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DevelopmentIllinoisNews

Pacific Life, Centennial to Restore Renovate The Shops at North Bridge in Chicago

by Abby Cox

Chicago — The Shops at North Bridge, a 678,000-square-foot retail center located along Chicago’s Magnificent Mile, is undergoing a $40 million renovation led by owner Pacific Life and property manager Centennial Real Estate. The multi-phase restoration will introduce a new street presence, hospitality-inspired interiors and a reimagined mix of retail and dining. The redesigned entrance at the property will emphasize visual connectivity between Michigan Avenue and the interior retail environment, and will include updated tenant signage and architectural enhancements. Nordstrom’s flagship location will remain a central component of the design. …

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Investment salesNewsSouth Carolina

Marcus & Millichap Brokers $9.5 Million Sale of Single-Tenant Retail Property in Walterboro, South Carolina

by Abby Cox

Walterboro, S.C. — Marcus & Millichap has brokered the $9.5 million sale of a newly constructed gas station and convenience store located in Walterboro. 7-Eleven and a CAT Scale weigh station occupy the 4,824-square-foot property. Haris Hanifi and Robert Filley of Marcus & Millichap represented the buyer in the transaction. Benjamin Yelm was the firm’s broker of record in South Carolina.

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ArizonaGrocery-anchoredMixed-useNews

Safeway Opens 64,000-Square-Foot Location at The Gilmore Mixed-Use Development in Metro Phoenix

by Abby Cox

Gilbert, Ariz. — Safeway has opened a 64,000-square-foot location at The Gilmore, a 35-acre mixed-use development by Thompson Thrift in the Phoenix suburb of Gilbert. Safeway will anchor the $225 million project, which is also set to feature 300 luxury apartments, a hotel and roughly 200,000 square feet of boutique shopping, dining and public gathering spaces. Additional tenants will include Better Buzz Coffee, Handel’s Ice Cream, Jersey Mike’s, Nook Kitchen, Over Easy, EDO Japan, Rebel Wine Lounge, Phantom Fox Brewery, Outcast Doughnuts, Level 1 Arcade Bar, Sweathouz and Honey Go Nails. …

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CaliforniaLeasingNews

Storyliving by Disney Signs Leases with Six New Tenants at Cotino Bay Beach Development in Rancho Mirage, California

by Abby Cox

Rancho Mirage, Calif. — Storyliving by Disney has signed leases with six new tenants at Cotino Bay Beach, Dining and Shops, a waterfront town center underway in Rancho Mirage, approximately 10 miles southeast of Palm Springs. New tenants include Asada Cantina + Kitchen, Mojave Flea Trading Post, SottoSopra, Big Juice, It Refills and La Dolce Piccola Gelateria. The newest businesses join previously announced restaurants and retailers including Elevare, Artigiano and On the Mark Fine Foods & Provisions. The first phase of dining, retail and gathering spaces at the town center is …

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Investment salesNewsNorth Carolina

Marcus & Millichap Brokers $3.3M Sale of Retail Center in Metro Charlotte, North Carolina

by Abby Cox

Indian Trail, N.C. — Marcus & Millichap has brokered the $3.3 million sale of Village Shoppes, a 12,075-square-foot, retail strip center located in Indian Trail, roughly 16 miles southeast of Charlotte. Situated on a 2-acre lot near a Walmart Supercenter, Village Shoppes was fully leased at the time of sale to Little Caesars, a dentist practice, pet store, salon and a performing arts studio. A fund-based private equity group purchased the property from a partnership based on the West Coast. Harrison Creason, Andrew Margulies and Kyle Carpentier of Marcus & Millichap …

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CaliforniaInvestment salesNews

Torrey Financial Group Sells Single-Tenant Retail Property in Bakersfield, California, for $2.6 Million

by Abby Cox

Bakersfield, Calif. — San Diego-based Torrey Financial Group has sold a single-tenant retail property located in the San Joaquin Valley city of Bakersfield for $2.6 million. The 8,302-square-foot, newly renovated building was originally constructed in 2013. AutoZone occupies the property on a new 15-year triple-net lease featuring 10 percent rental increases every five years. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller in the deal, while Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer, a Los Angeles-based investor.

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IllinoisInvestment salesNews

Newmark Brokers Sale of 51,795-Square-Foot Retail Condo Along Chicago’s Magnificent Mile

by Abby Cox

Chicago — Newmark has brokered the sale of a 51,795-square-foot retail condominium at 919 N. Michigan Ave. along Chicago’s Magnificent Mile. Louis Vuitton is the anchor tenant and has occupied space at the property for more than 20 years. The luxury retailer recently completed a renovation and expansion of its flagship store and extended its lease. Keely Polczynski and Conor Lalor of Newmark represented the buyer, L3 Capital. Joe Girardi of Mid-America Real Estate represented the undisclosed seller. The store occupies the base of the historic, 37-story Palmolive Building. The …

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Investment salesNewsTexas

RealSource Group Brokers $5.8 Million Sale of Newly Constructed Restaurant Property in Metro Houston

by Abby Cox

Richmond, Texas — RealSource Group has brokered the $5.8 million sale of a newly constructed, single-tenant restaurant property located in Richmond, a southwestern suburb of Houston. Shake Shack occupies the 3,072-square-foot building on a 15-year corporate absolute triple-net ground lease with 10 percent rental increases every five years. The property is situated within Waterview Town Center, a 134-acre mixed-use development anchored by Sprouts Farmers Market, Academy Sports + Outdoors and LA Fitness. Austin Blodgett and Jonathan Schiffer of RealSource Group, in association with ParaSell Inc., represented the seller, Read King, a …

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CaliforniaInvestment salesNews

Faris Lee Arranges $5.3 Million Sale of Retail Strip Center in Fontana, California

by Abby Cox

Fontana, Calif. — Faris Lee Investments has arranged the $5.3 million sale of a 4,872-square-foot retail strip center located in the Inland Empire city of Fontana. The five-tenant property was fully leased at the time of sale to Chipotle Mexican Grill, Jersey Mike’s Subs, Dragon Grill, Phantom Fireworks and KWIK Charge EV charging stations. Two of the property’s five tenants — Phantom Fireworks and KWIK Charge EV charging stations — lease parking lot areas, rather than occupying traditional building space. The retail center is positioned as a pad building in front of …

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Grocery-anchoredInvestment salesNewsTexas

Rockspring Properties Negotiates Sale of Four Grocery-Anchored Centers in Texas

by Abby Cox

Houston and Pasadena, Texas — Rockspring Properties has negotiated the sale of four Sellers Bros.-anchored retail centers totaling 145,500 square feet in Houston and Pasadena. The properties, which span more than 19 acres, are leased on absolute triple-net terms. Additional details of the transaction were not disclosed. The portfolio includes: Cotton Munson, Mike Axelrad and Aimee Namakarn of Rockspring Properties arranged the transaction.

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