Branford, Conn. — HB Nitkin Group has sold Lockworks Square, a four-building retail center located in Branford, for $7.3 million. Tenants at the property, which totals 35,600 square feet, include SaltBrick Prime, Lockworks Tavern, Cheri’s Bakery, Digestive Disease Associates, Physical Therapy and Sports Medicine Centers and Branford Tech Team. Will Braun of O,R&L Commercial represented the seller in the transaction and procured the buyer, an entity doing business as 155 New Road Madison LLC. Braun managed leasing at the center on behalf of HB Nitkin Group prior to the sale.
Manitowoc, Wis. — Axiom Realty has acquired Park Plaza, a 110,266-square-foot retail center located in Manitowoc. Time Equities sold the property, which was 71.7 percent leased at the time of sale. Hobby Lobby anchors the center. Other tenants at the property include Community First Credit Union, Family Dollar and Cricket Wireless. Erin Patton of Patton Wiles Fuller Group of Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the transaction. Prior to closing, Axiom negotiated a 28,894-square-foot lease with a new tenant that will bring occupancy at the center to 97.9 percent.
Orlando, Fla. — Orlando-based Italian dining chain Buca di Beppo has voluntarily filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The restructuring will involve 44 core restaurants, as well as a new store currently being opened. According to a press release issued by the company, it is “committed to ensuring that the restaurants operate as usual.” Gray Reed & McGraw LLP is serving as legal advisor, and CR3 Partners LLC is acting as financial advisor, as well as providing corporate leadership as the chief restructuring officer. Stout Capital …
Milton, Ga. — Knuckies Hoagies, a sandwich concept founded in Milton in 2019, has announced a new partnership with Walmart. The brand has executed leases to open restaurants within 14 Walmart stores across six states, including Georgia, South Carolina, North Carolina, Oklahoma and Texas. According to a press release issued by the Knuckies Franchise Co., the partnership offers “a built-in customer base and prime locations.”
Rancho Cordova, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $4.3 million pre-sale of a single-tenant property located in Rancho Cordova, roughly 13 miles outside Sacramento. Situated on a 0.8-acre parcel within the Anatolia Marketplace shopping center, the building totals 2,325 square feet. Chipotle Mexican Grill has signed a triple-net ground lease at the property. Bill Asher and Jeff Lefko of Hanley represented the seller, an entity doing business as Anatolia Marketplace LLC, in the transaction. Chipotle is scheduled to open at the property in September.
Marietta, Ga. — Five new tenants have signed leases at The Avenue West Cobb, a shopping center located in Marietta, roughly 20 miles northwest of downtown Atlanta. The Peach Cobbler Factory has opened a 1,400-square-foot restaurant at the property, with restaurant Le’ Zia scheduled to open later this month in a 9,580-square-foot space. Additionally, lifestyle brand J.Jill has signed a 3,840-square-foot lease and is scheduled to open this fall, along with Spirit Halloween, which will occupy 9,980 square feet at the center on a temporary basis. Jim ‘N Nick’s Community Bar-B-Q …
Marcus & Millichap Negotiates $9.6 Million Sale of 192nd Plaza Retail Property Near Portland, Oregon
Camas, Wash. — Marcus & Millichap has negotiated the sale of 192nd Plaza, a 34,923-square-foot retail property located in Camas, just across the Columbia River from Portland, Oregon. A limited liability company sold the property to local investors for $9.6 million. Built in 2010, the property was fully occupied by 11 tenants at the time of sale. Clayton Brown, Dylan Wolf and Ruthanne Loar of Marcus & Millichap represented the seller in the transaction.
Fairfield, Conn. — Cronheim Mortgage has arranged a $5.5 million loan for the refinancing of Fairfield Shopping Center, a 72,000-square-foot retail center located in Fairfield. Developed in 1955, the property was leased to tenants including Restoration Hardware Outlet, T-Mobile, The UPS Store, Village Bagels and HobbyTown USA at the time of financing. Andrew Stewart, Dev Morris and Allison Villamagna secured the loan through a portfolio lender on behalf of the borrower, Albert D. Phelps Inc.
Edison, N.J. — Sam Ash Properties Corp. has sold a 21,929-square-foot shopping center located in Edison for $5.5 million. Marc Shein and Robert DiLeo of NAI DiLeo-Bram & Co. represented the seller in the transaction. An undisclosed grocer acquired the property, with plans to establish a flagship location.
Millington, Tenn. — Quantum Real Estate Advisors has brokered the $2.6 million sale of a single-tenant property located in Millington. A California-based buyer acquired the property from a Southeast-based developer. Chipotle Mexican Grill occupies the building. Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller in the transaction.