Corona, Calif. — Progressive Real Estate Partners has brokered the $7.2 million sale of a single-tenant retail property located in Corona. Merit Auto Spa, a full-service car wash center, occupies the building, which is an outparcel to Corona Hills Marketplace. A California-based private investor purchased both the property and business. Victor Buendia of Progressive represented the undisclosed seller in the transaction.
Treasure Island, Fla. — Marcus & Millichap has arranged the $5.9 million sale of Treasure Island Plaza, a 20,000-square-foot retail strip center located in Treasure Island in metro Tampa Bay. Built in 1981, the property was leased to 11 tenants at the time of sale. The buyer, an investment firm based in Miami, plans to redevelop the one-acre parcel into a mixed-use building with 40 residences atop 10,000 square feet of retail space. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office brokered the transaction.
Surprise, Ariz. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, …
Santa Monica, Calif. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.
Columbus and Maineville, Ohio — The Dowd Cos. has arranged the sale-leaseback of two Children of America schools in Ohio for $6.9 million. The properties total 21,949 square feet. John Dowd and Theresa Johnson of Dowd Cos. represented Children of America in the 1031, all-cash transaction. Children of America maintains more than 65 locations in 15 states with 13 new properties under development.
Eden Prairie, Minn. — Three new restaurant concepts will open at Eden Prairie Center, a 1.4 million-square-foot retail center located in the southwest Minneapolis suburb of Eden Prairie. Gyu Mai Japanese BBQ and Ichiddo Ramen will open within a dual-concept space comprising 7,996 square feet, with both concepts scheduled to open in December of this year. Starting in July, Where’s The Flour?, a gluten-free fast-casual restaurant, will lease 808 square feet within the development’s food court. Additionally, Café Viola will open a coffee kiosk and occupy 252 square feet, beginning …
Inglewood, Calif. and Los Angeles — NAI Capital Commercial has arranged three Total by Verizon leases totaling 6,049 square feet. Tina LaMonica and Patrick Ortiz of NAI represented the landlords in the leasing negotiations. In Los Angeles, Total by Verizon will open a 2,234-square-foot store within a space formerly occupied by AT&T and a 2,000-square-foot store at Martin Luther King Jr. Shopping Center. Additionally, the tenant will occupy a 1,815-square-foot space in Inglewood, roughly 12 miles outside Los Angeles.
Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing …
Knoxville, Tenn. — Monday Night Brewing will open a taproom within Kern’s Bakery Food Hall at Kern’s Bakery, a 16-acre mixed-use development currently underway in Knoxville. The taproom, which will mark Monday Night’s sixth location and second in Tennessee, will comprise 3,000 square feet with access to a patio and 7,000-square-foot event lawn. Monday Night will also manage the primary bar for the development’s food hall, two separate rooftop patio bars and a smaller bar near the interior performance stage. The food hall comprises the second phase of Four Stones …
Iowa, Montana, North Dakota, Nebraska and Wisconsin — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.
