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Stock Development Sells Retail Center in Naples for $26.5M

by Alex Tostado September 26, 2019

NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.

September 26, 2019

Acquisitions California Retail Western

GIGU Inc. Buys 105,297 SF Stockton Plaza in California’s Central Valley for $17M

by Amy Works September 9, 2019

STOCKTON, CALIF. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.

September 9, 2019

Acquisitions California Industrial Western

Stockbridge Capital Acquires 6.4 MSF Industrial Portfolio from Westcore Properties

by Amy Works August 16, 2019

SAN FRANCISCO — Stockbridge Capital Group has purchased a portfolio of 26 institutional-quality logistics and e-commerce properties spanning nine U.S. markets, with a heavy focus on the West Coast. PGIM Real Estate Finance provided $350 million in financing for the acquisition. The 6.4 million-square-foot portfolio includes a complement of bulk distribution facilities and light industrial properties. The bulk distribution facilities are relatively new and are as large as 1.1 million square feet, while the light industrial properties are smaller and generally geared toward local last-mile distribution tenants. Approximately 60 percent of the portfolio’s net operating income is generated from assets in California markets: Inland Empire, East Bay, San Diego and Central Valley. PGIM Real Estate Finance served as the lender with Jaime Zadra and Elizabeth Velazquez pf PGIM Real Estate Finance arranged the acquisition financing through two seve-year fixed-rate loans. Kristin Renaudin, Nicole Stagnaro and Kristin Paul led the Stockbridge transaction team. Debra Bonebrake of JLL will serve as property manager.

August 16, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.9M Sale of Retail Property in Woodstock, Illinois

by Kristin Harlow August 8, 2019

WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.

August 8, 2019

Acquisitions California Multifamily Western

Stockbridge Capital Sells 105-Unit Novella Redondo Apartment Property Near Los Angeles

by Amy Works May 15, 2019

REDONDO BEACH, CALIF. — Stockbridge Capital Group has completed the sale of Novella Redondo, a multifamily community located at 616 Esplanade St. in Redondo Beach. A joint venture between Clovis, Calif.-based IDEAL Capital Group and Aegon Real Assets US, a division of Aegon NV, sold the property for an undisclosed price. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyer in the transaction. The 82,203-square-foot property features 105 apartment units. On-site amenities include a swimming pool, outdoor fireplace, pool-side fitness center, two laundry facilities, community-wide Wi-Fi, a dog wash station and subterranean parking. The buyer plans to make extensive renovations and upgrades to unit interiors and common areas. The asset experienced extensive water damage last year and received a full roof replacement and common area waterproofing upgrades. Prior to the water damage, the property had undergone a $16 million renovation.

May 15, 2019

Acquisitions Company News Restaurant Retail Texas Top Stories

Chuck E. Cheese to Trade on New York Stock Exchange Following $1.4B Merger

by John Nelson April 9, 2019

IRVING, TEXAS — Following a merger with the parent company of the Chuck E. Cheese brand, London-based Leo Holdings Corp. plans to rebrand itself and take the new company public on the New York Stock Exchange (NYSE) under the ticker symbol “CEC.” The enterprise value of the combined company, which will be known as Chuck E. Cheese Brands Inc., is estimated at $1.4 billion. Leo Holdings, which is self-described as a special purpose acquisition firm, has entered into a “definitive business combination agreement” with Queso Holdings Corp., which is the parent company of CEC Entertainment Inc., the owner, operator and leading franchisor of the family dining and entertainment brand Chuck E. Cheese. The other principal in the merger agreement is Queso’s controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management LLC (NYSE: APO), a publicly traded equity firm based in New York. CEC Entertainment is based in the Dallas suburb of Irving and also owns, operates and franchises Peter Piper Pizza, a family dining concept. As of year-end 2018, CEC Entertainment and its franchisees operated a system of 606 Chuck E. Cheese venues and 144 Peter Piper Pizza restaurants, with locations in 47 states and …

April 9, 2019

Acquisitions California Retail Western

College Square Shopping Center in Stockton Changes Hands for $20M

by Amy Works December 6, 2018

STOCKTON, CALIF. — A Northern California-based private partnership has completed the sale of College Square, a community shopping center located at 4756 Pershing Ave. in Stockton. A Southern California-based private investor acquired the property for $20 million in a 1031 exchange. Hobby Lobby and Planet Fitness anchor the 126,098-square-foot shopping center, which was built in 1976 and renovated in 2012. Additional tenants include Wienerschnitzel and Outback Steakhouse. Chris Tramontano, John Redfield and Tom Power of SRS Real Estate Partners’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Ben Townsend and Matt Marlin, also of SRS’ Debt & Equity team, structured a high-leverage, non-recourse loan with a favorable reserve structure that allowed the new ownership to receive a cash-out return of approximately 10 percent.

December 6, 2018

California Industrial Leasing Activity Western

Amazon Leases 1.1 MSF Industrial Building at NorCal Logistics Center in Stockton, California

by Amy Works October 26, 2018

STOCKTON, CALIF. — Amazon has signed a lease with CT Realty to occupy a newly constructed, 1.1 million-square-foot industrial building at NorCal Logistics Center in Stockton. Located at 4532 Newcastle Road, the fulfillment center offers proximity to Burlington Northern Santa Fe, Union Pacific intermodal facilities, SR-99 and interstates 5, 205 and 580. Terms of the lease were not disclosed. The transaction marks the completion of CT’s approximately 1.7 million-square-foot first phase of the 345-acre NorCal Logistics Center, following the sale of two completed buildings, totaling 575,127 square feet, to Prologis in June. CT Is underway on the second phase of the development: five buildings, totaling 2.7 million square feet, built as a mix of speculative and build-to-suit projects.

October 26, 2018

Acquisitions California Retail Western

Stockbridge Acquires 155,275 SF Edinger Plaza in Orange County

by Amy Works October 25, 2018

HUNTINGTON BEACH, CALIF. — Stockbridge, on behalf of its Smart Markets Fund, has purchased Edinger Plaza, a power shopping center located at 7490-7664 Edinger Ave. in Huntington Beach. Santa Monica-based Watt Cos. sold the property for an undisclosed price. Developed in 1976 and redeveloped in 2012, the 155,275-square-foot shopping center is situated on 13.4 acres. At the time of sale, the property was 99 percent leased to a variety of tenants, including Nordstrom Rack, Dick’s Sporting Goods, PetSmart and Michaels. Megan Wood, Jimmy Slusher, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West team represented the seller and buyer in the deal, which was the highest priced retail property transaction in Orange County this year, according to the brokers.

October 25, 2018

Industrial Kansas Leasing Activity Midwest

Overstock.com to Open 517,000 SF Distribution Center in Kansas City, Kansas

by Kristin Harlow September 14, 2018

KANSAS CITY, KAN. — Overstock.com, an online home goods and furniture retailer, has leased 517,000 square feet at a new distribution center in Kansas City. The building, owned by Los Angeles-based BH Properties, is located at 5300 Kansas Ave. Luke Burbank and Kyle Roberts of Newmark Grubb Acres led the national site search for Overstock.com. Mark Long and John Hassler of Newmark Grubb Zimmer worked with Burbank and Roberts to provide assistance with lease negotiations in the Kansas City region. Chris Guiterez with Kansas City Smartport assisted in the coordination of all state and local economic development experts that assisted in this project, including the State of Kansas Department of Commerce and the Wyandotte Economic Development Council. Overstock.com will begin operations at the facility in October and will employ up to 200 people. The Kansas city location enables Overstock.com to offer two-day shipping options for 99 percent of its U.S. customers, according to Carroll Morale, vice president of supply chain at Overstock.com.

September 14, 2018

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