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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $12.4M Sale of Retail Portfolio in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Marcus & Millichap has brokered the $12.4 million sale of a three-building retail portfolio in Mount Prospect, about 20 miles northwest of downtown Chicago. The assets serve as outparcels to Randhurst Village, a Costco-anchored shopping mall. The first property at 102 E. Kensington Road is home to Chipotle, Five Guys, Jersey Mike’s, Sports Clips and T-Mobile. The second, at 1065 Emhurst Road, features GNC, Panera Bread and Nothing Bundt Cakes. The third property, located at 1027 Randhurst Village, is home to Hangry Joe’s, MOD Pizza and Poke Bros. Built in 2012, the buildings occupy a combined 3.6 acres. Jeff Rowlett and Matthew Gordon of Marcus & Millichap procured the buyer, Lula Holdings, a Wisconsin-based limited liability partnership. Maggie Holmes of Northmarq represented the seller, RREF III-P Randhurst Village, a Delaware-based limited liability company. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction. Michael Hughes of Marcus & Millichap Capital Corp. arranged $6.4 million in acquisition financing through US Bank.

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AcquisitionsMichiganMidwestRetail

Boulder Group Arranges $3.5M Sale of Caliber Collision-Occupied Retail Property in Mount Pleasant, Michigan

by Kristin Harlow

MOUNT PLEASANT, MICH. — The Boulder Group has arranged the $3.5 million sale of a single-tenant retail property net leased to Caliber Collision in Mount Pleasant within central Michigan. The property at 1005 Corporate Drive features a newly renovated, 15,800-square-foot automotive building on two acres. Caliber Collision maintains a 15-year lease. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, an Iowa-based corporation. The seller was a Delaware-based limited liability company.

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AcquisitionsCompany NewsDistrict of ColumbiaIndustrialNorth CarolinaRetailSoutheastTop Stories

Advance Auto Parts Agrees to Sell Worldpac Distribution Business to Carlyle for $1.5B

by Katie Sloan

RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash.  Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees.  These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …

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CivicDevelopmentMixed-UseNevadaRestaurantRetailWestern

KemperSports, City of Henderson to Build 180,000 SF Fieldhouse Facility in Nevada

by Amy Works

HENDERSON, NEV. — KemperSports has partnered with the City of Henderson to build and operate West Henderson Fieldhouse, a state-of-the-art athletic and entertainment facility in Henderson, a suburb southeast of Las Vegas. Slated to open in 2026, the public-private development will include capital investment, development oversight and the long-term management of the complex by KemperSports. The 180,000-square-foot facility will feature: West Henderson Fieldhouse is expected to generate $1.5 million in annual tax revenue, $39.1 million in total economic impact annually and $10.7 million in wages and salaries, according to KemperSports.

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AcquisitionsRetailSoutheastTennessee

Matthews Arranges Portfolio Sale of Two Shopping Centers in Tennessee

by John Nelson

ELIZABETHTON AND LAFOLLETTE, TENN. — Matthews Real Estate Investment Services has arranged the portfolio sale of two Tennessee shopping centers: Elk Crossing in Elizabethton and Cumberland Crossing in Lafollette. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the seller, Big V Property Group, in the portfolio sale. An entity doing business as Vishal 1 LLC purchased the portfolio for an undisclosed price. The centers, situated roughly 140 miles from each other, span a combined 170,900 square feet and were 99.4 percent leased at the time of sale. Elk Crossing’s tenant roster includes Ross Dress for Less, United Grocery Outlet and Workout Anytime, and Cumberland Crossing’s tenant roster includes Big Lots and Ross Dress for Less.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.7M Sale of New Central Florida Restaurant Property Leased to Chipotle

by John Nelson

HAINES CITY, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a newly delivered restaurant property located at 35654 U.S. Highway 27 in Haines City, a city in Central Florida. Chipotle Mexican Grill occupies the property on a 15-year triple-net lease. The 2,493-square-foot restaurant sits on 0.7 acres and features a drive-thru. Patrick Nutt, William Wamble and Connor Barton of SRS represented the seller, an undisclosed development firm based in Florida, in the transaction. The buyer, a private investment firm based in Spain, purchased the restaurant at a 4.5 percent cap rate.

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AcquisitionsMassachusettsNortheastOfficeRetail

Atlantic Capital Partners Negotiates $4M Sale of Vacant Commercial Building in Downtown Boston

by Taylor Williams

BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $4 million sale of an 11,323-square-foot vacant commercial building in downtown Boston. According to LoopNet Inc., the building at 19-21 School St. was originally built in 1953 and can support both office and retail uses. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIllinoisMidwestRetail

Mid-America Negotiates Sale of 166,290 SF Metro Centre Retail Property in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Metro Centre, a 166,290-square-foot shopping center located at the intersection of University Street and Glen Avenue in Peoria. The sales price was undisclosed. The property is home to JoAnn, Noodles & Co., Sunrise Health Foods, PNC, Great Clips, WW Studio, Kay’s Hallmark, Merle Norman, Homes Shoes, Le Bakery, Pottstown Meat & Deli and 50’s Diner. A Schnucks Market shadow anchors the asset. Ben Wineman of Mid-America represented the seller, a family owner that developed the property in 1971. A private family office was the buyer.

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FloridaLoansMixed-UseMultifamilyRestaurantRetailSoutheast

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

by John Nelson

MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.

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LoansRetailSoutheastVirginia

MMCC Arranges $14.5M Refinancing for Somerset Crossing Shopping Center in Gainesville, Virginia

by John Nelson

GAINESVILLE, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.5 million loan for the refinancing of Somerset Crossing, a 108,000-square-foot shopping center located on Somerset Crossing Drive in Gainesville, about 30 miles west of downtown Washington, D.C. Jared Cassidy of MMCC’s D.C. office worked with Dean Zang and David Crotts of Institutional Property Advisors (IPA), a division of Marcus & Millichap, to arrange the 18-month loan through Trevian Capital. The borrower, an unnamed development firm, used the non-recourse financing to refinance its existing acquisition loan on the property, as well as pay off its investor base and fund tenant build-outs and improvements. Urban Air and Goodwill will anchor Somerset Crossing in the near future.

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