WINFIELD, ILL. — Marcus & Millichap has brokered the $4 million sale of a 10,980-square-foot retail property net leased to CVS Pharmacy in Winfield, about 30 miles west of Chicago. The building is located on Geneva Road. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing. The property sold at 92 percent of its list price.
GRAND RAPIDS AND KENTWOOD, MICH. — Two new Popeyes Louisiana Kitchen locations are slated to open in West Michigan this summer. A restaurant at 5448 Division Ave. SE in Kentwood is scheduled to open on June 29. The second restaurant, located at 2446 28th St. SE in Grand Rapids, is expected to open in early August. Franchisee Anthony Basile will operate both locations. Colliers West Michigan worked with Basile to secure the locations. Chris Prins of Colliers represented Popeyes. There are more than 2,700 Popeyes restaurants in the U.S. and around the world.
WASHINGTON, D.C. — In the midst of the COVID-19 pandemic, Peterson Cos. has unveiled its plans for welcoming back tenants and customers, once permitted to do so. Peterson owns and operates open-air, mixed-use and power center properties. The company will implement the plan across several of its properties, including at National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes. Virginia Gov. Ralph Northam says he wants to slowly begin reopening retail businesses in the state, but he will allow northern Virginia to move at its own pace given the elevated number of COVID-19 cases in the region. Maryland Gov. Larry Hogan allowed the reopenings of parks and public spaces last week, but has not yet released guidelines on retail businesses. Washington, D.C. Mayor Muriel Bowser also released guidelines for residents to participate in outdoor activities but not retail-specific guidelines. Some of the new operations that the shopping centers will implement include hand sanitizing stations located throughout centers, especially in high-traffic, high-touch areas such as elevator lobbies, breezeways, restrooms, outdoor plazas and gathering areas; social distancing signage will remind customers and employees to stay six feet apart; curbside pickup areas will remain throughout the properties and will …
FAYETTEVILLE, GA. — Pinewood Forest and Pace Lynch Corp. have signed Edwin Jarvis, an independent mail center and concierge service, to a lease at a 235-acre mixed-use development in south Atlanta. The project, dubbed Pinewood Forest, comprises single-family homes, multifamily units, a town green, retail space and office space. It is situated near Pinewood Atlanta Studios, which has filmed movies such as “Avengers: Endgame,” “Ant-Man,” “Passengers” and “Guardians of the Galaxy: Vol. 2.” In addition to mail services, Edwin Jarvis will offer residents what it calls “second-mile” concierge services, which include securing a dog walker, setting up appointments for home repairs and booking music lessons. The center’s storefront within Pinewood Forest’s Town Center will connect to the Pinewood Forest community mail room. Other tenants that have signed leases at Pinewood Forest’s Town Center include Leyland Blue Home Décor, Premiere Hair Studio, Sugarcoat Nails, Native Beauty Bar salon and boutique, The Skin Society, Apple Butter Bakery, Honeysuckle Gelato, Hop City + Barleygarden and Braise. Bill Lynch of Pace Lynch Realty and Todd Semrau of Oakhurst Realty Partners represented the developers in the transaction.
MONTGOMERYVILLE, PA. — Colliers International has negotiated the $4 million sale of a 41,179-square-foot retail property in Montgomeryville, a northern suburb of Philadelphia. Located at 980 Bethlehem Pike, the building was previously occupied by craft supplies retailer A.C. Moore but was vacant at the time of sale. The property is located near the Route 202 shopping center, which includes a Target, Giant supermarket and Bed Bath & Beyond. Carl Neilson, Todd Sussman and Jon Kieserman represented the seller, a local limited liability company, in the transaction. The buyer was 978 Bethlehem Pike LLC.
INDIANAPOLIS — In its first-quarter results, Simon Property Group (NYSE: SPG) has reported a net income of $437.6 million — compared with $548.5 million the same time period last year — resulting in a 20.2 percent decrease. As part of the Indianapolis-based mall owner’s response to COVID-19, Simon says it suspended or eliminated more than $1 billion of redevelopment and new development projects. It also significantly reduced non-essential corporate spending and property operating expenses and implemented a temporary furlough of certain employees. As of May 11, Simon has reopened 77 of its U.S. retail properties and 12 of its premium outlets in markets where local and state orders have been lifted. Roughly 50 percent of Simon’s malls and outlet centers will reopen within the next week, according to CNBC.
CLAWSON, MICH. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap rate of 5 percent.
ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.
BOULDER, COLO. — JLL Capital Markets has secured $26.7 million in refinancing for Alcove on Arapahoe, a community shopping center in Boulder. The firm placed the 10-year, fixed-rate loan with Nationwide for the borrower, an existing co-investment partnership that Regency Centers manages. Built in 1957 and renovated in 2019, Alcove on Arapahoe offers 159,050 square feet of retail space. Tenants include Safeway, HomeGoods, Verizon Wireless and Flower Child. Tarik Bateh, Kristian Lichtenfels and Jennifer Swanson of JLL Capital Markets arranged the financing for the borrower.
ALHAMBRA, CALIF. — SBH Real Estate Group has purchased a retail property located at 1300 E. Valley Blvd. in Alhambra. Wells Fargo sold the former bank branch for $4 million. Situated on a 58,000-square-foot land parcel, the 3,800-square-foot building was vacant at the time of sale. Geoff Martin of CBRE represented the buyer and seller in the deal.