Retail

Puttshack Raises $150M in Growth Capital, Unveils Expansion Plans

by Kristin Harlow October 12, 2022

CHICAGO — Chicago-based Puttshack, an indoor mini golf venue operator, has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack’s rapid growth strategy across the United States. New venues in Boston and Miami are scheduled to open this fall, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, plus a second location in Atlanta, are all slated to open in 2023. Additional U.S. locations will be announced soon, according to the company. Puttshack says the latest round of funding enables the team to continue securing unique and desirable real estate opportunities as it expands into more top markets. The company first introduced its tech-driven mini golf game in 2018 with the opening of the first location in London. Currently, Puttshack operates two locations in the United States and four in the United Kingdom. Puttshack’s patented Trackaball technology is integrated throughout the entire game, including automated scoring, bonus points opportunities and interactive games at each hole. Puttshack also offers a dining menu and drinks. “As the global leader in the emerging and growing market of …

October 12, 2022

Acquisitions Company News Georgia Mixed-Use Retail Southeast

Simon Agrees to Acquire 50 Percent Stake in Jamestown

by John Nelson October 11, 2022

INDIANAPOLIS AND ATLANTA — Indianapolis-based mall giant Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had more than $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership with Simon, Jamestown will gain a partner with a broad platform of resources and operational tools that will enhance its ability to scale and grow. “The partnership with Simon will help position us for our next chapter as we scale our differentiated products in an increasingly global world,” says Michael Phillips, president of Jamestown. With Jamestown, Simon now has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer. Simon will also be able to access the Jamestown platform to accelerate its future densification projects. “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and …

October 11, 2022

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 294,431 SF Retail Power Center in Odessa, Texas

by Taylor Williams October 11, 2022

ODESSA, TEXAS — Dallas-based brokerage firm Disney Investment Group has arranged the sale of Chimney Rock, a 294,431-square-foot retail power center located in the West Texas city of Odessa. Built in 2012 and expanded in 2016, Chimney Rock was 93 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Best Buy, Marshalls, Ulta Beauty, Petco, Northern Tool + Equipment, Mattress Firm, Kirkland’s and Longhorn Steakhouse. David Disney and Adam Crockett of Disney Investment Group represented the undisclosed seller and procured the buyer, Houston-based investment firm Fidelis, in the transaction.

October 11, 2022

Acquisitions Massachusetts Net Lease Northeast Retail

SRS Arranges $16.1M Sale of Metro Boston Retail Property Leased to CVS

by Taylor Williams October 11, 2022

WATERTOWN, MASS. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the asset via a 1031 exchange.

October 11, 2022

Acquisitions Illinois Midwest Restaurant Retail

Greenstone Partners Brokers $2.3M Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Kristin Harlow October 11, 2022

LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 11, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $18.9M Partial Sale of Greenfield Gateway Retail Center in Mesa, Arizona

by Amy Works October 11, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of a 67,709-square-foot portion of Greenfield Gateway, a 349,143-square-foot retail center in Mesa. Southern California-based investor Greenfield Gateway LLC sold the asset to an entity formed by the Hinkson Co. for $18.9 million. Situated on 10.1 acres, the sold portion consists of fully leased buildings, including an EoS Fitness-anchored building and two multi-tenant strip-retail buildings. Michael Hackett, Ryan Schubert and Chris Hollenbeck of Cushman & Wakefield in Phoenix represented the seller in the transaction.

October 11, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.3M Sale of Orlando Store Net Leased to CVS

by John Nelson October 10, 2022

ORLANDO, FLA. — Marcus & Millichap has brokered the $6.3 million sale of a store located at 3212 Curry Ford Road in Orlando. The 13,824-square-foot retail property is net leased to CVS/pharmacy. Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap’s Miami office represented the seller, a limited liability company, and the buyer. Both parties requested to remain anonymous.

October 10, 2022

Development Iowa Midwest Retail

Ders Group Breaks Ground on PinSeekers Golf Venue at Park Place in Tiffin, Iowa

by Kristin Harlow October 10, 2022

TIFFIN, IOWA — The Ders Group LLC has broken ground on a two-story PinSeekers golf venue at the Park Place mixed-use development in Tiffin, about 20 miles south of Cedar Rapids. The 49,022-square-foot venue will feature 56 heated bays and Toptracer ball tracking technology, which uses high-speed cameras and computer algorithms to provide instant feedback on golf swings. The facility, which will be open year-round, also features 18 holes of mini golf, a full-service restaurant and two bars. Completion is slated for summer 2023. Innovative Construction Solutions is serving as the general contractor for the $29 million project. Park Place is a 450-acre development consisting of residential, retail, entertainment and dining space.

October 10, 2022

Loans Midwest Ohio Retail

Marcus & Millichap Arranges $1.9M Loan for Refinancing of CVS-Occupied Property in Canton, Ohio

by Kristin Harlow October 10, 2022

CANTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.9 million loan for the refinancing of a 13,225-square-foot retail property occupied by CVS in Canton. The standalone building is located at 2210 W. Tuscarawas St. Christopher Marks of MMCC arranged the 10-year loan, which features a 4.5 percent interest rate, 30-year amortization schedule and 35 percent loan-to-value ratio. The lender and borrower were not provided.

October 10, 2022

Development Market Reports Northeast Northeast Market Reports Pennsylvania Retail

New 76ers Arena Has Game-Changing Potential

by Taylor Williams October 10, 2022

By Taylor Williams Though very much in its infancy, the Philadelphia 76ers’ recent decision to assemble a development team and file a formal proposal for a new arena at the current site of Fashion District Philadelphia has drawn the city’s retail market into speculation on how buildings, operators and streetscapes will be impacted. Known as 76 Place, the $1.3 billion venue would theoretically anchor the Market East corridor that connects Center City to Chinatown and Old City via its location atop the city’s largest public transit hub. The ability to centralize the arrival of fans, shoppers and diners from all cardinal directions, as well as multiple states, automatically sparks excitement for growth opportunities in the world of retail real estate. This project would immediately check that box. “The announcement of the new 76ers arena has generated a lot of discussion in the retail world,” says Steve Gartner, executive vice president at CBRE. “Bringing an arena to downtown Center City, especially one that’s adjacent to a convention center, will allow Philadelphia to hold more concerts and global events, like political conventions, that impact retailers and restaurants. These positive impacts will permeate the fabric of all of downtown.” “The retail community is …

October 10, 2022

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