In spite of national trends, news of spiking default rates and a prediction of a national decline in retail tenancy, the middle Tennessee region appears to be emerging in equal (or better) condition from one of the most unusual years in history. Prior to the government-mandated shutdowns last year, retail activity in Nashville was at a fever pitch. A decade of year-over-year population and economic growth created a strong seller’s and landlord’s market, with no end in sight. The University of Tennessee’s Boyd Center for Business and Economic Research projected a 1 million-person population growth for Middle Tennessee by 2040. This strong, sustained growth pushed retail rents up more than 50 percent since 2010 and represents one of the largest cumulative increases in the nation, behind only Miami and Austin. In 2019, the Nashville region saw asking rents above the national average, according to CoStar Group. One year ago, the sudden and unexpected COVID-19 shutdowns made the collective hearts of 2008 survivors skip a beat. A real concern of what the next week or month might look like hit both landlords and tenants in the region, particularly in the downtown retail district that is historically reliant on tourism. As music …
MERIDIAN, IDAHO — Wood Investments Cos. has purchased CentrePoint Marketplace, a community shopping center located on 19.3 acres at 3319 N. Eagle Road in Meridian. Built in 2007, the 197,288-square-foot property was fully occupied at the time of sale. Tenants include Kohl’s, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread, Wingers Restaurant & Alehouse, Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless. Chad Moore of Salt Lake City-based Mountain West Commercial Real Estate represented the buyer. The seller was Centrepoint Marketplace LLC, a Utah limited liability company.
STEUBENVILLE, OHIO — Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a ground lease occupied by Texas Roadhouse in Steubenville, nearly 40 miles west of Pittsburgh. The sales price was undisclosed. The restaurant property is located across the street from Fort Steuben Mall. Mohr acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division. Rob Solls of Mohr represented the company on an internal basis. The Mansour Group procured the buyer, a private investment company. Texas Roadhouse maintains over 630 restaurants in 49 states and 10 countries worldwide. The Steubenville location is a corporate-owned restaurant.
MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.
LEXINGTON, KY. — NAI Isaac has facilitated a retail lease with Buzzed Bull Creamery at The Summit Fritz Farm in Lexington. Zach Smith and Paul Ray Smith of NAI Isaac represented the tenant alongside Sherry Sanchez with RESOLUT RE. Samantha Merrell of Bayer Properties represented the landlord on an internal basis. Buzzed Bull Creamery is an ice cream and milkshake purveyor offering made-to-order, alcohol and non-alcohol frozen desserts and coffee. The ice cream business has locations in 12 states. The company’s new Summit at Fritz Farm location will be situated at the main entrance of the development. The 940-square-foot shop is slated to open this summer. The Summit at Fritz Farm is a mixed-use development with more than 60 street-level retail shops, over 20 dining options, The Offices at Fritz Farm and The Henry apartments. Existing tenants include Apple, Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, lululemon athletica, Kendra Scott, Marine Layer, Warby Parker, CRU Food & Wine Bar, Anthropologie, Ariat, Brooks Brothers and LUSH Cosmetics, among others.
MISHAWAKA, IND. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Buyer information was undisclosed.
WEST ISLIP, N.Y. — Piazzetta Italian Kitchen & Bar has signed a lease to open a 3,000-square-foot restaurant at a 19,757-square-foot retail center in the Long Island hamlet of West Islip. The center is under construction at 425 Union Blvd. and will house other tenants such as 7-Eleven and Brownstone Coffee. Christopher Mayor and Lawrence Densen of Island Associates Real Estate brokered the lease negotiations. The restaurant will be the chain’s fifth.
NEWPORT BEACH, CALIF. — George Smith Partners has arranged $45.6 million in bridge financing on behalf of DJM Capital for the recapitalization of Lido Marina Village, a multi-block, waterfront retail and office property on Balboa Peninsula in Newport Beach. Lido Marina Village features 106,000 square feet of retail, restaurant and office space in 14 separate structures, including waterfront retail and restaurant space, as well as 47 boat slips. Current tenants include Nobu, Malibu Farm, Elysse Walker, LoveShakeFancy, Serena & Lily and Jenni Kayne. Steve Bram, David Pascale and Patrick O’Donnell of George Smith Partners secured the financing. Arc Capital Partners is an equity partner in the transaction. Since acquiring the asset in 2013, DJM has implemented extensive renovations to the property and rebranded Lido Marketplace as a boutique and restaurant destination.
HUNTSVILLE, ALA. — RCP Cos. has broken ground on Metronome at MidCity, a five-story multifamily building featuring 296 apartment homes with retail and restaurant space on the ground floor. The property is located in Huntsville’s MidCity District, a $1 billion mixed-use project underway at the intersection of University Drive and Research Park Boulevard. Metronome is situated in the heart of MidCity’s 140-acre district. The property’s open tenants include Topgolf, REI Co-op, Dave & Buster’s, High Point Climbing & Fitness, Wahlburgers, Kung Fu Tea and Kamado Ramen, as well as The Camp, an outdoor venue featuring a food truck garden, coffee shop and bar, live music stage and a weekly farmer’s market. Trader Joe’s is scheduled to open later this year. Huntsville Amphitheater, an 8,000-seat venue, is currently under construction with a planned opening of spring 2022. Metronome at MidCity will offer 12 different floor plans including studio, one-, two- and three-bedroom units. Each home will feature smart thermostats, high-speed internet, Wi-Fi, stainless steel appliances, quartz countertops and full-size, in-home laundry. Select units include high ceilings, balconies, offices/dens and kitchen islands. Community amenities will include a 24-hour fitness center, resort-style saltwater pool, outdoor kitchen, pocket parks with a fireplace/firepit, fountain feature, …
LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.