ALABAMA, TENNESSEE AND VIRGINIA — Marcus & Millichap Real Estate Investment Services has brokered the sale of 10 Taco Bell restaurants between two undisclosed parties for $12.2 million. Four restaurants each are located in Alabama and Tennessee, and two are located in Virginia. The stores sold at a price of $497 per square foot. Richard Merryman and William Schofield of Marcus & Millichap’s San Francisco office and Andrew Clark of the firm’s Birmingham, Ala., office represented the seller. John Nguyen and Jonathan Mitchell of the company’s Newport Beach, Va., office represented the buyer.
Retail
PARKLAND, FLA. — SIKON Construction Corp. has completed work on developer Monroe’s Prestige Group’s 90,000-square-foot Parkland Commons shopping center. Located at the intersection of University Boulevard and Trail’s End Road in Parkland, the center is anchored by a 46,000-square-foot Publix. Deerfield Beach, Fla.-based Kenneth R. Carlson — Architect designed the project.
CHICAGO AND SOUTH BARRINGTON, ILL. — Leopardo has recently completed two restaurants in the Chicago area. Within the Chicago Transit Authority building at 161 N. Jefferson St., Leopardo has completed the interior build-out for Province. The 4,200-square-foot restaurant is the first in downtown Chicago to seek LEED Gold-Commercial Interiors certification. Randy Zweiban is the executive chef and owner of the 140-seat restaurant. Sustainable elements of the restaurant include cork flooring and tabletops, PVC-free vinyl booths, recycled leather chairs, environmentally friendly paint and green kitchen equipment. Additionally, Leopardo has completed an 11,000-square-foot Ruth’s Chris Steak House within the new Arboretum of South Barrington lifestyle center. Situated at 100 W. Higgins Road in South Barrington, the restaurant is Ruth’s Chris Steak House’s third location in the Chicago market and the first stand-alone location. Robert A. Harris Architect provided design services for the building.
WOOSTER, OHIO — Marcus & Millichap has brokered the sale of Chesterland Square, a 46,295-square-foot shopping center located at 4120-4190 Burbank Rd. in Wooster. The neighborhood shopping center is fully leased with a mix of national, regional and local tenants. Erin Wiles-Patton and Scott Wiles in the Columbus, Ohio, office of Marcus & Millichap marketed the property on behalf of the seller. An out-of-state 1031 exchange buyer purchased the property for $4.76 million.
NANUET, N.Y. — The grand opening has been held for a new 30,000-square-foot P.C. Richard & Son retail store, located at Mall at 59, a shopping center located in Nanuet that is owned by DLC Management Corp. The opening marks the electronics retailer’s expansion into the Rockland County market.
DOVER, N.H. — Boston-based Fantini & Gorga (F&G) has arranged a $10.9 million self-liquidating loan secured by Indian Brook Commons, a shopping center located at the intersection of state routes 9 and 108 in Dover. The property comprises five detached buildings that are fully leased and occupied by six tenants, including Staples, Applebee’s and Uno Chicago Grill. The property is subject to a master ground lease from Stop & Shop. John Gorga and Mark Whelan of F&G originated the loan on behalf of the borrower, an affiliate of The Richmond Company, through a national credit tenant lease financier. Terms of the loan were not disclosed.
WORCESTER, MASS. — Marcone Capital has secured a $9.3 million construction loan for a 58,114-square-foot retail center to be located at 514, 542 and 558 Southbridge St. in Worcester. Construction will comprise three single-story buildings on a 3.16-acre parcel. The largest building, which totals 36,050 square feet, has been leased on a long-term basis to Price Rite. The other two buildings are currently available for lease. Mike Marcone of Marcone Capital arranges the financing on behalf of the borrower, 542 Southbridge Street LLC. The loan was provided by a national bank. Construction of the retail center will be complete within the next few months.
DALLAS — Phoenix-based Opus West Corp. has signed its first five retail tenants for Broadstone Parkway, a 5.8-acre multi-use project located at the intersection of Inwood, Galleria and Simonton roads in Dallas. The new tenants include Hibashi, a 9,988-square-foot Teppan grill and sushi bar; Chill Bubble Tea, a 1,150-square-foot smoothie store; L’Image Salon, a 1,537-square-foot, full-service beauty salon; Firehouse Subs, a 2,000-square-foot sandwich shop; and Lover’s Egg Roll, a 2,000-square-foot Chinese restaurant. With the recent leases, the 39,000-square-foot retail and restaurant component of the project is approximately 50 percent leased. Developed by Opus in partnership with Alliance Communities, Broadstone Parkway features 333 luxury apartments and townhomes, along with the retail component and a five-story parking garage. The Weitzman Group is handling leasing efforts for the retail component of the project.
WASHINGTON, D.C. — Lowe Enterprises and the ownership group of the mixed-use project CityVista have sold the 116,083-square-foot retail portion of the property to Edens & Avant for an undisclosed amount. Located at the intersection of 5th and K streets in Washington, the retail component is anchored by a 55,000-square-foot Urban Lifestyle Safeway. Other tenants include Chevy Chase Bank, Results Gym and 5th Street Hardware. The $200 million CityVista development also includes 441 condominium units and 224 apartments. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented CityVista’s owners.
HENRICO COUNTY, VA. — Kroger has recently signed a lease for 86,000 square feet in Archon Group’s 250,000-square-foot Corner at Short Pump. The retail development is located at the intersection of West Broad Street and Lauderdale Drive in Henrico County. Kroger is expected to open late next year. Thalhimer’s Lee Warfield and Connie Jordan Nielsen handled the lease negotiations.