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GeorgiaInvestment salesNewsRetailers

Marcus & Millichap Negotiates $3.7 Million Sale of Strip Retail Center in Central Georgia

by Alex Tostado

Warner Robins, Ga. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says …

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CaliforniaCompany newsNew JerseyNewsRetailers

Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores

by Alex Tostado

Union, N.J. and Los Angeles — Bed Bath & Beyond Inc. has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, California. Both companies have agreed to a transition services agreement (TSA) following the close of …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5 Million

by Alex Tostado

Los Angeles — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Jake Sharp Capital acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of …

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Investment salesNet leaseNewsRetailersWashington

Newmark Arranges $16.2 Million Sale of Net-Leased Retail Property in Walla Walla, Washington

by Alex Tostado

Walla Walla, Wash. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

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CaliforniaInvestment salesNewsRetailers

JLL Brokers $10.6 Million Sale of Three Retail Pads at Vista Terrace Marketplace in Vista, California

by Alex Tostado

Vista, Calif. — JLL has arranged the sale of a portion of Vista Terrace Marketplace, a retail property in Vista. Black Lion Investment Group sold the asset to an undisclosed buyer for $10.6 million. The transaction included three retail pads occupied by O’Reilly Auto Parts, Dunkin Donuts, AT&T and Verizon Wireless. Daniel Tyner and Gleb Lvovich of JLL represented the seller in the transaction. Brian Pyke and Connor Stevens of Retail Insite handle the leasing on behalf of the owner. Black Lion still owns two pad site and the anchor …

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Company newsEntertainmentFloridaNews

Drive Shack to Reopen 65,000-Square-Foot Location in Orlando on Friday

by Alex Tostado

Orlando, Fla. — Drive Shack Inc. will reopen its 65,000-square-foot location in Orlando on Friday, Dec. 18. The location closed earlier this spring in accordance with local COVID-19 guidelines. The venue is located at 7285 Corner Drive, 21 miles southeast of downtown Orlando. It is open from 3 p.m. to 11 p.m. Monday through Thursday and from noon to 11 p.m. Friday through Sunday. The location will operate with restrictive and precautionary measures in place, including enhanced cleaning and sanitization protocols, capacity limitations, social distancing measures and certain restrictions on …

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DevelopmentEntertainmentNewsTexas

ShowBiz Cinemas to Open New Concept in Waxahachie, Texas

by Alex Tostado

Waxahachie, Texas — ​ShowBiz Cinemas will open its new Bowling, Movies & More concept in Waxahachie on Dec. 18. The venue features 13 theater auditoriums, 14 bowling lanes, three party rooms and an arcade. The 66,000-square-foot location also sells cafe-style food and has a full bar with 20 beer taps. The Dallas-based operator opened the venue with COVID-19 protocols in place, such as all staff and patrons must wear a mask except for when eating or drinking within the auditorium, all staff members must wear gloves and receive a temperature check before …

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Company newsNewsWisconsin

Outlook Management Group Partners with Local Businesses to Donate Meals to Families in Need in Milwaukee

by Alex Tostado

Milwaukee — Outlook Management Group LLC’s president Ray Balfanz has partnered with Hunger Task Force of Milwaukee and other local small businesses to donate food to Milwaukee residents in need. Balfanz created the CollectionConnection to raise money for meals. The six-week fundraiser will end Dec. 31. As of Dec. 11, $2,225 had been raised, which means meals plus one holiday meal for 20 families for one week have been donated through the program. Balfanz is teaming with Wisconsin-based companies such as Pinnacle Construction, LLJ Ventures and Wisconsin Mall Properties. Balfanz says …

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Grocery-anchoredIndianaInvestment salesMichiganNewsRetailers

IPA Brokers $22 Million Sale of Two Kroger-Anchored Shopping Centers in Indiana, Michigan

by Alex Tostado

Fort Wayne, Ind. and Farmington Hills, Mich. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in …

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DevelopmentGrocery-anchoredNewsRetailersTexas

Brookshire Grocery, City of Fate Begin Construction on 66,000-Square-Foot Grocery Store

by Alex Tostado

Fate, Texas — Tyler, Texas-based owner-operator Brookshire Grocery Co. and the City of Fate, located northeast of Dallas, have broken ground on a 66,000-square-foot grocery store for Brookshire’s FRESH concept. The public-private partnership expects to complete the project in late 2021 and to bring about 200 new jobs to the community. The store will be Brookshire’s second under the FRESH brand, with the first opening in Tyler in 2011. The concept in Tyler includes authentic Japanese ramen and Vietnamese pho counters, a taco bar, coffee bar, patio dining and onsite …

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