Cole acquires 11 PetSmart retail properties for $74 million
Phoenix — Cole Real Estate Investments said Monday that it has acquired a portfolio of 11 PetSmart retail properties for $74 million.
The approximately 300,000-sq.-ft. triple-net leased portfolio is located in primary markets in California, Florida, Illinois, Maryland, Massachusetts, Michigan and Texas. The 11 individual retail properties are leased to PetSmart, under one master lease, with an original 20-year lease term and approximately 10 years remaining, plus three automatic renewals for up to a total of 20 additional years.
In another recent transaction, Cole acquired the 356,000-sq.-ft. PetSmart corporate headquarters in Phoenix on Aug. 23.
Freebirds Burrito to open new restaurant in Fort Worth
Dallas — Cypress Equities said that Freebirds World Burrito has signed a lease to occupy a portion of a new development in Fort Worth, Texas, adjacent to the company’s West 7th development.
The 2,370-sq.-ft. restaurant will mark the third Freebirds in Fort Worth, with other locations near Hulen Mall and at Alliance Town Center. Freebirds World Burrito is owned by Tavistock Restaurants and has more than 50 locations throughout Texas, California and Oklahoma.
SRS Real Estate Partners names associate
Dallas — SRS Real Estate Partners has announced the hiring of Jon Switzer as an associate in the Austin/San Antonio office.
Switzer will specialize in landlord representation, tenant representation, and be a part of the new SRS Urban team.