Retail

SRS Brokers $8.3M Sale of Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado February 18, 2020

NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.

February 18, 2020

Company News Retail Texas

Pier 1 Imports Files for Chapter 11 Bankruptcy

by Taylor Williams February 18, 2020

FORT WORTH, TEXAS — Home furnishing retailer Pier 1 Imports has filed for Chapter 11 bankruptcy in federal court in Richmond, Va., according to a report from The Wall Street Journal. The filing comes about six weeks after the Fort Worth-based retailer announced that it would close some 450 stores, about half of its total store count. The company is also closing two distribution centers. Pier 1 has entered into a plan support agreement with its term loan lenders, which include Bank of America and Wells Fargo, and is pursuing a sale of the company.

February 18, 2020

Leasing Activity Massachusetts Northeast Retail

Rock and Roll Daycare Signs 3,500 SF Retail Lease in Cambridge

by Alex Patton February 18, 2020

CAMBRIDGE, MASS. — Montessori-inspired school Rock and Roll Daycare has signed a 3,500-square-foot retail lease in Cambridge. The school will be located in the retail space at The Rand, a 19-unit condominium adjacent to the Porter Square MBTA Red Line station at 1975 Massachusetts Ave. The school will provide high-end childcare to infant, toddler and preschool-aged children with a music-focused curriculum. Urban Spaces LLC completed The Rand using modular construction in 2017 and Prellwitz Chilinski Associates served as the architect of the project. A partnership of Urban Spaces LLC and StoneRiver Properties is the landlord of The Rand.

February 18, 2020

Leasing Activity Retail Texas

Topgolf to Anchor 285,000 SF Cottonwood Creek Market Development in Waco

by Taylor Williams February 18, 2020

WACO, TEXAS — Dallas-based sports entertainment company Topgolf has signed a lease at Cottonwood Creek Market, a 285,000-square-foot entertainment destination in Waco that is scheduled to open this winter. Topgolf joins Cinemark, which will open a 14-screen theater, as the second of three entertainment anchors at Cottonwood Creek Market. Houston-based developer NewQuest Properties commenced site work on the project last summer, and is in talks with a bowling and dining concept to potentially serve as the third anchor. Steve Greenberg of The Retail Connection represented Topgolf in the lease negotiations. Steve Alvis represented NewQuest Properties on an internal basis.

February 18, 2020

California Loans Retail Western

Ready Capital Closes $4.6M in Financing for Retail Center in California’s Western San Fernando Valley

by Amy Works February 18, 2020

NORTHRIDGE, CALIF. — Ready Capital has closed a $4.6 million loan for the acquisition, renovation and lease-up of an approximately 12,000-square-foot Class B retail strip center in Northridge in the Western San Fernando Valley submarket. Upon acquisition, the undisclosed sponsor will implement capital expenditures to improve the façade and interiors, while converting a portion of the space into a modern food hall. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The loan is also inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls.

February 18, 2020

Acquisitions Illinois Midwest Restaurant Retail

Baum Arranges $2.9M Sale of Chili’s-Occupied Property in Metro Chicago

by Kristin Harlow February 18, 2020

HOMER GLEN, ILL. — Baum Realty Group LLC has arranged the $2.9 million sale of a single-tenant property net leased to Chili’s in Homer Glen, located about 30 miles southwest of Chicago. The property serves as an outlot to Home Depot and The Square at Gooding’s Grove, a new 13.5-acre mixed-use development that will feature 76 townhomes. Patrick Forkin of Baum represented the seller, a private out-of-state investor. A major real estate fund based in Miami purchased the asset. The lease is guaranteed by Brinker International, a casual dining restaurant company.

February 18, 2020

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers $2M Sale of Two-Tenant Retail Building in Missouri

by Kristin Harlow February 18, 2020

POPLAR BLUFF, MO. — Hanley Investment Group Real Estate Advisors has brokered the $2 million sale of a two-tenant retail building in Poplar Bluff in southeastern Missouri. The 3,750-square-foot property serves as an outparcel to Mansion Mall. Built in 2018, the building is leased to Starbucks and Verizon. Jeff Lefko and Dylan Mallory of Hanley represented the seller, a local private investor. Craig Dunkle of Marcus & Millichap represented the buyer, a New Jersey-based private investor. The sales price represents a cap rate of 6.4 percent.

February 18, 2020

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 177,165 SF Shopping Center in Oak Brook, Illinois

by Kristin Harlow February 17, 2020

OAK BROOK, ILL. — Mid-America Real Estate Corp. has negotiated the sale of The Shops at Oak Brook Place in suburban Chicago for an undisclosed price. An institutional buyer purchased the 177,165-square-foot shopping center, which is located at the southeast corner of 22nd Street and Midwest Road. Anchor tenants include Nordstrom Rack, TJ Maxx, Ulta, Old Navy and Nike. Rick Drogosz and Joe Girardi of Mid-America represented the seller, a Canadian real estate investment trust.

February 17, 2020

Acquisitions Illinois Midwest Retail

Interra Realty Arranges $3.7M Sale of Firestone-Occupied Property in Skokie, Illinois

by Kristin Harlow February 17, 2020

SKOKIE, ILL. — Interra Realty has arranged the $3.7 million sale of a property occupied by Firestone Complete Auto Care in Skokie, about 15 miles north of Chicago. The property is located at 8801 Skokie Blvd. Paul Waterloo of Interra represented the private local buyer, which will assume an existing lease that has seven years remaining. Colin O’Malley of Interra represented the seller, a family trust that has owned the asset for more than 50 years. Built in 1950, the property features nine bays, 18 drive-in doors and a parking lot.

February 17, 2020

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.5M Sale of Retail Building in Libertyville, Illinois

by Kristin Harlow February 17, 2020

LIBERTYVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an 11,614-square-foot retail property in Libertyville for $2.5 million. The anchor tenant is real estate brokerage firm @Properties. The asset is located at 200-218 S. Milwaukee Ave. Chad Firsel of Quantum represented the seller, a local property owner. Jason Lenhoff of Quantum represented the buyer, a local real estate investment group.

February 17, 2020

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