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ArizonaCaliforniaCompany newsNews

Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50 Billion REIT

by Julia Sanders

San Diego and Phoenix — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock …

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Top Golf
DevelopmentGeorgiaNews

Topgolf to Open Fourth Georgia Venue at Fuqua Development’s Exchange at Gwinnett in Metro Atlanta

by Julia Sanders

Buford, Ga. — Topgolf Entertainment Group has opened a fourth Georgia venue in Buford, roughly 38 miles outside Atlanta. The property anchors the Exchange at Gwinnett, a mixed-use project by Fuqua Development near the Mall of Georgia. The multi-level Topgolf Buford location will feature 72 climate-controlled hitting bays and a chef-driven food and beverage menu that guests can order from during their stay. The Exchange at Gwinnett features more than 465,000 square feet of retail, restaurants, office space, hotel space and residential units. Additional tenants include retailers such as Five …

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Investment salesIowaNews

Marcus & Millichap Brokers $13.9 Million Sale of North Ridge Center in Davenport, Iowa

by Julia Sanders

Davenport, Iowa — Marcus & Millichap has brokered the sale of North Ridge Center in Davenport for $13.9 million. The 119,381-square-foot shopping center is located at 4016 E. 53rd St. Tenants include Michael’s, Old Navy, Bed Bath & Beyond, Ulta Beauty, Five Below and TJ Maxx. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer, both of which were undisclosed limited liability companies.

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Penn I
KansasLeasingNews

Made in KC Leases 8,166 Square Feet at Lenexa City Center in Kansas

by Julia Sanders

Lenexa, Kan. — Made in KC has leased 8,166 square feet at The District at Lenexa City Center in Kansas. Launched in 2015, Made in KC provides local Kansas City artists a platform to reach customers across the metro area. The store features work from more than 300 local artists, designers and makers, including apparel, artwork, home goods, accessories and culinary products. Erin Johnston of Copaken Brooks represented the landlord on an internal basis. Chris McIntyre of Merrill Cos. represented Made in KC.

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Proper Cannabis
DevelopmentMissouriNews

IMPACT Strategies Completes Construction on Two Cannabis Dispensaries for Proper Brands in Missouri

by Julia Sanders

South County and Warrenton, Mo. — IMPACT Strategies has completed the construction of two cannabis dispensaries for Proper Brands in Missouri. Both projects involved the repositioning of existing retail buildings located in South County and Warrenton. Both store locations feature specialized security measures and vaults. The interiors feature black and white design with light wood accents and midcentury modern furniture. IMPACT worked with Eddy Design Group and Case Engineering. Proper Brands is a medical marijuana company in the state of Missouri.

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FinanceNewsWashington

NorthMarq Arranges $14.5 Million Refinancing for Lakeland Commons Retail Suburban Seattle

by Julia Sanders

Auburn, Wash. — NorthMarq has secured $14.5 million in refinancing for Lakeland Commons Retail, a shopping center located at 1502 Lake Tapps Parkway SE in the Seattle suburb of Auburn. The 10-year loan features a 30-year amortization schedule. Walgreens is a tenant at the 35,000-square-foot strip retail center. Bob Spiro and Scott Moline of NorthMarq’s regional Seattle office secured the refinancing.

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IllinoisInvestment salesNews

Friedman Brokers Sale of 69,584-Square-Foot Shopping Center in Metro Peoria

by Julia Sanders

Pekin, Ill. — Friedman Real Estate has brokered the sale of Broadway Village Shopping Center in Pekin, about 10 miles south of Peoria. The 69,584-square-foot property, built in 1970, is located on Broadway Street. Dollar General is the sole tenant in the center, which at the time of sale was only 8 percent occupied. Kyle Simon of Friedman brokered the sale. Buon Properties LLC purchased the asset from Cohen Development Co.

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Investment salesMarylandNews

Neuman Commercial Group Arranges $8.1 Million Sale of 22,782-Square-Foot Retail Center in Suburban Baltimore

by Julia Sanders

Owings Mills, Md. — Neuman Commercial Group has arranged the sale of Owings Mills Retail Center, a 22,782-square-foot property located at 9400-9424 Reisterstown Road in the Baltimore suburb of Owings Mills. The property is 94 percent occupied by tenants such as NTB Tire & Service, Dunkin’, Jersey Mike’s Subs and The Vitamin Shoppe. Gil Neuman of Neuman Commercial Group represented the seller, Cohen‐Fader LLP, in the disposition of the property for $8.1 million. Neuman also procured the private undisclosed buyer.

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Investment salesNew YorkNews

Katz & Associates Brokers Sale of Former 24 Hour Fitness in Metro New York City

by Julia Sanders

Yonkers, N.Y.— Katz & Associates has brokered the sale of a retail building formerly occupied by 24 Hour Fitness in Yonkers, a northern suburb of New York City. The building is situated on a 1.7-acre site at 589 Tuckahoe Road. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the undisclosed seller in the deal. Tyler Lyman of True Commercial represented the buyer, Carpionato Realty, which purchased the asset for $4.2 million.

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Retail Portfolio
FinanceIllinoisNews

JLL Arranges $197 Million Refinancing for 10-Property Retail Portfolio

by Julia Sanders

Chicago — JLL Capital Markets has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over one million square feet. The portfolio is located in metropolitan areas surrounding Baltimore, Maryland; Chicago; San Diego; Los Angeles; San Francisco; Seattle; and Washington, D.C. Tarik Bateh, Greg Brown, Bruce Ganong, Keith Largay, Chris Hew and Drew Heitstuman of JLL secured 10 independent first mortgage loans on behalf of the borrower, an existing co-investment partnership managed by Regency Centers Corp. Financing was provided by Hartford Investment Management Co. …

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