Chicago, Ill. — CIM Group has signed a lease agreement for Five Iron Golf at Block 37, a shopping, dining and entertainment destination in Chicago’s Loop, and Five Iron Golf is an indoor golf and entertainment experience with nine locations across the country. Five Iron Golf will be on the second floor in an 11,000-square-foot space. The location is Five Iron Golf’s second location in Chicago. This location will include 11 simulators, a putting green and entertainment offerings, including a full bar, kitchen, widescreen TVs and games. Owned by CIM …
By Taj Adhav With everything retailers have endured since early 2020, ASC 842 is probably the last thing on your mind. It’s even possible you’re seeing the term “ASC 842” for the first time. And that’s o.k. However, you might have some catching up to do. ASC 842 is the new accounting standard published by the Financial Accounting Standards Board (FASB) that requires companies to track and more fully disclose all qualifying leased assets — including commercial real estate leases. After a one-year deferral, the standard goes into effect for …
Winder, Ga. — Stan Johnson Co. has brokered the sale of a 10,947-square-foot retail center located at 102 North Broad St. in Winder. At the time of sale, Bank of America Center was more than half occupied by Bank of America and has two vacant tenant spaces. Doug Clyburn and Julie Clyburn of Stan Johnson Co. represented the seller, a private investor from Watkinsville, Georgia. The buyer, a developer from Atlanta, was represented by Jeff Enck of Stan Johnson Co. The property traded for more than $1 million, representing a …
Beavercreek, Ohio — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development will redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is part of a larger strategy by WPG to diversify its tenancy …
Phoenix — Newmark has arranged the sale of two grocery-anchored shopping centers located in Phoenix for a combined total of $14 million. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transactions. In the first deal, Boros Investments sold Safeway Shops at 83rd & Camelback, a multi-tenant retail center located at 4819 N. 83rd Ave. and 8141 W. Camelback Road, to an entity doing business as Reel Retail Fund I LLC. Tenants at the fully occupied property include H&R Block, Great Clips, One Main Financial, a doughnut shop, …
Solon, Ohio — Matthews Real Estate Investment Services has arranged the $10.1 million sale of Uptown Solon Shopping Center in Solon, about 20 miles southeast of Cleveland. The 182,334-square-foot property is home to Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators and Orange Theory Fitness. Ben Snyder and Zack Bates of Matthews brokered the sale. The seller was a subsidiary of Retail Value Inc. The buyer, United Growth, is a development and investment company that targets value-add properties.
Riverview, Fla. — Plaza Advisors has arranged the sale of Riverview Town Centre, a 46,002-square-foot retail plaza located in Riverview. The shopping center is located at the intersection of U.S. 301 and Gibsonton Drive. Riverview Town Centre is shadow-anchored by a Lowe’s Home Improvement store, and was 93 percent occupied at the time of sale with tenants including Amscot, Sport Clips, Dickey’s BBQ, Rent King and Mattress Firm. The center was constructed in 2006 and was sold by the original developer. The buyer, Riverview Town Centre LLC, is a private …
Miramar, Fla. — SRS Real Estate Partners has arranged the $7.3 million sale of a 1.7-acre retail site at 1700 S. Douglas in Miramar. The property will have a new 6,119-square-foot Wawa convenience store and 16-pump gas station. The property has a new 20-year ground lease in place with Wawa as the tenant. Wawa will break ground summer 2021 with plans to open the store approximately in the first quarter 2022. Patrick Nutt of SRS represented the seller, a Florida-based merchant developer, in the NNN transaction. The buyer was a …
Belton, Mo. — Quantum Real Estate Advisors Inc. has negotiated the sale of a freestanding, 10,000-square-foot retail property occupied by Ulta in Belton for $2.4 million. The building is located at 551 E. Markey Parkway. Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. Buyer information was undisclosed. There are approximately eight years remaining on the lease term.
Davie, Fla. — Tiktin Real Estate Investment Services (TREIS) has arranged the $12.8 million sale of Broward Plaza, a 74,300-square-foot retail center located at 4803-4963 S. State Rd. 7 in Davie. An outparcel with a Miami Grill location was included as part of the sale. Broward Plaza, anchored by BrandsMartUSA, Dollar General and Big Chef, has a total of 17 tenants. El-Ad Broward Plaza LLC, an entity of El-Ad National Properties, acquired the 8.2-acre property from Saber Griffin Two LLC. Adam J. Tiktin of TREIS, represented both the buyer and …