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Alex Tostado

Investment salesNewsRetailersWashington

SRS Arranges $6 Million Sale of Rite Aid-Occupied Asset in Kingston, Washington

by Alex Tostado

Kingston, Wash. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.

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FloridaLeasingNewsRestaurants

Bromley Cos. to Bring True Food Kitchen to $500 Million Midtown Tampa Project

by Alex Tostado

Tampa, Fla. — The Bromley Cos. has signed True Food Kitchen to a 5,000-square-foot lease in Midtown Tampa, a $500 million, 22-acre development in Tampa. This marks True Food’s first west central Florida location. Integrative medicine expert Andrew Weil co-founded the Oprah Winfrey-backed health-driven restaurant that operates several locations in Jacksonville, Naples and Boca Raton, Florida. The Bromley Cos. — in collaboration with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co., Crescent Communities and Concord Hospitality —has also signed Whole Foods Market to a 48,000-square-foot space within the project.

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Investment salesNewsRetailersTexas

STRIVE Negotiates Sale of 30,255-Square-Foot Shopping Center in Arlington, Texas

by Alex Tostado

Arlington, Texas — Dallas-based STRIVE has arranged the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. The center is home to tenants such as Walmart Neighborhood Market, Walgreens, Subway, Dollar General and Spec’s Wine. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.

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CaliforniaNewsRestaurants

SRS Secures $6.5 Million Acquisition Loan for Mimi’s Plaza in Tustin, California

by Alex Tostado

Tustin, Calif. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin, California. The three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.

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DevelopmentIllinoisNewsRetailers

Woodmont Co. to Develop 15,000-Square-Foot Retail Center in Grayslake, Illinois

by Alex Tostado

Grayslake, Ill. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, located 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider …

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Investment salesNewsRetailersTexas

REATA, Stonefield Acquire 173,041-Square-Foot Shopping Center in San Antonio

by Alex Tostado

San Antonio — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, The Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. …

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Company newsEntertainmentIllinoisNews

Cushman & Wakefield Launches Sports & Entertainment Advisory Group

by Alex Tostado

Chicago — Cushman & Wakefield has established a new Sports & Entertainment Advisory Group to provide solutions for designing, building, financing, operating and maximizing revenue streams for athletic and entertainment venues. The new S&E Advisory Group includes partnerships with industry leaders such as Chicago-based sports and entertainment marketing firm W Partners. The group will serve sports franchise owners, local governments and municipalities, private owners of entertainment venues and public and private universities. It will also provide advisory services for arenas, stadiums, adjacent retail and entertainment complexes, amphitheaters, convention centers, motorsports …

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DevelopmentEntertainmentNewsTexas

PINSTACK to Open 50,000-Square-Foot Entertainment Venue in Austin

by Alex Tostado

Austin, Texas — PINSTACK — an entertainment concept that combines bowling with other activities, as well as food and beverages — will open a 50,000-square-foot venue at Tech Ridge Center in Austin. This will be the first location outside of the Dallas-Fort Worth metroplex for PINSTACK, which is owned by Entertainment Properties Group Inc. In addition to bowling, the Austin center will offer a rock-climbing wall, virtual reality games, laser tag, bumper cars and a ropes course, as well as a chef-driven menu featuring craft cocktails, wine and draft beer. …

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FeaturesNorth CarolinaRetailersSouth Carolina

Grocers leading the charge as retailers are attracted to Carolinas’ job, population growth

by Alex Tostado

From the Charlotte metro area to Raleigh-Durham and back down to Upstate South Carolina and Charleston, North and South Carolina are quickly becoming the top choices for retail developers, owners and consumers, leading retail industry experts say. With new residents moving to the two-state region’s metro areas, grocers are moving in where they can. Raleigh has seen Harris Teeter expand, and Wegmans and Publix enter the market. Costco and Publix are expanding in Charleston. In Upstate South Carolina, Lowes Food and Sprouts Farmers Market are opening their doors to new …

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Company newsNewsRestaurantsTexas

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

by Alex Tostado

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 …

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