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Alex Tostado

CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Negotiates $3.4 Million Sale of Two 7-Eleven Properties in California

by Alex Tostado

Santa Maria and Fresno, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer …

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CaliforniaInvestment salesNewsRestaurants

Chase Partners Sells Chipotlane Property in Northern California for $3.2 Million

by Alex Tostado

Lathrop, Calif. — Chase Partners has sold a new Chipotlane drive-thru property in Lathrop in California’s San Joaquin Valley for $3.2 million. The 2,323-square-foot property was delivered earlier this year at 16542 Golden Valley Parkway. Bill Asher and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the Glendale, California-based seller in the transaction. Kurt Bruggeman of Lee & Associates represented the buyer an Orange County, California-based private investor. Chipotlane is the new concept from Chipotle Mexican Grill that allows customers to order on the restaurant’s app and pick …

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CaliforniaCompany newsNewsRetailers

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Alex Tostado

Westlake Village, Calif. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects …

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FloridaInvestment salesLeasingNet leaseNewsRetailers

SRS Arranges $4.2 Million Ground Lease Sale of Wawa-Occupied Gas Station in Orlando

by Alex Tostado

Orlando, Fla. — SRS Real Estate Partners has arranged the $4.2 million ground lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL represented the …

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Company newsFloridaNewsRestaurants

Darden Restaurants Reports 19.4 Percent Decline in Fiscal Second-Quarter Revenue

by Alex Tostado

Orlando, Fla. — Darden Restaurants Inc. has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 …

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GeorgiaInvestment salesNewsRetailers

SRS Brokers $10.2 Million Sale of Shopping Center Near Atlanta

by Alex Tostado

Newnan, Ga. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Hackney Real Estate Partners acquired the asset.

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CaliforniaCompany newsIllinoisMarylandNews

Sameday Testing to Open Five COVID-19 Testing Sites at Westfield Shopping Center Locations

by Alex Tostado

Los Angeles — Sameday Testing will open five new COVID-19 testing facilities within Westfield shopping centers. The locations will be at Westfield Annapolis, Westfield Montogmery and Westfield Wheaton in Maryland; The Village at Westfield Topanga in Woodland Hills, California; and Westfield Old Orchard in Skokie, Illinois. The Los Angeles-based operator now has more than 30 locations in cities including Washington, D.C., Los Angeles, Dallas and Miami. Patrons can receive COVID-19 testing at the sites as well as future vaccinations. “We must grow faster than the virus to beat it — …

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CaliforniaLeasingNewsRetailers

Progressive Real Estate Partners Arranges 35,000-Square-Foot Retail Lease in Southern California

by Alex Tostado

Riverside, Calif. — Progressive Real Estate Partners has arranged a 10-year, 35,000-square-foot retail lease in Riverside. Big Lots will occupy the former space of JoAnn Fabrics at the 183,000-square-foot Canyon Springs Marketplace. Big Lots expects to move into the space in early 2021. The store will offer a wide assortment of affordable merchandise ranging from soft home, furniture and seasonal items to food, electronics, toys and accessories. Other tenants at the center include Marshalls, Old Navy, Petco, Bed Bath & Beyond, Michaels and Best Buy. Canyon Springs Marketplace was built …

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DevelopmentMixed-useNewsUtah

CenterCal Properties Prepares for Phase II of Mountain View Village Mixed-Use Project in Utah

by Alex Tostado

Riverton, Utah — CenterCal Properties has selected Okland Construction Co. Inc. to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton. The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces. The first phase includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland …

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NewsRetailersWashington DC

Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year

by Alex Tostado

Washington, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, …

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