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Alex Tostado

CaliforniaInvestment salesNewsRetailers

Avison Young Negotiates $6.5 Million Sale of Single-Tenant Bank Location in Suburban Los Angeles

by Alex Tostado

Cerritos, Calif. — Avison Young has arranged the sale of a retail property located at 11355 South St. in the Los Angeles suburb of Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net lease. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in …

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DevelopmentNewsRetailersTexas

Trademark Property To Develop Master Plan For Houston’s Memorial City Mall

by Alex Tostado

Houston — MetroNational has chosen Ft. Worth, Texas-based Trademark Property Co. to create a master plan for Memorial City Mall in west Houston. Memorial City Mall is a 1.7 million-square-foot shopping mall that is situated within the 265-acre Memorial City campus. Trademark is tasked with creating a plan that will transform the mall into an integrated center of the campus. Renovations will include redeveloping the south side of the mall, where Sears recently vacated; adding more restaurant, retail and dining space; and adding public gathering spaces and increased walkability. Houston-based …

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Grocery-anchoredInvestment salesNewsPennsylvania

Agree Realty Acquires Wawa’s Flagship Store in Philadelphia for $15 Million

by Alex Tostado

Philadelphia — Michigan-based REIT Agree Realty Corp., has acquired the 11,500-square-foot flagship store of Wawa, a chain of gas stations and convenience stores serving the East Coast, for approximately $15 million. The store is situated within the 13-story Public Ledger Building, located adjacent to Independence Hall in the Center City area of Philadelphia. The store is the largest of the Wawa’s chain and includes a bakery, merchandise and an expanded selection of the company’s reserve coffee products. The seller was not disclosed.

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DevelopmentGrocery-anchoredNewsSouth Carolina

Halvorsen Holdings to Develop Publix-Anchored Shopping Center Near Savannah, Georgia

by Alex Tostado

Bluffton, S.C. — Boca Raton, Florida-based Halvorsen Holdings is planning to develop May River Crossing, a 70,200-square-foot, Publix-anchored shopping center in Bluffton, 16 miles north of downtown Savannah and 16 miles west of Hilton Head Island. May River Crossing will be situated on 15 acres on the northeast corner of Okatie Highway and May River Road. Publix will occupy 48,000 square feet and will feature a drive-thru pharmacy. The center will feature 21,845 square feet of inline retail space. May River Crossing’s committed tenants include a nail salon, national hair …

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IllinoisLeasingNewsRestaurants

Brown Bag Seafood Co. to Join Tenant Lineup at Willis Tower’s Catalog in Chicago

by Alex Tostado

Chicago — Brown Bag Seafood Co. will open its newest location in Willis Tower in Chicago. The fast-casual seafood concept will be located in Catalog, the 300,000-square-foot dining and retail area at the base of the office tower, currently under construction. Willis Tower is undergoing a $500 million renovation project, the biggest transformation in the building’s 46-year history. The first phase is expected to be open to the public in late 2019. Brown Bag Seafood Co. joins Convene, Urbanspace, Shake Shack, Sweetgreen, Starbucks Coffee and Market Creations as a tenant. …

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CaliforniaInvestment salesNewsRetailers

Progressive Real Estate Partners Arranges $11 Million Sale of Retail Center in Inland Empire

by Alex Tostado

Corona, Calif. — Progressive Real Estate Partners has arranged the $11 million sale of Corona Freeway Center in Corona, California. The 67,690-square-foot retail center was built in 1991 and was recently renovated, including a new roof, new HVAC, updated landscaping, painting and major renovations to the parking lot; the addition of a 60-foot high digital freeway pylon sign; and a 400-square-foot digital screen. Tenants include Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Frank Vora of Progressive Real Estate Partners represented the seller, an Orange County, California-based private …

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DevelopmentGrocery-anchoredNew YorkNews

Wegmans to Open 74,000-Square-Foot Store in Brooklyn

by Alex Tostado

New York City — Rochester, New York-based grocer Wegmans will open a 74,000-square-foot store within the Admirals Row redevelopment project located on Flushing Avenue in Brooklyn. The grand opening is scheduled for Sunday, Oct. 27. The store, which will be the company’s first location in New York City, is expected to create about 350 full- and part-time jobs. Wegmans Brooklyn will carry more than 60,000 individual products and offer second-floor mezzanine space with a bar serving food, wine, beer and spirits.

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ArizonaDevelopmentNewsRestaurants

Capital One to Open First Café Location in Arizona at Scottsdale Fashion Square

by Alex Tostado

Scottsdale, Ariz. — Capital One is scheduled to open its first Capital One Café location in Arizona at Macerich’s Scottsdale Fashion Square in early 2020. As the first of its kind in Arizona, Capital One Café integrates digital tools and in-person interactions focused on customer needs. Open to both Capital One account holders and non-account holders, the café will offer customers a place to get help with their accounts, learn about new digital and financial tools, free Wi-Fi, and coffee and pastries made by a local baker. The 5,792-square-foot Capital …

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CaliforniaGrocery-anchoredInvestment salesNews

Arroyo Parkway Acquires Whole Foods Market-Occupied Retail Building in Pasadena, California for $100 Million

by Alex Tostado

Pasadena, Calif. — The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased a retail building and two acres of adjoining land in Pasadena from a private family trust for more than $100 million in an off-market transaction. Whole Foods Market has occupied the 80,000-square-foot retail building since it was built in 2007. The property is located at 465-577 Arroyo Parkway. David Ickovics of Commercial Asset Group represented the seller, while the buyer was self-represented in the transaction.

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Investment salesNewsRetailersVirginia

Bogese Sells Shopping Center in Richmond, Virginia for $5.7 Million

by Alex Tostado

Richmond, Va. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

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