Retail

JLL Brokers $19.9M Sale of Publix-Anchored Shopping Center in Gulf Breeze, Florida

by Julia Sanders April 23, 2021

GULF BREEZE, FLA. — JLL Capital Markets has arranged the $19.9 million sale of Tiger Point Pavilion, a 66,279-square-foot neighborhood shopping center anchored by Publix in the coastal Pensacola-area community of Gulf Breeze. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, a joint venture between MAB American and DRA Advisors, in the transaction. Pasadena, Calif.-based ExchangeRight is the buyer. Completed in 2018, the 98 percent-leased Tiger Point Pavilion has national and local tenants, including Aspen Dental, AT&T, Dickey’s Barbeque Pit, Great Clips and Select Physical Therapy. With an attached drive-thru pharmacy, the Publix and the adjacent Publix Liquors store account for approximately 57 percent of the rental income at the property, according to JLL. The retail center is located at 1430 Tiger Park Lane.

April 23, 2021

California Company News Restaurant Retail Western

Chipotle Reports 133.9 Percent Digital Sales Growth for First-Quarter 2021

by Amy Works April 23, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) has reported its financial results for the first quarter, ended March 31, 2021, with digital sales growing 133.9 percent year-over-year to $869.8 million. Digital sales accounted for 50.1 percent of overall sales for the Newport Beach-based fast-casual restaurant chain. Chipotle’s revenue increased 23.4 percent to $1.7 billion compared to first-quarter 2020, with comparable restaurant sales increasing 17.2 percent. Additionally, the company reported opening 40 new restaurants and closing five restaurant locations, bringing the total restaurant count to 2,803, with 26 of the new locations offering a “Chipotlane” drive-thru option. As of March 31, Chipotle has nearly $1.2 billion in cash, investments and restricted cash, and no debt. The company also has access to a recently refinanced $500 million untapped credit facility with which to continue to navigate the COVID-19 pandemic. Net income for the restaurant was $127.1 million, an increase from $76.4 million in first-quarter 2020. “Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication,” says Brian Niccol, chairman and CEO of Chipotle. “As vaccines roll out and we get closer to moving past this pandemic, I believe …

April 23, 2021

Acquisitions California Retail Western

Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood

by Amy Works April 23, 2021

LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.

April 23, 2021

Leasing Activity Midwest Ohio Restaurant Retail

Four New Tenants Open Within Easton Town Center’s $500M Expansion

by Kristin Harlow April 23, 2021

COLUMBUS, OHIO — Four new tenants have opened within the $500 million expansion of Easton Town Center, a retail destination developed by The Georgetown Co., L Brands and Steiner + Associates. The businesses include entertainment concept Pins Mechanical Co. and 16-Bit Bar + Arcade; made-to-order donut shop Dragon Donuts; ramen and sushi restaurant Slurping Turtle; and Hawaiian-inspired restaurant LemonShark Poké & Makai Grill. Pins Mechanical spans more than 38,000 square feet. In addition to three full-service bars, there are 16 duckpin bowling lanes, more than 60 pinball and arcade games and bocce ball. Dragon Donuts occupies roughly 1,900 square feet for its third location in the Midwest. The Easton location for Sleeping Turtle spans 4,000 square feet with a private event space and outdoor patio. At LemonShark Poké & Makai Grill, guests can enjoy sushi-grade fish and hibachi-style grilled meats.

April 23, 2021

Acquisitions Midwest Ohio Retail

PEBB Enterprises Sells Sugarcreek Plaza in Dayton for $7.4M

by Kristin Harlow April 23, 2021

DAYTON, OHIO — PEBB Enterprises has sold Sugarcreek Plaza in Dayton for $7.4 million. The retail center spans nearly 70,000 square feet on 6.4 acres at 6140-6148 Wilmington Pike. PEBB substantially renovated the property, which was originally built in 1987. The firm acquired the asset for $2.2 million in January 2016 when it was completely vacant. The center is now home to tenants such as Bed Bath & Beyond, buybuy Baby and Planet Fitness. Dan Cooper of Cooper Commercial Investment Group represented PEBB in the sale. Florida-based Pinnacle Leasing & Management LLC was the buyer.

April 23, 2021

Acquisitions Illinois Midwest Retail

Quantum Brokers $3M Sale of Auto Parts Property in Bensenville, Illinois

by Kristin Harlow April 23, 2021

BENSENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by O’Reilly Auto Parts in Bensenville for just under $3 million. The 7,427-square-foot property was developed as a build-to-suit for the tenant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Houston-based commercial real estate firm.

April 23, 2021

Acquisitions Massachusetts Northeast Retail Top Stories

JLL Arranges $295M Sale of Stop & Shop-Anchored Grocery Portfolio in Northeast

by Julia Sanders April 23, 2021

QUINCY, MASS. — JLL Capital Markets has arranged the $295 million sale of a portfolio of 11 single-tenant retail buildings net leased on a long-term basis to Stop & Shop in markets throughout Connecticut, Massachusetts and Rhode Island. JLL marketed the portfolio on behalf of the sellers, Winstanley Enterprises and Surrey Equities. The Inland Real Estate Group of Cos. Inc. was the buyer. Additionally, JLL arranged two acquisition loans totaling approximately $158 million on behalf of the new owner. The two 10-year, fixed-rate loans were originated by JLL through a life insurance company and a CMBS lender. The 11 buildings in the portfolio are all net leased to Stop & Shop, a division of Ahold Delhaize USA Inc., which is the third-largest supermarket operator in the U.S. Quincy, Mass.-based Stop & Shop is the No. 1 grocer by market share in Connecticut, Massachusetts and Rhode Island, according to JLL. The 748,141-square-foot portfolio includes three properties in the Boston area; one in the Cape Cod, Mass. area; four in the Providence, R.I. area; and three in the Hartford, Connecticut area. According to a JLL research report, titled “U.S. Grocery Tracker 2021,” grocery-anchored retail centers continue to be investors’ preferred retail property …

April 23, 2021

Loans Retail Texas

CBRE Arranges $32M Bridge Loan for Shopping Center in Colleyville, Texas

by Taylor Williams April 22, 2021

COLLEYVILLE, TEXAS — CBRE has arranged a $32 million bridge loan for the refinancing of Town Center Colleyville, a 246,327-square-foot shopping center in Colleyville, a northeastern suburb of Fort Worth. The borrower, Sterling Organization, acquired the grocery-anchored property in 2020. Shaun Moothart, Dana Summers, Scott Lewis and Frank Piasta of CBRE arranged the financing through Rialto Capital. The loan was structured with a three-year initial term and two one-year extension options.

April 22, 2021

Development Restaurant Retail Texas

Local Entrepreneurs Open Granary Dining, Entertainment Venue in Jarrell, Texas

by Taylor Williams April 22, 2021

JARRELL, TEXAS — A group of local entrepreneurs has opened The Granary, a food, drink and entertainment venue in Jarrell, located about 40 miles north of Austin. The Granary is a 1.1-acre site fronting Interstate 35 that is a retrofit of an existing garage and office space using old barn wood from a nearby church barn that was torn down. The venue houses multiple food trucks, outdoor seating for 200 people and a music stage that is a retrofit of an old grain truck. The owners are also looking to purchase the adjacent lot to provide additional parking.

April 22, 2021

Acquisitions Florida Retail Southeast

CRC Acquires LA Fitness-Anchored Shopping Center in Palm Beach County for $11.3M

by Julia Sanders April 22, 2021

LAKE WORTH, FLA. — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has acquired The Shoppes at Sherbrooke, a 57,901-square-foot neighborhood shopping center anchored by LA Fitness. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the undisclosed seller in the $11.3 million deal. The Shoppes at Sherbrooke was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The Shoppes at Sherbrooke represents the seventh retail property and ninth asset acquired by the fund, following last year’s acquisition of Mount Pleasant Towne Centre, a 510,000-square-foot, open-air regional shopping venue near Charleston, S.C.. Constructed in 2004 and positioned at 8954 Lantana Road, The Shoppes at Sherbrooke has a tenant mix comprising six retailers. The approximate eight-acre site includes a nearly one-acre undeveloped land parcel. The property is approximately 15 miles from Palm Beach International Airport and less than 15 miles from downtown West Palm Beach.

April 22, 2021

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