Northbrook, Ill. — JRW Realty has arranged the acquisition of a 90,408-square-foot Mariano’s grocery store located in Northbrook, a suburb of Chicago. Christopher Thompson of JRW represented the institutional buyers, who purchased the store as part of a focus on acquiring net-leased properties. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger.
Watertown, Mass. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS/pharmacy on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the property via a 1031 exchange.
Hawthorne, Calif. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne, roughly 15 miles outside Los Angeles. An Orange County-based private office group sold the property to the City of Hawthorne for $11.1 million. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark Knight Frank represented the buyer in the deal.
Lakemoor, Ill. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks Coffee in Lakemoor, located in Northeast Illinois. The net-leased building is situated within the larger Lakemoor Commons development, which is home to tenants such as Heartland Dental, Chipotle Mexican Grill and Buona Beef. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.
Orlando, Fla. — Marcus & Millichap has brokered the $6.3 million sale of a single-tenant retail building located at 3212 Curry Ford Road in Orlando. The 13,824-square-foot property is net leased to CVS/pharmacy. Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap’s Miami office represented the seller, a limited liability company, and the undisclosed buyer.
Colorado Springs, Colo. — Blue West Capital has brokered the sale of a single-tenant, net-leased retail building located at 1358 Republic Drive in Colorado Springs. A private REIT sold the property to a Florida-based investor for $4.4 million. Firestone Complete Auto Care occupies the 6,116-square-foot building, which was constructed in 2021, on a long-term, absolute triple-net lease that includes rental increases every five years. Brandon Gayeski and Zach Wright of Blue West Capital represented the seller in the transaction.
Covina, Calif. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
New Orleans — Faris Lee Investments and SRSA Commercial Real Estate have brokered the $31.4 million sale of a single-tenant net-lease Whole Foods Market located at 5600 Magazine St. in New Orleans. The store, which is one of two Whole Foods in the city, is situated near Tulane University and was originally a street car barn constructed in 1893. Faris Lee’s Scott DeYoung and Jeff Conover, along with SRSA’s Steve Reisig, Chris Robertson and Kirsten Early, represented the undisclosed seller in the transaction. Jason Maier with Stan Johnson Co. represented …
There will always be a tug-of-war between retail buyers and sellers — or, really, buyers and sellers of any kind. Both parties want to achieve the best price, but that number looks quite different depending on their side of the table. Though every asset is different, in many ways pricing is made easier based on whether it’s a buyer’s or seller’s market. But what about those transition times? The ones where a market has crested or dipped and is going the other direction? “Pricing today is a little bit of …
Naperville, Ill. — The Boulder Group has brokered the $2 million sale of a restaurant property net leased to KFC and Taco Bell in the Chicago suburb of Naperville. The 2,982-square-foot building is located along Reflection Drive. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based real estate investor completing a 1031 exchange. A Southeast-based real estate company was the seller.
