PADDOCK LAKE, WIS. — Ashish Merchant, an operator of the Culver’s restaurant chain, has purchased 1.6 acres of vacant land on Highway 83 in Paddock Lake, about 15 miles west of Kenosha. The sales price was undisclosed. Tom Treder of Founders 3 Real Estate Services represented the buyer. The seller was PL 83 Development Inc., an affiliate of Bear Development. There are nearly 900 Culver’s restaurants across the United States. The first location opened in Wisconsin in 1984.
COLORADO SPRINGS, COLO. — Evergreen Devco has completed the disposition of six retail parcels located on the northeast corner of Centennial Boulevard and Filmore Street in Colorado Springs. The 8.5-arce retail development at West Mesa Commons is part of Evergreen Devco’s 51-acre mixed-use project. The development includes the 317-unit Outlook West Mesa apartment community developed by Evergreen, a 6.6-acre parcel sold to Lokal Communities for the development of 105 townhomes at The Vistas at West Mesa, and collaboration with the City of Colorado Springs’ parks department for the remaining 21.7 acres within the West Mesa corridor, called West Mesa Commons. Evergreen sold the last retail parcel, which a 2,213-square-foot Starbucks Coffee occupies, in May for an undisclosed price. Other already open retailers at the center are a 5,606-square-foot Super Star Car Wash and a 5,533-square-foot Circle K. California-based Pacific Dental Service will commence construction of a location this fall, while Popeyes Louisiana Kitchen and Les Schwab Tire Centers both plan to start construction before year’s end.
BANNING, CALIF. — CBRE has brokered the sale of a retail building located at 806 W. Ramsey St. in Banning, approximately 90 miles east of Los Angeles. A local private investor acquired the asset from another private investor for $6.8 million. David McNevin, Melissa Ley Marshall and Ian Schroeder of CBRE’s Net Lease Property Group in Newport Beach represented the seller in the transaction. Rite Aid occupies the 17,272-square-foot property, which was built in 2009, on a double-net lease.
FORT WORTH, TEXAS — JLL has brokered the sale of Eastchase Market, a 261,730-square-foot shopping center in Fort Worth. Built in 1995, the center was 92 percent leased at the time of sale to tenants such as AMC Theatres, Ross Dress for Less, Spec’s Wine, Spirits & Finer Foods, Big Lots, Harbor Freight Tools and Marshalls. Adam Howells, Barry Brown and Cole Sutter of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.
GLEN BURNIE, MD. — Floor & Décor, a flooring and tile specialty retailer based in metro Atlanta, plans to open a new warehouse store and design center in Glen Burnie. The store will mark the retailer’s second location in the greater Baltimore area and fourth in Maryland. Floor & Décor operates more than 200 warehouse stores and five design studios across 36 states. The company has signed a ground lease with locally based St. John Properties for the Glen Burnie location. Bill Holzman represented the landlord in the lease negotiations on an internal basis, and John Meyer and Brian Finkelstein of KLNB represented the tenant. Floor & Décor will employ 50 full-time and part-time associates when it opens next year. The property will be situated at the intersection of Ritchie Highway and Dover Road. The square footage of the property was not disclosed, but Floor & Décor’s prototypical stores span 75,000 to 80,000 square feet.
LUMBERTON, N.C. — Legacy Realty Group Advisors has arranged the $7.1 million sale of Northeast Plaza, a 53,867-square-foot shopping center in Lumberton. Built in 2000, the property was leased to 10 tenants at the time of sale. Jacob Baruch of Legacy represented the undisclosed seller in the transaction. Lisa Schaefer of LRS Management represented the buyer.
HOUSTON — Locally based brokerage firm The Blue Ox Group has arranged the sale of Centre at Oak Park, a retail strip center located in Houston. According to LoopNet Inc., the center was built in 2016 and totals 9,200 square feet. Tenants at the property include Jimmy Johns and Smart Financial Credit Union. Burdette Huffman of Blue Ox represented the seller in the transaction. Gigi Wenjie Wang of The Sunet Group represented the buyer. Both parties requested anonymity.
SAN FRANCISCO — BH Properties has acquired Anchorage Square, a 322,000-square-foot mixed-use property located in Fisherman’s Wharf in San Francisco. The seller and price were not disclosed. Built in 1974 and situated on 2.6 acres, the development features 63,000 square feet of retail space, as well as a 128-room hotel, 28,000 square feet of office space and a 685-space parking garage. The buyer plans to implement an extensive capital improvement program, which will include upgraded façades, landscaping, lighting, signage, wayfinding and tenant and common areas. The firm will also explore alternative uses for the office space such as restaurant and entertainment options. Eastdil Secured brokered the transaction, and Laura Barr of CBRE will lead the repositioning and leasing efforts at the property.
BRANSON, MO. — Marcus & Millichap has brokered the $9.1 million sale of Lakeside Shoppes at Branson Landing, a 30,763-square-foot retail strip center in Branson. Built in 2015, the property is located directly adjacent to Branson Landing, a $435 million waterfront development situated on 95 acres along the banks of Lake Taneycomo. Tenants at the center include Qdoba Mexican Grill, Tropical Smoothie Café, Cold Stone Creamery and Pappo’s Pizzeria & Pub. Chris Garavaglia, Alex Perez and Austin Sweet of Marcus & Millichap represented the seller, a limited liability company. The buyer was a Louisiana-based private investor.
NEW YORK CITY — Tapestry (NYSE: TPR), owner of fashion brands Coach, Kate Spade and Stuart Weitzman, has agreed to acquire luxury fashion group Capri Holdings Limited (NYSE: CPRI) for $8.5 billion. Both companies are based in New York City. Capri Holdings consists of Versace, Jimmy Choo and Michael Kors. The group spans a retail footprint of over 1,200 stores globally, including 223 Versace locations, 237 Jimmy Choo stores and 812 Michael Kors locations. The all-cash transaction, which was unanimously approved by the board of directors at both Tapestry and Capri Holdings, is expected to close in 2024. Capri shareholders will receive $57 per share. Combined, the companies generated $12 billion in global annual sales in 2022 and have a presence in over 75 countries. “We are excited to announce the acquisition of Capri Holdings — uniting six iconic brands and exceptional global teams,” says Tapestry CEO Joanne Crevoiserat. “The combination of Coach, Kate Spade and Stuart Weitzman together with Versace, Jimmy Choo and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities and shareholders around the world.” Tapestry has secured $8 billion in fully committed bridge …