HAMMOND, IND. — JLL Capital Markets has brokered the $1.7 million sale of a 2,100-square-foot property net leased to Starbucks in Hammond near Chicago. Constructed in 2019, the single-tenant building features a drive-thru. It is located at 906 Indianapolis Blvd. Alex Sharrin and Nicholas Kanich of JLL represented the seller, Luke Land LLC. A Maryland-based private buyer purchased the asset in a 1031 exchange.
GREENSBORO, N.C. — Branch Properties LLC has sold Westridge Square, a 182,000-square-foot, Sprouts Farmers Market-anchored retail center in Greensboro, for $38.4 million. Branch Properties has been renovating the property for four years. The renovation included moving Sprouts into a 30,524-square-foot space that Harris Teeter formerly occupied. The seller also reconfigured Kohl’s to a smaller footprint to make room for Planet Fitness. Westridge Square is situated at the intersection of Battleground Avenue and Westridge Road, five miles northwest of downtown Greensboro. Berkley Capital Advisors represented the seller in the transaction. Select-Westridge LLC, an affiliate of Birmingham, Ala.-based McDonald Group Inc., acquired the property.
IDAHO FALLS, IDAHO — ShowBiz Cinemas plans to develop one of its Bowling, Movies and More! entertainment centers at Jackson Hole Junction in Idaho Falls. This location will be ShowBiz Cinemas’ first complex in Idaho; the company currently operates locations in Texas, Oklahoma and Florida. Slated to open in December, the entertainment center will be located at Sunnyside Road #116 Exit off Interstate 15. Construction is currently underway, with the official groundbreaking ceremony scheduled for Feb. 27. Bowling, Movies and More! entertainment center at Jackson Hole Junction will feature 14 boutique bowling lanes, an arcade with redemption center, multiple party rooms, a lane-side café with expansive food and drink options, full bar, concessions area and eight movie auditoriums with recliner seating. Additionally, the development will feature a Superior Digital Experience auditorium with 4K digital laser projection, Dolby Atmos surround sound and a four-story, 70-foot-wide screen. ShowBiz Cinemas will anchor the 44-acre Jackson Hole Junction commercial project at Sunnyside Road and Interstate 15. The development will also feature retail, business, dining and hospitality space.
SANTA ANA, CALIF. — Ready Capital has closed a $20.2 million for a 60,000-square-foot Class B retail neighborhood center in Santa Ana. The non-recourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. Additionally, the loan includes a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed sponsor will use loan proceeds to pay off existing debt while continuing to make cosmetic upgrades and leasing tenants at market rents.
LAS VEGAS — Marcus & Millichap has arranged the sale of a restaurant asset located in Las Vegas. A private family trust acquired the asset from a private investor for $3.8 million. Todd Manning of Marcus & Millichap’s Las Vegas office represented the seller in the deal. IHOP occupies the 4,700-square-foot building, which is located at 9480 W. Sahara Ave., on a net-lease basis.
CHARLOTTE, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.
MIAMI — Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls. Further details of the property were not disclosed.
STERLING HEIGHTS, MICH. — Gerdom Realty & Investment has negotiated two retail leases at Brookside Shopping Center in Sterling Heights. Rehab Without Walls outpatient clinic leased a 3,200-square-foot space and Luma’s Fashion and Alteration leased 1,600 square feet. Only one 10,220-square-foot space remains available for lease at the Planet Fitness-anchored center. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed landlord in the new leases.
AUSTIN, TEXAS — Furniture Mall of Texas will open a 95,000-square-foot store at Shops at Tech Ridge, a 519,354-square-foot retail power center in Austin. The opening is scheduled for this summer. Lance Morris and P.J. Kaminer of The Retail Connection represented the landlord, RD Management, in the lease negotiations. The store will be the company’s third. Other tenants at Shops at Tech Ridge include Floor & Décor, Fitness Connection, Conn’s HomePlus, Ross Dress for Less, Burke’s Outlet and PetSmart. The company will occupy a space formerly leased to Target.
INDIANAPOLIS — Simon Property Group (NYSE: SPG) has agreed to acquire an 80 percent interest in Taubman Centers Inc. (NYSE: TCO), a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. The purchase price represents a 51 percent premium over Taubman’s closing price of $34.67 per share on Friday, Feb. 7. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2 percent. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional malls and power centers totaling more than 25 million square feet of gross leasable space in the United States and Asia. “By joining together, we will enhance the ability of Taubman to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers and substantial new job prospects for local communities,” says David Simon, CEO of Simon Property Group. Simon Property Group’s stock price opened at $142.11 per share on Monday, Feb. 10, down from $185.30 per …
