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AcquisitionsCaliforniaMixed-UseRestaurantRetailWestern

Bolour Associates Sells Beachfront Retail Portfolio in Hermosa Beach, California for $33.5M

by Amy Works

HERMOSA BEACH, CALIF. — Bolour Associates has completed the $33.5 million sale of a beachfront retail portfolio in Hermosa Beach. Situated on nearly one acre, the asset is located at 11-29 Pier Avenue and 1250-1272 The Strand. At the time of sale, the property was 88 percent occupied by beach-centric tenants, including Hermosa Cyclery, Oakberry, Hermosa Beach Trading Co., Waves, Playa Hermosa Fish & Oyster and Heavenly Couture. Tim Kuruzar, Bryan Ley, Brendan McArthur and Tess Berghoff of JLL served as investment advisors in the Strand and Pier transaction. Jeff Sause and Chad Morgan of JLL served as debt advisors.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $11.5M Sale of Multi-Tenant Commercial Property in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of 821 W. Eastman, a 23,150-square-foot multi-tenant property in Chicago’s Lincoln Park neighborhood. The British International School of Chicago anchors the building, occupying 65 percent of the rentable square footage with 17 years remaining on its lease. Other tenants include Bright Horizons, a provider of early education that has occupied the space since 2007, and Hill Family Pet Care, which offers daycare, boarding, grooming and training services. Danny Spitz of Greenstone represented the seller and procured the buyer, a partnership between Honore Properties and Peerless Development.

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DevelopmentRetailTexas

EMCID Underway on 210,000 SF Convention Center at Valley Ranch in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) is underway on construction of a 210,000-square-foot convention center within the Valley Ranch master-planned development in New Caney, a northeastern suburb of Houston. The facility will feature a 55,000-square-foot ballroom/exhibit hall, nearly 20,000 square feet of meeting space and approximately 25,000 square feet of pre-function and lobby space and outdoor courtyards. Plans also call for an attached 813-space parking garage and connection to a full-service hotel. Completion is slated for fall 2026. Signorelli Co. is the master developer of Valley Ranch and previously owned the land on which the facility will be located.

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DevelopmentRetailTexas

Merlin Entertainments Opens Peppa Pig Theme Park in North Richland Hills, Texas

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, has opened a theme park in North Richland Hills, a suburb of Fort Worth, that is dedicated to children’s character Peppa Pig. The site formerly housed a Mountasia Family Fun Center, and the new park features multiple rides, interactive attractions, themed playscapes and shows. Merlin Entertainments, which also operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters. Merlin Entertainments announced the concept in spring 2023.

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DevelopmentMixed-UseMultifamilyRetailSouth CarolinaSoutheast

Flournoy Breaks Ground on 365-Unit District South Apartment Property in Greenville

by John Nelson

GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $4.1M Sale of Restaurant in Spring Hill, Florida Leased to Chipotle

by John Nelson

SPRING HILL, FLA. — SRS Real Estate Partners has brokered the $4.1 million sale of a new restaurant located at 10377 County Line Road in Spring Hill, about 50 miles north of Tampa. Chipotle Mexican Grill leases the 2,489-square-foot property on a 20-year, corporate-guaranteed lease. The restaurant is an outparcel to Seven Hills Center, a shopping center anchored by Publix, and is situated a half-mile from Tampa General Hospital Spring Hill. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in Florida, in the transaction. A private investment firm based in Colorado purchased the restaurant at a 4.66 percent cap rate.

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Leasing ActivityMixed-UseNorth CarolinaOfficeRetailSoutheast

One Alliance Brings 32,936 SF Johnsbury Square Mixed-Use Property in Metro Charlotte to Full Occupancy

by John Nelson

CORNELIUS, N.C. — One Alliance Cos. has fully leased Johnsbury Square, a mixed-use property located at 19901-19905 W. Catawba Ave. in Cornelius, about 20 miles north of Charlotte. RE/Max Executive leased the last remaining office suite at Johnsbury Square. Kasandra Brew Blum represented the landlord on an internal basis. Existing tenants include Fusion Bowl, FitFast20, Apotheca Canabis Dispensary and Coffee Republic & Bakery, among others.

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AcquisitionsMidwestMissouriRetail

Prudent Growth Buys Douglas Square Shopping Center in Lee’s Summit, Missouri for $11.6M

by Kristin Harlow

LEE’S SUMMIT, MO. — Prudent Growth Partners LLC has acquired Douglas Square in the Kansas City suburb of Lee’s Summit for $11.6 million. The 59,451-square-foot shopping center was built in 1999 and is home to 18 local and national tenants. The property is situated on NE Douglas Street with proximity to I-470. Prudent Growth is a private equity real estate investment company based in Chapel Hill, N.C.

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IllinoisLoansMidwestRetail

BWE Arranges $8M Loan for Refinancing of Mayfair Plaza Retail Strip Center in Chicago

by Kristin Harlow

CHICAGO — BWE has arranged an $8 million loan for the refinancing of Mayfair Plaza in Chicago. The three-building, 28,771-square-foot retail strip center was fully leased at the time of loan closing. Tenants include Starbucks, T-Mobile, a dentist’s office and local Chicago restaurants. Ryan Morris of BWE arranged the five-year loan, which features a 30-year amortization period. The lender and borrower were not provided.

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AcquisitionsGeorgiaNew YorkNortheastRetailSoutheastTop Stories

Global Net Lease Agrees to Sell 100-Property Multi-Tenant Retail Portfolio for $1.8B

by Kristin Harlow

NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …

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