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LeasingMarylandNewsRestaurants

Kneads to Open 1,302-Square-Foot Bakeshop in Baltimore

by Hayden Spiess

Baltimore — Kneads Bakeshop has signed a 1,302-square-foot lease to open a bakery and coffee shop within The Village of Cross Keys shopping center in Baltimore. Scheduled to open this fall, the store will be located in a new jewel box building, situated between Always Ice Cream Co. and a new Asian restaurant being opened by Atlas Restaurant Group. Caves Valley Partners is the landlord at the property, which recently underwent renovations. Two new restaurant pads are also currently underway at the center, with completion scheduled for later this year. 

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Sprouts
ArizonaDevelopmentGrocery-anchoredLeasingNews

Sprouts Farmers Market to Open 23,228-Square-Foot Store in Yuma, Arizona

by Hayden Spiess

Yuma, Ariz. — Sprouts Farmers Market will open a 23,228-square-foot store in Yuma, marking the second location in the city for the Phoenix-based grocer. In addition to the Yuma Foothills Sprouts store, the property will feature an additional 11,250 square feet of attached, inline retail space. The Spencer Cos. is the landlord and project developer. Regan Amato of JLL’s Phoenix office represented Sprouts in the lease negotiations, and Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented The Spencer Cos. A construction timeline was not disclosed. 

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Sip-Fresh
Company newsDevelopmentFloridaNewsRestaurants

Sip Fresh Signs Three-Unit Franchise Deal in Florida

by Hayden Spiess

Orlando, Sarasota and Tampa, Fla. — Beverage concept Sip Fresh has signed a franchise deal for the development of three new stores in Florida. Franchisee Ryan McGrail will own and operate the stores, which will be located in Orlando, Sarasota and Tampa. Sip Fresh also recently signed multi-unit deals throughout California. 

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Chase_Bakersfield-Calif
CaliforniaInvestment salesNet leaseNews

Hanley Brokers $2.9 Million Sale of Single-Tenant Property in Bakersfield, California

by Hayden Spiess

Bakersfield, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $2.9 million sale of a 3,576-square-foot single-tenant property located in Bakersfield. Chase Bank occupies the building, which was constructed in 2022 on a 0.9-acre pad, on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the seller, a local private investor, in the transaction. Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer. The property is situated adjacent to a shopping center that is leased to tenants including In-Shape, PetSmart, Banfield Pet Hospital, …

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IllinoisInvestment salesNet leaseNewsRestaurants

Marcus & Millichap Negotiates $2.4 Million Sale of IHOP-Occupied Property in Illinois 

by Hayden Spiess

Springfield, Ill. — Marcus & Millichap has negotiated the $2.4 million sale of a 4,480-square-foot single-tenant property located in Springfield. IHOP occupies the building. The property is situated just north of Capital City Shopping Center, which is occupied by tenants including AMC, Big Lots, Panera Bread and McDonald’s. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction, including a triple-net lease with a franchisee and 10 percent rental increases every five years.

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Lincoln City Outlets
Investment salesNewsOregon

HGP Acquires Lincoln City Outlets in Oregon for $35.3 Million

by Hayden Spiess

Lincoln City, Ore. — Horizon Group Properties (HGP) has acquired Lincoln City Outlets in Lincoln City for $35.3 million, in a joint venture with an entity doing business as LC Outlets JV LLC. The open-air outlet center comprises 50 individual retail, restaurant and venue spaces. Tenants at the property include Nike, Coach, Pendleton, North Face, Eddie Bauer, Scout Northwest Trading Co., Salt and Point Break Fitness. Gilgamesh Brewing also recently opened at the center. HGP will act as the managing member of the joint venture and handle the leasing, management and …

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ConnecticutGrocery-anchoredInvestment salesNews

JLL Brokers $15.9 Million Sale of Northern New Jersey Shopping Center

by Hayden Spiess

Stratford, Conn. —Atlantic Capital Partners has negotiated the $24.6 million sale of North Town Center, a 115,000-square-foot shopping center located in the southern coastal Connecticut city of Stratford. Big Y Supermarket has anchored North Town Center, which was 93 percent leased at the time of sale, since 2008. Other tenants at the property include X-Golf, Town Line Liquors and Town Fair Tire. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented both the buyer and seller in the transaction. Stephen Joseph of Atlantic Capital arranged long-term …

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ColoradoInvestment salesNews

CBRE Arranges $12.9 Million Acquisition of The Shops at Mesa Ridge in Colorado

by Hayden Spiess

Fountain Colo. — CBRE has arranged the $12.9 million acquisition of The Shops at Mesa Ridge, a retail property located in Fountain, a suburb of Colorado Springs. Built in 2001, the retail center features two multi-tenant buildings totaling 29,309 square feet. The property was 95.7 percent leased to 16 tenants at the time of sale. Retailers at the center include Pizza Hut, ENT Credit Union and Buffalo Wild Wings. A private investor purchased the asset from an undisclosed seller. Mark Shaffer, Gary Stache, Gerard Poutier and Chris Martin of CBRE Capital …

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Brickell-City-Centre_Miami
FloridaLeasingMixed-useNews

H&M Signs 25,000-Square-Foot Lease at The Shops at Brickell City Centre in Miami

by Hayden Spiess

Miami — H&M has signed a 25,000-square-foot lease to occupy an anchor space at The Shops at Brickell City Centre (BCC) in Miami. Scheduled to open this year, the clothing retailer will occupy two levels at the property, which is the primary retail component of BCC, a 4.9 million-square-foot mixed-use project developed by Swire Properties that first opened in 2016. Saks Fifth Avenue anchors the development, which also features two residential towers, two office buildings and the EAST Miami hotel. Other retail tenants include Zara, Levi’s and Chanel Fragrance and Beauty …

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pncbank
Architecture and DesignColoradoDevelopmentFloridaNewsPennsylvaniaTexas

PNC Bank to Invest $1 Billion to Add 100 New Branches, Renovate 1,200

by Hayden Spiess

Pittsburgh — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), …

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