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Company newsNews

Regal Cinemas’ Parent Company Cineworld Group Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

Brentford, U.K. — Cineworld Group, parent company to Regal Cinemas among other international theater brands, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.  While a specific plan regarding the company’s real estate was not announced, Cineworld expects to pursue an “optimization strategy” regarding its locations across the U.S. as part of its bankruptcy proceedings. The company is engaging in discussions with its landlords on improving cinema lease terms in hopes of further positioning Cineworld for long-term growth in the U.S., the …

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Investment salesNevadaNews

Phillips Edison Acquires Las Vegas Crossroads Towne Center

by Katie Sloan

Las Vegas — Phillips Edison and Company Inc. (PECO) has purchased Crossroads Towne Center in Las Vegas. Anchored by Walmart, the 148,770-square-foot community shopping center is home to a mix of national and local retailers and restaurants, such as Planet Fitness, Bath & Body Works, Bank of America, Salon Boutique, Mattress Firm, CosmoProf and Dickey’s BBQ. This center is the fifth in the greater Las Vegas market to be acquired by PECO. 

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ConnecticutInvestment salesNet leaseNews

New England Retail Properties Arranges $10.5 Million Sale of Six Retail Properties in Connecticut

by Katie Sloan

Wethersfield, Conn. — New England Retail Properties has arranged the sale of six retail properties in Connecticut net leased to Smithland Supply. Matt Halprin of Wethersfield, Connecticut-based New England Retail represented the sellers — Retail Property One LLC, Retail Property Two LLC, Retail Property Three LLC and Retail Property Four LLC — in the transactions. Previously operated as Agway stores, the freestanding Smithland Supply properties are located in Manchester, Southington, Bethel, North Haven, Middlefield and North Branford, Connecticut. The properties were acquired by Trio Fund I CT Portfolio.

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Piqua-Starbucks
Investment salesNet leaseNewsOhio

Cooper Commercial Investment Group Arranges $2.8 Million Sale of Starbucks Location in Suburban Dayton

by Katie Sloan

Piqua, Ohio — Cooper Commercial has arranged the $2.8 million sale of a single-tenant retail building occupied by Starbucks Coffee in the Dayton suburb of Piqua. Dan Cooper of Cooper Commercial represented the seller, a private developer out of the Midwest, in the disposition of the property to an undisclosed Missouri-based buyer. The location was designed according to the latest Starbucks prototype, featuring a drive-thru lane, patio and prominent signage. The property is occupied under a 10-year, triple-net-lease featuring 10 percent rent increase every five years.

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GeorgiaInvestment salesNews

Hackney Trades Two Grocery-Anchored Shopping Centers in Metro Atlanta for $29 Million

by Katie Sloan

Acworth and Smyrna, Ga. — Hackney Real Estate Partners has sold two grocery-anchored shopping centers in metro Atlanta for $29 million. The assets include the 144,678-square-foot Cherokee Corners in Acworth and the 185,601-square-foot Concord Village in Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented Hackney in the portfolio transaction. Both shopping centers are anchored by Food Depot, which has recently signed a 10-year renewal at both locations. Built in 1984 and renovated in 2016, Cherokee Corners was fully leased at the time of sale to tenants such as …

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DevelopmentLeasingMixed-useNewsOhio

Lucky’s Market to Anchor Thurber Village Redevelopment Project in Columbus, Ohio

by Katie Sloan

Columbus, Ohio — Lucky’s Market will join the tenant lineup at Thurber Village, a shopping center in Columbus undergoing redevelopment to include both retail and residential space. Lucky’s, a family-owned independent grocery store, will offer a mix of natural foods, fruits and vegetables. CASTO has owned Thurber Village since 2005. Redevelopment plans call for a 13,000-square-foot CVS/pharmacy store, a 21,000-square-foot Lucky’s store and 225 apartment units. The new CVS store will replace an existing CVS location. Construction is expected to begin this fall.

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Investment salesNewsNorth Carolina

PEBB Enterprises Sells Concord Station Retail Center Near Charlotte for $15.2 Million

by Katie Sloan

Concord, N.C. — PEBB Enterprises has sold Concord Station, a 45,569-square-foot retail center located at 8591 Concord Mills Blvd. in the Charlotte suburb of Concord. The buyer, an entity doing business as South Coast Commercial LLC, purchased the center for $15.2 million. Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in the transaction. Situated at the entrance of Simon’s newly renovated Concord Mills Mall, Concord Station was fully leased at the time of sale to tenants including Big Blue Swim School, McAlister’s Deli, Guitar Center, The UPS …

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CaliforniaInvestment salesNews

Progressive Real Estate Brokers $5.8 Million Sale of La Pico Plaza Shopping Center in Metro Los Angeles

by Katie Sloan

Whittier, Calif. — Progressive Real Estate Partners has arranged the sale of La Pico Plaza, a neighborhood shopping center located at 9150 Painter Ave. in Whittier, roughly 15 miles outside Los Angeles. An Orange County-based private investor sold the property to Desert Capital Ventures for $5.8 million. Circle K anchors the 20,939-square-foot retail center, which was fully leased to 14 tenants at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the buyer, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal. 

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LeasingNewsVirginia

Planet Fitness to Open New Gym at Stony Point Village in Richmond, Virginia

by Katie Sloan

Richmond, Va. — Planet Fitness has leased 17,476 square feet at Stony Point Village, a 114,422-square-foot shopping center located at 3000-3096 Stony Point Road in Richmond. The fitness chain expects to open the new location, its fifth in the Richmond market, this winter. Nicki Jassy of Cushman & Wakefield | Thalhimer represented Planet Fitness in the lease negotiations. James Ashby IV, also with Thalhimer, represented the unnamed landlord. In addition to the new Planet Fitness, Stony Point Village’s tenant roster includes Trader Joe’s, Good Foods Grocery, Gelati Celesti and Einstein Bros. …

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ColoradoInvestment salesNews

Blue West Capital Arranges $5.3 Million Sale of Used Car Lot in Metro Denver

by Katie Sloan

Lakewood, Colo. — Blue West Capital has negotiated the sale of a 1.6-acre redevelopment site at 5991 W. Colfax Ave. in Lakewood. An undisclosed national development acquired the property from a used car dealer for $5.3 million. Located three miles west of downtown Denver, the site was previously used as a used car dealership for 18 years. The seller discontinued operations and vacated the property prior to closing. Brandon Gayeski of Blue West Capital represented the seller, while Carly Kelly (Gallagher) of Blue West Capital, represented the buyer in the deal.

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