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 …
El Cajon, Calif. — La Maestra Family Clinic has purchased a multi-tenant retail center located at 1242-1248 E. Main St. in El Cajon, roughly 17 miles outside San Diego. Main Street Trust sold the asset for $6.4 million. The buyer plans to convert the vacant, 22,694-square-foot retail center into a community health center. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Keith Edwards of Keller Williams Realty Metro represented the buyer in the deal.
Zion Crossroads, Va. — Cushman & Wakefield | Thalhimer has arranged the $4.9 million sale of Freedom Drive Shops, a 10,296-square-foot retail strip center in Zion Crossroads, about 17 miles from Charlottesville. The property is fully leased to tenants such as Dunkin’ Donuts and Anytime Fitness. The sale also included adjoining land for future development totaling approximately 3.5 acres on Freedom Drive at Route 15. L&D Land Trust purchased the retail center and surplus land from an entity known as Freedom Drive Shops LLC. Catharine Spangler and John Pritzlaff of …
Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role …
Atlanta — Phase II of development is currently under way on The Interlock, a $450 million mixed-use project located in the Midtown neighborhood of Atlanta. Developed by SJC Ventures, the new phase will include a 42,500-square-foot Publix grocery store, 186,000 square feet of office space, 40,000 square feet of retail and a student housing community serving students attending nearby Georgia Tech. Phase I of the project features 200,000 square feet of technology-focused office space; 105,000 square feet of retail and restaurant space; 349 luxury apartments; 18 townhomes; 70 single family …
Richmond, Va. — An affiliate of Klein Enterprises has acquired The Row at GreenGate, a 100,000-square-foot shopping center located within the 75-acre GreenGate master-planned development in Richmond. Markel | Eagle sold the property in an off-market transaction. Built in 2017, the center is 94 percent leased to tenants including Lidl, Starbucks Coffee, Pure Barre, Purify, The Daily Kitchen & Bar, Red Salt Chophouse & Sushi and The Mellow Mushroom. Colliers represented the undisclosed seller in this transaction, and will continue to handle leasing of the property. JLL represented Klein in …
Altoona, Pa. — Axiom Realty has acquired Orchard Plaza, an 82,438-square-foot shopping center located in Altoona. MSC Retail represented the seller, Phillips Edison, in the sales transaction. Orchard Plaza is anchored by Big Lots Inc., and includes other tenants such as The American Red Cross, CosmoProf and The Salon Professional Academy. Built in 1986, Orchard Plaza is located just off Interstate 99.
Cary, N.C. — Hines and Columbia Development have signed four new tenants at Fenton, a 69-acre mixed-use project currently under construction in Cary. Vestique, Southern Tide, Archer Paper Goods and Club Pilates will open at the mixed-use property in April 2022. Vestique, a women’s clothing boutique, will open a 2,165-square-foot store; Southern Tide will open within a 1,726-square-foot space; Archer Paper Goods will open a 1,748-square-foot store; and Club Pilates will open a 1,845-square-foot studio. With the addition of these four new tenants, nearly 90 percent of the retail portion …
Tampa, Fla. — CBRE has arranged the sale of Fowler Plaza North, a 25,619-square-foot retail center in Tampa. Lote Group purchased the property for $7.7 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, Milestone Properties Inc., in the transaction. Located on Fowler Avenue near the University of South Florida, the center is home to tenants such as Chipotle Mexican Grill, Cosmo Prof, Pizza Hut, Boost Mobile, Surterra and Little Greek restaurant.
Fort Pierce, Fla. — Stan Johnson Co. has brokered the sale of Harbour Cay, a 10,530-square-foot shopping center located at 825 Seaway Drive in Fort Pierce. Jeff Enck and Mike Philbin of Stan Johnson Co. represented the seller, a Jupiter, Florida-based developer. An individual investor from Lighthouse Point, Florida purchased the property for $4.1 million. Harbour Cay is fully leased to seven tenants and features a mix of restaurant and service tenants. All tenants operate on triple net leases which commenced in 2021 at the time construction was completed.