DARTMOUTH, MASS. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed five new tenants to Dartmouth Mall, a 671,000-square-foot regional shopping and dining destination in southeast Massachusetts. Boot Barn will open a 15,000-square-foot store this fall for its first location in the area. Locker Room by Lids expects to open at the end of the month, while Chick-fil-A is planning an outparcel restaurant at the property. Cinnabon and Carvel have already opened. These additions follow the redevelopment of the former Sears space, which is now occupied by Ulta Beauty, Burlington and Aldi.
WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of a freestanding, single-tenant retail property located at 1835 W. 120th Ave. in Westminster. Surreal Holdings acquired the asset for $2.1 million. Starbucks Coffee occupies the 2,162-square-foot property, which includes a drive-thru, on a net-lease basis. Elizabeth Morgan, Cody Stambaugh and Kyle Moyer of Pinnacle’s MorganStambaugh Group represented the buyer, while David Wirgler of Northmarq represented the undisclosed seller.
FLAT ROCK, MICH. — Okika Hawaiian BBQ has signed a 1,420-square-foot retail lease to open in Flat Rock, a southern suburb of Detroit. The Dunkin’-anchored property is located at the southwest corner of Telegraph and Vreeland roads. Michael Murphy of Gerdom Realty & Investment represented the landlord, Shango Properties. Norman Abro of Keystone Commercial Real Estate represented the tenant.
OVERLAND PARK, KAN. — Vietnam Cafe will open its second location at 9500 W. 135th St. in Overland Park. Bill Maas of Block & Co. Inc. Realtors represented the seller in the transaction. The Vietnamese restaurant’s first location is at 522 Campbell St. near the River Market in Kansas City. The menu features authentic pho, as well as dishes from chicken, beef, shrimp and vegetarian options. The new restaurant will occupy the 4,075-square-foot former Beef-A-Roo space. The property will undergo construction, with a proposed open date to be determined.
MONTCLAIR, CALIF. — SRS Real Estate Partners has directed the $5.7 million (or $1,451 per square foot) ground lease sale of a restaurant property located at 5212 Moreno St. in Montclair. Panera Bread occupies the 3,950-square-foot property on a single-tenant net-lease basis. The building, which was built in 2014, is secured by a corporate-guaranteed ground lease with 15 years remaining. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller, a Southern California- and Arizona-based developer. The buyer was a California-based private investor.
ANNA, TEXAS — Hospitality owner-operator GTP Food Group will open three new restaurants in the North Texas city of Anna. The Gin will feature Southern cuisine, and Tenders Smokehouse will be a barbeque concept. The third restaurant will be Papa Gallo’s Mexican Grill & Margarita Bar. Combined, the restaurants represent a capital investment of about $10 million in the city’s downtown area, as well as the potential creation of about 100 new jobs. Construction is scheduled to begin in early 2026 and is expected to last about one year.
ANAHEIM, CALIF. — Encinitas-based Vista Emerald has acquired Pique at Angel Stadium, a 15,710-square-foot multi-tenant retail center located in Anaheim, for $11.3 million. Formerly known as The Shops at Stadium Towers, the property was originally built in 2006 on 2.2 acres. The center was fully leased to eight tenants including 714 Tickets, Aleppo’s Kitchen, Comerica Bank, LAMILL Coffee, Lolas by MFK and Non’s Vietnamese Kitchen at the time of sale, according to LoopNet. The property also offers 150 parking spaces, 16 Tesla Superchargers and prominent pylon street signage. Lee Csenar and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller, a Los Angeles-based private investor, in the transaction. Omar Hussein of Beacon Realty Advisors represented Vista Emerald.
DURHAM, N.C. — The Ardent Cos. has closed on the land acquisition for Westside Bottling, a mixed-use development located on the former Durham Coca-Cola Bottling Co. warehouse site in Durham. Ardent plans to break ground in August on the development, which at full build-out will feature 70,000 square feet of retail space, 370 multifamily residences and 35 for-sale townhomes. Westside Bottling’s retail component is currently 70 percent preleased to tenants including Sprouts Farmers Market, Shake Shack, Ulta Beauty, Club Pilates, First Watch and Vernis Nail Salons. First Citizens Bank, which had an existing bank branch on the site, will continue to operate at Westside Bottling. The development sits three miles west of downtown Durham and north of Duke University and Duke University Medical Center.
GOODYEAR, ARIZ. — CBRE has negotiated the sales of two adjacent single-tenant ground lease properties at 1420 and 1460 N. Bullard Ave. in Goodyear. Two separate West Coast-based private capital exchange buyers acquired the assets for a combined total of $6.7 million. Benjamin Farthing and Owen Littrell of CBRE represented the seller, Tradecor Partners Goodyear LLC, in the transactions. Bubba’s 33 is located at 1460 N. Bullard Ave. and features a brand new 15-year absolute triple-net ground lease on a 1.7-acre parcel. The property sold for $3.5 million. Located at 1420 N. Bullard Ave., the double drive-through White Castle on a 1-acre parcel sold for $3.2 million.
NORMAL, ILL. — The Boulder Group has brokered the $3.1 million sale of a single-tenant restaurant property net leased to Raising Cane’s Chicken Fingers in Normal. The restaurant at 311 Veterans Parkway opened this month and is operating under a 15-year ground lease with 10 percent rental escalations every five years and five five-year renewal options. The property marks the only Raising Cane’s location within a 50-mile radius. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a 1031 exchange investor. The transaction represented a 4.75 percent cap rate. Raising Cane’s, founded in Louisiana in 1996, operates more than 800 locations worldwide.