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Olive Garden
Investment salesMichiganNews

Hanley Investment Group Brokers $2.4 Million Sale of Olive Garden Ground Lease in Metro Detroit

by Julia Sanders

Chesterfield Township, Mich. — Hanley Investment Group Real Estate Advisors has brokered the $2.4 million sale of an Olive Garden ground lease in Chesterfield Township, about 30 miles north of Detroit. The 7,757-square-foot restaurant property, located at 27169 23 Mile Road, opened in the fall of 2020. The single-tenant building is situated on an outparcel directly in front of a Meijer supermarket. Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a Southern California-based 1031 exchange buyer. Phil Sambazis of Marcus & Millichap represented the seller, …

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Investment salesNewsTexas

STRIVE Arranges Sale of 12,158-Square-Foot Frisco Crossing Retail Center

by Julia Sanders

Frisco, Texas — STRIVE has arranged the sale of Frisco Crossing, a 12,158-square-foot retail center located on the northern outskirts of Dallas. Frisco Crossing was fully occupied at the time of sale by tenants such as Stonelake Family Dentistry, Palio’s Pizza Café and Frisco Pharmacy. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were local investors that requested anonymity, in the transaction.

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Company newsIllinoisNew YorkNews

Elliott Investment Management Enters into Agreement to Acquire Paper Source Inc.

by Julia Sanders

Chicago, New York City and London — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New …

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CaliforniaLeasingNews

SRS Real Estate Partners Negotiates Two Retail Leases at San Gorgonio Village Shopping Center in Beaumont, California

by Julia Sanders

Beaumont, Calif. — SRS Real Estate Partners has negotiated two leases at San Gorgonio Village, a 122,000-square-foot shopping center located at the southeast corner of 2nd Street and Commerce Way in Beaumont. Planet Fitness opened a 17,500-square-foot location at the center in April. Garrett Colburn and Townsand Cropsey of SRS negotiated a 10-year lease on behalf of the tenant. Sherwin Williams is set to open a 4,000-square-foot, freestanding store at the property in mid-2021. Chris Kehl and Zach Leffers of SRS negotiated a 10-year lease on behalf of the tenant. …

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Watertown Mall
Investment salesMassachusettsNews

JLL Arranges Sale of Watertown Mall Near Boston for $130 Million

by Julia Sanders

Watertown, Mass. — JLL Capital Markets has arranged the $130 million sale of Watertown Mall, a 260,867-square-foot power center in Watertown, a first-ring suburb just west of Boston. The property is 98 percent occupied by 10 tenants, including Target, Best Buy and the Registry of Motor Vehicles. Situated on 17.8 acres at 550 Arsenal St., Watertown Mall is adjacent to the 1 million-square-foot Arsenal Yards, the mixed-use redevelopment of a former armory. Watertown Mall Associates LP sold the property to Alexandria Real Estate Equities, according to local news outlet Wicked …

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Macys
DevelopmentNew YorkNews

Macy’s Proposes Overhaul of Herald Square Store in Manhattan, Including New Office Tower

by Julia Sanders

New York City — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and …

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Alpharetta Commons
GeorgiaGrocery-anchoredInvestment salesNews

Hanley Investment Group Arranges $24.6 Million Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders

Alpharetta, Ga. — Hanley Investment Group Real Estate Advisors has arranged the $24.6 million sale of Alpharetta Commons, a 94,500-square-foot shopping center located in the Atlanta suburb of Alpharetta. Publix anchors the property, which is 98.7 percent occupied by tenants including Sports Clips, T-Mobile, a nail salon, dry cleaners, a liquor store and food and beverage outlets. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Southern California. Chris Decouflé, Kevin Hurley and Matt Karempelis of …

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Cherokee Commons
GeorgiaInvestment salesNews

SRS Brokers $11.4 Million Sale of Cherokee Commons Shopping Center in Suburban Atlanta

by Julia Sanders

Acworth, Ga. — SRS’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot property located 33 miles outside Atlanta in Acworth. Built in 1986, the center is currently 91 percent occupied by tenants including Kroger, Pet Supplies Plus and Cosmo Prof. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.

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Investment salesLouisianaNews

Beau Box Commercial Real Estate Sells Former Target Store in Slidell, Louisiana for $2 Million

by Julia Sanders

Slidell, La. — Beau Box Commercial Real Estate has sold a former Target store location near Interstate 12 and Airport Road in Slidell to an undisclosed buyer. The property sold for $2 million and features a 125,000-square-foot retail building on a 12-acre parcel of land. Target closed their Slidell location in February of 2018.

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District 121
DevelopmentNewsTexas

Craig International Unveils Plans for $250 Million District 121 Mixed-Use Project in McKinney, Texas

by Julia Sanders

McKinney, Texas — Developer Craig International has unveiled plans for District 121, a $250 million mixed-use project that will be located on 17.5 acres next to the Craig Ranch master-planned community in McKinney. Phase I of the project consists of a 200,000-square-foot office building by Kaizen Development that is currently under construction, as well as 40,000 square feet of retail and restaurant space, an 800-space parking garage and green space known as The Commons. District 121 will eventually include 520,000 square feet of office space and a hotel. SHOP Cos. …

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