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FinanceFloridaNewsRetailers

Ready Capital Provides $8 Million Acquisition Loan for Vacant Retail Property in Miami

by Alex Tostado

Miami — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the non-recourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.

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Investment salesMissouriNewsRetailers

QuikTrip Purchases Site for New Location in North Kansas City

by Alex Tostado

North Kansas City, Mo. — QuikTrip Corp. has purchased 2.9 acres at the southwest corner of Interstate 35 and Amour Road in North Kansas City. QuikTrip plans to build a new facility at 1401 Armour Road to replace its existing store at 1010 Armour Road. Construction on the new location will begin soon and is a redevelopment of an old office building. David Block and Jody Minder of Block & Co. Inc. Realtors arranged the transaction.

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CaliforniaGrocery-anchoredInvestment salesNews

Hanley Investment Group Negotiates $29.5 Million Sale of ALDI-Anchored Shopping Center in Metro Los Angeles

by Alex Tostado

South Gate, Calif. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully occupied at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurants Tea House, Jersey Mike’s Subs, La Michoacana …

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CaliforniaLeasingMixed-useNews

Jordan Downs Plaza Gets Four New Tenants

by Alex Tostado

Los Angeles — Nike, Smart & Final Extra, Ross Dress for Less and Blink Fitness have all signed leases at Primestor Development’s Jordan Downs Plaza, a mixed-use project in Los Angeles’ Watts neighborhood. The four retailers will occupy nearly 75 percent of the retail component of the $5 billion project. Situated on 9.5 acres, the 113,000-square-foot asset is scheduled to be complete this fall. At full build-out, the property will also offer 1,400 residential units. Financial backing for Jordan Downs is coming through the federal government through its New Market …

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DevelopmentEntertainmentNewsTexas

Main Event to Open 48,000-Square-Foot Venue in Metro Dallas

by Alex Tostado

Grand Prairie, Texas — Dallas-based Main Event will open a 48,000-square-foot entertainment venue at 3102 S. Highway 161 in Grand Prairie, located roughly midway between Dallas and Fort Worth. The venue, which will be the company’s seventh in the metroplex, will feature 22 bowling lanes, laser tag, a ropes course and zip line and more than 130 interactive and virtual video games. The opening is slated for winter 2020.

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DevelopmentMichiganNewsRestaurants

PREIT Adds The Cheesecake Factory to Tenant Mix at Woodland Mall in Grand Rapids, Michigan, as Part of Redevelopment

by Alex Tostado

Grand Rapids, Mich. — The Cheesecake Factory is coming to Woodland Mall in Grand Rapids as part of the repositioning of the regional mall, according to PREIT, the center’s owner. This is the second location in the state of Michigan for The Cheesecake Factory. The first location in the state was in Novi. The restaurant will occupy 8,500 square feet at Woodland Mall and is expected to open in late October. Other new tenants at Woodland Mall include Black Rock Bar & Grill, Von Maur, Urban Outfitters, REI and Tricho …

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FinanceIndianaNewsRetailers

FM Capital Provides $6 Million Bridge Loan for Acquisition of Retail Center in Indianapolis

by Alex Tostado

Indianapolis — FM Capital has provided a $6 million bridge loan for the acquisition of Felbram Plaza North, a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.

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Investment salesNewsRetailersUtah

CIM Sells The Family Center Retail Asset in Utah to CCA Acquisition Co. for $48.2 Million

by Alex Tostado

Riverdale, Utah — CIM has completed the disposition of The Family Center at Riverdale, a 427,828-square-foot shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, Utah, 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the center  was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, …

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CaliforniaFinanceNewsRetailers

Ready Capital Provides $20.1 Million Loan for Back Bay Center Retail/Office Building in Costa Mesa

by Alex Tostado

Costa Mesa, Calif. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in Costa Mesa, California. The asset features 36,630 square feet of Class B retail space and 17,210 square feet of office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.

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CaliforniaGrocery-anchoredInvestment salesNews

SRS Arranges $5.3 Million Sale of Grocery Outlet Bargain Market

by Alex Tostado

Riverside, Calif. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside, California. A Newport Beach, California-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS …

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