third location in metro Detroit. Brian Whitfield, Lou Frango and Matthew Seeley of Colliers International represented the tenant in the transaction.
FORT WORTH, TEXAS — The Vitorino Group has arranged the sale of an El Pollo Loco ground lease in Fort Worth. Located along I-35 in front of a Costco, the restaurant is an outparcel of Presidio Towne Crossing, a 1 million square-foot mixed-use development. A Connecticut-based institution was the seller, while a Dallas-based partnership was the buyer.
TOMS RIVER, N.J. — CBRE has arranged the sale of a retail development site located at the intersection of Route 37 and Fischer Boulevard in Toms River. QuickChek acquired the assemblage of properties for $3 million. The buyer plans to develop a modern gasoline and convenience store facility on the 2-acre site. Steven Winters of CBRE represented the undisclosed seller in the transaction.
MIAMI — Marcus & Millichap has arranged the $18 million sale of West Sunset Square, a 67,974-square-foot shopping center located on the corner of Sunset Drive and S.W. 157th Avenue in Miami. The buyer, Sabina 40 Street LLC/West Sunset Square Members LLC, is an affiliate of IMC Equity Group. Built in 2009, West Sunset Square was fully leased at the time of sale to tenants such as Dollar Tree, Planet Fitness, Valsan and a Taco Bell outparcel set to open in September. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Miami-based limited liability company, and procured the buyer. Sabadell United Bank provided a $12.6 million acquisition loan on behalf of IMC Equity Group.
It is impossible to have a discussion about retail commercial real estate without considering the implications of shifting demographics. This is true both nationally and in the Columbia market. The unique demographic characteristics of the local market serve as an explanation for the current situation in retail real estate. The trends in retail real estate in Columbia echo those on that national level, although with the local market’s heavy concentration of Millennials (one of the highest in the Southeast), the opportunity for disproportionately high growth is significant. Those trends involve the sector being the last to emerge from the recession with low levels of retail development on a broad scale, but increasing activity and viability in urban and infill environments, especially for restaurants. Much of the retail activity in the market uniquely caters to that 20 to 34 age demographic. At this stage in their lives, the overwhelming majority of the younger demographic is focused on living in an active lifestyle, preferably in urban environments. This is making the prospect of infill retail, particularly as a component of mixed-use development, more feasible. This is resulting in increasing retail and multifamily development in Columbia’s downtown. For urban retail, there are three …
ROUND ROCK, TEXAS — X Team International partner Venture Commercial Real Estate has represented LA Fitness in a land acquisition in Round Rock for a new location. The 37,000-square-foot gym will be located on a 4.7-acre site at the intersection of East Palm Valley and Grimes boulevards. The new LA Fitness is slated to open in summer 2017. Venture’s John Zikos, Jonathan Cooper and Cheryl Hill, along with Walt Brown Jr. and Tim Dolander of Diversified Partners, represented LA Fitness in the transaction. Brett Baker with HEB Grocery Co. represented the seller.
SAN ANTONIO — Marcus & Millichap has arranged the sale of 6.8 acres of land in San Antonio. Jon Danklefs of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a partnership. The land is located at the southwest corner of Loop 410 and Medina Base Road. Nearby retailers in the area include Walmart Supercenter, Valero Corner Store, Walgreen’s, Jack in the Box, Burger King and HEB.
PHILADELPHIA — Benbrooke has completed the disposition of Franklin Marketplace, a retail power center located at 101-195 Franklin Mills Blvd. in northeastern Philadelphia. PAG Investments acquired the asset free and clear of existing debt for $25.8 million. The 223,434-square-foot center was 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. Chris Munley, Jose Cruz, Kevin O’Hearn and Michael DiCosimo of HFF represented the seller in the transaction.
LA HABRA, CALIF. — Tropical Holdings LLC and Ruffin Tech Center Ltd. has completed the sale of a restaurant property located at 1000 S. Beach Blvd. in La Habra. A Rowland Heights, Calif.-based private investor acquired the property for $3.3 million. The newly constructed, single-tenant, 5,506-square-foot property is absolute triple-net leased to Black Bear Diner. Jeremy McChesney of Hanley Investment Group represented the sellers, while Peter Deltondo of Marcus & Millichap represented the buyer in the transaction.
OAKLAND, CALIF. — Arroyo & Co. and Colliers have arranged the acquisition of Shops at Broadway, a newly constructed grocery- and pharmacy-anchored shopping center located in Oakland. A group of San Francisco Bay area developers sold the property to an undisclosed buyer for an unreleased sum. Sprouts Farmers Market, Walgreens, Starbucks Coffee, Chipotle and Sleep Train occupy the 36,816-square-foot center. Pedro Arroyo and David Kram of Arroyo & Co., along with Mark Lewkowitz of Colliers, represented the buyer in the deal.