STONECREST, GA. — Stonecrest Resorts has completed the second phase of redevelopment at Priví, a 143,000-square-foot adaptive reuse of the former Sears department store at The Mall at Stonecrest, which is located roughly 15 miles east of Atlanta. Phase II comprised $4.2 million of renovations and the addition of tenants including Baldwin’s Literary Social Bookstore, Priví Art Gallery, The Exposure Hub, 101 TKO Radio, Priví Event Center, 3 Degrees Infrared Sauna Studio, Picasso’s Splat Room, The Lion’s Cage MMA & Fitness Gym and Garden Life Juice Bar. Stonecrest SeaQuest, an interactive aquarium destination, anchors Phase I of the development. Bay Mountain Capital has provided $8.3 million in financing for the next phase: the addition of a 40,000-square-foot food hall on the property’s second level. Concepts will include Atlanta Breakfast Club, The Original Hot Dog Factory, Dope Coffee, a craft bar, golf simulator suites, a daiquiri bar and a fine-dining restaurant. Construction is scheduled to begin this quarter, with openings beginning in spring of next year. Plans for the site also include a 10,000-square-foot history and cultural center.
FORT WORTH, TEXAS — Locally based brokerage firm LanCarte Commercial has arranged four retail leases totaling 19,745 square feet at Westcliff Shopping Center in Fort Worth. New tenants at the property include skateboarding and specialty apparel retailer Cowtown, Specialist Jewelry Clinic, Fort Worth Dance Academy and Organized Nest, a boutique professional services company. Ben Gehrke and Riley Dow of LanCarte represented the landlord, CTO Realty Growth Inc., in the lease negotiations.
RED BANK, N.J. — Marcus & Millichap has brokered the $12.8 million sale of a 28,110-square-foot office and retail building in the Northern New Jersey community of Red Bank. The three-story building was constructed in 2000 and consists of two levels of office space and ground-floor retail space that is anchored by Urban Outfitters. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
GRAND RAPIDS, MICH. — Preusser Jewelers has opened an 1,897-square-foot store at 1200 E. Paris Ave. SE in Grand Rapids. Known for being Michigan’s oldest jeweler, the company moved to the new location after being in downtown Grand Rapids for 173 years. Bill Tyson of NAI Wisinski of West Michigan represented the tenant in the lease. The landlord was undisclosed. Additional tenants at the center include Bill and Paul’s Sporthaus and Groskopf’s.
By Timothy Rye, Larkin Hoffman A recent Minnesota Supreme Court ruling requires tax assessors to exclude an airport’s concession fees from rent-based valuations for property tax purposes. The case offers a flight plan to lower taxes at many of the nation’s transportation hubs and underscores the importance for all taxpayers to exclude business value from taxable property value. Every major airfield collects fees from food-and-beverage providers, retailers, banks and other businesses that provide goods or services on airport property. Concessionaires, or those who pay the concession fees to the property owner, commonly pay these charges in addition to rent owed for the real estate where they operate. Many of these businesses are also responsible for property tax that passes through to tenants in a commercial lease. The cases leading up to the March 29 state Supreme Court decision involved two car rental companies that challenged their 2019 tax assessments, claiming the assessor’s office had overstated their property values by including concession fees in its income-based valuation. High-Flying Fees Both Enterprise Leasing Co. of Minnesota and Avis Budget Car Rental pay a concession fee equal to 10 percent of gross revenues in addition to real estate rent for their operations at …
EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property located in El Centro, approximately midway between San Diego and Phoenix. 7-Eleven occupies the 2,940-square-foot building on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko of Hanley represented the seller, Imperial Retail Investments LLC, in the transaction. A self-represented, California-based private investor purchased the property.
COLORADO SPRINGS, COLO. — Warby Parker has opened a 2,298-square-foot store at The Promenade Shops at Briargate, a 236,539-square-foot retail center located in Colorado Springs. The store is situated next to Ted’s Montana Grill. The eyewear brand currently operates more than 200 stores throughout the country.
CHICAGO — Colliers has arranged the sale of seven retail properties and one industrial building in metro Chicago for $10.5 million. The sale represents the first part of a multi-phased transaction that encompasses 22 retail properties, three land sites and one industrial building. Peter Block and Rachel Patten of Colliers represented the seller, a family office. Indianapolis-based Arnold Meyer & Co. was the buyer. Block expects to close on the remaining properties in the portfolio this summer.
DARIEN, ILL. — Mid-America Real Estate Corp. has brokered the sale of Darien Shopping Center in the western Chicago suburb of Darien for an undisclosed price. The 46,582-square-foot retail center is fully leased to tenants such as American Freight, Concentra Urgent Care, Chuck E. Cheese and World Star Nails & Spa. Jewel-Osco shadow anchors the property. Emily Gadomski and Rick Drogosz of Mid-America represented the private seller. The asset sold to a local private buyer.
YPSILANTI, MICH. — MC Driving School has signed a 2,322-square-foot retail lease at Arbor Square Plaza in Ypsilanti. The tenant will take the space formerly occupied by Weight Watchers at the center, which is located at the southeast corner of Carpenter and Ellsworth roads. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group.