WALWORTH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Burger King in Walworth southern Wisconsin for $1.1 million. The 3,140-square-foot building is located at 106 State Road 67. Burger King fully remodeled the property last year and signed a new 20-year lease. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a developer. Todd Lindblom of Marcus & Millichap also assisted in the sale transaction.
After finishing 2016 with a bang, 2017 is shaping up to be another great year for retail real estate in Las Vegas. Tourism, construction, population growth, infrastructure improvements and business growth are all cause for excitement. The Strip is once again predicted to dazzle retailers. There are currently more than $9 billion in construction projects underway or scheduled through 2019. The development lineup is dominated by Resort World, Steve Wynn’s Paradise Park and a hopeful sale of Fontainebleau. Alon is another exciting project that is looking to replace a major funding source so it can begin construction. Several other important, but smaller projects are scheduled to come on line later this year and into 2018. These include infrastructure, retail expansion and additional hotel room projects. New retail and food arrivals to the Strip include Skechers, Walburgers, Morimoto, Sugarcane Raw Bar Grill, Giordano’s and John Rich’s Red Neck Riviera. Around 42 million visitors from the U.S. and around the world enjoyed Las Vegas in 2016, and we are anticipating even more in 2017. Las Vegas population growth also continues. The city was ranked the 28th largest in the U.S. in 2016, while housing sales and construction continue to have healthy growth. …
HOLLYWOOD, CALIF. — The first location of Jimmy Buffett’s Margaritaville restaurant has opened its doors at Universal CityWalk. The more than 20-year-old Universal CityWalk, located in Hollywood, recently invested in an extensive revitalization. Enhancements currently underway include new restaurants, shopping experiences and design features to its multi-million dollar Universal Cinema renovation. This undertaking coincides with Universal Studios Hollywood’s recent transformation in which 75 percent of the theme park was reimagined. Margaritaville launched its first restaurant location in Key West, Fla., in 1987. Today, the company features nine resorts/hotels across the Southeast and Caribbean and eight additional locations in development; four gaming locations; and more than 60 food and beverage locations including concepts such as Margaritaville Restaurant, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and LandShark Bar & Grill, among others.
TAMPA, FLA. — Stan Johnson Co. has brokered the $17.9 million sale of a 119,884-square-foot retail property located at 7651 W. Waters Ave. in Tampa that is fully leased to BJ’s Wholesale Club, a membership-based warehouse retailer. BJ’s triple-net lease has more than 10 years remaining on its term. Joshua Pardue led Stan Johnson’s team in representing the individual seller in the transaction.
KALAMAZOO, MICH. — NewCraft Cabinetry has opened a 4,446-square-foot retail store at Hatfield Avenue in Kalamazoo. This will be the cabinetry company’s first retail location. Marc Tourangeau and Kara Schroer of NAI Wisinski arranged the lease transaction for the standalone store.
WATERTOWN, CONN. — Island Associates and EXP Realty have arranged the $4.3 million sale of a CVS/pharmacy in Watertown. Roger Delisle of Island Associates represented the buyer, while Daniel de Sa’ of EXP Realty Advisors represented the seller. The 13,000-square-foot net-leased property is located on 1.7 acres at 26 Davis St. More than 20 years remain on the lease. The unnamed buyer purchased the property utilizing a 1031 tax-deferred exchange.
AMERICAN FORK, UTAH — Four Foods Group (FFG), a restaurant development, investment and management company, has acquired 48 Little Caesars restaurants in Alabama and Louisiana. This acquisition caps a flurry of recent activity for FFG, including the acquisition of the R&R Barbecue restaurant concept and its locations in Salt Lake City and the acquisition of The Soda Shop and its Arizona-based locations. These transactions add to FFG’s presence as a franchisee in the Kneaders Bakery & Cafe brand, where the company currently owns 44 Kneaders restaurants. In all, FFG now operates 97 restaurants in Utah, Arizona, Nevada, Colorado, Alabama and Louisiana, with 2017 annual revenues projected to exceed more than $150 million. In addition to its American Fork-based corporate headquarters, FFG has now opened a second corporate office in Birmingham, Ala., that will initially house 28 FFG corporate employees. More than 800 additional employees will serve in the Little Caesars locations in Alabama and Louisiana, bringing FFG’s total employee base to more than 3,000 employees across seven states. W Partners Group LLC acted as the exclusive financial advisor to Four Foods Group in the transaction. Carman Lehnhof Israelsen LLP acted as legal counsel.
VICTORVILLE, CALIF. — Progressive Real Estate Partners has sold two outparcels at the entrance to the Mall of Victor Valley in Victorville for $4.2 million. The 575,000-square-foot Mall of Victor Valley has freeway visibility on 1-15 and is anchored by Macy’s, JC Penney, Dick’s Sporting Goods Sears and Cinemark Theaters. The first transaction was for an outparcel at 14390 Bear Valley Road. Big 5 has occupied the 8,000-square-foot building since it was constructed in 1987. A private investor from southern California purchased the property for $1.58 million in an all-cash transaction. Progressive Real Estate Partners brokers Mike Lin and Brad Umansky represented both the buyer and seller in the deal. The second transaction was for a multi-tenant outparcel at 14350 Bear Valley Road. Built in 2005, the 14,120-square-foot retail building includes a 9,200-square-foot former David’s Bridal and four shop spaces totaling 4,920 square feet. A partnership formed by Alan Gottlieb of Real Estate Affiliates purchased the property for $2.65 million. Sit ‘n Sleep recently opened a 9,200-square-foot store at the property. Progressive Real Estate Partners brokers Brad Umansky and Liana Ahdoot marketed the property and represented the seller, a private Los Angeles-based investor.
DALLAS — Cypress Equities has sold eight Walmart Neighborhood Market grocery stores in Alabama and South Carolina to an undisclosed REIT. Dallas-based Cypress Equities has served as a preferred developer in the Walmart Neighborhood Market build-to-suit program that was established in January 2014. In the past three years, Cypress has constructed and opened 20 Walmart Neighborhood Markets, and this sale represents the final disposition of the 20-store portfolio, which also includes stores in Texas. Listing brokers for the portfolio include Glen Kunofsky, Lauren Veres, Mike James and Don McMinn at Marcus & Millichap; Pat Luther, Matt Mousavi, Kyle Stonis and Ryan Hoff of SRS Real Estate’s National Net Lease Group; and Brad Moulder of Stan Johnson Co. The sales price and store locations were not disclosed.
SANTA ANA, CALIF. — Five new stores are set to open at MainPlace Mall by fall 2017: Paradis Ice Cream, Squiz Up, Miniso, Rocky Mountain Chocolate Factory and Destination XL. Paradis Ice Cream offers low fat desserts. Squiz Up will open in spring 2017 in a 500-square-foot space in the food court. The company offers juices, smoothies and iced beverages. Miniso will open in summer 2017 in a 1,400-square-foot space. Miniso is a Japanese fast-fashion designer selling homeware, bags and electronics. Rocky Mountain Chocolate Factory sells handmade chocolates and confections. The chocolate shop will be located in a 1,100-square-foot space and opens in summer 2017. Destination XL opens in fall 2017 in a 4,800-square-foot store. The company is a men’s retailer offering brands, styles and sizes starting at waist size 38.
