REYNOLDSBURG, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of a Wright-Patt Credit Union ground lease in Reynoldsburg, a suburb of Columbus. The building was still being constructed at the time of closing. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private developer. A New York-based private investor was the buyer. The cap rate was 5.5 percent.
CHESTNUT HILL, MASS. — A group of investors led by WS Development has acquired The Paper Store, a family-owned and operated Hallmark Gold Crown retailer with stores throughout the Northeast. The Paper Store filed for Chapter 11 bankruptcy in mid-July due to the impact of COVID-19 regulations shuttering its 86 stores for several months. Following a successful restructuring of debt, The Paper Store, which employs about 2,000 people, will continue to operate its stores. WS Development holds a portfolio of 95 commercial properties totaling more than 27 million square feet across the country.
SHEPHERDSVILLE, KY. — Clermont Distillery Inc. will open a new bourbon distillery in Shepherdsville. The property will span 55 acres on both sides of Interstate 65, though the distillery will only occupy about 15 acres. The developers, cousins Lee Wilburn and William “Bill” LaRue Weller, are exploring joint venture opportunities to develop hotels and other attractions on the remaining 40 acres. The developers expect to break ground in spring 2021. Kentucky Business Investment (KBI) and Kentucky Enterprise Initiative Act (KEIA) approved tax incentives for the project, which is expected to house 22 full-time employees earning an average wage of $56 per hour. The site is situated near the Clermont/Bardstown exit off I-65, 25 miles south of downtown Louisville. The project will also feature a gift shop and tasting room.
FRAMINGHAM, MASS. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru area. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig Barker of Boston Real Estate Advisors represented Crosspoint Associates.
SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An undisclosed buyer purchased the asset at 98 percent of the list price.
SUPERIOR, COLO. — Marcus & Millichap has arranged the sale of a retail property located at 400 Center Drive in Superior. An out-of-state family trust sold the asset to a California-based investor for $2.1 million. Bank of the West occupies the 3,532-square-foot building on an absolute triple-net lease with 2.5 years remaining on the term. Built in 2004, the property is situated on a 0.94-acre lot less than half a mile from U.S. 26. Drew Isaac, Ryan Bowlby and James Rassenfoss of Marcus & Millichap’s Net Lease Properties Group represented the seller in the deal.
WHEAT RIDGE, COLO. — NAI Shames Makovsky has negotiated the sale of a retail building located at 9830 W. I-70 Frontage Road South in Wheat Ridge. Lag B’Omer Partnership and Lag B’Omer LLC sold the asset to Going Green LLC for $2.7 million. The property features 19,200 square feet of retail space. Jake Malman and Sandy Feld of NAI Shames Makovsky represented the seller in the transaction.
ORLANDO, FLA. — SRS Real Estate Partners has negotiated the $22.7 million sale of seven single-tenant outparcels around Mall at Millenia in Orlando. The outparcels total 104,188 square feet and six were leased to retail tenants including BJ’s Brewhouse, DSW, Ethan Allen, Old Navy, Olive Garden and West Elm at the time of sale. The final outparcel is an office building that was leased to Ingenus Pharmaceuticals at the time of sale. Mall at Millenia comprises more than 1.1 million square feet and includes anchors such as Macy’s, Neiman Marcus and Bloomingdale’s. The property is located at 4200 Conroy Road, six miles southwest of downtown Orlando. Patrick Luther, Matthew Mousavi and Patrick Nutt of SRS, along with Gradon Willard of BluRock Commercial Real Estate, represented the undisclosed seller, which was the original developer of the property. Limestone Asset Management, an affiliate of Miami-based Orion Real Estate Group, acquired the portfolio.
BOSSIER CITY, LA. — Caesars Entertainment and Vici Properties have entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment for $22 million. The buyer, Rubico Acquisition Corp., will pay Vici $5.5 million and Caesars $16.5 million. The sale is expected to close by early 2021. The property is located at 8000 E. Texas St. in Bossier City, 10 miles east of downtown Shreveport. The casino floor offers 150,000 square feet of games, dozens of TVs and a high-limit area. Louisiana Downs also features a dirt horse-racing track. Louisiana Gov. John Bel Edwards ordered casinos to close in March due to the COVID-19 outbreak. Casinos in the state were allowed to reopen in May at limited capacity.
NEW JERSEY — AMC Theatres (NYSE: AMC) will open all 27 of its theaters in New Jersey over the course of the next week, beginning with the reopening of AMC Jersey Gardens 20 and AMC Wayne 14 this Friday. An additional seven locations are scheduled to open on Monday, Sept. 7, with all remaining theaters then opening on Thursday, Sept. 10. New Jersey is AMC Theatres’ sixth-largest market by screen count.