SANTA ANA, CALIF. — Orange County-based Red Mountain Group has acquired 20 empty fee-simple former Big Lots stores from Big Lots for $47.5 million in an off-market transaction. The portfolio includes 463,427 square feet of retail space and 3.5 acres of land for future pad development. The empty big box properties are located throughout 20 cities and four states in the United States, with most of the sites in Northern and Southern California.
KENT AND KENNEWICK, WASH. — Newmark has arranged the sales of two retail properties, totaling 124,660 square feet, in Kent and Kennewick. The assets sold for undisclosed amounts. One property is a 67,240-square-foot vacant former Tops Foods Grocer, located at 26000 100th Pl. SE in Kent. The asset is part of the Canyon Ridge Shopping Center, which is shadow-anchored by Target, Ross Dress for Less, Old Navy and Petco. Located at 6603 W. Canal Drive in Kennewick, the second building is a 57,420-square-foot, single-tenant property that is triple-net leased to Sportsman’s Warehouse. The property is within the Colonnade Shopping Center, which includes Ross Dress for Less, Best Buy, PetSmart and Michaels. Sportsman’s Warehouse has operated at this location for more than 20 years and recently extended its lease. Paul Sleeth and Billy Sleeth of Newmark represented the private sellers in both transactions. Kent is a suburb of Seattle, while Kennewick is located in the southeast quadrant of the state.
HARTSVILLE, S.C. — Marcus & Millichap has brokered the $5 million sale of a 14,450-square-foot store at 901 S. 5th St. in Hartsville that is net-leased to Walgreens. The drug store chain has a little less than 11 years left on the lease, as well as 50 one-year extension options. A buyer based on the East Coast purchased the store in an all-cash deal from the seller, a limited liability company. Both parties requested anonymity. Bruce Cowley and Lisa Sickinger of Marcus & Millichap represented the seller in the transaction. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in the deal.
CHICAGO — Baird & Warner has brokered the sale of a nearly 29,000-square-foot office and retail building in Chicago’s Streeterville neighborhood for $6.2 million. Located at 212 E. Ohio St., the property is one block east of the city’s Magnificent Mile. Originally constructed in 1965, the five-story building is fully leased to tenants such as @properties Christie’s International Real Estate and Central City Productions. Brant Sichko of Baird & Warner represented the undisclosed buyer. Mike Rourke and Dan Stratis of @properties represented the sellers, Theus Property Holdings LLC and Miden Property Holdings LLC.
ROSEVILLE, CALIF. — LRE & Cos. and American Hospitality Services have unveiled full plans for Roseville Junction, a new mixed-use development in Roseville. The property will feature two hotels, three restaurants, an entertainment and sports complex and an outdoor gathering space. Roseville Junction will be built on an 11-acre site that is 20 miles northeast of Sacramento. The site is adjacent to Highway 65 near Interstate 80, and is located nearby many of the area’s vineyards and wineries, as well as new retail and shopping amenities such as the Roseville Galleria. A timeline for completion was not disclosed. The family- and pet-friendly outdoor gathering space will be called Social Connection and will offer guests a variety of food and beverage options, including craft brewery Fieldwork Brewing Co. The restaurants leases are currently under negotiation. The project’s entertainment and sports complex, The Electric Pickle, will include a bocce ball court and 10 pickleball courts. The Electric Pickle will also offer food options such as wood-fired pizzas, tacos, burgers and more. Guests will be able to place food and beverage orders through an app and have their food delivered by “food ambassadors” moving throughout the property. The two five-story, select-service hotels will be …
By Evan Lyons, Encore Real Estate Investment Services Looking back on 2022, it could be said that Detroit’s economic performance last year mirrored that of the city’s tenacious Detroit Lions’ football season. Both were mired in doubt, plagued by volatility and sustained by grit, yet beyond all expectation, when the clock ran down, both proved the naysayers wrong. Just as the Lions surprised doubters by finishing their season at 9-8 and beating their divisional rivals, the Green Bay Packers, Detroit surpassed expectations by outpacing the national jobs growth rate of 5.8 percent at mid-year 2022 with a rate of 8.6 percent year-over-year. Gains in employment and wages are expected to continue over the next few years, according to a University of Michigan study. The city bolstered its “offensive line” with new store openings and new construction throughout the urban core. Stadiums and parks were filled again, fueled by crowd-pleasing events and programing, including Belle Isle parks’ notorious, over-waxed giant slide, which went viral and gained infamy last year for catapulting riders who dared venture a ride. Detroit also scored points in visits to leisure and hospitality establishments during the past 12 months. Visits increased by 50 percent from June …
BENTONVILLE, ARK. — Sam’s Club, a division of Bentonville-based Walmart Inc. and a leading membership warehouse club retailer, plans to open more than 30 new “clubs” across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is slated to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health services suites, private consultation rooms and dedicated hearing and optical centers. Many of the new locations will also include fuel stations and liquor offerings. In addition to the new stores, the company has a multiple-year plan to invest in and modernize its supply chain through new distribution and fulfillment center locations across the country. Sam’s Club will launch five new supply chain fulfillment and distribution centers this year, with the first location planned in Georgia in the third quarter. Kathryn McLay, CEO of Sam’s Club, says the decision to invest in expanding the company’s physical footprint was motivated by historic comparable sales growth …
ATLANTA — GID Development has signed four new tenants to join High Street, a $2 billion mixed-use, transit-oriented development underway in Atlanta’s Central Perimeter submarket. Phase I of the development, which will span 10 city blocks near the Dunwoody MARTA station, is set to come on line in 2024. The new tenants joining High Street include three food-and-beverage concepts — Agave Bandido, Cuddlefish and Ben & Jerry’s — as well as boutique beauty salon Sugarcoat. Previously committed tenants at High Street include Puttshack and Hampton Social. In addition to 150,000 square feet of retail and restaurant space, the development will feature 90,000 square feet of new loft offices, 600 apartments and a signature park.
BEAVERTON, ORE. — Hyperion Realty Capital, formerly Portal Investment Management, has acquired Beaverton Town Square, a shopping center located at 11635-11763 SW Beaverton Hillsdale Highway in Beaverton. A private family sold the asset for an undisclosed price. Totaling 103,000 square feet, Beaverton Town Square consists of multiple buildings on nearly 12 acres. Trader Joe’s anchors the retail center. Kevin Adatto and Sean Tufts of CPX handled the transaction.
PEACHTREE CITY, GA. — Northmarq has arranged the $15.2 million sale of Westpark Walk, a 73,847-square-foot shopping center located at 400 Commerce Drive in Peachtree City, a southwest suburb of Atlanta. Jeff Enck and Emery Shane of Northmarq represented the seller, an unnamed private investment firm based in Washington, D.C. The buyer was an undisclosed partnership based in Atlanta. Westpark Walk was fully leased at the time of sale to 21 tenants, including Tuesday Morning, Verizon Wireless, State Farm, Firehouse Subs, Hotworx and local service providers and retailers, including Ranchero Mexican Grill, which has been a tenant at the shopping center for more than 33 years.