Retail

Texas-Based Jamba Juice to be Acquired by Focus Brands for $200M

by Taylor Williams August 6, 2018

FRISCO, TEXAS — Frisco, Texas-based Jamba Juice, which as of 2016 had about 875 locations across the country, has entered into an agreement to be acquired by Atlanta-based Focus Brands Inc. (FBI) for approximately $200 million. The terms of the agreement call for FBI to acquire Jamba Juice for $13 per share in cash. The deal is expected to close during the third quarter. Jamba Juice relocated to Texas from Emeryville, Calif., in May 2016. Focus Brands owns other restaurant chains, such as Schlotzsky’s, Moe’s Southwest Grill, Cinnabon and McAlister’s Deli.

August 6, 2018

Acquisitions Midwest Missouri Retail

Block & Co. Acquires Retail Property in Kansas City, Plans Redevelopment

by Kristin Harlow August 6, 2018

KANSAS CITY, MO. — Rainbow 73 Wornall LLC, a local investment group headed by David Block of Block & Co. Inc. Realtors, has acquired a retail building and .58-acre land site in Kansas City for an undisclosed price. Pride Cleaners currently occupies the 3,000-square-foot building, which is located at 7300 Wornall Road. Block & Co. plans to redevelop the site as a multi-tenant retail center or freestanding restaurant. Pride Cleaners plans to relocate to the corner of 75th Street and Wornall Road. David Block and Marshal Blount of Block & Co. brokered the sale. SNSC Properties LLC was the seller.

August 6, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Negotiates $2.9M Sale of Single-Tenant Retail Property in Rialto, California

by Amy Works August 6, 2018

RIALTO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a recently constructed retail building located at 1877 N. Riverside Ave. in Rialto. Newport Beach-based Fountainhead Development sold the property to a Chatsworth-based private investor for $2.9 million, or nearly $1,700 per square foot. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Ash Joshi of San Fernando-based Capital Realty Solutions Inc. represented the buyer in the deal. The Coffee Bean & Tea Leaf occupies the 1,710-square-foot building, which features a drive-thru lane, under a 15-year lease.

August 6, 2018

Acquisitions Florida Retail Southeast

Sterling Organization Sells Shopping Center Near Orlando to AEW Capital for $72.8M

by Camren Skelton August 3, 2018

WINTER PARK, FLA. — Sterling Organization has sold Center of Winter Park in suburban Orlando to AEW Capital Management for $72.8 million. The 244,977-square-foot shopping center is located at the southwest corner of Orlando Avenue and Lee Road in Winter Park, roughly eight miles northeast of Orlando. Sterling’s value-add institutional fund, Sterling Value Add Partners LP, originally acquired the asset in 2013 for $27.7 million and re-tenanted the property after Kmart shuttered its store at the center in 2014. Sterling backfilled the vacant box with a Marshalls/HomeGoods combination store, Ross Dress for Less and DSW. An adjacent Office Depot was downsized to its smaller prototype and Five Below opened in what was Kmart’s garden center. Sterling Organization also upgraded the property’s façades, lighting, parking lot, signage and landscaping. In addition, the firm signed leases with Petco, Zoës Kitchen, Blaze Pizza, Tropical Smoothie Café, Great Clips, MetroPCS and Stretch Zone, and negotiated lease extensions with existing anchors LA Fitness and Michaels. Center of Winter Park was 97 percent occupied at the time of sale. HFF arranged the transaction on behalf of Sterling Organization.

August 3, 2018

Leasing Activity North Carolina Retail Southeast

Lat Purser Arranges Leases With Five Tenants at New Retail Center in Metro Charlotte

by Camren Skelton August 3, 2018

HARRISBURG, N.C. — Lat Purser & Associates has arranged leases with five new tenants at Harris Square, a newly developed, 67,200-square-foot shopping center in Harrisburg, located 20 miles northeast of Charlotte. Burgerim, a fast-casual gourmet burger restaurant, will open a 1,800-square-foot location at the center this fall for one of its first locations in the Charlotte area. Chick-fil-A has leased an outparcel at Harris Square for a new restaurant. Construction on the store is expected to start this month, with an opening scheduled for the first quarter of 2019. Dough Re Mi Donuts has leased space at Harris Square for its first ever physical store. The locally owned and operated retailer will serve made-to-order doughnuts, cupcakes, doughnut parfaits, doughnut sundaes and specialty items such as bacon, egg and cheese on a doughnut when it opens later this month. The Groomery by PetSmart — a concept launched in 2017 — has leased 1,800 square feet at Harris Square for its first North Carolina store. The Groomery offers traditional pet grooming services as well as pampering “spaw” treatments and a self-service dog wash. The fifth tenant — Harrisburg Animal Hospital — has leased 2,400 square feet at the center, and is expected to open in …

August 3, 2018

Leasing Activity Louisiana Retail Southeast

O’Connor Capital Signs Three Tenants at Upscale Shopping Center in New Orleans

by Camren Skelton August 3, 2018

NEW ORLEANS — O’Connor Capital Partners has signed three tenants to The Shops at Canal Place, an upscale, 260,000-square-foot shopping center in New Orleans. Louis Vuitton, Tory Burch and G Star Raw will each open their first and only Gulf Region locations at the center between now and the first quarter of 2019. The retailers join tenants such as Saks Fifth Avenue, Brooks Brothers, Tiffany & Co., lululemon athletica, Anthropologie and Vineyard Vines. Louis Vuitton will open a 4,000-square-foot store on the first floor of Canal Place in February 2019. Tory Burch will open a 2,300-square-foot location in mid-September. G Star Raw, a luxury denim brand, will open this September, concentrating on men’s apparel. O’Connor Capital Partners, which leases and manages Canal Place, is also planning a renovation program that will take place over the next two years. The New York-based firm has partnered with architectural firm Gensler to revitalize the property, transforming the aesthetics and implementing other capital improvements.

August 3, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $3.6M Sale of Net-Leased Day Care Center in Delran

by David Cohen August 2, 2018

DELRAN, N.J. — Marcus & Millichap has negotiated the sale of a 10,000-square-foot net-leased retail property in Delran. The property, which is occupied by a day care franchisee, sold for $3.6 million. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller, a private investor, in the transaction. The seller was undisclosed.

August 2, 2018

Acquisitions Midwest Minnesota Retail

Stan Johnson Co. Arranges $19M Sale of Retail Center in Bloomington, Minnesota

by Kristin Harlow August 2, 2018

BLOOMINGTON, MINN. — Stan Johnson Co. has arranged the sale of Penn & American, a 58,531-square-foot retail center in Bloomington, for $19 million. Fresh Thyme Farmers Market anchors the center, which is located at 2100 W. 80th St. Tom Fritz, Brandon Duff, Matt Spangenberg and Mackenzie Wolfgram represented the seller, a Minneapolis-based developer. Wisconsin-based SARA Investment Real Estate was the buyer.

August 2, 2018

California Development Retail Western

Safeway to Anchor 100,000-Square-Foot Retail Center in San Jose

by Amy Works August 2, 2018

SAN JOSE, CALIF. — Safeway will anchor a 100,000-square-foot retail center in the North Village of Market Park San Jose, a mixed-use project under development in San Jose. The transit-oriented development is located adjacent to the soon-to-open Berryessa BART station. At full build-out, Market Park will include 4,000 residential units, 1.5 million square feet of office space, retail space, a park and walking/bicycle paths. In addition to the 65,000-square-foot Safeway, the North Village’s Market Place shopping center will house a drugstore, restaurants and service-oriented businesses. Borelli Investment Co. is handling the project management and leasing, and The Schoennauer Co. is handling permitting. The project team expects to break ground on the shopping center in the fall of 2019, with the Safeway store scheduled to open in 2020.

August 2, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Secures $10.2M Financing for Two Retail Properties Near Boston

by David Cohen August 1, 2018

LEXINGTON AND WALTHAM, MASS. — Fantini & Gorga has secured $10.2 million in permanent financing for two retail properties in Lexington and Waltham. The Lexington property was built in 2010 and is located at 46 Bedford St. It features 6,698 square feet of retail space, which is fully leased to a tenant roster including Qdoba and People’s United Bank. The property in Waltham was built in 2013 and is located at 1019 Trapelo Road. It features 9,442 square feet of retail space with a tenant roster that includes Starbucks and PhysiciansOne Urgent Care. Fantini & Gorga arranged the long-term, fixed-rate loan for a local real estate investor and developer through a regional financial institution.

August 1, 2018

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