Algonquin, Ill. — SVN | Chicago Commercial has arranged the sale of a 7,549-square-foot restaurant property in Algonquin for $1.1 million. The freestanding building is located at 2561 County Line Road. Tim Rasmussen and Olivia Czyzynski of SVN brokered the transaction. The buyer, an operator of Mexican restaurants, plans to open a casual Mexican concept, according to Rasmussen.
Huntsville, Ala. — A joint venture between MGold Properties and Mishorim Real Estate Investments has sold University Place, a 169,585-square-foot retail center in Huntsville, for $27 million. University Place was fully leased at the time of the sale to tenants including Cheddar’s Scratch Kitchen, Armed Forces Career Center, Zaxby’s, Panda Express, Red Wing Shoes, Republic Finance, T-Mobile and Subway. The property sits on 17.2 acres at 6125 University Drive along U.S. Highway 72, about six miles west of downtown Huntsville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group …
Exton, Pa. — JLL has negotiated the sale of a 55,000-square-foot retail property leased to Whole Foods Market in Exton, 50 miles west of Philadelphia. The freestanding building is located at the entrance of the Exton Square Mall near two major thoroughfares, State Route 100 and U.S. Route 30. Austin-based Whole Foods signed a 20-year lease at the property and opened its doors in January 2018. The grocery store also includes a 4,000-square-foot rooftop deck with fire pits for dining. Jim Galbally, Bill Moylan and Colin Behr of JLL handled …
Austin, Texas — Marcus & Millichap has arranged the sale of a 4,885-square-foot commercial property net-leased to QuikTrip in Austin. Anthony Pucciarello and Vincent Knipp of Marcus & Millichap had the exclusive listing to market the property on a sale-leaseback basis. Derrick Dougherty, also with Marcus & Millichap, represented the buyer, which acquired the property via a 1031 exchange.
Glen Burnie, Md. — Continental Realty Corp. has acquired Governors Commons, a 129,242-square-foot shopping center in Glen Burnie, for $16.2 million. Governors Commons was fully leased at the time of sale to tenants including Gavigan’s Furniture, Pep Boys, Sake Japanese Steakhouse, Goodwill Industries and Dollar Tree. The property is located at 7311 Ritchie Highway, nine miles south of downtown Baltimore. Mathew Adler, Geoffrey Millerd and Chris Huesgen of Newmark Knight Frank (NKF) arranged the transaction. The seller was not disclosed. Joe Donato of NKF arranged acquisition financing.
Fairfield, Calif. — Capital Rivers Commercial has arranged the sale of Oakmont Plaza, a 105,000-square-foot shopping center in the San Francisco Bay Area community of Fairfield. San Diego-based The Niki Group acquired the property from a Fairfield-based private investor for $11.2 million. FoodMaxx anchors the retail center, which includes a freestanding Chase Bank and O’Reilly Auto Parts in addition to 35,000 square feet of in-line space. Additional tenants include Mountain Mikes Pizza and Check to Cash. Greg Aguirre and Frank Kozlowski of Capital Rivers Commercial represented the seller, while Brandon …
Cerritos, Calif. — Avison Young has arranged the sale of a retail property located at 11355 South St. in the Los Angeles suburb of Cerritos. A private investor from Southern California sold the property for $6.5 million. Built in 1974, the 5,225-square-foot property features 1,200 square feet of mezzanine space. Comerica Bank occupies the building on an absolute triple-net lease. Brian Hennessey and Armand Aghadjanians of Avison Young represented the seller, while Brian Russell of Kinnery’s Brokerage and The Primemark Group represented the buyer, a Southern California-based private investor, in …
Philadelphia — Michigan-based REIT Agree Realty Corp., has acquired the 11,500-square-foot flagship store of Wawa, a chain of gas stations and convenience stores serving the East Coast, for approximately $15 million. The store is situated within the 13-story Public Ledger Building, located adjacent to Independence Hall in the Center City area of Philadelphia. The store is the largest of the Wawa’s chain and includes a bakery, merchandise and an expanded selection of the company’s reserve coffee products. The seller was not disclosed.
Corona, Calif. — Progressive Real Estate Partners has arranged the $11 million sale of Corona Freeway Center in Corona, California. The 67,690-square-foot retail center was built in 1991 and was recently renovated, including a new roof, new HVAC, updated landscaping, painting and major renovations to the parking lot; the addition of a 60-foot high digital freeway pylon sign; and a 400-square-foot digital screen. Tenants include Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Frank Vora of Progressive Real Estate Partners represented the seller, an Orange County, California-based private …
By Austin Blodgett and Eric Wohl, Hanley Investment Group The professional car wash industry is more than 100 years old. Yet, the category has only recently picked up steam as a viable alternative to traditional net leased retail properties for private investors. Savvy private investors in today’s complex real estate market are following in the footsteps of what some of the larger REITs are looking to acquire. Namely, single-tenant express car washes. Unlike a McDonald’s or a Starbucks, net leased car wash properties are still a relatively new category for …
