Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …
Pontiac, Mich. — Farbman Group has arranged a 4,000-square-foot lease at Oakland Pointe Plaza in Pontiac, roughly 30 miles outside Detroit. Franchisees Leslie and Walter Czarnecki have opened a LaundroLab laundromat at the property, featuring high-tech washers and dryers, attendant service, a child playroom and vending machine. The franchisees plan to open laundromats in four additional locations. Carrie Weiss of NAI Farbman represented LaundroLab in the lease negotiations.
Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …
Detroit — Detroit Music Hall has unveiled plans for a $122 million expansion project designed by Tod Williams Billie Tsien Architects. At seven stories and 100,000 square feet, the expansion is the culmination of an extensive 2023 feasibility study. The multipurpose music center will occupy the lot adjacent to the classic 1928 Music Hall, a landmarked facility in the heart of downtown Detroit at the corner of Brush and Madison streets. The new facility will feature a state-of-the-art 24,000-square-foot concert hall, 1,800-square-foot recital hall, recording and practice studios, leasable office space …
Taylor, Mich. — KJ Commercial has brokered the $10.8 million sale of Goddard Square in Taylor. The property comprises a 77,340-square-foot shopping center, a 6,624-square-foot retail outlot building and an adjoining five-acre land parcel. Tenants include Planet Fitness, Dunham’s Sports, Cattleman’s Grocery and Del Taco. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial represented the undisclosed buyer in the transaction.
Woodhaven, Mich. — Marcus & Millichap has brokered the $4.6 million sale of a two-tenant retail property in Woodhaven, a southern suburb of Detroit. Office Depot and Five Below occupy the property. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. Dylan Wolf and Clayton Brown of Marcus & Millichap represented the cash buyer, which completed a 1031 exchange.
Fayetteville, Ark. — Slim Chickens has signed an agreement for 14 new locations in Michigan. Franchisee Nathan Finney of Finney Hospitality Group (FHG) will develop the restaurants, which will be located in Lansing, Grand Rapids, Kalamazoo and other markets throughout the state.
Jackson, Mich. — Marcus & Millichap has brokered the $8 million sale of a retail center in located in Jackson. Kroger and Big Lots anchor the property. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented both the buyer and seller in the transaction.
New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.
Royal Oak, Mich. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks Coffee in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. Starbucks exercised an early renewal option for the property.