AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.2 million sale of a newly constructed retail property occupied by Chipotle Mexican Grill in Austintown near Youngstown. Dan Cooper of Cooper Group represented the seller, a private developer. Cooper Group also procured the all-cash buyer. The sales price represented a cap rate of 5.7 percent and $929 per square foot. Chipotle’s 10-year lease features 10 percent rental increases every five years.
FRANKLIN, TENN. — McHugh Construction has delivered the Inn and Spa at Southall, a 325-acre luxury farm resort in the south Nashville suburb of Franklin. The approximately 95,000-square-foot property features 62 guest rooms, an executive boardroom, 15,000-square-foot spa, an all-day restaurant and bar and a 3,700-square-foot signature restaurant called January that serves fare grown onsite. Many guestrooms include wood-burning fireplaces, exposed wood beams and large windows. McHugh used cross-laminated timber and heavy timber for all four buildings in the project. Paul Mishkin, a Chicago investor, is the founder of Southall.
PLANTATION, FLA. — A partnership led by South Florida-based shopping center owner and developer Azor Advisory Services has begun construction on a Wawa gas station and convenience store located in Plantation, roughly 30 miles north of Miami. The partnership, which is doing business as FLA BPI LLC, broke ground on the project April 4. Located at 100 South Pine Island Road, the property is situated within the northern portion of a three-acre site acquired by the partnership in 2016. Midtown Crossing, a 6,400-square-foot retail center, occupies the southern portion. Scheduled for completion in 12 months, the Wawa will offer prepared foods, beverages, coffee, fuel services and subcharge-free ATMs.
LEWISVILLE, TEXAS — Bright Realty has signed three new tenants to leases at The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use campus located north of Dallas in Lewisville. Children’s entertainment concept Cheeky Monkeys is leasing 7,287 square feet, including more than 6,000 square feet of play space, a coffee shop and a limited-service restaurant. Additionally, 206 Luster Grill has opened a 2,257-square-foot restaurant, and Cachet Salons & Spa now occupies 10,692 square feet.
CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property in Corona. A Taco Bell drive-thru operated by Alvarado Restaurant Nation occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.
BOSSIER CITY, LA. — The Cordish Cos. has announced an agreement to acquire Diamond Jacks Casino & Hotel, located in Bossier City in northwest Louisiana. Subject to approval by the Louisiana Gaming Control Board, Cordish plans to redevelop the property into a casino resort and entertainment destination. Closed since March 2020, the development will be the first in the state of Louisiana under Cordish’s Live! brand, which offers dining, entertainment, casino, hotel and sports-anchored entertainment spaces. The seller and acquisition price were not disclosed. Cordish was the development partner for Hard Rock Hotel & Casino properties in Hollywood and Tampa, Fla., and its assets include the Live! Casino & Hotel Maryland in Hanover, Md.; Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh; and the Texas Live! Development within the Arlington Entertainment District in North Texas, where Cordish is currently underway on $1 billion of construction adjacent to the property. Additionally, the company has new developments in Florida, Alabama, Georgia, North Carolina and Tennessee. Foundation Gaming & Entertainment LLC will partner with Cordish to complete the project. — Hayden Spiess
WILLIAMSBURG, VA. — Uptown Alley, an entertainment concept with four existing locations in the Mid-Atlantic, has purchased the former Yankee Candle building in Williamsburg. The multi-level, mixed-use building is located on a six-acre site at 2200 Richmond Road. Dawn Griggs and Rob Wright of Cushman & Wakefield | Thalhimer represented the seller, Fulton Bank, in the $4 million sale. Uptown Alley plans to open its fifth entertainment venue at the Williamsburg property, which will feature upscale bowling, duckpin bowling, an arcade and a chef-driven restaurant. The company plans to open the new venue before the end of the year.
CHARLOTTE, N.C. — Portman has signed local coffeeshop concept Night Swim Coffee to anchor the ground level retail space at 2161 Hawkins, a 34-story apartment tower under construction in Charlotte’s South End district. The coffeeshop is expected to open in third-quarter 2024 and will activate the space between 2161 Hawkins and The Line, Portman’s adjacent Class A office tower that will include Sycamore Brewery, GritBox Fitness, Chapter 6 and Savi Provisions. The Night Swim Coffee space represents the 15th location for Black Rock Hospitality, the team behind local purveyors Not Just Coffee and Undercurrent Coffee. In addition to the coffeeshop, the 370-unit apartment development will house Bar One South End, which is expected to open in fourth-quarter 2024. Foundry Commercial is handling the retail leasing assignment at 2161 Hawkins. Portman has also enlisted local artists Eva Crawford and Caroline Simas to transform the temporary Rail Trail protection at 2161 Hawkins into a new public art installation.
RANCHO CUCAMONGA, CALIF. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles east of Los Angeles in Rancho Cucamonga. John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Auto Parts, Brands for Less and Beauty Club. Tenants at the center also include 10 restaurants. A local private investor purchased the property.
TINLEY PARK, ILL. — Urban Innovations has begun a renovation of the historic Karl Vogt Building at 6811 Hickory St. in the Chicago suburb of Tinley Park. The property will become the Vogt House by Banging Gavel Brews, a craft brewery. Completion is slated for June. The Vogt Building is the only building in Tinley Park listed on the National Register of Historic Places. While the structure was thought to have been built by Karl Vogt, it was actually constructed around 1865 by John Lewis or his brother Allen Cleveland Lewis, creator of the Lewis Institute, the first junior college in the United States. The project entails an interior and exterior renovation of the four-story, 7,835-square-foot building. The brewery will feature both indoor and outdoor seating, new landscaping, new infrastructure and two kitchens. To comply with the National Park Service’s landmark criteria, new front and rear porches will match historical layout and details. The original interior corridor and stairs, front and back doors, cornices and ornamental brackets will be refurbished. The architects, Katherine Pohl and Joakim Backstrom of Altus Works, have been working closely with the National Park Service and the Illinois State Historic Preservation Office.
