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Bowlero
Company newsEntertainmentInvestment salesNet leaseNew YorkNews

VICI Acquires 38 Bowling Entertainment Centers for $432.9 Million

by Hayden Spiess

New York City — VICI Properties Inc. has acquired 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located in 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer term for VICI to purchase Bowlero real estate. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel …

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Hy-Vee_Fairmont-Minn
Investment salesMinnesotaNet leaseNews

Cleeman Realty Group Brokers $5.1 Million Sale of Single-Tenant Property in Fairmont, Minnesota

by Hayden Spiess

Fairmont, Minn. — Cleeman Realty Group has brokered the $5.1 million sale of a single-tenant property located in Fairmont. Hy-Vee occupies the 54,740-square-foot building on a triple-net-lease basis. Jeremy Scheer of Cleeman represented the undisclosed buyer in the transaction. 

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Shaun Riley Faris Lee Retail Investment
Content PartnersDevelopmentFeaturesIndustry ContentInvestment salesNet leaseRetailers

Sound Retail Fundamentals Continue to Drive Investor Interest

by Sarah Daniels

The three managing principals at Irvine, Calif.-based Faris Lee Investments — Shaun Riley, Jeff Conover and Don MacLellan — see retail as the best investment class today. The reason? Strong fundamentals across the board, including low vacancy rates, minimal new construction and strong tenant sales. The trio live in the same world as the rest of us, where interest rates and economic uncertainty have deterred many, but to them, the fact remains that retail has never been stronger as an asset class. “People say it’s a bad market. It’s not …

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Starbucks signed a 10-year net lease at the freestanding property in Byron, Ga.
DevelopmentGeorgiaNet leaseNews

Halpern Enterprises Completes Development of 2,600-Square-Foot Retail Property in Georgia

by Hayden Spiess

Byron, Ga. — Halpern Enterprises Inc. has completed the development of a 2,600-square-foot build-to-suit property in Byron. Starbucks Coffee will occupy the freestanding building on a 10-year net lease. Brad Oppenheimer, Caleb Adams and Cary Halpern of Halpern Enterprises led the project. 

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Investment salesNet leaseNewsTexas

SRS Real Estate Arranges $14.6 Million Sale of Retail Building in Metro Houston

by Hayden Spiess

Katy, Texas — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the Houston suburb of Katy. Kohl’s occupies the property, which is currently under construction, on a triple-net-lease basis. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the buyer, which acquired the asset via a 1031 exchange.

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FloridaInvestment salesNet leaseNewsRestaurants

SRS Brokers $4.6 Million Sale of Restaurant Building in Jacksonville, Florida

by Hayden Spiess

Jacksonville, Fla. — SRS Real Estate Partners has brokered the $4.6 million sale of a 3,937-square-foot restaurant building located in Jacksonville. Panera Bread occupies the property, which was constructed earlier this year as an outparcel to Oakleaf Town Center. The 15-year, triple-net lease features scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller in the transaction. 

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Investment salesNet leaseNewsWisconsin

Marcus & Millichap Arranges $3.1 Million Sale of CVS-Occupied Property in Milwaukee

by Hayden Spiess

Milwaukee — Marcus & Millichap has arranged the $3.1 million sale of a 12,900-square-foot retail property in Milwaukee. CVS/pharmacy occupies the building, which was constructed in 2007, on a net-lease basis. Jeff Rowlett of Marcus & Millichap’s The Rowlett Group represented the seller, a local investor group. The Rowlett Group also procured the buyer, a Delaware-based REIT. 

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8701-W-Hillsborough-Ave_Tampa-Publix
FloridaInvestment salesNet leaseNews

Marcus & Millichap Brokers $7.3 Million Sale of Single-Tenant Property in Tampa, Florida

by Hayden Spiess

Tampa, Fla. — Marcus & Millichap has brokered the $7.3 million sale of a freestanding store located in Tampa. Publix occupies the 64,031-square-foot property on a net-lease basis. Situated on 6.3 acres, the store was built in 1977 as an Albertsons. Evan Cannan and Reid Thedford of Marcus & Millichap represented the seller, a private investor whose family has owned the land for nearly a century. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap procured the buyer. 

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Mariano's
IllinoisInvestment salesNet leaseNews

JLL Arranges Sale of 47,732-Square-Foot Single-Tenant Property in Metro Chicago

by Hayden Spiess

Northfield, Ill. — JLL Capital Markets has arranged the $13.1 million sale of a 47,732-square-foot property located in Northfield, roughly 20 miles outside Chicago. Mariano’s occupies the single-tenant property on a triple-net-lease basis. Alex Sharrin, Michael Nieder, Mohsin Mirza, Charles Shehan and Caity Tirakian of JLL represented the seller, Stockbridge, in the transaction. Swanson Development Group was the buyer. Mariano’s currently operates 44 grocery stores throughout the state. The chain was acquired by Kroger via its parent company, Roundy’s, in 2015. 

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Walgreens_Miami
FloridaInvestment salesNet leaseNews

Marcus & Millichap Brokers $6.9 Million Sale of Single-Tenant Property in Miami

by Hayden Spiess

Miami — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant property located in Miami. Walgreens occupies the building on a net-lease basis. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the undisclosed buyer in the transaction. 

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