SCHAUMBURG, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 13,500-square-foot retail center in the Chicago suburb of Schaumburg for $5.6 million. Located on East Golf Road, the property is fully leased to Panda Express, Batteries Plus, Crumbl Cookies, Jersey Mike’s Subs, Oreck Vacuums, H&R Block, Rosati’s Pizza and Little Greek. Jason Lenhoff of Quantum represented the buyer, a Florida-based private investor. A locally based investor was the seller.
MAPLEWOOD, MINN. — NAI Legacy has arranged the sale of a Raising Cane’s Chicken Fingers ground lease in Maplewood near Minneapolis for $3.4 million. The ground lease for the newly constructed, single-tenant property is for 15 years. The building is located at 3065 White Bear Ave. Michael Houge of NAI Legacy represented the undisclosed seller, while Ken Tsukahara of Colliers represented the California-based buyer. Raising Cane’s operates more than 600 restaurants across the U.S.
BOHEMIA, N.Y. — Hardware and equipment retailer Harbor Freight Tools will open a 20,000-square-foot store at Sayville Plaza, located on Long Island in Bohemia. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Sayville Plaza include Bed Bath & Beyond, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill, Sprint, Floor & Décor, At Home and Aldi.
CHICAGO — Aritzia (TSX: ATZ), a women’s fashion boutique retailer based in Vancouver, plans to open a flagship store on Chicago’s Magnificent Mile, bucking a trend of retailers leaving the famous stretch of North Michigan Avenue. The Magnificent Mile spans 13 city blocks in downtown Chicago and houses 460 stores, 275 restaurants and 60 hotels. The retailer, which sells apparel under brands such as Wilfred, Babaton and TNA, will occupy a 46,000-square-foot space at 555 N. Michigan Ave. in 2023. The location formerly housed Gap’s three-story flagship store before the retailer closed in early 2021. The new Aritzia store is the largest retail lease deal on Magnificent Mile in nearly a decade and the first flagship agreement since 2019, according to CBRE. Luke Molloy, Danny Jacobson, Steve Ansani and Cliff Vann of CBRE represented the landlord, Ireland-based ECA Capital Ltd., in the transaction. “Coming out of the pandemic, this is an important deal for the Mag Mile, and Chicago in general,” says Molloy. “Aritzia is one of the most sought-after brands in the world and [it] believes in the future of North Michigan Avenue. What [it has] planned for its new flagship is incredible, and we expect this to be …
CARROLLTON, TEXAS — Newmark has brokered the sale of a 10,874-square-foot, single-tenant retail property in the northern Dallas suburb of Carrollton that is net leased to Just Tires. Matt Berres, Samer Khalil, Karick Brown and Lispah Hogan of Newmark represented the seller in the transaction. Douglas Kim of Tru Promise Real Estate represented the buyer. Both parties were private investors that requested anonymity.
STAMFORD, CONN. — Oklahoma-based brokerage firm Stan Johnson Co. has negotiated the $46.7 million sale of a 69,773-square-foot retail property in the southern coastal Connecticut city of Stamford that is fully leased to regional grocer Stop & Shop. The property was built on 7.1 acres in 2006. Jason Maier of Stan Johnson Co. represented the seller, a New York-based private investor, in the transaction. An undisclosed institutional investment group based in Pennsylvania acquired the asset via a 1031 exchange.
WESTPORT, CONN. — CBRE has arranged a $15.2 million loan for the refinancing of Playhouse Square Shopping Center, a 40,000-square-foot retail property located in the southern coastal Connecticut city of Westport. Built in 1972, Playhouse Square was 97 percent leased at the time of the loan closing. Mark Fisher and Alex Furnary of CBRE arranged the loan through Union Savings Bank on behalf of the borrower, The HB Nitkin Group, which acquired the asset in 1998.
NASHVILLE, TENN. — Indianapolis-based retail giant Simon is partnering with Nashville-based Adventurous Journeys Capital Partners (AJ Capital Partners) to develop a new 300,000-square-foot outlet mall in Nashville. The location and name weren’t disclosed, but the property will be situated on the south side of the city and will be branded under Simon’s Premium Outlet concept. Simon and AJ Capital plan to break ground on the project in 2023. In addition to the Nashville outlet mall, Simon also recently announced new outlet malls coming to Los Angeles, Tulsa and New York. The new development will complement Simon’s Nashville holdings The Mall at Green Hills and Opry Mills. AJ Capital’s local projects include hotels Thompson Nashville, Soho House Nashville and Graduate Nashville, as well as a 23-acre project that the developer is underway on in the city’s Wedgewood-Houston neighborhood. Simon and AJ Capital’s project isn’t the only outlet mall coming to Nashville. Tanger Factory Outlets Center recently broke ground on Tanger Outlets Nashville, a 290,000-square-foot mall that is slated to open in fall 2023.
CHARLOTTE, N.C. — Stream Realty Partners has brokered the $24 million sale of an adaptive reuse retail property located at 332 W. Bland St. in Charlotte’s South End district. The 1920s-era property spans 39,118 square feet and was fully leased at the time of sale to Slingshot Social Game Club, Ruby Sunshine, Lost & Found and Resident Culture Brewery, which is one of Charlotte’s most frequented breweries. Charlotte-based Ferncroft Capital purchased the property from Magnus Capital Partners and CenterSquare Investment Management. Jared Londry, Mack Freudenstein, Alex Olofson and Parks Brown of Stream Realty represented the sellers in the transaction.
WESLACO, TEXAS — San Antonio-based Garansuay Group has broken ground on Shops at N Bridge, a 40,000-square-foot retail project in Weslaco, located near McAllen in the Rio Grande Valley. The 10-acre site includes four pads and is situated at the corner of North Bridge Avenue & Expressway 83. Freddy’s Frozen Custard & Steakburgers, Juice Us and Paris Bakery have already signed leases at Shops at N Bridge. A tentative completion date was not released.
