Retail

Government Investment Partners Acquires Three Office, Retail Buildings in Indianapolis for $14M

by Kristin Harlow October 18, 2023

INDIANAPOLIS — Government Investment Partners (GIP) has acquired three office and retail buildings located near Monument Circle in downtown Indianapolis for roughly $14 million. The adjacent properties are located at 2 N. Meridian St., 20 W. Washington St. and 24 W. Washington St. The primary tenant is the Indiana Department of Health, which recently signed a 10-year lease extension for the entire 161,400 square feet of office space across all three buildings for its headquarters. The ground-floor retail space is leased to Bank of America, T-Mobile and Taco Bell Cantina, which recently signed a 2,860-square-foot lease to occupy the former Sugarfire Smokhouse space. There is 12,000 square feet of available retail and restaurant space, including the former homes of Rock Bottom Brewery and Pearings Café. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the sellers, Two North Meridian Co. and John Goodman. Goodman will have a continued role with the properties as a consultant to GIP. Founded in 2016, GIP is a real estate investment, development and management firm specializing in properties leased to federal, state and local government entities. The firm’s portfolio now totals more than 30 buildings in 18 states.

October 18, 2023

Acquisitions Midwest Restaurant Retail Wisconsin

Marcus & Millichap Arranges $2.3M Sale of Chipotle-Occupied Property in Somers, Wisconsin

by Kristin Harlow October 18, 2023

SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.

October 18, 2023

Acquisitions California Retail Western

Brixton Capital Buys 143,217 SF Pacific Town Center Retail Asset in Stockton, California

by Amy Works October 17, 2023

STOCKTON, CALIF. — Brixton Capital has purchased Pacific Town Center, a value-add retail property in Stockton. A Sacramento-based private seller sold the asset for an undisclosed price in an off-market transaction. Located at 718-769 W. Hammer Lane, Pacific Town Center features 143,217 square feet of retail space that was 42 percent leased at the time of sale. Existing tenants include Smart & Final, Aaron’s, Panda Express, Subway and other neighborhood-serving retailers and restaurants. Brixton plans to re-tenant a former Toys ‘R’ Us space and the recently vacated T.J.Maxx storefront. Hanley Investment Group represented the seller in the deal.

October 17, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Gibsons Restaurant Group Signs 15,000 SF Retail Lease in Chicago’s Fulton Market

by Kristin Harlow October 17, 2023

CHICAGO — Gibsons Restaurant Group (GRG) has signed a 15,000-square-foot, ground-floor retail lease at 919 W. Fulton St. in Chicago’s Fulton Market. Fulton Street Cos. is currently developing the 400,000-square-foot, 11-story office building. The lease marks the 13th location for GRG in the Chicago area. The tenant has yet to decide on the new restaurant concept. GRG operates Gibsons Bar & Steakhouse, Gibsons Italia, Hugo’s Frog Bar & Fish House, LUXBAR and Quartino Ristorante & Wine Bar. Alex Najem and Ross Babel negotiated the lease on behalf of Fulton Street on an internal basis. The property is slated for completion in the first quarter of 2025.

October 17, 2023

Acquisitions Illinois Midwest Net Lease Retail

Marcus & Millichap Brokers $3.5M Sale of Chicago Retail Property Leased to 7-Eleven

by Kristin Harlow October 17, 2023

CHICAGO — Marcus & Millichap has brokered the sale of a 2,700-square-foot retail property net leased to 7-Eleven in Chicago for $3.5 million. The retailer occupies space at 191 W. Adams St. on the ground floor of the JW Marriott hotel, which recently underwent a major restoration. Nicholas Kanich of Marcus & Millichap represented the seller, a Chicago-based private investor, and the buyer, an investment group based in California.

October 17, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 102,864 SF Kroger-Anchored Shopping Center in Atlanta’s Buckhead District

by John Nelson October 17, 2023

ATLANTA — JLL has brokered the sale of Marketplace at Buckhead, a 102,864-square-foot shopping center located at 3871-3895 Peachtree Road NE in Atlanta’s Buckhead district. Sterling Organization purchased the property for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed seller in the transaction. Marketplace at Buckhead, formerly known as Cherokee Plaza, was built in 1958 and renovated in 1997 and 2013. In addition to Kroger, the center’s tenant roster includes Willy’s Mexicana Grill, Jersey Mike’s Subs and Salon Lofts. The property’s historical occupancy has been 100 percent for over a decade, according to JLL.

October 17, 2023

California Development Life Sciences Mixed-Use Office Retail Top Stories Western

UC Berkeley, SKS Partners Unveil Plans for $2B Innovation Hub at NASA Research Park in California

by Katie Sloan October 17, 2023

MOUNTAIN VIEW, CALIF. — A joint venture between SKS Partners and the University of California, Berkeley has unveiled plans for a $2 billion innovation hub at NASA’s Ames Research Center in the Silicon Valley city of Mountain View. Plans for the 36-acre development, dubbed Berkeley Space Center, currently include 1.4 million square feet of Class A office and research and development space; wet and dry labs; conference space; academic facilities; retail space; and 18 acres of open green space, including outdoor working yards and a central green for community gatherings, activations and exhibitions. The focus for the development is to provide research space for companies interested in collaborating with the university and NASA scientists to create future innovations in aviation and space exploration. Later phases of the project are set to include short-term stay facilities and student and faculty housing. While the development has not yet received municipal approval, the environmental entitlement process has commenced and is expected to last approximately two years. Construction is tentatively scheduled to begin in 2026. The development team for Berkeley Space Center includes design, architecture and engineering firm HOK and urban design and landscape architecture firm Field Operations. The joint venture has also tapped …

October 17, 2023

Development Florida Retail Southeast

Ferber Underway on 29-Acre Target-Anchored Retail Center in Lecanto, Florida

by John Nelson October 16, 2023

LECANTO, FLA. — The Ferber Co. is underway on the development of a 29-acre retail center in Lecanto, about 75 miles north of Tampa. Site work for the property, dubbed The Shoppes at Black Diamond, began in October 2022. Building construction is scheduled to commence over the coming weeks, with openings expected to begin in early 2024. Tenants at the center will include Target Supercenter, Aldi, Starbucks Coffee, 7-Eleven, Panera Bread and Texas Roadhouse.

October 16, 2023

Development Leasing Activity Mixed-Use North Carolina Restaurant Retail Southeast

MPV Opens Chick-fil-A, Plans New Construction at Farmington Development in Metro Charlotte

by John Nelson October 16, 2023

CHARLOTTE AND HARRISBURG, N.C. — MPV Properties has announced the addition of new tenants and buildings underway at Farmington, the developer’s master-planned community located in Charlotte and Harrisburg. Chick-fil-A opened at the property in May, and Famous Toastery is planning to open in the second half of 2024 within an outparcel behind the development’s Shop Building I. H.T. Fuel will also open on an outparcel, with construction scheduled to begin directly behind Chick-fil-A in the coming months. Construction is also scheduled to begin on Small Shops II, an 11,865-square-foot retail building. MPV is in negotiations with two tenants to fully occupy the building. The developer has also announced plans for three additional commercial buildings totaling 27,000 square feet, with development expected to begin in early 2024. Additionally, Woodfield Development is nearing completion of The Stead at Farmington, a 275-unit apartment community within Farmington. Upon completion, Farmington, which will also feature for-sale residences, will comprise 600 homes and 275,000 square feet of retail space.

October 16, 2023

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Lincoln Property Co. Arranges Five Leases at Church Street Market in Downtown Orlando

by John Nelson October 16, 2023

ORLANDO, FLA. — Lincoln Property Co. (LPC) has arranged leases with five new tenants at Church Street Market, the 72,000-square-foot retail portion of the 55 West mixed-use property in downtown Orlando. Restaurants Birria 1983, The Bao Spot and BluWave Sushi will occupy 3,800; 2,100; and 3,000 square feet, respectively. Additionally, SAK Comedy Lab will open a 7,200-square-foot venue, and Luxe Med Spa has leased 3,800 square feet. Each of the tenants is scheduled to open before the end of the year. The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy. Aaron Dan and Kathy Bonini of LPC represented the landlord, Hasta Capital, in the lease negotiations.

October 16, 2023

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