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Investment sales

Potbelly Sandwich
Company newsGeorgiaIllinoisInvestment salesNewsRestaurantsRetailers

RaceTrac Agrees to Acquire Potbelly Sandwich Shop Chain for $566 Million

by Abby Cox

Atlanta and Chicago — Convenience retailer RaceTrac Inc. has entered into a definitive merger agreement to acquire all outstanding shares of fast-casual sandwich chain Potbelly Corp. for $17.12 per share. The all-cash transaction is valued at roughly $566 million, representing a premium of approximately 47 percent to Potbelly’s 90-day volume-weighted average price as of Sept. 9. The acquisition is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals. Founded more than 40 years ago in Chicago, Potbelly sells toasted sandwiches, salads, soups and hand-dipped …

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Greeneville Commons
Investment salesNewsTennessee

Matthews Arranges Sale of 224,139-Square-Foot Greeneville Commons in Tennessee

by Abby Cox

Greeneville, Tenn. — Matthews Real Estate Investment Services has arranged the sale of Greeneville Commons, a 224,136-square-foot neighborhood shopping center located in Greeneville. An affiliate of Hackney Real Estate Partners has purchased the center from New York-based Brixmor for $26 million, according to The Greeneville Sun. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the seller in the transaction. Originally opened in 1990, Greeneville Commons is anchored by Ross, Hobby Lobby, Five Below and Marshalls and is currently more than 90 percent leased. Other retailers at the center …

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Target
Investment salesNew YorkNews

SRS Real Estate Negotiates $20.8 Million Sale of Single-Tenant Retail Property on Long Island

by Abby Cox

Sayville, N.Y. — SRS Real Estate Partners has negotiated the $20.8 million ground lease sale of a single-tenant retail property located in the Sayville neighborhood of Long Island. Target occupies the 145,000-square-foot property on an absolute triple-net, corporate-guaranteed lease with 14 years remaining. Situated across from The Shops at SunVet Mall, the Target store was built in 2014 on roughly 12 acres. Calvin Short of SRS Capital Markets and Jeff Christian of First Street represented the seller, a California-based private investor who had owned the asset for more than 20 years. …

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Colonnade at Kings Grant
Investment salesNewsNorth Carolina

CenterSquare Acquires 21,265-Square-Foot Retail Property in Charlotte, North Carolina        

by Abby Cox

Charlotte, N.C. — Conshohocken, Pennsylvania-based CenterSquare has acquired Colonnade at Kings Grant, a 21,265-square-foot service retail property located in Charlotte. Tenants at the three-building center, which is fully leased, include Jimmy John’s, Sweet Frog and Original Mattress. CenterSquare plans to renovate the property with the inclusion of LED lights and patio seating, fresh paint, updated landscaping, parking lot seal coating, pylon sign enhancement and new roofs on all buildings. Colonnade at Kings Grant marks CenterSquare’s 60th acquisition nationally.

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Mandarin Oriental Retail Collection
Investment salesMassachusettsNews

JLL Arranges $83 Million Sale of Mandarin Oriental Retail Collection in Boston

by Abby Cox

Boston — JLL Capital Markets has arranged the $83 million sale of the Mandarin Oriental Retail Collection, a 28,856-square-foot retail property located in the Back Bay neighborhood of Boston. Situated within the Prudential Center, the retail condominium occupies the ground-floor of the Mandarin Oriental Hotel and is anchored by Citizens Bank. Additional tenants at the property — which was 82 percent leased at the time of sale — include Frette, MiniLuxe and Lunette Optic. Chris Angelone, Zach Nitsche, Sam Wiesman and Anthony Cutone of JLL’s Investment Sales and Advisory team …

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The Shoppes at Carlsbad
CaliforniaFinanceInvestment salesNews

Archway Capital Provides $42.9 Million in Financing for Retail Portion of The Shoppes at Carlsbad

by Abby Cox

Carlsbad, Calif. — Archway Capital has provided a $42.9 million loan for the acquisition of a major retail portion of The Shoppes at Carlsbad, a 1.1 million-square-foot regional shopping center located in Carlsbad, roughly 35 miles north of San Diego. The borrower was Los Angeles-based Steerpoint Capital. The portion that was acquired comprises 727,000 square feet and is currently 74 percent occupied with a tenant mix featuring Yard House, The Cheesecake Factory, Hollister, American Eagle Outfitters, Dave & Busters, 24 Hour Fitness and Regal. The anchor tenants at the center, …

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Shell Gas Station
Investment salesNewsTexas

CrownPoint Partners Facilitates $27 Million Sale-Leaseback of Five-Property Retail Portfolio in Texas

by Abby Cox

Texas — CrownPoint Partners has facilitated the sale-leaseback of a five-property convenience store portfolio in Texas for $27 million. Julius Swolsky and Don Bingham III of CrownPoint Partners represented the seller and the buyer, a Delaware-based private investment group, in the all-cash transaction through Newmark Title Services of Texas in Houston.

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Highlands of Lombard
IllinoisInvestment salesNews

Marcus & Millichap Brokers $5.6 Million Sale of Strip Center in Metro Chicago

by Abby Cox

Lombard, Ill. — Marcus & Millichap has brokered the $5.6 million sale of Highlands of Lombard, a 16,223-square-foot strip center located in the Chicago suburb of Lombard. Built in 2007, the six-suite property is situated across from Yorktown Center mall. The property — which was fully occupied at the time of sale — features a mix of food, health and service-based tenants. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap procured the out-of-state buyer and represented the seller, a Chicago-based private investor who had owned the property …

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Lacey Marketplace
Investment salesNewsWashington

Curbline Properties, Agree Realty Buy 125,204-Square-Foot Lacey Marketplace in Washington

by Abby Cox

Lacey, Wash. — Curbline Properties and Agree Realty have separately acquired portions of Lacey Marketplace, a 125,204-square-foot power center in Lacey. Curbline Properties purchased the 31,885-square-foot retail component located at 1350 Marvin Road NE for an undisclosed price. Current tenants of the fully occupied property include Panera Bread, Mattress Firm, BECU, Verizon Wireless, Cutter’s Point Coffee and Panda Express. Meanwhile, Agree Realty acquired the remaining 93,319-square-foot big box component located at 1200 Marvin Road NE for $21 million. The fully occupied retail component features tenants such as Boot Barn, La-Z-Boy, …

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Oliveira Plaza
CaliforniaInvestment salesNews

JLL Arranges $29.5 Million in Financing for Oliveira Plaza in Southern California

by Abby Cox

Port Hueneme, Calif. — JLL Capital Markets has arranged a $29.5 million bridge loan for Oliveira Plaza, a 116,035-square-foot neighborhood retail center located in the Ventura County community of Port Hueneme. The three-year loan will be used to finance a new Sprouts Farmers Market at the property. Greg Brown, Spencer Seibring and Nick Englhard of JLL’s Debt Advisory team secured the loan with a debt fund on behalf of the borrower, Align REI. Originally built in 1975 on 9.3 acres, Oliveira Plaza is 80 percent leased to a mix of …

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