CHICAGO — Maverick Commercial Mortgage Inc. has arranged $5.6 million in financing for a three-tenant retail property in the Gold Coast neighborhood of Chicago. The 5,800-square-foot asset was fully leased at the time of the loan closing. A national lender provided the three-year, fixed-rate loan at 6.45 percent. The loan amortizes on a 25-year schedule. Chicago-based JDI Realty was the borrower.
NAPERVILLE, ILL. — Husband-and-wife franchise owners Veronika and Greg Parranto plan to open the first IMAGE Studios concept in Illinois at Fox River Commons shopping center in Naperville later this month. The Parrantos signed a lease with Continental Realty Corp. (CRC) for 10,645 square feet of space at the 241,000-square-foot shopping center. With this transaction, Fox River Commons is now 77 percent leased. Kristin Perry of CRC and Brooke Spinell of Mid-America Real Estate represented the landlord, while Carlie Wilmes of Reimagine CRE represented the tenant. IMAGE Studios, which operates nearly 100 locations throughout 22 states, is an exclusive salon suite that enables hair stylist and other beauty-care professionals to operate independently owned private salon studios under one roof. Approximately 35 new locations are expected to open in 2025, including two in the Chicago area, with seven additional sites expected in Chicagoland by different franchise owners. The Fox River Commons location will contain 48 private salon studios.
LENEXA, KAN. — Cactus Grill has opened at Lenexa City Center’s Restaurant Row in Kansas. The new location features house-made salsas, fajitas and espinaca dip as well as a spacious bar and patio. Copaken Brooks owns the property, and Erin Johnston is the landlord representative. Ed Gieselman owns Cactus Grill.
IRMO, S.C. — The Palomar Group has negotiated the sale of Irmo Station, a 99,384-square-foot shopping center in the Columbia suburb of Irmo. Located at 7467 St. Andrews Road, the center is situated on 13.8 acres. Kroger anchors the center. Additional tenants at the property include Orangetheory Fitness, Pizza Hut, Pet Supplies Plus and Palm Beach Tan. A publicly traded REIT acquired the property for an undisclosed price. The seller was also not disclosed.
DAVIE, FLA. — SRS Real Estate Partners has brokered the $4.9 million ground lease (land ownership) sale of a gas station and convenience store located at 2500 Davie Road in Davie. Pennsylvania-based chain Wawa fully occupies the 5,636-square-foot property on a corporate-guaranteed lease. The property was built in 2019 and is situated on 1.4 acres nearly 28 miles north of Miami. A South Florida-based development and investment firm sold the asset to a private investor, also from South Florida, in a 1031 exchange. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller in the transaction.
WESTMINSTER, COLO. — Malman Real Estate has arranged the acquisition of a building located at 8900 Wadsworth Blvd. in Westminster for $1.5 million. Honey Baked Ham Co. occupies the 3,880-square-foot property. Jake Malman of Malman Real Estate represented the buyer, Ramarko LLC, a Michigan limited liability, while Matt Henricks of CBRE represented the seller, TC Brookhill RLLP, in the deal.
MILWAUKEE — Hines has completed an 11-year lease for James Beard-nominated Chef Kyle Knall’s newest restaurant, Cassis, to be located on the ground floor of Hines’ newly built luxury apartment community in Milwaukee. The riverfront French bistro, slated to open late this year, will span 5,175 square feet with an additional 1,100 square feet of outdoor patio space at 333 Water Street. The property, which marks the first luxury apartment tower to be located in Milwaukee’s Historic Third Ward, features amenities such as a sports lounge with golf simulator and resort-style pool and deck area.
HOUSTON — Burlington will open a 20,350-square-foot store at The Shops at Stone Park, a 250,000-square-foot retail power center in East Houston. The discount clothing retailer will backfill a space formerly occupied by Staples, joining a tenant roster that includes J.C. Penney, Best Buy, Marshalls, Rack Room Shoes and Chick-fil-A. Greg Stackhouse of New Regional Planning represented Burlington in the lease negotiations. Nina Irwin of NewQuest represented the landlord on an internal basis.
NEW YORK CITY — Gymshark has signed a 15,000-square-foot retail lease in Manhattan’s NoHo district. The British fitness apparel and accessories retailer will occupy the entirety of the building at 11 Bond St., which was originally constructed in 1913, for its flagship U.S. store. Joel Stephen of CBRE represented Gymshark, which plans to open later this year, in the lease negotiations. Brandon Singer of Retail by MONA represented the landlord, RFR.
WELLINGTON, FLA. — Aztec Group has arranged $28.3 million in construction financing for the completion of The Square at Lotis Wellington, the retail phase of the larger 120-acre Lotis Wellington mixed-use development in Wellington, about 16 miles west of West Palm Beach. Boca Raton-based JKM Developers launched the development with its in-house general contractor and now has secured financing from Amerant Bank. Sean Harrington of Aztec Group arranged the financing on behalf of JKM. According to the South Florida Business Journal, the loan will cover nearly 100,000 square feet of two inline retail buildings that will include offices, restaurant outparcels, a daycare and early learning center, as well as a three-level parking garage. The overall mixed-use development of Lotis Wellington is scheduled for completion in the second quarter of this year. Additional phases of the development comprise 372 multifamily units and two medical offices totaling 60,000 square feet.