TEMPLE, PA. — Marcus & Millichap has arranged the $11.5 million sale of a 21,850-square-foot retail center in the eastern Pennsylvania city of Temple. The newly built property is situated on 3.2 acres and houses tenants such as Chick-fil-A, Panera Bread, Mod Pizza and Visions Credit Union. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a 1031 exchange investor.
HOWELL, MICH. AND CHILLICOTHE, OHIO — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 million. The second property spans 204,184 square feet and is located at 85 River Trace Lane in Chillicothe, about 48 miles south of Columbus. It sold for approximately $11 million to Agree LP, an institutional investor. Both buildings were constructed in the 1990s and sit on roughly 20 acres.
NORTHFIELD, ILL. — Design Construction Concepts, a subsidiary of Mosaic Construction, has begun building out a new location for Brightmont Academy in Northfield, about 20 miles north of Chicago. The project will be located within a former showroom at 1799 Willow Road and adjacent to a Starbucks. The 3,500-square-foot buildout will retain many of the existing ceiling features and wall treatments. OKW Architects is designing the space to meet the needs of Brightmont’s educational model, which pairs one student with one teacher.
CHICAGO — Marcus & Millichap has brokered the sale of Galewood Plaza in Chicago for $2.7 million. The 14,071-square-foot retail property is located at 6600 W. North Ave. It was fully leased at the time of sale to tenants such as Jackson Hewitt, CD One Price Cleaners and Cricket Wireless. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. The buyer was undisclosed.
TROY, MO. — Fast-casual restaurant Slim Chickens has opened at 31 The Plaza in Troy, about 55 miles northwest of St. Louis. R-Chicken, a division of R-Solution, is the franchise operator for the Troy location. Since its founding in 2003, Slim Chickens has expanded to more than 100 locations in 17 states. The goal is to open 600 restaurants by 2025, according to a news release. Slim Chickens serves fried chicken and Southern-inspired side dishes.
SUNNYVALE, CALIF. — Sunnyvale City Council has approved a Downtown Specific Plan and Development Agreement that allows for the next phase of CityLine Sunnyvale to begin. STC Venture, a partnership between Sares Regis Group of Northern California and Hunter Properties, is developing the multi-phase redevelopment project in downtown Sunnyvale. The new phase will add 792 residential units and 653,000 square feet of office space above 182,000 square feet of ground-floor retail space on four parcels along Murphy and McKinley avenues. The overall CityLine Sunnyvale project — a 36-acre, pedestrian-oriented, mixed-use district —also features a large public plaza, as well as shopping and entertainment space. The new phase will include a Building B offering 150,000 square feet of office space and 8,000 square feet of retail space and the redevelopment of Redwood Square into Block 3S featuring 480 apartments (11 percent designated affordable) with 30,000 square feet of retail space. Construction of the new phase is scheduled to begin in early 2021. The phase also includes the redevelopment of the former Macy’s into 500,000 square feet of office space and 60,000 square feet of retail space, the development of Block 6 with 312 apartments (11 percent affordable) with 35,000 square feet of …
MOOSIC, PA. — Apparel and jewelry retailer Versona has signed a 10,000-square-foot retail lease at The Shoppes at Montage Mountain, a retail center located in Moosic in the Wilkes-Barre/Scranton area. The official opening is slated for September 24. Approximately 95 percent of the center’s tenants that were affected by the pandemic have since reopened. U.S. Properties Group owns the center.
WASHINGTON, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis points to 8.4 percent. Despite the growth, the total volume of retail spending wasn’t as robust as economists surveyed by Dow Jones expected. Economists forecast a 2.3 percent increase from June. A major reason for the sales coming in lower than expected was due to auto sales falling behind. The Commerce Department reports that excluding auto sales, retail would have grown 1.9 percent. Though the growth is slowing, the National Retail Federation (NRF) says the July figures add to the turnaround seen since the spring’s decline, namely when sales dipped 16.4 percent in April. “Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” says Matthew Shay, CEO and president of the NRF. …
SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.
LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.