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111 Broadway
Investment salesNewsTennessee

Continental Realty Acquires 111 Broadway in Downtown Nashville for $36 Million

by Julia Sanders

Nashville, Tenn. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc. sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930, the three-story property has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems.

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Algonquin Commons
IllinoisInvestment salesNews

Red Mountain Group Acquires 600,000-Square-Foot Algonquin Commons Power Center in Suburban Chicago

by Julia Sanders

Algonquin, Ill. — Red Mountain Group Inc. has acquired Algonquin Commons, a 600,000-square-foot power center in Algonquin, a northwest suburb of Chicago. The purchase price and seller were undisclosed. Built in 2004, the property is 75 percent occupied by tenants such as Trader Joe’s, Ulta Beauty, Nordstrom Rack, DSW, Pottery Barn, Victoria’s Secret, Express, On the Border and Bonefish Grill. Red Mountain plans to invest $30 million for the renovation and repositioning of the center. Plans call for an indoor-outdoor covered entertainment area with an acre of open space. While …

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Rolling Hills
ArizonaFinanceInvestment salesNews

KeyBank Secures $11.4 Million Acquisition Financing for Retail Property in Tucson, Arizona

by Julia Sanders

Tucson, Ariz. — KeyBank Real Estate Capital has secured $11.4 million in acquisition financing for Rolling Hills Square, a 114,102-square-foot shopping center anchored by Fry’s grocery store in Tucson. The property includes six buildings and a vacant parcel. The financing, which was secured on behalf of Portal Investment Management, includes an initial funding of $9.8 million and a future funding of $1.6 million. The future funding will be used for tenant and capital improvement expenses as Portal Investment Management repositions the property. The loan is structured with a three-year, interest-only …

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LeasingNewsTexas

EDGE Realty Negotiates Two Restaurant Leases Totaling 4,913 Square Feet in Metro Houston

by Julia Sanders

Humble and Spring, Texas — EDGE Realty Partners has negotiated two restaurant leases totaling 4,913 square feet on the northern outskirts of Houston. Dave’s Hot Chicken signed a lease to open a 2,995-square-foot restaurant at Spring Town Center in Spring, and Teriyaki Madness inked a deal for a 1,918-square-foot space at West Lake Crossing in Humble. In the first transaction, Debbie Adams of EDGE Realty represented Dave’s Hot Chicken and Kevin Sims of NewQuest Properties represented the unnamed landlord. In the second deal, Kathy King of EDGE represented Teriyaki Madness …

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Rally's Occupied
CaliforniaInvestment salesNews

Marcus & Millichap Brokers $2.2 Million Sale of Rally’s-Occupied Restaurant Space in Suburban Los Angeles

by Julia Sanders

Rialto, Calif. — Marcus & Millichap has brokered the $2.2 million sale of a restaurant property occupied by Rally’s in the Los Angeles suburb of Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. The 1,086-square-foot property was built in 2020 and is occupied under a 15-year absolute triple-net lease. The building features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, California, office served as …

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Investment salesNew YorkNews

First National Realty Buys 166,634-Square-Foot Grocery-Anchored Shopping Center Near Buffalo

by Julia Sanders

Lockport, N.Y. — New Jersey-based private equity firm First National Realty Partners has purchased Tops Plaza, a 166,634-square-foot shopping center located outside of Buffalo in Lockport. A 92,000-square-foot Tops grocery store anchors the property, which was 97 percent leased at the time of sale. The seller and sales price were not disclosed.

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CaliforniaInvestment salesNews

Capital Rivers Commercial Negotiates $4.1 Million Sale of Retail Showroom in Metro Sacramento

by Julia Sanders

Rocklin, Calif. — Capital Rivers Commercial has arranged the sale of a retail showroom located at 4467 Granite Drive in Rocklin, roughly 22 miles outside Sacramento. The 15,600-square-foot building, which features a second-floor mezzanine level, sold for $4.1 million. Ryan Orn and Joe Blanton of Capital Rivers Commercial handled the transaction. The names of the seller and buyer were not released.

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DevelopmentMichiganNews

Crate & Barrel to Open New Location at Twelve Oaks Mall in Suburban Detroit

by Julia Sanders

Novi, Mich. — Crate & Barrel is set to open a new location at Twelve Oaks Mall in the Detroit suburb of Novi. Twelve Oaks Mall is home to 180 specialty stores and 30 restaurants. Crate & Barrel will open its 26,000-square-foot store in June. The new location will showcase the largest kitchen department in the brand’s portfolio. Crate & Barrel Holdings includes lifestyle brands Crate & Barrel, CB2, Crate and Kids and Hudson Grace.

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NewsWashington DC

US Retail Sales Remain Static During April, But Economists Expect Strong Spending This Summer

by Julia Sanders

Washington, D.C. — U.S. retail sales overall remained static in April, following a 10.7 percent increase in March, according to the Department of Commerce. The monthly data fell below expectations, as economists polled by Reuters had projected a 1 percent increase in retail sales. Some sectors of the economy did experience a substantial increase in spending, however. The Wall Street Journal reported that a tracker of credit- and debit-card spending from Bank of America revealed that outlays on airlines rose 23 percent, and that spending at restaurants and lodging also …

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Harborside
DevelopmentNew JerseyNews

Mack-Cali Unveils Latest Phase of Redevelopment of 4.3-Million-Square-Foot Harborside Campus in Jersey City

by Julia Sanders

Jersey City, N.J. — Mack-Cali Realty Corp. has unveiled the latest phase of the redevelopment of Harborside, a 4.3 million-square-foot mixed-use campus in Jersey City. The redevelopment of the 422,590-square-foot Harborside 1, which is one of five office buildings on the campus, is complete and includes a new façade and lobby, as well as infrastructure upgrades. The building also features a private terrace on the fourth floor with views of the Hudson River and Manhattan skyline. As part of this phase, Mack-Cali also introduced new art installations and public spaces …

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