Lansing, Ill. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property located in Lansing, a southern suburb of Chicago. Chipotle Mexican Grill occupies the newly constructed building on a 15-year lease that features 10 percent rental escalations every five years and four five-year renewal options. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer, in the transaction.
Westminster, Colo. — Seven new tenants have signed leases at The Orchard Town Center, a retail center located in Westminster, roughly 12 miles outside downtown Denver. Warby Parker, J.Crew Factory, Rally House, Cozy Coffee Co. and ZAGG are scheduled to open at the property later this year. P.F. Chang’s and Activate have also signed leases at the center, with plans to open next year. Vestar manages and leases the property, which is over 90 percent occupied. Existing tenants at the center include Target, Nordstrom Rack, Sephora and Lululemon.
Tucson, Ariz. — First Washington Realty has sold Casas Adobes Plaza, a shopping center located in Tucson, for $51 million. Originally built in 1953 and remodeled in 2014, the property totals 92,300 square feet situated on 9.5 acres. Tenants at the property, which was 97 percent occupied at the time of sale, include Whole Foods Market, Starbucks Coffee, Pure Barre, Orangetheory Fitness and Chico’s. Patrick Dempsey and Geoff Tranchina of JLL Capital Markets arranged the transaction. Greg Brown and Jason Carlos of JLL secured acquisition financing through a correspondent life insurance …
Manteca, Calif. — Grupe Huber has acquired The Promenade Shops at Orchard Valley, a 400,000-square-foot retail center located in Manteca. Bass Pro Shop, AMC Theatres, JC Penney and Valley Fitness anchor the property, which is situated on 54 acres. Sutter Health recently signed a 17,500-square-foot lease at the center and is currently underway on construction of its space, which is scheduled to open in early 2025. The buyer plans to implement a “revitalization” process at the property, which was originally built in 2008. JLL manages and leases the center.
Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased 20 restaurant properties occupied by Bloomin’ Brands concepts for $66.4 million dollars. Located in Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina and Tennessee, the portfolio includes 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants, with one dual-tenant property occupied by both concepts. The properties are leased to corporate Bloomin’ Brands entities on two master leases. This transaction makes Bloomin’ Brands the third largest tenant for FCPT, accounting for 3.3 percent of cash rent for …
Costa Mesa, Calif. — Three new retail tenants have signed leases at South Coast Collection (SoCo), a 292,000-square-foot retail center located in Costa Mesa, roughly 40 miles outside Los Angeles. Lovesac, BauTeam and Fireclay Handmade Tile will occupy 2,198; 2,035; and 2,238 square feet at the property, respectively. Continental Realty Corp. (CRC) is the landlord of the center, which was originally developed in 2007. Other tenants at the property include Coco Republic, Design Within Reach, La-Z-Boy, Paul Mitchell the School, Brown Jordan, Natuzzi, Room & Board, Butcher’s House, Greenleaf Kitchen + …
Collierville, Tenn. — RealSource Group has arranged the sale-leaseback of a 34,000-square-foot single-tenant retail property located in Collierville, roughly 30 miles southeast of Memphis. LA Fitness occupies the property, which was built in 2019. Ted Slaughter and Jonathan Schiffer of RealSource, in association with Scott Reid of ParaSell Inc., represented the seller, Fitness International, in the transaction. A private investor acquired the property for an undisclosed price. LA Fitness will continue to occupy the building on a 15-year net lease.
Chicago — Fast-casual Mediterranean restaurant chain Roti has filed for Chapter 11 bankruptcy protection, with plans to seek new investors or purchasers while reorganizing finances. The Chicago-based company, which was founded in 2006, intends to keep units in the Chicago, Minneapolis and Washington, D.C. metros open throughout the process. The company cites the effects of the COVID-19 pandemic and a recent downturn in consumer spending as some of the challenges leading up to the filing. “After careful consideration, filing for bankruptcy protection was the best way to address our challenges — …
Franklin, N.C. — Marcus & Millichap has brokered the $5.5 million sale of a retail center located in Franklin. Totaling 32,000 square feet, the property was 96 percent leased to 12 tenants at the time of sale. Retailers at the center include Dollar Tree, CATO and Sally Beauty Supply. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller in the transaction. Benjamin Yelm assisted as the firm’s broker of record in North Carolina.
Chicago — Architecture firm Lamar Johnson Collaborative (LJC) has released renderings for a transformative vision for Michigan Avenue’s Magnificent Mile retail corridor in downtown Chicago. The Magnificent Mile Association commissioned the plan, known as MM2050, to explore innovative solutions for addressing vacancies instigated by the COVID-19 pandemic. LJC created a series of conceptual renderings, guided by four design pillars: people, place, technology and experience. The renderings showcase ideas for enhancing public spaces, improving pedestrian connectivity and encouraging sustainable, mixed-use development. The MM2050 renderings are currently on display at the Chicago Architecture …
