Retail

Graystone Negotiates $5M Sale of California Plaza Retail Center in Fresno

by Amy Works November 14, 2023

FRESNO, CALIF. — Graystone Capital Advisors has arranged the $5 million sale of California Plaza, a neighborhood retail center in Fresno. The property traded between two local California-based investors. Brent Zoller and Brenton Baskin of Graystone represented the seller and procured the buyer in the deal. Constructed in 1987, the California Plaza features 39,170 square feet of retail space. At the time of sale, the asset was 62 percent vacant. The retail center is set on a 194,182-square-foot parcel along Blackstone Avenue.

November 14, 2023

Acquisitions Arizona Net Lease Retail Western

Private Investor Buys 12,900 SF Retail Building Occupied by Dunn-Edwards Paints in Peoria, Arizona

by Amy Works November 14, 2023

PEORIA, ARIZ. — A private investor has acquired a net-leased property, located at 9156 W. Peoria Ave. in Peoria, from an undisclosed seller for $3.1 million. Dunn-Edwards Paints occupies the 12,900-square-foot building. The sale included a triple-net lease with corporate guarantee and eight percent rental increases every five years. The tenant has operated at the site for more than 20 years and recently extended its lease. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller.

November 14, 2023

Leasing Activity Midwest Minnesota Retail

Toys ‘R’ Us Set to Open Flagship Store at Mall of America in Suburban Minneapolis

by Kristin Harlow November 14, 2023

BLOOMINGTON, MINN. — WHP Global, the parent company of Toys ‘R’ Us, is set to open a flagship store at the Mall of America in Bloomington just before Thanksgiving. The store marks the first flagship store in partnership with Go! Retail Group. Additional flagship locations are opening next year. Currently, Toys ‘R’ Us maintains a global flagship store at American Dream, a shopping destination in New Jersey. Additionally, through a partnership with Macy’s, there are more than 452 Toys ‘R’ Us shop-in-shops located inside Macy’s stores nationwide. The new store at Mall of America spans more than 11,000 square feet and offers a wide assortment of toys and games. Beginning in 2024, the store will offer new features such as Geoffrey’s Café and ice cream parlor as well as interactive experiences and product demonstrations from popular toy vendors. Built in 1992 and totaling 5.6 million square feet, Mall of America is the largest shopping and entertainment complex in North America.

November 14, 2023

Development Midwest Minnesota Restaurant Retail

Kraus-Anderson Completes $2M Renovation for Modist Brewing in Minneapolis

by Kristin Harlow November 14, 2023

MINNEAPOLIS — Kraus-Anderson has completed a $2 million renovation of the 7,000-square-foot headquarters and taproom for Modist Brewing Co. in Minneapolis. The project included new event space, a quality control lab and employee workplaces. The Minneapolis studio of Perkins & Will designed a two-story event space, mezzanine and catwalk that can accommodate 120 people for corporate and private events. The design aesthetic is “punk rock chic” and includes bold colors, neon sculpture lights, dichroic glass that changes colors, glitter concrete epoxy flooring and mirrored ceilings.

November 14, 2023

Loans New Jersey Northeast Retail

G.S. Wilcox Arranges $16M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams November 14, 2023

FLEMINGTON, N.J. — Locally based financial intermediary G.S. Wilcox Co. has arranged a $16 million loan for the refinancing of a 170,000-square-foot shopping center in the Northern New Jersey community of Flemington. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 10-year term, 30-year amortization schedule and flexible prepayment options, through an undisclosed life insurance company. The borrower was also not disclosed.

November 14, 2023

California Development Hospitality Restaurant Retail Top Stories Western

Hard Rock, Steinhaur to Co-Develop 31-Story Hard Rock Hotel Long Beach in Southern California

by John Nelson November 14, 2023

LONG BEACH, CALIF. — Global hotelier Hard Rock International has partnered with development firm Steinhauer Properties to develop Hard Rock Hotel Long Beach, a 31-story hotel in downtown Long Beach. The hotel will be situated adjacent to the Long Beach Convention & Entertainment Center along East Ocean Boulevard. Hard Rock Hotel Long Beach will include approximately 427 rooms and suites, including a Rock Star Suite. The hotel will also feature the tallest open rooftop bar on the Southern California coast, as well as an outdoor swimming pool with an amenities deck. The co-developers plan to break ground on the hotel in summer 2024 with plans to open the property in spring 2027. The new development is expected to create approximately 3,100 construction jobs and approximately 500 permanent positions once operations begin in 2027. The hotel represents the first new full-service hotel to be built in Long Beach in 30 years and the first new Hard Rock hotel in Southern California in almost a decade, according to Hard Rock. Amenities will also include Body Rock Fitness Studio, two onsite restaurant options and a Rock Shop that will sell Hard Rock merchandise and other items. The new property will also feature a …

November 14, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of 4,797 SF QuikTrip Gas Station in Grapevine, Texas

by Taylor Williams November 13, 2023

GRAPEVINE, TEXAS — Locally based brokerage firm STRIVE has negotiated the sale of a 4,797-square-foot QuikTrip gas station in Grapevine, located in the northern-central part of the metroplex. The property was built in 2010. Michael Crovetti and Adam Gottschalk of STRIVE represented the seller, a Kansas-based investor, in the transaction and procured the buyer, a Texas-based investor. Both parties requested anonymity.

November 13, 2023

Acquisitions Northeast Pennsylvania Retail

Brandywine Realty Trust Sells Philadelphia-Area Shopping Center for $14.2M

by Taylor Williams November 13, 2023

RADNOR, PA. — Locally based REIT Brandywine Realty Trust has sold a 17,884-square-foot shopping center in Radnor, a northwest suburb of Philadelphia, for $14.2 million. Built in 2014, the property was fully leased at the time of sale to tenants such as Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented Brandywine in the transaction. The buyer was an undisclosed, New York-based private investor.

November 13, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

X-Golf Opens 6,800 SF Entertainment Venue at $500M Halcyon Development in Metro Atlanta

by John Nelson November 10, 2023

ALPHARETTA, GA. — X-Golf has opened a 6,800-square-foot golf simulator and sports bar venue at RocaPoint Partners’ $500 million Halcyon development in Alpharetta. Halcyon comprises 135 acres of mixed-use space roughly 30 miles northeast of Atlanta along Ga. 400. X-Golf occupies space on the ground-floor of Halcyon Grand, an apartment community located within the development. X-Golf’s venue features seven bays for group golf simulation, as well as a full bar serving beer, cocktails and appetizers. JLL represented RocaPoint in lease negotiations.

November 10, 2023

Acquisitions Retail Texas

Mimco Buys 182,713 SF Walzem Plaza Shopping Center in Northeast San Antonio

by Taylor Williams November 10, 2023

SAN ANTONIO — Mimco, an El Paso-based retail investment firm, has purchased Walzem Plaza, a 182,713-square-foot shopping center located in northeast San Antonio. Built in 1981, the center is home to tenants such as Harbor Freight Tools, 99 Cents Only, Foot Locker, WellMed, Citi Trends and Wingstop. The seller was an entity controlled by Silver Star Properties. The sales price was not disclosed.

November 10, 2023

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