GARDENA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged the sale of a Chevron-occupied gas station located at 15407 Crenshaw Blvd. in Gardena, a suburb south of Los Angeles. Bradley Buzil of MMCC’s Los Angeles office secured the financing with HAB Bank on behalf of a private client. Terms of the 10-year loan include a 7.25 percent interest rate with 25-year amortization and a loan-to-value ratio of 55 percent.
ATLANTA — Immersive technology, media and entertainment company Cosm has announced plans to open an entertainment venue at Centennial Yards, a $5 billion mixed-use development currently underway in downtown Atlanta. Situated within the project’s Sports and Entertainment District, the venue will comprise 70,000 square feet across three levels. Architecture firm Gensler is designing the facility. Dubbed Shared Reality, the venue will feature Cosm’s proprietary technology, including a 12K+ LED dome spanning 87 feet in diameter. Shared Reality will offer immersive live sports viewing through Cosm’s partnerships with entities including ESPN, the NBA, NBC Sports, TNT Sports, FOX Sports and the UFC. Programming at the venue will also include Cirque du Soleil’s “O” production and immersive art experiences by members of the Cosm Studios Creator Program. An opening date was not disclosed. This marks the first addition to the next phase of Centennial Yards, which will encompass roughly 470,000 square feet of entertainment, retail and restaurant space, as well as a flagship hotel. The new phase of development will be positioned on a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz stadium, which is home to the Atlanta Falcons and Atlanta United sports teams. Upon full build-out, …
RICHARDSON, TEXAS — Regional investment firm JAH Realty has acquired Richardson Heights, a 201,433-square-foot shopping center located on the northeastern outskirts of Dallas. Built in the 1950s, the center was 79 percent leased at the time of sale to tenants such as Alamo Drafthouse Cinema, T.J. Maxx and Half Price Books. Adam Howells, Chris Gerard, Ben Esterer and Keenan Ryan of JLL represented the seller, Silver Star Properties REIT, in the transaction. The sales price was not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Yorktown Crossing, a 22,350-square-foot retail strip center in northwest Houston. The center sits on 2.6 acres and was fully leased at the time of sale to 12 tenants, all of which are signed to triple-net leases. Justin Miller and John Wagner of Marcus & Millichap’s Houston represented the seller, a private out-of-state investor, in the transaction. The buyer was a Houston-based private investor.
LEWISVILLE, TEXAS — Launch Entertainment, a concept centered on indoor trampolines, has signed a 46,039-square-foot retail lease in the northern Dallas suburb of Lewisville. The space is located within the Lakepointe Crossing shopping center that is anchored by Academy Sports + Outdoors, Conn’s HomePlus and Northern Tool + Equipment. Matt Luedtke and Taylor Black of Weitzman represented the undisclosed landlord in the lease negotiations. Venture Commercial represented Launch Entertainment.
MINNEAPOLIS — Gray Fox Coffee has opened at The Dayton’s Project, a 1.2 million-square-foot office and retail property located at 700 Nicollet Mall in Minneapolis. Owned by 601W Cos., The Dayton’s Project was originally built as the Dayton’s department store. The building now features amenities such as a gym, private lounges and rooftop terrace. Gray Fox Coffee occupies the building’s skyway level after six years of vacancy. The coffee shop, which marks the fourth location for the company, is open to tenants and the public, and features coffee, breakfast items and smoothies.
LOS ANGELES — Cushman & Wakefield has arranged the sale of 612 S. Broadway, a landmark building in downtown Los Angeles’ historic core. The six-story creative office and retail property traded for $16 million. Terms of the transaction were not released. Mike Condon Jr., Erica Finck, Reid Gratsch, Brittany Winn, Kylie Rawn and Mark Zakarian of Cushman & Wakefield brokered the transaction. Originally built in 1924 as Desmond’s Department Store and designed by A.C. Martin, the 80,000-square-foot building underwent a redevelopment transforming it into creative office building. Omgivning oversaw the redevelopment, which included adding two floors atop the original structure.
NAPLES, FLA. — WMG Development has broken ground on The Shoppes at Orange Blossom, a new retail center in Naples. Publix will anchor the shopping center, which will total more than 60,000 square feet at the corner of Oil Well Road and Big Corkscrew Drive. Other committed tenants at the center include Great Clips and Le Nail Salon. Scheduled for completion in late-summer 2025, the project will be situated at the entrance to Big Corkscrew Island Regional Park, a 150-acre outdoor park and entertainment destination, and adjacent to apartment community Emblem at Orange Blossom.
MONTICELLO, ARK. — Marcus & Millichap has brokered the $7.1 million sale of Northpark Shopping Center, a 71,068-square-foot retail center located at 120-155 Northpark Drive in Monticello, about 90 miles south of Little Rock. Tenants at the property, which was 95 percent occupied at the time of sale, include Cato, Hibbett Sports, It’s Fashion Metro, Pizza Hut and Rent-A-Center. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, Timber Development, in the transaction. A DST (Delaware Statutory Trust) fund based in California acquired the property. “Investor appetite for secondary market shopping center inventory remains robust,” says Abbott. “The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area.”
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Victory Shops at Heritage Trace IV, an 11,492-square-foot retail strip center in Fort Worth. Tenants at the property, which was fully leased at the time of sale, include Just Love Coffee Café, RevFit, Flossophy Dental Studio and Big Chicken. All tenants operate on triple-net leases. Chris Gainey and Philip Levy of Marcus & Millichap represented the undisclosed seller in the transaction.
