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DevelopmentNewsRetailersTexas

NewQuest Properties to Develop 200,000-Square-Foot Retail Project in Metro Houston

by Alex Tostado

Richmond, Texas — Houston-based NewQuest Properties will break ground in the coming weeks of the first phase of Grand at Aliana, a 200,000-square-foot retail project in Richmond, a southwestern suburb of Houston. The property is preleased to an array of national tenants, including 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works and Sketchers. Grand at Aliana will also house a 10,454-square-foot healthcare clinic that will be occupied by Baylor St. Luke’s Medical Group and provide urgent and primary care services. …

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CaliforniaInvestment salesMixed-useNewsRetailers

Newmark Knight Frank Arranges $18 Million Sale of Mixed-Use Building in Hermosa Beach, California

by Alex Tostado

Hermosa Beach, Calif. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners …

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FinanceIllinoisInvestment salesNewsRetailers

Marcus & Millichap Arranges Sale, Financing of Retail Center in Illinois

by Alex Tostado

Gurnee, Ill. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent …

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DevelopmentFinanceFloridaNewsRetailers

BB&T Provides $12.8 Million Construction Loan for Retail Portion of Mixed-Use Development in Metro Miami

by Alex Tostado

Hialeah, Fla. — BB&T has provided a $12.8 million construction loan for the retail portion of Pura Vida, a mixed-use development in Hialeah. Coral Rock Development Group and Arena Capital Holdings are developing Pura Vida, which will feature three out parcels totaling 40,000 square feet of retail space, in addition to 11,000 square feet of ground-floor retail space within the residential component. Confirmed retail tenants include a Wawa convenience store and gas station, Taco Bell restaurant, Dollar Tree store and a two-story YouFit Health Club. The retail portion is expected …

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LeasingNew YorkNewsRetailers

Planet Fitness Signs 18,000-Square-Foot Retail Lease on Long Island

by Alex Tostado

Long Island City, N.Y. — Planet Fitness has signed an 18,000-square-foot retail lease in Long Island City. The gym, which will be situated on the lower levels of the newly constructed 22-29 Northern Boulevard rental tower, is the company’s first property in Long Island City. Steven Baker and Thomas Galo of Winick Realty represented the landlord, Simon Baron Development, in the lease negotiations. Richard Chera of Crown Acquisitions represented Planet Fitness.

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Company newsLeasingNew YorkNews

Timothy Parlante Joins The Feil Organization as Director of Leasing

by Alex Tostado

New York City — Timothy Parlante has joined The Feil Organization’s New York City office as the director of leasing. Parlante will focus on the company’s office properties in New York and on Long Island. In his 12-year career, Parlante has represented both tenants and landlords in office negotiations. “Tim’s strong tenant relationships and deep knowledge of New York and Long Island office trends will be a solid addition to our exceptional team,” says Brian Feil, vice president of leasing. “We’re delighted to welcome him to the company.” Prior to …

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Company newsKentuckyNewsRestaurants

Pizza Hut to Close 500 Stores Over Next 24 Months

by Alex Tostado

Louisville, Ky. — Pizza Hut will close as many as 500 dine-in stores over the next 24 months as part of a broader strategy to bolster its delivery and carryout services, company executives said during the second-quarter earnings call. Food Business News first reported the announcement. Pizza Hut, which is owned by Louisville-based YUM! Brands, operates about 7,500 locations across the United States and 18,000 worldwide. In the United States, roughly 6,100 of the company’s locations are dine-in restaurants. The remaining locations are express units, which feature limited menus and minimal …

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Investment salesIowaMissouriNewsRetailers

Disney Investment Group Negotiates Sales of Five Retail Centers in Missouri, Iowa

by Alex Tostado

Missouri and Iowa — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

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ArizonaGrocery-anchoredInvestment salesNewsRetailers

Hanley Investment Group Arranges $13.1 Million Sale of Safeway-Anchored Shopping Center in Prescott, Arizona

by Alex Tostado

Prescott, Ariz. — Hanley Investment Group has arranged the $13.1 million sale of Willow Creek Village, a 165,065-square-foot, Safeway-anchored shopping center in Prescott. The property was 97 percent leased at the time of sale to tenants including Snap Fitness, Dunn-Edwards, C-A-L Ranch Stores and Bealls Outlets. Safeway, C-A-L Ranch Stores and Bealls Outlets combine to occupy 81 percent of the center. Kevin Fryman, Edward Hanley and Lee Csenar of Hanley Investment Group represented the seller, Columbus Pacific Properties. The buyer, Glenwood Development Co. LLC, was self-represented.

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ColoradoInvestment salesNewsRetailers

Gart Properties Buys 155,000-Square-Foot Orchard Plaza Retail Center in Denver

by Alex Tostado

Denver — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.

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