CHICAGO — NAI Miami has arranged the sale of a former Midas Total Car Care center located at 158 W. Grand Ave. in Chicago for $4 million. Jeremy Larkin and Joseph Gallaher of NAI Miami, along with Elan Rasansky and Al Rodenbostel of ARC Real Estate Group, represented the seller, TBC Corp. The buyer, Friedman Properties Ltd., developed the adjacent Moxy Hotel. The sales price equates to roughly $470 per square foot.
LOS ANGELES — A joint venture between two developers, locally based firm BARDAS Investment Group and Boston-based Bain Capital Real Estate, has unveiled plans for the $600 million redevelopment of a former TV studio at 6311 Romaine St. in the Hollywood neighborhood of Los Angeles. The facility, which currently spans 6.4 acres and two full city blocks, was originally constructed in phases between 1930 and 1966. Over the years, the site, which currently features 183,000 square feet of creative office and studio space, has housed the headquarters operations of Technicolor and Metro Pictures Corp. The redevelopment would convert the facility into an urban studio campus totaling 620,000 square feet. As part of the redevelopment, the joint venture plans to preserve several of the facility’s buildings that were originally constructed at the height of Technicolor’s success. New production facilities will be meshed with reimagined office space, and the facility will be rebranded as Echelon Television Center. More specifically, the original art deco facade on the northern block will enclose a studio lot. This space will be bookended by a new mid-rise creative office building with private outdoor terraces framing views of the Hollywood Hills. The new construction will also replace a …
FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the portfolio sale of three retail properties that are outparcels to French Valley Marketplace, located at 35958 Winchester Road in French Valley, located in the Inland Empire. A Southern California-based private developer sold the assets to a Southern California-based private investor for $17.3 million in an all-cash transaction. The three properties are: A 16,000-square-foot Grocery Outlet-occupied property that opened in late 2021. An 11,115-square-foot new construction property, which Rite Aid will occupy in late 2022. A 5,559-square-foot building currently under construction that Chipotle and Quick Quack Car Wash will occupy in spring 2023. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Real Estate Partners’ National Net Lease Group represented the seller and sourced the buyer in the deal.
Northmarq Arranges $21M Acquisition Loan for Bradford Square Shopping Center in Cary, North Carolina
CARY, N.C. — Northmarq has arranged a $21 million acquisition loan for Bradford Square, a 78,628-square-foot shopping center located at 1020 Bradford Plaza Way in Cary, a suburb of Raleigh. David Garfinkel of Northmarq’s St. Louis office arranged the permanent, fixed-rate loan through a life insurance company on behalf of the borrower, St. Louis-based real estate investment firm National Real Estate Management. The seller was not disclosed. Bradford Square is anchored by a 49,000-square-foot Publix grocery store. Other tenants include Cary Salon, Night and Day Dental, First Watch, Brixx Wood Fired Pizza, Burger 21 and Hand and Stone Massage Spa.
CHICAGO — Luxury Spanish bridalwear brand Rosa Clará has signed a 2,200-square-foot retail lease at 670 N. Wabash Ave. in Chicago near the Magnificent Mile. The store is slated to open later this fall. Jordan Karp of Savills represented the tenant. In Spain, Rosa Clará is expanding its footprint in Valencia and Cordoba.
HARRISBURG, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Colonial Commons, a 410,432-square-foot retail power center in Harrisburg. Built in 1989 and renovated in 2014, the center was 98 percent leased at the time of sale to tenants such as Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, Ulta and Old Navy. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Prasavi Inc., in the transaction.
WESTBURY, N.Y. — Beyond Van Gogh, a traveling concept dedicated to providing immersion in the artist’s works, will open a 28,000-square-foot exhibition gallery at Samanea New York, a shopping, dining and entertainment destination on Long Island. Beyond Van Gogh will open on Nov. 18 and run through Jan. 8. Matthew Kucker, Jordan Baruch and Herbert Agin at Colliers represented the landlord, Lesso Mall Development, in the lease negotiations. Other entertainment users at Samanea New York include Empire Adventure Park, X-Golf and Ryco’s Escape Room.
TIGARD, ORE. — Norris & Stevens has brokered the sale of Barrows Plaza, a retail center located at 14200 and 14250 SW Barrows Road in Tigard. OPI Aloha LLC & RYL Court LLC acquired the asset for $4.7 million. Constructed in 1998, the 7,999-square-foot shopping center is situated on 1.1 acres. The one-story property has a history of long-term tenancy, with over 50 percent of the space occupied by the same tenants since 1998 and 1999. Todd VanDomelen of Portland-based Norris & Stevens represented the buyer, while Dean Wier of WG Real Estate Investment Services represented the seller, CFH Limited Partnership, in the transaction.
COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
IOWA CITY, IOWA — Colliers has brokered the sale of Iowa City Marketplace in Iowa City for an undisclosed price. The 237,594-square-foot shopping center is located along State Route 6 between Sycamore Street and Lower Muscatine Road. The property is 66 percent leased to 24 tenants such as Dollar Tree, Planet Fitness, Jo-Ann Stores, Marcus Theatres, Sally Beauty, Great Clips, McDonald’s and Panera Bread. El Warner, Charley Simpson and Jeffrey Wyatt of Colliers represented the seller, Core Pacific Advisors. Buyer information was not provided.