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CaliforniaDevelopmentGrocery-anchoredInvestment salesNews

Wood Investments Cos. to Develop 80,000-Square-Foot Shopping Center in Big Bear Lake, California

by Hayden Spiess

Big Bear Lake, Calif. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center. Upon completion, Big Bear Lake Shopping Centerwill be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space. Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024. Charley …

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FloridaInvestment salesNet leaseNewsRestaurants

SRS Brokers $8.1 Million Portfolio Sale of Two Single-Tenant Retail Properties in Metro Tampa

by Hayden Spiess

Brandon, Fla. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.1 million portfolio sale of two single-tenant net-lease retail properties totaling 6,454 square feet in Brandon, roughly 13 miles outside Tampa. The restaurants, which are occupied by Panera Bread and Chipotle Mexican Grill, are outparcels to Lake Brandon Plaza, a 200,000-square-foot, Publix-anchored shopping center. Both properties were completed this year and have new 15-year, absolute triple-net leases in place. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the 1031 …

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CaliforniaInvestment salesNet leaseNews

Hanley Arranges $6.4 Million Sale of Planet Fitness Property in Southern California

by Hayden Spiess

Ventura, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property located in Ventura. Planet Fitness occupies the newly renovated 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.

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LeasingNew JerseyNews

Crunch Fitness to Open 32,000-Square-Foot Gym in Springfield, New Jersey

by Hayden Spiess

Springfield, N.J. — Crunch Fitness will open a 32,000-square-foot gym at General Green Shopping Center in the Northern New Jersey community of Springfield. Crunch Fitness will backfill a space previously occupied by NY Sports Club. Marc Palestina and Chuck Lanyard of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Stephen Picurro of Pierson Commercial Real Estate represented the tenant. Other tenants at the center include Gold Valley Supermarket, GNC and Springfield Bagels.

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LeasingNewsTexas

Three Tenants Sign Leases Totaling 7,175 Square Feet at Plazas at Midtown II in Houston

by Hayden Spiess

Houston — Three tenants have signed leases at Plazas at Midtown II, a shopping center located in Houston. Dough Zone Dumpling House will open a 4,503-square-foot restaurant at the property, marking the brand’s first Texas location. Additionally, nightclub Clover has opened a 1,848-square-foot space, and Upscale Cleaners will open an 824-square-foot location. Fifth Corner is the landlord.

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Company newsNew JerseyNews

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Katie Sloan

Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing …

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DevelopmentMixed-useNewsTennessee

Monday Night Brewing to Open Taproom at Kern’s Bakery Mixed-Use Development in Knoxville

by Katie Sloan

Knoxville, Tenn. — Monday Night Brewing will open a taproom within Kern’s Bakery Food Hall at Kern’s Bakery, a 16-acre mixed-use development currently underway in Knoxville. The taproom, which will mark Monday Night’s sixth location and second in Tennessee, will comprise 3,000 square feet with access to a patio and 7,000-square-foot event lawn. Monday Night will also manage the primary bar for the development’s food hall, two separate rooftop patio bars and a smaller bar near the interior performance stage. The food hall comprises the second phase of Four Stones …

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Arbys
Investment salesIowaMontanaNebraskaNet leaseNewsNorth DakotaWisconsin

Marcus & Millichap Brokers $35.1 Million Sale of Midwest Arby’s Portfolio

by Katie Sloan

Iowa, Montana, North Dakota, Nebraska and Wisconsin — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.

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Watson Island
DevelopmentFloridaMixed-useNews

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by Hayden Spiess

Miami —BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be updated, BH3 Management and Merrimac Ventures intend to develop within the same footprint …

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FinanceInvestment salesNewsOhio

Eastern Union Arranges $11 Million Acquisition Financing for Shopping Centers in Metro Cleveland

by Hayden Spiess

Mentor, Ohio — Eastern Union has arranged $11 million in financing for the acquisition of two shopping centers located in Mentor, a northeast suburb of Cleveland. Together the properties total 312,866 square feet, with Erie Commons comprising 232,386 square feet and Great Lakes Plaza featuring 80,480 square feet. Marc Tropp of Eastern Union secured the financing through First Bank on behalf of the borrower, America’s Realty LLC. The overall purchase price for the two properties was $14.6 million.

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