Cogent Group acquires the fee interest in 15 North Carolina KFC properties
Dallas — Real estate investment firm The Cogent Group said Tuesday that it has acquired 15 KFC properties in North Carolina. The properties are leased to a franchisee.
The 15 units are located in prime retail corridors in the North Carolina Triad market consisting of Greensboro, Winston Salem, and High Point, with above average unit sales. The properties are subject to long-term triple net leases having an initial term of 20 years, plus renewal options.
“The purchase of these high quality assets, subject to long-term leases with a highly-regarded operator, is an ideal fit for our investment strategy and our long-term strategic partner, as we continue to add to our real estate portfolio of triple-net lease properties throughout the United States,” said Scott Kipp, a co-founder and principal of The Cogent Group.
Cogent recently also developed properties for 7-Eleven and Whataburger, acquired an Uncle Julio’s restaurant, and completed a sale-leaseback transaction with VPS Convenience Store Group.
Fairlawn Town Centre sold to new ownership
Bryn Mawr, Pa. — WP Realty and Angelo, Gordon & Co. announced Tuesday the sale of Fairlawn Town Centre located in Fairlawn, Ohio.
Fairlawn is located just west of Akron; Fairlawn Town Centre is a 447,037-sq.-ft. community shopping center anchored by Giant Eagle, Target (separately owned), Home Goods, Pet Supplies Plus, Ashley Furniture and Marc’s. In-line retail tenants include U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and RadioShack.
WP Realty purchased Fairlawn in May 2010. The acquisition of the center included a vacant 39,840-sq.-ft. junior anchor box formerly occupied by Circuit City. Fairlawn Town Centre provided an opportunity to acquire a well-located, stable grocery-anchored shopping center with considerable immediate upside through the lease-up of the vacant anchor and inline space.
Oro Gold Cosmetics to open at East 57th Street and Park Avenue
New York — Douglas Elliman’s Retail Group said Tuesday it has arranged the lease for Oro Gold Cosmetics’ first New York flagship at 118 East 57th Street, between Park and Lexington Avenues.
The retailer currently operates 50 dedicated boutiques and spas in affluent markets worldwide, including London, Barcelona, Moscow, Dubai and Singapore, as well as in such U.S. cities as Chicago, Dallas, Las Vegas, Boston, Miami and throughout California, from San Diego to Sacramento.
Douglas Elliman’s Retail Group is representing Oro Gold for its expansion.