Wednesday, August 20, 2025
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AcquisitionsGeorgiaRestaurantRetailSoutheast

JLL Brokers $18.5M Sale of Ivy Walk Retail Center in Smyrna, Georgia

by John Nelson

SMYRNA, GA. — JLL Capital Markets has brokered the $18.5 million sale of Ivy Walk, a 42,499-square-foot neighborhood retail center located in the north Atlanta suburb of Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, MRE Properties, in the transaction. The buyer was South Coast Commercial LLC. Ivy Walk was built in 2004 and was 91 percent leased at the time of sale to tenants such as Muss & Turner’s, South City Kitchen, First Watch, Natural Body Spa and Children’s Healthcare of Atlanta.

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AcquisitionsFloridaHospitalityRestaurantSoutheast

Colliers Arranges $12.5M Sale of Quality Inn Hotel, IHOP Restaurant in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Colliers has arranged the sale of the 135-room Quality Inn Palm Beach International Airport hotel and an adjacent IHOP restaurant in West Palm Beach. Index Investment Group purchased the assets from Cherry Cove Hospitality for $12.5 million. Mark Rubin and Bastian Laggerbauer of Colliers’ South Florida Investment Services team represented the buyer, and Richard Lillis of Colliers’ Hotels USA division represented the seller in the off-market transaction. Index will assume operations of the hotel immediately and continue to operate it under the Quality Inn flag. The hotel and 5,408-square-foot IHOP are located at 1503-1505 Belvedere Road, roughly two miles from both Palm Beach International Airport and downtown West Palm Beach.

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AcquisitionsRestaurantSoutheastTennessee

SRS Negotiates $2.4M Sale of New Restaurant Near Knoxville Ground Leased to Texas Roadhouse

by John Nelson

ALCOA, TENN. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.4 million ground-lease sale of an 8,354-square-foot restaurant at 1125 Franck St. in Alcoa, a suburb of Knoxville. The landowner and tenant, Louisville-based Texas Roadhouse Inc., sold the 2.4-acre site to an undisclosed investor based in Virginia. The newly constructed restaurant is set to open in September, and Texas Roadhouse is subject to a 15-year ground lease. Morgan Creech and Sarah Shanks of SRS’ Louisville office represented Texas Roadhouse in the transaction. Feldman Ruel Urban Property Advisors represented the buyer.

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AcquisitionsCaliforniaRestaurantRetailWestern

SRS Real Estate Partners Brokers Sales of Three Retail Outparcels at Palmdale Marketplace for $10.2M

by Amy Works

PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sales of three retail outparcels to Palmdale Marketplace, a power center located at 39340 10th St. W. in Palmdale, for a combined total of $10.2 million. There are three remaining properties for sale as part of the break-up strategy. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, a Texas-based owner and operator of retail properties, and the buyers. The three transactions include: – A 5,958-square-foot retail property, which was built in 2001. Jamba Juice, Baskin-Robbins and Harbour Sushi occupy the building. A private investor acquired the asset in an all-cash transaction. – The same buyer acquired a 4,875-square-foot building, occupied by Five Guys Burgers and Fries and Café Rio, for $3.4 million. Built in 2001, the property is situated on 1.2 acres. – IHOP corporate, as owner/user, acquired a 4,022-square-foot, single-tenant property for $2.5 million. IHOP occupies the property, which was built in 2002.

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AcquisitionsIllinoisMidwestRestaurantRetail

Quantum Negotiates $32.7M Sale of Retail Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of an 81,760-square-foot retail center in Naperville for $32.7 million. The property, which was 96 percent leased at the time of sale, is home to Old Town Pour House, Maggiano’s Little Italy, White Chocolate Grill, Morton’s Steakhouse, Jason’s Deli, Naf Naf Grill, Bombay Wraps and Brick’s Wood Fire Pizza. Chad Firsel, Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Dallas-based institutional investment firm, and the buyer, a Philadelphia-based investment fund.

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AcquisitionsFloridaMixed-UseRestaurantRetailSoutheast

Rockpoint, Ivanhoe Cambridge Sell Mary Brickell Village Mixed-Use Property in Miami for $216M

by John Nelson

MIAMI — Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction. Situated on 5.2 acres at 901 S. Miami Ave., Mary Brickell Village’s tenant roster includes Miami’s only LA Fitness Signature Club, as well as Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. The mixed-use property also includes an 875-space parking garage. Originally constructed in 2008, Mary Brickell Village underwent renovations between 2018 and 2020.

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AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Calbay Development Acquires Three Retail Properties in California for $8.5M

by Amy Works

COMMERCE, CARDIFF AND SANTEE, CALIF. — Calbay Development has purchased three value-add retail properties in California for a total of $8.5 million. In the first transaction, Calbay acquired a site in Commerce in a short-term, off-market, sale-leaseback transaction for $2.5 million. Calbay plans to construct a new Starbucks drive-thru café on the site in 2023. The second property is a corporate-owned Jack in the Box drive-thru in Cardiff, which Calbay acquired for $2.5 million. Reg Kobzi, Michael Peterson, Natasha Edwards and Brianna Bowers of CBRE and Mike Clark of Main & Main brokered the transaction. The property was sold as a short-term sale-leaseback with Jack in the Box corporate. Calbay plans to redevelop the property into a new restaurant in 2023. In the third transaction, Calbay acquired a value-add strip center, with option to purchase a corner lot of excess land, located on a signalized intersection in Santee for $3.5 million. The site benefits from upside due to short-term leases, strong traffic, major adjacent retailers and on/off access to the freeway. Greg Spounias of Highland Partners Corp. brokered the transaction. Calbay secured financing through MidFirst Bank for all three sites and intends to redevelop each property with national brand retailers …

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DevelopmentMixed-UseMultifamilyRestaurantRetailSoutheastTennessee

Doster Construction Completes Novel Edgehill Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Doster Construction Co. has completed Novel Edgehill, a five-story mixed-use apartment community situated just south of Nashville’s Gulch district. Charlotte-based Crescent Communities and locally based Pearl Street Partners co-developed the 270-unit community, which features a five-level parking garage and rooftop pool. KTGY Architecture designed Novel Edgehill with studio, one- and two-bedroom floor plans. The asset also features ground-floor retail space leased to Land of a Thousand Hills Coffee, The Mercantile, Bodyrok gym and Roc and Roe Style Bar. Doster Construction broke ground on the project in 2020. According to the property website, rental rates range from $1,905 to $3,500 per month.

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Hoomaka-Marketplace-Kapolei-HI
DevelopmentHawaiiRestaurantRetailWestern

KZ Companies Breaks Ground on 45,737 SF Ho’omaka Marketplace in Kapolei, Hawaii

by Amy Works

KAPOLEI, HAWAII — Irvine, Calif.-based KZ Companies has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Companies All money generated through the ground lease proceeds will benefit Kapolei Community Development Corp. (KCDC), a nonprofit that serves Hawaiian homestead areas. KCDC will use the proceeds to support facilities, scholarships, education, childcare, emergency services and job creation for native Hawaiian families. The marketplace is minutes away from University of Hawaii West Oahu, Ka Makana Ali’I and Ho’opili, an 11,750-residence master-planned community. The retail center is also across the street from Ka Makana Alii, a 1.4 million-square-foot regional mall. The development team includes KZ Companies, KCDC and the Department of Hawaiian Home Lands. Architects Hawaii Limited and Wilson Okamoto are designing the project, which is slated for completion by summer 2023.

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Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

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