Restaurant

Marcus & Millichap Brokers $6.2M Sale of Johnstown Plaza Retail Center in Colorado

by Amy Works January 19, 2021

JOHNSTOWN, COLO. — Marcus & Millichap has arranged the sale of Johnstown Plaza, a shopping center located at 4914 Thompson Parkway in Johnstown. A private developer sold the asset to an undisclosed buyer for $6.2 million. Built in 2017, the property features 15,140 square feet of retail space. At the time of sale, the center was 100 percent occupied by Bad Daddy’s, Visionworks, Sprint, Berry Blendz, LUX NailBar and Honolulu Poke Bar. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller in the deal.

January 19, 2021

Features Hospitality Midwest Net Lease Northeast Office Restaurant Retail Southeast Texas Western

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

by Sarah Daniels January 19, 2021

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …

January 19, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast Top Stories

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by John Nelson January 18, 2021

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …

January 18, 2021

Illinois Loans Midwest Restaurant Retail

Aries Capital Arranges $3.4M Loan for Acquisition of Restaurant Building Occupied by Hampton Social in Chicago

by Kristin Harlow January 15, 2021

CHICAGO — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant Group owns and operates The Hampton Social, which will continue its 10-year lease that will end in 2027. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, R2, in the transaction. The property sold for $6.3 million.

January 15, 2021

Michigan Midwest Restaurant Retail

Indoor Dining Expected to Resume Feb. 1 in Michigan

by Kristin Harlow January 14, 2021

LANSING, MICH. — The State of Michigan has continued its ban on indoor dining, but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16-31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university students may return to campus for the winter semester and restart in-person courses beginning Jan. 18. Indoor residential gatherings remain limited to 10 people and two households. As of Jan. 13, there were 525,612 confirmed cases of COVID-19 in Michigan and 13,501 deaths.

January 14, 2021

Acquisitions Midwest Missouri Restaurant Retail

Block & Co. Acquires Net-Leased Restaurant Property in Liberty, Missouri

by Kristin Harlow January 14, 2021

LIBERTY, MO. — Block & Co. Inc. Realtors has acquired a 2,685-square-foot property occupied by Dickey’s Barbecue Pit in Liberty within metro Kansas City. The purchase price was undisclosed. The net-leased building is located at 600 S. 291 Highway. Block & Co. will serve as property manager. David Block of Block & Co. represented the company in its purchase.

January 14, 2021

Acquisitions California Restaurant Retail Western

Regency Centers Sells South Bay Village Shopping Center Near Los Angeles to Charing Cross for $39.7M

by Amy Works January 12, 2021

TORRANCE, CALIF. — Regency Centers has completed the disposition of South Bay Village, a shopping center located at 19330 Hawthorne Blvd. in Torrance. Charing Cross acquired the property for $39.7 million. Built in 1971 and renovated in 2012, South Bay Village features 107,539 square feet of retail space. Current tenants include Home Goods, Walmart Neighborhood Market, Orchard Supply Hardware, Marshalls and El Pollo Loco. Bill Bauman and Kyle Miller of Newmark, along with Luke Palmo of Westmac Commercial Brokerage Co., represented the seller and buyer in the transaction.

January 12, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $1.6M Sale of Restaurant Property in Moreno Valley, California

by Amy Works January 11, 2021

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million. The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is known for its Michoacan-style carnitas and Mexican dishes, at the location this spring. Albert Lopez of Progressive Real Estate Partners handled the transaction.

January 11, 2021

Acquisitions New York Northeast Restaurant Retail

Urban Edge Properties Acquires 1.2 MSF Sunrise Mall on Long Island for $29.7M

by Taylor Williams January 6, 2021

MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.

January 6, 2021

Acquisitions Mixed-Use Office Restaurant Retail Top Stories Washington Western

Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic

by John Nelson December 22, 2020

SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began. Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro. Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood. Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings. Skanska will retain a 5 percent interest in 2+U and is …

December 22, 2020

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