Retail

McDonald’s Opens New Flagship Restaurant in Chicago

by Kristin Harlow August 15, 2018

CHICAGO — McDonald’s has opened its newly designed flagship restaurant at Clark and Ontario streets in Chicago. The modern and environmentally friendly design features self-order kiosks, table service, mobile order and payment and delivery. The 19,000-square-foot restaurant includes green spaces and energy-saving features such as a vegetated rooftop, on-site solar panel array for renewable energy collection, LED lighting and more than70 trees at the ground level. Chicago-based Ross Barney Architects designed the restaurant, which is set to operate seven days a week and 24 hours a day. Sydney-based Landini Associates designed the interiors. The new restaurant replaces the previous flagship restaurant, which was a rock ‘n’ roll-themed restaurant that closed in December 2017.

August 15, 2018

Acquisitions Indiana Midwest Retail

Quantum Brokers $1.9M Sale of Retail Building in Indianapolis

by Kristin Harlow August 15, 2018

INDIANAPOLIS — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,936-square-foot retail building in Indianapolis for $1.9 million. The multi-tenant property is located at 1950 Kessler Blvd. Tenants include Starbucks, Verizon and Subway. Jack Farritor of Quantum brokered the transaction. A Washington, D.C.-based investment group was the buyer. A Phoenix-based developer was the seller.

August 15, 2018

Acquisitions Colorado Mixed-Use Office Retail Western

NavPoint Real Estate Negotiates $6.5M Sale of Mixed-Use Property in Boulder

by Amy Works August 15, 2018

BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the deal.

August 15, 2018

Acquisitions Midwest Office Ohio Retail

KRA Management Acquires Office Tower in Downtown Cleveland

by Kristin Harlow August 14, 2018

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.

August 14, 2018

Leasing Activity Northeast Pennsylvania Retail

PREIT Signs Three Tenants to Backfill Former Macy’s at Plymouth Meeting Mall in Philadelphia

by David Cohen August 14, 2018

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has inked leases with three new tenants at Plymouth Meeting Mall in Philadelphia. Burlington, Dick’s Sporting Goods and Edge Fitness will open locations at the mall in spring 2019, backfilling the space formerly occupied by Macy’s. PREIT is also negotiating leases with an arts and crafts purveyor and a craft brewery. Current tenants at Plymouth Meeting Mall include LEGOLAND Discovery Center, Dave & Buster’s, Bath & Body Works, CycleBar, H&M, Whole Foods Market and AMC Theatre.

August 14, 2018

Acquisitions Louisiana Retail Southeast

EDGE Realty Brokers Sale of Two Retail Centers in Southern Louisiana

by Camren Skelton August 14, 2018

NEW IBERIA, LA. — EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Village and Iberia Plaza. Lagniappe Village totals 201,360 square feet and is home to tenants such as T.J. Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods anchors the center. EDGE arranged the transaction on behalf of the seller, Brixmor Property Group. The name of the buyer and purchase price were not disclosed.

August 14, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $10.3M Sale of Shopping Center in Sacramento

by Amy Works August 14, 2018

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center in Sacramento. A Bakersfield-based private investor sold the property to another private investor for $10.7 million in an off-market transaction. CVS/pharmacy, Ace Hardware and Dollar Tree anchor the 50,168-square-foot property. Built in 2007, the asset is situated on 7.5 acres at 2000-2050 Club Center Drive. At the time of sale, the retail center was 100 percent occupied. Kevin Fryman and Bill Asher of Hanley Investment represented the seller, while the buyer was self-represented in the deal.

August 14, 2018

Acquisitions Arizona Retail Western

Store Capital Corp. Acquires Big-Box Retail Building in Arizona for $3.4M

by Amy Works August 14, 2018

CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.

August 14, 2018

Leasing Activity Retail Texas

JC Penney to Introduce Expanded Baby Shops in 500 Stores

by Taylor Williams August 13, 2018

PLANO, TEXAS — Plano-based JC Penney will introduce expanded baby shops in 500 of its stores. Beginning Aug. 30, in-store shoppers will have access to a larger selection of cribs, high chairs, strollers and other childcare items, some of which were previously only available online. Most of the 500 stores in question are located near former Babies ‘R’ Us stores, which closed as part of the Toys ‘R’ Us bankruptcy liquidation that was filed earlier this year.

August 13, 2018

Acquisitions Connecticut Northeast Retail

Press/Cuozzo Orchestrates Sale of 5,742 SF Retail Property in North Haven

by David Cohen August 13, 2018

NORTH HAVEN, CONN. — Press/Cuozzo Commercial Services has orchestrated the sale of a 5,742-square-foot retail property in North Haven. Kitchen Advantage LLC acquired the vacant property for an undisclosed price and will relocate its kitchen design showroom to the location. Stephen Press of SIOR represented the seller, 278 State Street LLC, in the transaction. The property sits on a 0.6-acre corner lot at 276-278 State St.

August 13, 2018

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