MINNEAPOLIS — Marcus & Millichap has arranged the sale of Blaine Strip Center in Minneapolis for $1.3 million. The 14,005-square-foot retail property is located at 12050 Central Ave. NE. Tom Gommels of Marcus & Millichap represented the buyer, an individual trust completing a 1031 exchange. According to Marcus & Millichap, the asset traded at an above-market cap rate and features below-market rents.
CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $3.6 million sale of Brainerd Market Center, a 44,800-square-foot retail center located at 480 Greenway Drive in Chattanooga. The property was 80 percent leased at the time of sale to a mix of national, regional and local tenants, with the average tenant tenure being 14 years. Situated two miles from Chattanooga Metropolitan Airport, Brainerd Market Center is shadow-anchored by a Walmart Supercenter and is adjacent to East Gate Town Center. Zach Taylor of Marcus & Millichap’s Atlanta office represented the seller, an undisclosed Tennessee-based developer, in the transaction. Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing the transaction.
MCKINNEY, TEXAS — Notes Live, a Colorado-based hospitality and entertainment operator, will open Sunset Amphitheater, a $220 million live music and entertainment venue that will be located in the northern Dallas suburb of McKinney. The 46-acre site is located just northeast of U.S. Highway 75 and State Highway 121. The venue will have the capacity to house about 20,000 people and will feature more than 250 luxury firepit suites, owners club seats and traditional reserved seats in the middle and lower levels of the bowl. Construction is set to begin before the end of the year and to be complete in 2026.
PEARLAND, TEXAS — Cove Capital Investments, a California-based firm that specializes in Delaware Statutory Trust (DST) and 1031 exchange deals, has acquired a 39,597-square-foot industrial and retail property in Pearland, a southern suburb of Houston. The newly renovated property consists of a 28,310-square-foot industrial flex building, a 7,287-square-foot restaurant and a 4,000-square-foot storage warehouse. The seller and sales price were not disclosed.
TERRELL, TEXAS — Dollar Tree has renewed an 8,000-square-foot retail lease in the eastern Dallas suburb of Terrell. The discount retailer has been a tenant at the 23,050-square-foot Terrell Corners Shopping Center since 2008. Other tenants at the center include WingStop, Anytime Fitness, Sally Beauty Supply and Cato Fashions. Paul Richter and Tammy Salas of Bradford Commercial Real Estate Services represented the landlord, Welsh Irrevocable Trust, in the lease negotiations. The tenant representative was not disclosed.
RIPON, CALIF. — Marcus & Millichap has arranged the sale of 3.56 acres of land with freeway visibility in Ripon, east of the Bay Area and south of Sacramento. Adel Ammari sold the asset to SRB Properties LLC for $1 million. The buyer plans to develop the vacant land site, located at 659 W. Milgeo Ave., into a retail location. Andres Lopez, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller and buyer in the transaction.
HUDSON, OHIO — Joann Inc. (NASDAQ: JOAN), a fabrics and sewing retailer based in Hudson, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website (JOANN.com) will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of this writing, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process as early as April. In addition to the bankruptcy decision, the 81-year-old company has entered into a transaction support agreement with a majority of its financial stakeholders and additional industry financing parties. As part of the agreement, Joann has received commitments for approximately $132 million in new financing and related financial accommodations. “This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver product assortments and enhance the customer experience wherever they are shopping with us,” says Scott Sekella, Joann’s chief financial officer. He adds that 95 percent of the company’s …
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of Montrose Collective, a shopping and dining destination in Houston’s Midtown neighborhood. Montrose Collective opened in 2022 and was 98 percent leased at the time of the loan closing to restaurants such as Marmo and Uchi, as well as tenants such as Live Nation and Reformation Brewery. Prime Finance provided the loan to the borrower, a partnership between Radom Capital and institutional investors advised by J.P. Morgan Global Alternatives. Colby Mueck, Michael Johnson and Jack Britton led the JLL team that placed the loan, which retires the original construction loan that JLL arranged for the development in 2020.
LANCASTER AND PALMDALE, CALIF. — A private investor has acquired two retail locations in Los Angeles County for $3.4 million each, or $6.8 million combined. The properties are net-leased to IHOP. The restaurants are located at 1650 W. Ave. K in Lancaster and at 39176 10th St. W in Palmdale. The deal terms consisted of a new 23-year lease that commenced at the close of escrow, 1.5 percent annual increases and a 30-unit guarantee. Andre Thompson and Peter Deltondo of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
CARROLLTON, GA. — Stratus Property Group has purchased a 38,000-square-foot shopping center located at 415 Rome St. in downtown Carrollton, about 45 miles west of Atlanta. The acquisition included three acres of land. The seller and sales price were not disclosed. The center was built in 1980 and includes five tenant spaces, according to LoopNet Inc. Current tenants include long-time restaurants Shuckers Oyster House and Sutton’s American Grill. Stratus Property Group is working with the City of Carrollton to reimagine the center. In addition to the revamp of this retail center, Carrollton will soon house four breweries/distilleries and The Amp, a new public amphitheater.
