Retail

Thompson Thrift Retail Group Sells Sonoran Creek Marketplace in Maricopa, Arizona for $34M

by Amy Works June 7, 2022

MARICOPA, ARIZ. — Thompson Thrift Retail Group has completed the sale of Sonoran Creek Marketplace, a shopping center located on the southwest corner of John Wayne Parkway and Edison Road in Maricopa. An undisclosed buyer acquired the asset for $34 million, or $461 per square foot, in an off-market transaction. Situated on 10.2 acres, the 73,692-square-foot Sonoran Creek Marketplace was 100 percent occupied at the time of sale. Current tenants include Sprouts Farmers Markets, Jimmy John’s Sandwiches, Supercuts, Marshalls and The Joint Chiropractic. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction. Cameron Warren, Nick DeDona, Dan Gardiner and Greg Laing of Phoenix Commercial Advisors handled leasing at the property.

June 7, 2022

Development Midwest Minnesota Restaurant Retail

Taco Bell Opens New Drive-Thru Prototype in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2022

BROOKLYN PARK, MINN. — Taco Bell has opened its new and innovative drive-thru prototype in the Minneapolis suburb of Brooklyn Park. Coined Taco Bell Defy, the two-story restaurant features four drive-thru lanes. A proprietary vertical lift transports food items straight from the kitchen to guests. The drive-thru experience at Taco Bell Defy is designed to be two minutes or less. The restaurant was built in partnership with longtime franchisee Border Foods. Minneapolis-based Vertical Works Inc. handled the design of the concept. The project was first announced last year.

June 7, 2022

Company News Midwest Retail Wisconsin

Kohl’s Begins Negotiations with Franchise Group Regarding Potential Sale

by Kristin Harlow June 7, 2022

MENOMONEE FALLS, WIS. — The board of directors of Kohl’s Corp. (NYSE: KSS) has entered into exclusive negotiations with Franchise Group Inc. (FRG) for a period of three weeks in relation to FRG’s proposal to acquire Kohl’s for $60 per share. The purpose of the exclusive period is to enable FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation. The transaction remains subject to approvals of the board of directors of both companies. Menomonee Falls-based Kohl’s says it remains focused on selecting the path that maximizes value for all Kohl’s shareholders. Kohl’s operates more than 1,100 stores in 49 states. Its stock price closed at $42.12 per share Monday, June 6, down from $54.34 per share one year ago. FRG is a holding company of a collection of brands, including the Vitamin Shoppe.

June 7, 2022

Acquisitions Illinois Midwest Retail

Stan Johnson Co. Brokers $13.7M Sale of Two-Tenant Retail Building in Chicago

by Kristin Harlow June 7, 2022

CHICAGO — Stan Johnson Co. has brokered the sale of an 83,652-square-foot retail building in Chicago for $13.7 million. Located along North Cicero Avenue, the property is leased to Ross Dress for Less and its affiliate brand, dd’s Discounts. Both retailers operate under a single master lease. Mike Sladich of Stan Johnson represented the seller, an Illinois-based institutional investor. A California-based REIT acquired the asset.

June 7, 2022

Acquisitions Illinois Midwest Multifamily Retail

Greenstone Partners Negotiates Sales of Three Properties in Chicago’s Wicker Park for $7.8M

by Kristin Harlow June 7, 2022

CHICAGO — Greenstone Partners has negotiated the sales of three properties in Chicago’s Wicker Park neighborhood for roughly $7.8 million. Brewster Hague of Greenstone represented the sellers in each transaction and procured the buyers. In the first transaction, a 5,000-square-foot retail condo at 1725 W. Division St. sold for $2.3 million. A New York-based family office sold the asset to a Florida-based family office. Danny Spitz of Greenstone assisted in representing the seller. In the second sale, a seven-unit apartment and retail building at 1670 W. Division St. sold for $3.2 million. Bangers & Lace is the ground-floor retail tenant. In the last transaction, a six-unit apartment and retail property at 1920 W. Division St. sold for nearly $2.3 million. Milk & Honey Café occupies the ground-floor space. A California-based private individual from a Chicago-based family office purchased both 1670 W. Division St. and 1920 W. Division St.

June 7, 2022

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 35,672 SF Retail Center in Highland Park, Illinois

by Kristin Harlow June 7, 2022

HIGHLAND PARK, ILL. — Mid-America Real Estate Corp. has arranged the sale of The Shops on Elm Place in the Chicago suburb of Highland Park for an undisclosed price. The 35,672-square-foot retail center is 87 percent leased to tenants such as The BBQ Pit, Spiffy Entertainment, US Holocaust Memorial Museum, Bentley Safety Products, LifeStance and Dr. Gilbert Orthodontics. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. A private investor completing a 1031 exchange was the buyer.

June 7, 2022

Mammoth-Main-Street-Promenade-Mammoth-Lakes-CA

Acquisitions California Retail Western

Marcus & Millichap Negotiates $8.8M Sale of Mammoth Main Street Promenade Shopping Center in Mammoth Lakes, California

by Amy Works June 7, 2022

MAMMOTH LAKES, CALIF. — Marcus & Millichap has arranged the sale of Mammoth Main Street Promenade, a retail center located in Mammoth Lakes. A private investor sold the asset to an undisclosed buyer for $8.8 million. At the time of sale, the 42,809-square-foot shopping center was 98 percent leased to 22 tenants, including Mammoth Laundry and Sun & Ski Sports. The property was built in 1988. Patrick Toomey, Jose Carrazana, Jessica Baram and Enrique Wong of Marcus & Millichap represented the seller in the deal.

June 7, 2022

Development Florida Mixed-Use Multifamily Office Retail Southeast

PMG, Greybrook Realty Partners Break Ground on 31-Story Mixed-Use Development in Midtown Atlanta

by Amy Works June 6, 2022

ATLANTA — PMG and Toronto-based Greybrook Realty Partners have broken ground on Society Atlanta, a 31-story mixed-use development at 811 Peachtree St. in Midtown Atlanta. Designed by Cooper Carry, the mixed-use property will feature 460 residential units, 81,000 square feet of office space and 16,500 square feet of retail space. Juneau Construction Co. is serving as general contractor for project, which is slated to open in late 2024. Society Atlanta will offer traditional layouts alongside “rent-by-bedroom” (also known as co-living) options. Community amenities will include a rooftop pool and restaurant, a coworking lab with private conference rooms, a gym and a fitness studio. The property is the first of PMG’s Society Living multifamily platform to enter the Atlanta market.

June 6, 2022

Acquisitions Florida Retail Southeast

Publix Super Markets Acquires Retail Center in West Palm Beach for $56.5M

by Amy Works June 6, 2022

WEST PALM BEACH, FLA. — Publix Super Market Inc. has purchased River Bridge Centre, a community shopping center situated on 28.4 acres at 6714-6868 Forest Hill Road in West Palm Beach. An affiliate of Apollo Global Management sold the asset to the Lakeland, Fla.-based grocer for $56.5 million. Danny Finkle, Eric Williams and Kim Flores of JLL represented the seller in the transaction. Opened in 1986 and renovated in 2005, River Bridge Centre features 229,781 square feet of retail space. Publix, Ross Dress for Less, Crunch Fitness, Five Below, Ace Hardware, Chipotle Mexican Grill, MD Now Urgent Care, Humana and Pizza Hut are tenants at the retail center. The value-add center was 86.3 percent occupied at the time of sale.

June 6, 2022

Acquisitions Georgia Retail Southeast

Skyline Seven Brokers $11M Sale of Howell Crossing Retail Center in Duluth, Georgia

by Amy Works June 6, 2022

DULUTH, GA. — Skyline Seven Real Estate has arranged the sale of Howell Crossing, a metro Atlanta shopping center located at the intersection of Pleasant Hill Road and Peachtree Industrial Boulevard in Duluth. The property traded for $11 million. Planet Fitness and Taco Mac anchor the 68,682-square-foot property, which was built in 1996. Skyline Seven arranged the sale between two undisclosed private parties.

June 6, 2022

Newer Posts

Older Posts