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.
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.
BUELLTON, CALIF. — CBRE Group has arranged six leases at Crossroads at Buellton Village, a 52,628-square-foot shopping center currently under construction in Buellton. The Habit inked a deal for 2,000 square feet; Chipotle Mexican Grill signed a lease for 1,900 square feet; Supercuts leased 850 square feet; a national coffee chain signed for 1,610 square feet; a telecommunications corporation inked a deal for 1,800 square feet; and a home improvement supply store leased 39,632 square feet of space at the center. With three remaining spaces available, ranging from 1,000 square feet to 6,883 square feet, the center is slated to open in first quarter 2016. Larry Tanji, Scott Siegel and Lisa Engel of CBRE represented the developer, Buellton Village Center LLC, in the lease transactions.
TUCSON, ARIZ. — PGA TOUR Superstore will open its first experiential Tucson, Ariz., retail store in early 2016 at the Tucson Fiesta Shopping Center. PGA TOUR Superstore has three existing Arizona stores in Chandler, North Scottsdale and Scottsdale. Its new Tucson location will be the largest golf retail store in the area. The new 25,000-square-foot PGA TOUR Superstore in Tucson will have multiple swing simulators, practice hitting bays, a large putting green and an in-house club making and repair facility to provide an interactive experience to golf enthusiasts. PGA TOUR Superstore is owned and operated by Roswell, Ga.-based Golf & Tennis Pro Shop Inc., whose controlling owner and chairman is Arthur Blank, retired co-founder of The Home Depot.
BROWNSVILLE, TEXAS — The Silver Group has arranged the sale of a single-tenant Burger King restaurant located at 925 U.S. Highway 77 in Brownsville. The freestanding 4,826-square-foot building is 1.5 years old and it replaced an older building that had become obsolete. At closing, the remaining triple-net lease term was 18.5 years. The investor acquired the asset to complete a 1031 tax-deferred exchange. Barry Silver of The Silver Group represented the out-of-state investor.
WISCONSIN — Time Equities Inc. has acquired four multi-tenant retail properties totaling 307,668 square feet in Wisconsin for $18.1 million. The acquisitions were made in two separate transactions. In the first deal, New York-based Time Equities acquired Geneva Commons, located at 800 N. Edwards Blvd. in Lake Geneva, for $1.3 million. Geneva Commons is shadow-anchored by Target and is 70 percent leased to tenants that include Mattress Firm, Sally Beauty and Maurices. Quantum Real Estate Advisors represented the seller, Ryan Cos., in the transaction. Mid-America Real Estate will be in charge of leasing the property. In the second deal, Time Equities acquired Oak Creek Centre, Park Plaza and Taylor Heights for $16.8 million. Oak Creek Center, located at 8571 S. Howell Ave. in Oak Creek, is 95,042 square feet. The center is 84 percent leased, and tenants include TJ Maxx, Petco and Dollar Tree. The 110,855-square-foot Park Plaza, located at 1140 S. 30th St. in Manitowoc, is 61 percent leased to tenants including Family Dollar, Papa Murphy’s, Hobby Lobby and Advance America. Taylor Heights is an 87,680-square-foot retail center that is located at 549 S. Taylor Drive in Sheboygan. Planet Fitness anchors the center, and other tenants include Napa Auto …
It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016. Educational Opportunity Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus. University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction. Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and …
FESTUS, MO. — Bamboo Equity Partners has acquired a 19,000-square-foot shopping center in Festus, approximately 35 miles south of St. Louis for an undisclosed amount. The retail center, located at 332-356 Festus Drive, is comprised of two buildings that include tenants such as Edward Jones, Vantage Credit Union and Berkshire Hathaway. Intelica CRE brokered the transaction between Bamboo Equity Partners and the undisclosed seller. Intelica will also manage the property.
NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.
CINNAMINSON, N.J. — HFF has brokered the sale of Riverline Self Storage, a self-storage facility located at 1714 Bannard St. in Cinnaminson, a suburb of Philadelphia. Saratoga Springs, N.Y.-based Prime Group purchased the 381-unit property for $5.4 million. The two-building property totals 63,539 rentable square feet, with the property’s 381 climate-controlled units totaling 36,586 rentable square feet and occupying portions of both two-story buildings. The remaining 26,953 square feet is occupied by a combination of office, retail and warehouse tenants. Richard Schontz and Barbara Guffey of HFF represented the seller, a local private investor, in the transaction.