ALLENDALE, N.J. — Azarian Realty Co. has signed fast casual restaurant concept Primo Hoagies to a 2,008-square-foot lease at the 90,000-square-foot Allendale Town Center, located in Bergen County in Northern New Jersey. Kevin Pelio and James Azarian of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Jason Brooke of MSC Retail represented the tenant. Primo Hoagies currently operates 85 franchised locations across seven states and is underway on expansion plans.
ORCHARD PARK, N.Y. — The Buffalo Bills have reached an agreement with New York State and Erie County for a new $1.4 billion football stadium in Orchard Park, a southeast suburb of Buffalo that is also home to the team’s current arena, Highmark Stadium. According to New York State, the new stadium represents the largest construction project in the history of Western New York. The National Football League (NFL) and the Bills have committed to providing a combined $550 million for the project, while New York Gov. Kathy Hochul plans to advance a $600 million proposal to the state budget. Erie County will contribute $250 million. NFL owners on Monday approved the deal, which keeps the team in Buffalo for another 30 years. “While there are a few more yards to go before we cross the goal line, we feel our public-private partnership between New York State, Erie County led by county executive Mark Poloncarz and the NFL will get us there,” say Terry and Kim Pegula, owners of the Buffalo Bills. The agreement details the construction of a new stadium with a minimum of 60,000 seats in Orchard Park to be designed and constructed by the Bills. The team …
BOYNTON BEACH, FLA. — CBRE has arranged the sale of Shoppes at Woolbright, a 146,759-square-foot shopping center in Boynton Beach. Casey Rosen, Dennis Carson, Chris Bosworth, Will Pike and Brian Pfohl of CBRE represented the seller, Des Moines, Iowa-based Principal Real Estate Investors. New York-based The Georgetown Co. acquired the property for an undisclosed price. Built in 2008, the property was 99 percent leased at the time of sale with Publix as the anchor tenant. The shopping center is located at 10935 Jog Road at the intersection of Jog and Woolbright roads. The property is situated 17.1 miles from Boca Raton and 8.4 miles from Delray Beach.
OXON HILL, MD. — Four new tenants are joining the tenant lineup at National Harbor, a waterfront destination in Oxon Hill. Peterson Cos. developed National Harbor around 14 years ago. National Harbor is home to eight hotels, shops, restaurants, entertainment options, as well as the Capital Wheel, a 180-foot observation wheel and the Guide by Cell outdoor art gallery tour. The four tenants include Tom’s Watch Bar, Sticky Situation, Escapology and Silver Diner. Peterson Cos. announced three new tenants in January including Bombay Street Food, PrimoHoagies and BurgerFi. Located at 200 American Way, Tom’s Watch Bar is a 10,881-square-foot sports bar that offers food and beverages. The tenant is opening at National Harbor in late 2022. Sticky Situation, which will open at 170 American Way, is a 2,862-square-foot honey and syrup tasting room experience. Opening in August, the store will provide tastings and education on a variety of honeys and maple syrups from local honey, artisan-infused honey, real maple syrup and bee pollen from more than 12 bee colonies across the country. Situated at 230 American Way, Escapology will feature 3,675 square feet of escape room space. Opening in the fall, the property has five rooms and expansion plans to …
After national media declared traditional brick and mortar retail to possibly be on it’s “last leg” due to the COVID-19 pandemic, the Nashville area has seem quite the opposite reaction. Already in an accelerated state of demand going into the shutdown of 2020 that extended into a malaise in 2021 in many places, Nashville is seeing all indicators of the hottest retail market in its history. Prior to the pandemic, rents and occupancy were already at historic highs. 2020 began with a continuance of that trend and ended the year higher with the most active submarkets closing the year below a 5 percent vacancy rate across all retail product types as the market absorbed more than 300,000 square feet of new product. During 2021, the region experienced further good news for landlords with rents increasing at one of the fastest rates in the United States (more than 8.8 percent). This continues a trend lasting more than 10 years where regional rent growth outpaced the national average. This growth was at least partially driven by a vacancy rate at year-end of only 3.7 percent. The primary driver of these metrics continues to be population growth and a low level of retail …
TEMPE, ARIZ. — Faris Lee Investments has arranged the sale of Costco Plaza, a shadow-anchored Costco center located at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. Costco Plaza features 237,000 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller in the transaction.
SAN JOSE, CALIF. — San Jose-based DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio for an undisclosed price. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, Calif. Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, Calif. Poway Town Center, a 101,000-square-foot asset at 12342 Poway Road in Poway, Calif. Deer Creek Village, a 257,000-square-foot property at 429 N. McDowell Blvd. in Petaluma, Calif.
LOS ANGELES — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Boulevard in West Los Angeles. Los Robles Office Partners sold the asset to a private party for $13.1 million. The property includes a 10,883-square-foot retail building situated on a 24,400-square-foot lot. The retail center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.
KNOXVILLE, TENN. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Clinton Plaza, a 126,145-square-foot, grocery-anchored shopping center in Knoxville. LBD Properties LLC purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of the SRS represented the undisclosed seller in the transaction. The buyer was self-represented. Anchored by Food City, Clinton Plaza’s tenant roster includes Advance Auto Parts, Dollar Tree, Gas ‘N Go, Rent-A-Center, ADMA Biologics, Metro by T-Mobile, 1st Heritage Credit and Cricket Wireless. Food City and Dollar Tree have been operating at the location for 22 years, and Rent-A-Center has been for 32 years. Advance Auto Parts, which is an outparcel at the property, has been a tenant since 1966. Located on Clinton Highway, the property is situated five miles from downtown Knoxville and 5.2 miles from the University of Tennessee campus.
ROCKFORD, ILL. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford for an undisclosed price. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property is 69 percent leased to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.