Oxon Hill, Md. — Four new restaurants and entertainment concepts are set to open at National Harbor, a waterfront mixed-use development by Peterson Cos. in Oxon Hill, about 12 miles from Washington, D.C. New openings will include Tom’s Watch Bar, a 10,881-square-foot sports bar; Sticky Situation, a 2,862-square-foot honey and syrup tasting room; Escapology, a 3,675-square-foot escape room; and Silver Diner, a 7,132-square-foot restaurant offering classic diner food with an open-air bar and patio. The new tenants are set to open in late 2022 and early 2023. National Harbor is …
Fishers and Carmel, Ind. — Stan Johnson Co. has brokered the $18.7 million sale of two Fresh Thyme Market-occupied grocery stores in metro Indianapolis. The seller was a Chicago, Illinois-based private equity fund, and the buyer was a private equity fund headquartered in Mexico City. Mark Lovering of Stan Johnson Co. represented both parties in the transaction. Located at 11481 East 116th St. in Fishers and 3400 East 146th St. in Carmel, the freestanding properties are approximately 28,600 square feet each. Fresh Thyme Market has long-term net leases at both …
Los Angeles — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Blvd. in West Los Angeles. Los Robles Office Partners sold the property to a private party for $13.1 million. The 10,883-square-foot center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.
Rockford, Ill. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property was 69 percent leased at the time of sale to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.
Westland, Mich. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.
Bridgewater, N.J. — Patio/outdoor furniture and accessories retailer Fortunoff Backyard Store will open a 9,400-square-foot retail establishment at Somerset Shopping Center in the Northern New Jersey community of Bridgewater. The tenant will backfill a space at the 219,000-square-foot center that was formerly occupied by Pier 1 Imports, which declared bankruptcy and began liquidating its stores in May 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord in the lease negotiations. Jake Frantzman of RIPCO Real Estate represented Fortunoff Backyard Store.
Boulder Group Negotiates $2.1 Million Sale of Starbucks Coffee-Occupied Property in Central Illinois
Lincoln, Ill. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks Coffee in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.
Public-Private Partnership Plans 600,000-Square-Foot West Grove Mixed-Use Project in McKinney, Texas
McKinney, Texas — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. San Francisco-based architectural firm Gensler designed the …
Sherman, Texas — Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping mall located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.
Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …