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Pacific-Place-Seattle-WA
AcquisitionsRetailWashingtonWestern

BH Properties Acquires 335,000 SF Pacific Place Mall in Seattle

by Amy Works

SEATTLE — Los Angeles-based BH Properties has purchased Pacific Place, a 2.1-acre upscale entertainment and shopping center in downtown Seattle, for an undisclosed price. Situated between Seattle Convention Center and Pike Place Market, the 335,000-square-foot Pacific Place offers five floors of retail space, including an 11-screen AMC Theatre and various restaurants. Developed in 1998, the regional indoor shopping mall underwent a renovation in 2019. Current tenants include Tiffany & Co., AMC Theaters, Din Tai Fung and Haidilao at the 45 percent-occupied asset. The property also offers a 1,164-stall, below-grade parking garage.

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Villa-Luisa-Seattle-WA
AcquisitionsMixed-UseMultifamilyRetailWashingtonWestern

Cushman & Wakefield Negotiates $4.5M Sale of Villa Luisa Mixed-Use Property in Seattle

by Amy Works

SEATTLE — Cushman & Wakefield has arranged the sale of Villa Luisa, a vintage mixed-use apartment and retail community in Seattle’s Ballard neighborhood. The asset traded for $4.5 million. The names of the seller and buyer were not released. Situated on the corner of NW 60th St. and 15th Ave. NW, Villa Luisa features 16 apartments and four ground-floor retail spaces. Originally built in 1927, the two-story building offers a mix of studios, one- and two-bedroom apartments and on-site parking. Current retail tenants are Nolita Italian bistro, The Wax Bar, a mini-mart and an art studio. Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter and Byron Rosen of Cushman & Wakefield represented the seller in the deal.

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DevelopmentIndustrialMixed-UseMultifamilyRetailTexasTop Stories

SE Legacy Development Breaks Ground on $7.4B Master-Planned Project in South Texas

by John Nelson

LAREDO, TEXAS — SE Legacy Development LLC, a development firm founded by the Walker Family, has broken ground on a $7.4 billion master-planned project in South Texas. The development, named Talise, will be situated on 13,000 acres north of Laredo in an unincorporated portion of Webb County. Situated at the intersection of I-35, U.S. Highway 83 and Texas Highway 255, Talise will feature thousands of single-family and multifamily residences, an industrial and manufacturing park, town center retail space, regional airport and a newly discovered water source. The name Talise is a term with Native American-Iroquoian roots meaning “lovely water.” The Walker Family, a multi-generational entity that has owned ranch land spanning more than 250,000 acres over the course of its history, owns the land for Talise and is investing $1.6 billion in the development. The Walker Family discovered the water source on the land and is proposing a way to use the resource as an alternative solution to current water shortages in Laredo and Webb County. The newly established Legacy Water Supply Corp. is proposing a method to treat 50 million gallons of water within the Talise land holdings daily. SE Legacy Development is drilling 40 water wells to access …

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AcquisitionsGeorgiaRestaurantRetailSoutheast

SRS Brokers $3M Sale of Restaurant in Woodstock, Georgia Leased to Raising Cane’s

by John Nelson

WOODSTOCK, GA. — SRS Real Estate Partners has brokered the $3 million ground lease sale of a newly built restaurant property located at 9893 Highway 92 in Woodstock, about 30 miles northwest of Atlanta. Raising Cane’s occupies the property on a 15-year, corporate guaranteed lease. Michael Berk, Patrick Nutt and William Wamble of SRS represented the seller, Brentwood, Tenn.-based Warren Commercial Real Estate, in the transaction. The buyer was a private investor based in California.

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LoansNorth CarolinaRetailSoutheast

Gantry Arranges $2.1M Refinancing for Shoppes at Toringdon in Charlotte

by John Nelson

CHARLOTTE, N.C. — Gantry has arranged a $2.1 million permanent loan for the refinancing of Shoppes at Toringdon, an inline retail building located at 12194 Johnston Road in Charlotte. Situated on 1.6 acres within the larger Toringdon Circle retail community, the 8,000-square-foot property was leased to three tenants at the time of financing, including a specialty bicycle shop, eye doctor and a cell phone storefront for a major wireless carrier. Tim Storey, Casey Kupferberg and Chad Metzger of Gantry’s Phoenix office arranged the loan through one of the firm’s correspondent life insurance companies. The five-year, fixed-rate loan features a 30-year amortization schedule.

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Gateway-Quads-Mesa-AZ
ArizonaDevelopmentIndustrialRetailWestern

Sun State Builders Completes 122,780 SF Gateway Quads Industrial Center in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Tempe-based Sun State Builders, on behalf of Greenwood and McKenzie Real Estate Investments, has completed Gateway Quads, a $17 million, 122,780-square-foot industrial center in Mesa. Situated on 10 acres on East Germann Road and South 18th Street, Gateway Quads features four 30,6800-square-foot industrial and retail buildings, which are divisible to 7,600 square feet. The buildings offer 24-foot ceilings and multiple truck loading areas. Winston Architects worked on the project, with construction beginning in August 2023.

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7900-Arroyo-Circle-Gilroy-CA
AcquisitionsCaliforniaIndustrialRetailWestern

Gilroy Ventures Buys 125,597 SF Vehicle Showroom in Gilroy, California for $13.8M

by Amy Works

GILROY, CALIF. — Gilroy Ventures LLC, a real estate investor, has acquired a commercial building on 13.7 acres in Gilroy, approximately 30 miles southeast of San Jose. Gilroy JRV LLC sold the asset for $13.8 million. Located at 7900 Arroyo Circle, a recreational vehicle business currently uses the 125,597-square-foot property as an indoor/outdoor showroom. The flexible property can also accommodate a variety of commercial uses, such as showroom, retail, warehouse and automotive. Miki Correa of Cushman & Wakefield, along with CBRE’s Rick Shaffer, Marie Anderson and John Shaffer, represented the seller in the transaction.

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AcquisitionsIllinoisMidwestRetail

PMAT Acquires 82,660 SF Shops of Romeoville in Suburban Chicago

by Kristin Harlow

ROMEOVILLE, ILL. — The PMAT Cos. has acquired the Shops of Romeoville, an 82,660-square-foot retail center in the Chicago suburb of Romeoville. The purchase price was undisclosed. Tenants include TJ Maxx, Petco and Discovery Clothing. The lender-owned property had significant remaining instability and was 65 percent occupied with several month-to-month and short-term leases at the time of acquisition, according to PMAT. Within months of closing, PMAT renewed existing anchor tenancy and executed a new long-term lease with Ross Dress for Less. PMAT also worked with the Village of Romeoville to structure incentives to attract the right tenant mix for the remaining gaps. PMAT plans to reinvest in the site in conjunction with the village and to work with the existing retailers to achieve long-term commitments while bringing in new tenants.

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CanalSide-Cambridge
Leasing ActivityMassachusettsNortheastRestaurantRetail

New England Development to Open 14-Eatery Food Hall in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — New England Development will open CanalSide Food + Drink, a new food hall in Cambridge, this fall. Situated within the developer’s CambridgeSide mixed-use development, the food hall will feature a bar — dubbed C-Side Bar — as well as 14 eateries. Announced concepts include anoush’ella, Caffé Nero, Chilacates, DalMoros Fresh Pasta To Go, Fresh, InChu, Lala’s Neapolitan-ish Pizza, Nu Burger, Sapporo Ramen and Teazzi Tea Shop. RODE Architects designed the food hall, and Whiting-Turning is serving as the general contractor. The opening is slated for this fall.

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Red-Lobster-North-Las-Vegas
Company NewsFloridaRetailSoutheastTop Stories

Red Lobster to Sell Assets to Creditors in Chapter 11 Bankruptcy Filing

by Taylor Williams

ORLANDO, FLA. — Red Lobster has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The Orlando-based seafood restaurant chain plans to sell its business to an entity formed and controlled by its existing lenders. Red Lobster, which was founded in 1968 and operates some 600 restaurants across North America, has received a $100 million debtor-in-possession financing commitment from its existing lenders to facilitate this plan. The company stated that it would use the financing and bankruptcy proceedings to drive operational improvements, simplify the business through a reduction in locations and pursue a sale of substantially all its assets. Earlier this month, Red Lobster announced that it would be closing between 50 and 100 restaurants nationwide, a statement that fueled speculation on an imminent bankruptcy filing. Restaurants that were not included in this announcement from earlier in May will remain open throughout the bankruptcy proceedings, and the company says that it is continuing to work with its existing vendors to minimize operational disruption. CNN reports that, at the time of the bankruptcy filing, Red Lobster listed more than $1 billion in debt and less than $30 million in cash on hand. …

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