Retail

Alamo Drafthouse Cinema at Imperial Market Sugar Land

Alamo Drafthouse Cinema to Open New Location in Metro Houston

by John Nelson December 8, 2015

SUGAR LAND, TEXAS — Alamo Drafthouse Cinema will open a new location in the Imperial Market development located in Sugar Land known as Alamo Drafthouse Cinema at Imperial Market. Imperial Market is an 850,000-square-foot mixed-use lifestyle center slated to open in the summer of 2017. Located at the historic home of the original Imperial Sugar Co. refinery, the development will retain a number of the architectural features of the building, which dates back to 1843. Construction will begin on the nine-screen theater in 2016 as part of a newly constructed, two-story retail building. Developed by Imperial Market LLC, the mixed-use development will feature a 274-unit apartment complex, 106,000 square feet of Class A office space and a 185-room hotel. Amenities will include the new Fort Bend Children’s Discovery Center, which is affiliated with the Houston Children’s Museum, the Sugar Land Heritage Foundation and more than two acres of greenery and park space. The development will also include 275,000 square feet of retail space.

December 8, 2015

NewQuest Properties Buys First Retail Property In Rio Grande Valley

by John Nelson December 8, 2015

MISSION, TEXAS — In an off-market transaction, NewQuest Properties has acquired its first commercial property in the Rio Grande Valley, picking up a 99,424-square-foot Big Kmart on nearly 11 acres along the most heavily traveled route between McAllen and Monterrey, Mexico. The site is located at the northeast corner of Expressway 83/I-2 and South Bryan Road in Mission, used by more than 2.2 million vehicles per year in cross-border travel. NewQuest has purchased the property at 1405 E. Expressway 83 in Mission from Los Angeles-based Tishman International Cos. Meredith McLeod-Cobb and Michael McLeod-Cobb of Champions RE Group sourced and negotiated the off-market deal. Tishman was represented internally in the transaction. Developed in 1992, the Kmart is located six miles north of the Anzalduas International Bridge, a four-lane, three-mile span connecting Mission to Reynosa, Tamaulipas. NewQuest’s first investment in the region is situated at the western edge of the McAllen MSA, the retail crossroads for South Texas and Northern Mexico.

December 8, 2015

Retail Texas

Whataburger to Open First Location in Royse City

by John Nelson December 8, 2015

ROYSE CITY, TEXAS — A new Whataburger of Mesquite in Royse City will open at the northwest corner of I-30 and Erby Campbell. The one-acre pad site is located at the front of the new Walmart Super Center in Royse City. Construction is set to begin in January with an anticipated opening in summer 2016. W. Thurston Witt Jr. of CBRE|UCR represented the buyer, and Jim Wier with The Retail Connection represented the seller, Royse City 114.

December 8, 2015

Illinois Midwest Retail

Boulder Group Arranges $2.2M Sale of Net-Leased Property in Schaumburg, Illinois

by Christina Cannon December 8, 2015

SCHAUMBURG, ILL. — The Boulder Group has arranged the sale of a single-tenant, net-leased retail property in Schaumburg for $2.2 million. The 4,500-square-foot building, located at 1430 E. Algonquin Road, is leased to Culver’s, a fast-casual restaurant chain, which has 15 years remaining on its lease. The property is positioned as an outparcel to an Aldi-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based developer. The buyer was a high-net-worth individual.

December 8, 2015

Illinois Midwest Retail

Marcus & Millichap Brokers Sale of 4,788 SF Property for $1.4M in Chicago

by Christina Cannon December 8, 2015

CHICAGO — Marcus & Millichap has brokered the sale of 7-Eleven Lincoln Park in Chicago. The 4,788-square-foot property sold for $1.4 million. The property is the retail component of a multi-story condo building that is located at 2020 N. Lincoln Park West Ave. Evan Lyons, George Ghattas and Kyle Stengle of Marcus & Millichap listed the property on behalf of the seller, a private investor. The buyer was undisclosed.

December 8, 2015

California Retail Western

Primestor Acquires Panorama Mall in Panorama City for $100M

by Nellie Day December 7, 2015

PANORAMA CITY, CALIF. — Primestor Development has acquired Panorama Mall, a 315,000-square-foot mall located at 8401 Van Nuys Blvd. in Panorama City, from Macerich Co. in an off-market transaction valued at approximately $100 million. Situated at the intersection of Roscoe and Van Nuys boulevards, the mall draws nearly 7 million visitors annually. Current tenants include La Curacao, Walmart, Forever 21, Aéropostale, The Children’s Place, Finish Line, Foot Locker, Daniel’s Jewelers, GNC, GameStop, Kebab House, McDonald’s, Domino’s Pizza, Cricket Wireless, T-Mobile, Premier Insurance Security and Ice Island, among others.

December 7, 2015

Restaurant Retail Texas

Roka Akor Steak, Seafood & Sushi Opens First Texas Location in Houston

by Haisten Willis December 7, 2015

HOUSTON — Roka Akor Steak, Seafood & Sushi has signed a lease for 6,591 square feet of ground floor space at 2929 Weslayan, a 40-story residential building at the northeast corner of Weslayan and West Alabama streets in Houston. This will be Roka Akor’s first location in Texas. Developed in 2015 by PMRG, 2929 Weslayan features 254 multifamily units and 11,880 square feet of retail and restaurant space. Property amenities include a 20-foot wall fountain in the lobby, stone and wood material palette throughout, a half-acre terrace, pool, fitness center and aqua lounge. Units range in size from 850 to 4,000 square feet. The building offers three penthouse levels, terraces, downtown views and direct-access elevators. James Namken, Kyle Knight and Edward Heap with The Weitzman Group represented PMRG in the lease. Mike Wheeler with Streetwise Retail Advisors represented the restaurant.

December 7, 2015

Healthcare Loans Mixed-Use New Jersey Northeast Retail

Procida Funding Closes Three Loans Totaling $6.3M in Central New Jersey

by Amy Works December 7, 2015

RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.

December 7, 2015

Restaurant Retail Texas

Hunington Properties Arranges Sale of 4,826 SF Shopping Center in Brownsville

by Haisten Willis December 7, 2015

BROWNSVILLE, TEXAS — Hunington Properties Inc. has arranged the sale of a 4,826-square-foot Burger King restaurant located at 925 US-77 in Brownsville. The restaurant was rebuilt in 2014. The tenant is one of the largest franchisees in the Burger King system, operating 275 Burger King restaurants in Texas and Florida. The tenant occupies the property subject to a long-term triple net lease.

December 7, 2015

Illinois Midwest Retail

Baum Realty Brokers $4.2M Sale of Retail Property Net Leased to McDonald’s in Schaumburg, Illinois

by Christina Cannon December 7, 2015

SCHAUMBURG, ILL. — Baum Realty Group LLC has brokered the sale of a single-tenant retail property net leased to McDonald’s in Schaumburg, a northwestern suburb of Chicago, for $4.2 million. The property, located at 955 E. Golf Road, set a record low capitalization rate under 4 percent for a property net leased to McDonald’s in the Midwest and one of the lowest in the country for a deal size over $4 million. Patrick Forkin, Brad Teitelbaum and Allen Joffe of Baum Realty represented the undisclosed seller in the transaction, a national tenant-in-common group with over 45 investors. Baum Realty Group procured the buyer, a private East Coast investor, prior to construction of the McDonald’s restaurant. The new 20-year ground lease features rent increases every five years.

December 7, 2015

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