Chandler, Ariz. — FAT (Fresh. Authentic. Tasty.) Brands Inc. has agreed to acquire Native Grill & Wings, a Chandler, Arizona-based restaurant chain, for $20 million. The seller was Wingtime LLC, a subsidiary of Cybeck Capital Partners LLC. FAT Brands will fund the acquisition with cash from the issuance of new notes from the company’s securitization facilities. The transaction is expected to close in December. Foley & Lardner LLP acted as legal counsel for FAT Brands, and Taft Stettinius & Hollister LLP acted as legal counsel for Wing Time. FAT Brands …
Phoenix — SRS Real Estate Partners’ Investment Properties Group (IPG) has brokered the $65.8 million sale of Arcadia Crossing, a 453,457-square-foot grocery-anchored center located at 44th Street and Thomas Road in Phoenix. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS IPG represented the seller, a Phoenix-based family office. Pinnacle Real Estate Partners represented the buyer, a Denver-based family office. Mike Polachek and Brian Polachek with SRS Real Estate Partners are the leasing team for the property. Situated on 44 acres, Arcadia Crossing was 95 percent leased at …
Gilbert, Ariz. — Phoenix Commercial Advisors has negotiated the $10 million sale of Shops at Cooley Station, a 15,912-square-foot retail center located at 4049 E. Williams Field Road in Gilbert, roughly 20 miles outside Phoenix. The property was fully occupied at the time of sale by tenants including Pacific Dental, Wing Stop, F45, Little Caesars, Life Quest and My House. Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.
Mesa, Ariz. — KeyBank Real Estate Capital has secured the $77.1 million refinancing of Superstition Gateway, a shopping center consisting of 25 single-story buildings in Mesa. Built in 2007, the center is home to tenants including Kohl’s, Bed Bath & Beyond, LA Fitness and AMC Theatres. John Loshbaugh and Robert Ray of KeyBank secured the fixed-rate, CMBS loan on behalf of the borrower, Desert Troon Companies.
Peoria, Ariz. — Thompson Thrift Retail Group has completed the disposition of Sunrise Promenade, a shopping center in Peoria. An undisclosed buyer acquired the center for $18.2 million. Situated at the corner of Lake Pleasant Parkway and Happy Valley Road, Sunrise Promenade features 26,852 square feet of retail space. Current tenants include Aldi, Black Rock Coffee Bar, Club Pilates, Sherwin-Williams, Dip Nail Spa, Harumi Sushi, Wow Wow Hawaiian Lemonade, Stretch Labs, Butta Cakes and Pearle Vision.
Queen Creek and Peoria, Ariz. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek …
Maricopa, Ariz. — Thompson Thrift has completed the development of a 23,000-square-foot Sprouts Farmers Market store in Maricopa. The property was designed by Nadel Architecture + Planning to better facilitate “click-and-collect” shopping, which allows customers to buy their groceries online and pick them up in-store or have them delivered to their homes through delivery services such as Instacart. The new model features a “click-and-collect” room at the front of the store with refrigerators for perishable food and heaters for prepared food where shoppers and delivery services can collect orders. Nadel …
Surprise, Ariz. — Boros Investments has completed the disposition of Grand Village Center, a retail property located at 14273 and 14291 W. Grand Ave. in Surprise. LJ Mainstreet Holdings acquired the center for $5 million. The 25,653-square-foot property is fully leased to eight tenants, including Church for the Nations, Zona Communications, D’Ambrosio, Full Service Salon and Master Taco Restaurant. The buyer also acquired two adjacent undeveloped land parcels from a different seller and plans to build additional retail buildings on the site. Steve Julius, Jesse Goldsmith and Chase Dorsett of …
Tucson, Ariz. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased to tenants including Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and …
Phoenix — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million. WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, the spring training home to the Milwaukee Brewers. Mark Ruble and Chris Land of Marcus & Millichap represented the seller, while Peter James and Rob Narchi of Marcus & …