KENNESAW, GA. — Two new tenants have signed leases at Boone Centre, a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta. Backsmith Chiropractic and Axe Throwing Therapy will open at the property, which is situated at 2680 Cobb Parkway. Max Albers of Stratus Property Group represented both tenants in the lease negotiations. The landlord was not disclosed.
SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …
BALTIMORE — Restaurateur Pinky Cole will open two food-and-beverage concepts, Slutty Vegan and Bar Vegan, at Baltimore Peninsula, a $5 billion mixed-use redevelopment project currently underway in Baltimore. Scheduled to open in the fourth quarter of 2024, the plant-based restaurants are expected to create more than 100 new jobs. The 14 million-square-foot, 235-acre Baltimore Peninsula development also features a four-acre sports venue, ROOST Apartment Hotel and the Rye House and 250 Mission residential communities. The development and investment team for the project includes MAG Partners, MacFarlane Partners, Kevin Plank of Under Armour and his Sagamore Ventures investment firm and Goldman Sachs Asset Management Urban Investment Group. Additionally, Pinky Cole will join the development team for Baltimore Peninsula’s Rye Street Market component.
DORAL, FLA. — Three new tenants have signed leases at Century Town Center, a mixed-use property in Doral. My Salon Suites, Rumble Boxing and Kidstrong will occupy 5,910; 2,541; and 2,734 square feet of ground-floor retail space, respectively. Located at 8175 NW 107th Ave., Phase I of Century Town Center features 326 residential units and 31,000 square feet of retail space. A planned second phase of the project will comprise an additional 408 residential units and 27,000 square feet of retail space. Rafael Romero and Malina Huynh of JLL represented the landlord — a partnership between Mattoni Group, Double C and Century Homebuilders Group — in the lease negotiations.
LAS VEGAS — Brixton Capital has completed the disposition of Decatur 215, a grocery-anchored retail center in Las Vegas. Decatur Palm Plaza LLC acquired the asset for an undisclosed sum. Situated at the southeast corner of North Decatur Boulevard and West Tropical Parkway, the 126,678-square-foot property was fully leased at the time of sale. Current tenants include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. During its five-year ownership, Brixton Capital repaved and restriped the parking areas. Brixton Capital was self-represented, while Lucescu Realty represented the buyer in the deal.
WACO, TEXAS — Houston-based investment and brokerage firm NewQuest Properties has arranged the sale of Center West, a 30,400-square-foot shopping center located at 4700 W. Waco Drive, southwest of the downtown area. The center was built in 1965 and is home to tenants such as cosmetics retailer RDA Pro-Mart, DreamMaker Bath & Kitchen and Studio Gallery. Dakota Workman of NewQuest brokered the all-cash, off-market transaction. The names of the locally based seller and North Carolina-based buyer were not disclosed.
ONTARIO, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding restaurant building located at 4423 Mills Circle in the Inland Empire city of Ontario. A Southern California-based developer sold the asset to Culichi Lounge Inc. for $4.6 million. Culichi Town, a Mexican restaurant, occupies the 5,535-square-foot single-tenant property, which was built in 2001 as an outparcel at Ontario Mills Mall. The location is a new prototype concept for the restaurant, which currently has 22 locations. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.
VISTA, CALIF. — Retail Insite has arranged the sale of a vacant retail building located at 940 S. Santa Fe Ave. in Vista, approximately 40 miles north of San Diego. Albertsons Inc. sold the asset to SK Vista LLC for $4.3 million. The buyer plans to open a specialty Indian grocery store at the 27,300-square-foot property, which was formerly a Vons supermarket. Mike Moser of Retail Insite represented the seller in the deal.
SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.7 million refinancing for North of Market, a mixed-use retail and multifamily property in San Diego. Located at 701-721 8th Ave., the property comprises a restaurant, salon, clothing store and 10 apartments. Chad O’Connor of MMCC’s San Diego office secured the three-year, fixed-rate, interest-only loan for the undisclosed borrower.
OVERLAND PARK, KAN. — Whole Foods Market is scheduled to open a new 45,791-square-foot store in Overland Park on Wednesday, Nov. 15. The new store at 11900 Metcalf Ave. serves as the relocation of the existing Overland Park store at 6621 W. 119th St. that opened in 2007. The new location is about 10,000 square feet larger and features an upgraded coffee bar along with increased seating capacity. The new store’s product assortment features more than 750 local items from the greater Kansas area. On opening day, customers can enjoy live music, local samples and complimentary coffee.