Petoskey, Mich. — Big Lots has signed a 31,896-square-foot lease at Petoskey Town Center near North Central Michigan College. U.S. Properties (USPG) owns the 174,870-square-foot shopping center. Big Lots will occupy a former Kmart location, filling over 37 percent of the building. Petoskey Town Center is home to tenants including Hobby Lobby, The American Automobile Association, Grondin’s Hair Center and Petoskey Sewing Center.
Hawaii — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million. The portfolio includes 12 properties in Oahu, two facilities on Kauai, four properties on Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple net basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net …
Austin, Texas — Newmark has arranged the $3.4 million sale of a property net leased to Outback Steakhouse in Austin. Matt Berres and Samer Khalil of Newmark represented the undisclosed institutional seller in cooperation with Newmark’s Lispah Hogan. The buyer of the 6,176-square-foot property was a private 1031 exchange buyer.
Porterville, Calif. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million sale of a single-tenant property fully occupied by Starbucks Coffee located at 421 Vandalia Ave. in Porterville. The property is an outparcel to Riverwalk Marketplace, a shopping center anchored by Lowe’s Home Improvement. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Southern California-based owner and developer. Bryan Cifranic of Commercial Retail Associates Inc. represented the buyer, a California-based investor who was in a 1031 exchange. The closing cap rate was 4.4 …
Carlsbad, Calif. and Dallas, Texas — Carlsbad, Calif.-based equipment and apparel manufacturer Callaway Golf Co. (NYSE: ELY) has completed its merger with Topgolf Entertainment Group. Under the terms of the merger agreement, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf (excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares). Callaway shareholders now own approximately 51.3 percent of the outstanding shares of the newly combined entity, and former Topgolf shareholders (excluding Callaway) own approximately 48.7 percent. Both firms have strong real …
Anaheim, Calif. — CBRE has brokered the sale of a 26,414-square-foot retail property leased to Grocery Outlet at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. The property is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.
Cincinnati — Stan Johnson Co. has arranged the $3 million sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Stan Johnson Company’s Patrick Metz represented the private California-based seller. MAGNA Properties, an Ohio-based individual investor, purchased the property in a 1031 exchange. The sale reflects a 9.1 percent cap rate.
Naples, Fla. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc. Slate Grocery REIT acquired the center for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from …
Frisco, Texas — AOS Panther Creek has broken ground on Shops at Creekside, a 20,130-square-foot retail project located at 13030 Preston Road in Frisco. Cross Architects is designing the project, and Talley Riggins Construction Group is the general contractor. Inroads Realty is leasing the center and has secured commitments from Sweetwaters Coffee & Tea, Domino’s Pizza and a general dentistry practice. Construction of Phase I, which centers on the 13,250-square-foot main building, is underway. Construction of Phase II, which will feature a 6,880-square-foot building that could become a build-to-suit, is …
Yonkers, N.Y. — Marx Realty, a division of Merchants National Properties, has broken ground on a 130,000-square-foot project for Target in the New York City suburb of Yonkers. The store will be located at the site of a former Sears that closed in 2019 within Cross County Center, a 1.1 million-square-foot open-air shopping and dining destination. In addition to Target, H&M recently signed a long-term renewal for its 28,000-square-foot space, which is currently undergoing a $5 million remodeling. Target, which has committed to a 40-year lease, expects to open its …