NEW YORK CITY — Locally based firm Midwood Investment & Development has sold an 8,867-square-foot retail property located in the Riverdale neighborhood of The Bronx for $9.8 million. The property is leased to Bank of America and Montefiore Medical Center. Steven Siegel, Judson Kauffman and Philip Biancavilla of Marcus & Millichap represented Midwood in the transaction. The buyer was an undisclosed, New York City-based investor.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has arranged a lease for a 52,638-square-foot space within Pembroke Mall for Decisions LLC. The Pembroke Mall location was formerly a Sears building and is located at 4588 Virginia Beach Blvd. Decisions LLC, a provider of no-code, business process automation software, will use the property as office space. Decisions is relocating from nearby Chesapeake, Va., to this newest location at the corner of Virginia Beach Boulevard and Independence Boulevard. John Duffy and Daniel Rasmussen of Cushman & Wakefield | Thalhimer represented Decisions in the lease negotiations. Located at 4554 Virginia Beach Blvd., Pembroke Mall has over 50 shops including Bath and Body Works, Claire’s, DSW, E&N Jewelry, Foot Locker and J.Crew Factory. The mall also has restaurants such as 757 Poke, Jason’s Deli and Bahama Breeze Island Grille.
DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.
SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.
TOMBALL, TEXAS — A joint venture between locally based full-service real estate firm The J. Beard Real Estate Co. and Outlier Capital LLC has purchased Tomball Town Center, a 141,450-square-foot shopping center located in the northern outskirts of Houston. Kroger anchors the center, which was built on 14.1 acres in 2004. David Disney and Adam Crockett with Dallas-based Disney Investment Group represented the sellers, Illinois-based shopping center REIT InvenTrust Properties and a fund advised by Crow Holdings Capital, in the transaction. Morgan Stanley provided acquisition financing. Tomball Town Center was 98 percent leased at the time of sale.
MISSOURI CITY, TEXAS — KM Realty Investment Trust Inc., a locally based private investment firm, has unveiled plans for the redevelopment of Township Square, a 67,000-square-foot shopping center located in the southwestern Houston suburb of Missouri City. Houston-based Identity Architects is designing the project, which will upgrade the façade and landscaping of the 1980s-era property. The redevelopment is scheduled to begin in late fall and, tentatively, to be complete in the first quarter of next year. Tenants, which include Old Hickory Inn BBQ, Codemark Financial and Sugar’s Cajun Cuisine & Bar, will remain open during construction.
MAPLE SHADE, N.J. — Boston-based industrial investment firm NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the undisclosed seller and NorthBridge Partners in the transaction.
LAKE FOREST, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant, net-leased retail property occupied by Michaels in Orange County. The Michaels store is located in Foothill Ranch Towne Centre in Foothill Ranch, a suburb of Lake Forest. Hanley represented the sellers, two separate family trusts based in Nevada and Southern California. Lee & Associates represented the buyer, a private investor based in Orange County. The sales price was $4.85 million. The 25,000-square-foot building was constructed in 1994 and is a junior anchor at Foothill Ranch Towne Center. Michaels’ neighboring tenants include Target, Walmart Supercenter and Hobby Lobby. The retail space is located at the intersection of Portola Parkway and Bake Parkway, with an average of 40,100 passing cars per day.
Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis
MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.
FORT WAYNE, IND. — Echo Development Group Inc. and Synergy Development have acquired a little over eight acres of land at the northeast corner of DuPont and Diebold roads in Fort Wayne. The partnership plans to develop a project with restaurant, retail and healthcare uses that will include a Freddy’s Frozen Custard and Steakburgers. Jackson Investment Group represented Echo in the purchase of the land. Barry Sturges of Sturges Property Group represented the undisclosed seller. Engineering Resources Inc. is working on the civil infrastructure design for the project. A timeline for completion has not yet been established.