Five Applebee’s sold in 1031 exchange
San Diego — Representing a real estate investment trust, The Mansour Group has sold a portfolio of five Applebee’s for $13.3 million.
To complete the transaction, The Mansour Group sourced a private high net worth California investor, who sold an apartment complex and acquired the portfolio through a 1031 exchange. The restaurants are located in North Carolina, Texas, Tennessee, Minnesota and Kentucky:
- Elizabeth City, N.C.: A 4,676-sq.-ft. Applebee’s occupies an outparcel at Elizabeth City Crossing, a 99,417-sq.-ft. shopping center anchored by Big Lots and Farm Fresh.
- Lufkin, Texas: A 5,199-sq.-ft. Applebee’s stands on an outparcel at South Loop Crossing, a 125,000-sq.-ft. power center anchored by Ross, Best Buy, Old Navy and Bed Bath and Beyond.
- Madisonville, Ky.: A 5,393-sq.-ft. Applebee’s is located in the heart of the area’s retail hub. Neighbors include Wal-Mart, Lowe’s, Kroger, CVS, Burger King and others.
- Memphis, Tenn.: Situated along a main retail corridor, a 4,830-sq.-ft. Applebee’s is about two miles east of The Regional Medical Center at Memphis and the Methodist University Hospital, a teaching hospital of the University of Tennessee Health Science Center.
- Owatonna, Minn.: A 5,460-sq.-ft. Applebee’s occupies a site just east of Interstate 35, the area’s main traffic artery. Combined daily traffic counts exceed 49,700 vehicles. Neighbors include an AmericInn Hotel & Suites, Target, Sears, Starbucks, KFC, Taco Bell, Jimmy John’s and others.
Petco opens at Levin-managed Hamilton Plaza
Hamilton Township, N.J. — A 13,640-sq.-ft. Petco has opened at Hamilton Plaza in Hamilton Township, N.J., according to Levin Management, which manages and leases the 175,515-sq.-ft. property. Ripco served as the tenant’s broker in the transaction.
The Petco grand opening follows additional openings this year by Rainbow, which occupies 7,590 sq. ft., and Let’s YO!, with 2,530 sq. ft. Anchored by a recently expanded ShopRite, and an A.C. Moore store, Hamilton Plaza also features Sleepy’s, Dollar Tree, Hallmark, New Wave Wireless, Moe’s Southwest Grill an Texas Roadhouse.
The center serves a growing residential market of more than 170,000 people in a five-mile radius. Average household income is nearly $89,000 and has a daily traffic count that exceeds 48,000 vehicles.
Hamilton Plaza recently underwent significant common area upgrades and added two pad sites and a 10,000-sq.-ft. end cap.
Tucson Men’s Wearhouse moves to larger space
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Tucson, Ariz. — The Men’s Wearhouse has leased space for a new 5,400-sq.-ft. store to be built in Wetmore Plaza in Tucson. The retailer is relocating to a larger store from an existing Tucson location. The new store is scheduled to be open by May 31, 2014.
Commercial Retail Advisors represented The Men’s Wearhouse and Larsen Baker LLC represented the Landlord, Wetmore Plaza Shops, in the transaction.