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FinanceInvestment salesNewsRetailersWest Virginia

Uber Capital Arranges $11 Million Acquisition Loan for Shopping Center in Logan, West Virginia

by Alex Tostado

Logan, W.Va. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West …

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Investment salesMichiganNewsRetailers

Mid-America Arranges Sale of Roseville Towne Center in Suburban Detroit

by Alex Tostado

Roseville, Mich. — Mid-America Real Estate Corp. has arranged the sale of Roseville Towne Center in Roseville, about 15 miles north of Detroit. The sales price was undisclosed. The 89,883-square-foot shopping center is home to Marshalls, CVS Pharmacy, Five Below and Dollar Tree. Ben Wineman, Carly Gallagher Kelly and Daniel Stern of Mid-America represented the seller, Cincinnati-based Viking Partners. Ferris Hamama of Keystone Commercial Real Estate represented the buyer, a private investor completing a 1031 exchange.

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CaliforniaInvestment salesNewsRetailers

Passman Group Arranges Sale of Three-Parcel Land Site in Los Angeles

by Alex Tostado

Los Angeles — The Passman Group has brokered the sale of a three-parcel land assemblage, located at 2107-2121 Westwood Blvd. in Los Angeles. A private investor acquired the asset for an undisclosed price. The property consists of multiple buildings across three parcels that are approximately 27,000 square feet. With close to 200 feet of frontage, the property was previously home to the iconic Wally’s Wine & Spirits for more than 30 years. David Passman, Michael Navi and Marc Pakravan of The Passman Group represented the undisclosed seller in the transaction. …

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From The MagazineMassachusettsRetailers

Tuscan Village Brings Modern Retail to Boston’s Steadily Expanding Northern Corridor

by Alex Tostado

In Salem, New Hampshire, work is underway to construct Tuscan Village, a 2.8 million-square-foot mixed-use project anticipated to meet the growing demands of the area.  The center, located on a 170-acre site about 30 miles north of Boston, just over the state line, has grown in recent years as the Boston market steadily expands northward. While the corridor along Interstate 95 has steadily developed, the corridor northward along Interstate 495 has been relatively underdeveloped, as has the area along Interstate 93. Just to the north of the juncture of I-93 …

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CaliforniaCompany newsGeorgiaNewsRestaurants

Roark Capital Invests $200 Million in The Cheesecake Factory Amid Pandemic-Related Closures

by Alex Tostado

Atlanta and Calabasas Hills, Calif. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc., owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been …

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DevelopmentNew JerseyNewsRestaurantsRetailers

Restoration Hardware Plans to Convert Historic Mansion in New Jersey Into Store, Restaurant

by Alex Tostado

Morristown, N.J. — Restoration Hardware (RH) has unveiled plans to transform the 42-room Alnwick Hall mansion in Morristown, a western suburb of New York City, into an upscale home improvement store, restaurant and wine bar. The renaissance revival-style mansion was built in 1904 and modeled after a 16th-century British manor. The Morris Township Committee designated the property, which has been vacant for several years, as a non-condemned area in need of redevelopment in 2018. Next steps include receiving project approval from a local planning board, officially naming RH as the …

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DevelopmentMassachusettsNewsRetailers

Architectural Heritage Foundation Underway on 15,574-Square-Foot Retail Redevelopment in Boston

by Alex Tostado

Boston — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.

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Investment salesMinnesotaNews

Hanley Investment Group Arranges $2.7 Million Sale of Bank of America-Occupied Property in Metro Minneapolis

by Alex Tostado

Brooklyn Center, Minn. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed building occupied by Bank of America in Brooklyn Center, a northern suburb of Minneapolis, for $2.7 million. The 4,370-square-foot property, which opened in late 2019, is situated on one acre at 2545 County Road 10. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, Minneapolis-based Told Development. Carlos Aguilar of Axia Real Estate Group represented the New Jersey-based private buyer.

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FloridaLeasingNewsRestaurantsRetailers

Bromley Signs Joffrey’s Coffee to Lease within Midtown Tampa Mixed-Use Development

by Alex Tostado

Tampa, Fla. — Bromley Cos. has signed Joffrey’s Coffee & Tea Co. to a 1,500-square-foot lease within Midtown Tampa. The coffeehouse, which has been headquartered in Tampa since 1984, will open the flagship location near Midtown Commons, a central greenspace within the mixed-use project. Joffrey’s will serve a wide variety of coffee and tea beverage options including espresso, lattes, cold brew, nitro cold brew, ready-to-drink offerings, as well as premium iced and hot teas. Additionally, customers will be able to “create” latte art from pre-selected images, selfies and uploaded designs …

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Company newsNew YorkNews

Shake Shack to Return $10 Million Coronavirus Stimulus Loan

by Alex Tostado

New York City — Shake Shack will return a $10 million coronavirus stimulus loan it received through the federal government’s Small Business Administration Paycheck Protection Program (PPP). The New York City-based burger chain said it will return the funds after garnering capital through its investors. Shake Shack received the $10 million loan April 10. ​Shake Shack operates 189 restaurants and employs about 8,000 workers.

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