Retail

MMCC Arranges $5.6M Refinancing for Retail Property in El Cajon, California

by Amy Works July 25, 2024

EL CAJON, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million loan for the refinancing of a retail property located at 13578 Camino Canada in El Cajon, a suburb of San Diego. Tenants at the property include Wells Fargo, Subway, Panda Express, The UPS Store and H&R Block. Chad O’Connor of MMCC’s San Diego office secured the financing with a local credit union on behalf of a private client. Terms of the 10-year loan include a 6.5 percent fixed interest rate with 30-year amortization and a loan-to-value ratio of 65 percent.

July 25, 2024

Acquisitions California Mixed-Use Office Retail Top Stories Western

Tinder Founder Justin Mateen Leads $211M Acquisition of Wilshire Rodeo Plaza Office/Retail Property in Beverly Hills

by Katie Sloan July 25, 2024

BEVERLY HILLS, CALIF. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive. The buyers plan to rebrand the property as One Rodeo, as well as upgrade and re-program the buildings to cater to luxury retail and office tenants. Current tenants include Merrill Lynch/Bank of America, USB, William Morris Endeavor and Encore Recordings. The Mateen brothers and Abdi view the acquisition as a generational property, and hope to take advantage of the “flight to quality” in a struggling office sector with limited new Class A supply. “Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” says Tyler Mateen, who is CEO of Cannon TTM, a Los Angeles-based real estate investment firm. “We are grateful to be acquiring these buildings at …

July 25, 2024

Affordable Housing Development Georgia Mixed-Use Multifamily Retail Southeast

City of Refuge Breaks Ground on $15.2M Mixed-Use Center in West Atlanta

by John Nelson July 24, 2024

ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …

July 24, 2024

Acquisitions Connecticut Northeast Retail

CBRE Brokers $6.2M Sale of Heritage Plaza Shopping Center in New Fairfield, Connecticut

by Taylor Williams July 24, 2024

NEW FAIRFIELD, CONN. — CBRE has brokered the $6.2 million sale of Heritage Plaza, a 26,403-square-foot shopping center in New Fairfield, located on the New York-Connecticut border. The center was fully leased at the time of sale to tenants such as First Step Pre-School and New Fairfield Animal Hospital. Karly Iacono, Dean Rosenzweig and Christopher Betting of CBRE represented the seller in the transaction. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the buyer. Both parties requested anonymity.

July 24, 2024

Development Midwest Missouri Retail

IMPACT Strategies Breaks Ground on Pre-Owned Car Dealership for Clement in Suburban St. Louis

by Kristin Harlow July 24, 2024

ST. CHARLES, MO. — IMPACT Strategies Inc. has broken ground on a new pre-owned car dealership for Clement Auto Group in St. Charles, a northwest suburb of St. Louis. Clement will be able to stay operational throughout the project. IMPACT will manage the demolition of the existing sales building and construction of a new building at 3621 Veterans Memorial Parkway off I-70. The project consists of an 11,700-square-foot building featuring a showroom, celebration bay, service drive and new sales lot. Completion is slated for spring 2025. Clement maintains four new car dealerships and two pre-owned dealerships in metro St. Louis.

July 24, 2024

Leasing Activity Midwest Missouri Restaurant Retail

Napoli Group to Open New Restaurant at The James Apartment Complex in Kirkwood, Missouri

by Kristin Harlow July 24, 2024

KIRKWOOD, MO. — The Napoli Group has signed a lease to open its sixth location at The James apartment complex in Kirkwood, a western suburb of St. Louis. Napoli Kirkwood, which will feature the restaurant group’s signature wood-fired pizza, is slated to open during the fourth quarter. The restaurant will occupy the 4,684-square-foot, ground-floor retail space and will also feature a 1,000-square-foot outdoor patio. High Street Residential, the residential subsidiary of Trammell Crow Co., opened The James in March. Greystar is handling leasing and management for the apartment units.

July 24, 2024

Illinois Leasing Activity Midwest Restaurant Retail

Brown Commercial Group Negotiates Two Retail Leases for Parlor Doughnuts in Metro Chicago

by Kristin Harlow July 24, 2024

BOLINGBROOK AND ROLLING MEADOWS, ILL. — Brown Commercial Group has negotiated two retail leases that will bring the first Parlor Doughnuts franchises to the Chicago market. Luke Dummitt, Dan Brown and Trinity Scurto of Brown Commercial Group represented a private investor in leasing two suburban locations that will be used for high-end doughnut and coffee shop locations. The properties include 1301 Algonquin Road in Rolling Meadows and 227 Weber Road in Bolingbrook. Each store will total nearly 3,000 square feet and is expected to open by year-end. Parlor Doughnuts launched in Evansville, Ind., in 2019 and now maintains more than 70 locations nationwide.

July 24, 2024

Development Industrial Mixed-Use Montana Office Retail Western

Venture West Development Underway on 196-Acre Jackrabbit Crossing Mixed-Use Project Near Bozeman, Montana

by Amy Works July 24, 2024

BELGRADE, MONT. — Venture West Development is underway on Jackrabbit Crossing, a 196-acre mixed-use project in Belgrade, roughly 10 miles northwest of Bozeman. Rosauers Supermarkets, which recently signed a long-term lease, will anchor the property. Plans for the development, which is located three miles from the Bozeman Yellowstone International Airport, also include a proposed 53,000-square-foot Amazon distribution center.

July 24, 2024

Development Florida Retail Southeast

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Metro Miami

by John Nelson July 23, 2024

DORAL, FLA. — Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is located within Bridge Point Doral, Bridge Industrial’s 175-acre industrial park that will span 2.6 million square feet of Class A industrial space upon completion in early 2025. Michael Finkle of Koniver Stern Group represented SJC Ventures in the land acquisition, and Mark Gilbert of Cushman & Wakefield represented Bridge Industrial. In addition to Whole Foods, other committed tenants at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino. SJC Ventures and Nuveen expect store openings to begin in the second half of 2025.

July 23, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.5M Sale of New Central Florida Restaurant Leased to Chipotle

by John Nelson July 23, 2024

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.5 million sale of a newly delivered restaurant property located at 4916 E. Silver Springs Blvd. in Ocala, a city in Central Florida. The 2,490-square-foot building was delivered last year and was triple-net leased to Chipotle Mexican Grill at the time of sale. The lease includes scheduled rent increases and extension options for Chipotle, which has a 15-year, corporate-guaranteed lease in place. The restaurant is situated on a 1-acre lot near an Aldi grocer store, Walmart Supercenter, Lowe’s Home Improvement and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate investment and development firm, in the sale. The 1031 buyer is based in Spain and purchased the restaurant at a 4.47 cap rate.

July 23, 2024

Newer Posts

Older Posts