LAS VEGAS — IYK Realty has purchased a retail property in Las Vegas for $26.2 million. Situated within Sahara Pavilion South at 2520-2650 S. Decatur Blvd., the asset features 158,394 square feet of retail space. Current tenants include Chase, Chipotle, Einstein Bros. Bagels and Starbucks Coffee. Additionally, the new, 48,000-square-foot anchor tenant will be a supermarket. Al Twainy and Jennifer Lehr of Colliers represented the buyer in the deal. The name of the seller was not released.
TRABUCO CANYON, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail building located in Trabuco Canyon. Southern California-based ValueRock Realty acquired the property from an undisclosed seller for $4.2 million. CVS/pharmacy occupies the property, located at 21572 Plano Trabuco Road, on a triple-net lease basis. Rich Chichester and Don MacLellan of Faris Lee, in partnership with John Cumbelich of Cumbelich & Associates, represented the seller and buyer in transaction.
CINCINNATI AND UNION, N.J. — Cincinnati-based The Kroger Co. (NYSE: KR) and Union, N.J.-based Bed Bath & Beyond Inc. (NASDAQ: BBBY) have unveiled plans for a collaboration to directly offer Kroger customers the home and baby products carried by Bed Bath & Beyond. The products will be available on Kroger’s website as well as a small-scale, physical store pilot program at select Kroger stores beginning in 2022. The products will include bedding, storage, baby furniture and baby gear from both Bed Bath & Beyond and buybuy Baby.
SYRACUSE, N.Y. — Cleeman Realty Group, an investment advisory firm with offices in New York City and Miami, has negotiated the sale of Airport Plaza, a 97,000-square-foot shopping center in Syracuse. The sales price was $4.2 million. Airport Plaza was fully leased at the time of sale. Sam Seelenfreund of Cleeman Realty represented the undisclosed buyer and seller in the off-market transaction.
SRS Real Estate Partners Negotiates $8.2M Sale of Raising Cane’s-Occupied Property in San Bernardino
SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant building located at 1857 S. Tippecanoe Ave. in San Bernardino. An affiliate of Red Mountain Group sold the property to a San Diego-based high-net-worth investor for $8.2 million. Raising Cane’s Chicken Fingers occupies the 4,086-square-foot property, which was built in 2017 on 1.2 acres and has more than 11 years remaining on its absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’s National Net Lease Group represented the seller, while Jim Casale of Lee & Associates represented the buyer in the deal. According to SRS Real Estate, the transaction is the highest price point for a Raising Cane’s property sold to date on a national basis.
ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.
TULSA, OKLA. — Stan Johnson Co. has arranged the $9.1 million sale of a 102,000-square-foot retail center in Tulsa. Anchored by Burlington, the center is adjacent to the 1 million-square-foot Woodland Hills Mall on the city’s south side. Mike Sladich, Jeff Hughes, Maggie Holmes and Michael Watson of Stan Johnson Co. represented the seller, a Baltimore-based investor, in the transaction. The buyer was a California-based 1031 exchange investor.
HOOVER, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Stadium Trace Village, a 33,625-square-foot retail center in Hoover. MAP Development sold the property for $13.9 million to Liberty Retail Properties. Boris Shilkrot, Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller. The buyer was self-represented in the transaction. Built in 2019, Stadium Trace Village is shadow-anchored by Aldi, Duluth Trading Co. and UAB Medicine. The center is fully occupied by retailers such as OHenry’s Coffee, Edgar’s Bakery, Mooyah Burgers, Cookie Cutters, Taco Mama and Super Chix. Located at 5220 Peridot Place, the property has access to Interstate 459 and is situated directly across from Brookwood Baptist Health Center. The property is part of a master-planned mixed-use development that was approved by Hoover’s City Council to be the city’s first open container entertainment district. The development is also set to include two hotels and a 1,000-seat amphitheater.
ORLANDO, FLA. — Stevens Construction has begun construction on PopStroke Orlando, a 13,712-square-foot experiential golf and casual dining concept. The project is slated for completion in spring 2022. PopStroke Orlando will be an interactive and competitive golf experience with food and beverage options, including an open-air restaurant with multiple open decks and covered dining areas and bars. The venue will also have a commercial kitchen, restrooms, covered playground, beer garden and lobby with retail space. The project will also include two 18-hole putting courses designed by TGR Design, and a jumbotron screen to display scores and sporting events. Located at 321 N. Alafaya Trail within Waterford Lakes Town Center, PopStroke Orlando will be the fourth PopStroke location to open in Florida. Stevens Construction is currently under construction on a Sarasota location and previously completed PopStroke Fort Myers in September 2020. Bruce Chartrand, Robert Koller and Corrie Cochran of Stevens Construction are overseeing development. MHK Architecture & Planning is the project’s architect.
MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.