BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of Mars Plaza, a 26,500-square-foot shopping center located in the East Texas city of Beaumont. Gus Lagos, Justin Miller, Davis Hansen, Alan Wolansky and Harris Brooks of Marcus & Millichap represented the seller, a locally based developer, in the transaction. The buyer was a Houston-based limited liability company. Both parties requested anonymity.
BOSTON — Noodle concept TuruTonTan has opened a 5,000-square-foot restaurant in the Kenmore Square neighborhood of Boston. The two-story restaurant can accommodate 168 guests in the main dining room and also features patio seating for additional guests. Dining Innovation is TsuruTonTan’s parent company. Blank Design and American Construction Corp. designed and built out the space. Local investment firm Urban Meritage owns the building.
SANTA FE SPRINGS, CALIF. — SRS Real Estate Partners has arranged the sale of Santa Fe Springs Promenade, a shopping center in Santa Fe Springs. An Orange County, Calif.-based private partnership sold the property to a Los Angeles-based private investor for $32 million. Situated on 8.2 acres at 11452-11568 Telegraph Road, the 111,925-square-foot shopping center was built in phases from 1953 to 1986. At the time of sale, Santa Fe Springs Promenade was 80 percent occupied by a variety of tenants, including 99 Cents Only, AutoZone, Bank of America, Starbucks Coffee and Jersey Mike’s Subs. Chris Tramontano and John Redfield of SRS’ Investment Properties Group, along with WindWater Real Estate, represented the seller. Tanel Harunzade of Kidder Mathews represented the 1031 exchange buyer.
DRAPER, UTAH — Ready Capital has closed a $2.2 million loan for the acquisition, renovation and lease-up of the 25,000-square-foot in-line retail space portion of a Class B neighborhood shopping center in Draper. At the time of financing, the property was 63 percent occupied, but 98 percent leased due to a dark Whole Foods Market space. The non-recourse, fixed-rate loan features an 84-month term and 36 months of interest-only payments. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods Market.
MIAMI — Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes gutting the interior of the 225,000-square-foot building, adding a three-story atrium, security system, valet parking and creating a new façade. Miami-based Kobi Karp is the architect for the 94-year-old building, which Time Century purchased in 2018. Time Century is handling the leasing efforts and has already signed some leases with jewelers, according to Yair Levy of Time Century Holdings. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First St., three blocks from downtown Miami. The Jewelry District is home to more than 500 jewelry stores in a four-block radius.
BISMARCK, N.D. — CBL Properties has unveiled the first phase of redevelopment plans for the former Herberger’s department store at Kirkwood Mall in Bismarck. Three fast-casual restaurants, including Five Guys, Blaze Pizza and Chick-fil-A, will join the mall. As part of the project, roughly 40,000 square feet of the former Herberger’s will be demolished. The remaining 52,000 square feet will be utilized in future phases of redevelopment. An additional pad site will be created in the parking area. Construction is set to begin this spring.
GRAIN VALLEY, MO. — Block & Co. Inc. Realtors has arranged the $9.2 million sale of a 60,000-square-foot shopping center in Grain Valley, about 25 miles east of Kansas City. Price Chopper and Starbucks occupy the property, which is situated on 7.3 acres on McQuerry Road. William Glasgow of Block & Co. represented the undisclosed buyer as well as the seller, Star Development Corp., which constructed the building in 2017.
HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.
IMPERIAL BEACH, CALIF. — JLL Capital Markets has brokered the sale of Breakwater Town Center, a four-building retail property located at 781-881 Palm Ave. in Imperial Beach. An undisclosed buyer acquired the asset for $12.1 million. Constructed in 2018, Breakwater Town Center consists of 31,934 square feet of retail space spread across four freestanding outparcel pads. At the time of sale, the property was fully occupied by Starbucks Coffee, Chipotle, Five Guys Burgers and Fries, Baskin Robbins, Jersey Mike’s Subs, Great Clips and Grocery Outlet. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the undisclosed private seller in the deal.
LONG BEACH, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a restaurant property, located at 2201 N. Bellflower Blvd. in Long Beach. An undisclosed buyer acquired the property for $5.6 million. The name of the seller was not released. Wendy’s occupies the 2,404-square-foot property, which was built in 1977. The tenant has scheduled a remodel for mid-year and is obligated by the lease to completely renovate the restaurant to match the Wendy’s current prototype by the start of 2022. Aron Cline of Matthews Real Estate Investment Services handled the transaction.