West Virginia power center changes hands
The Marketplace at Potomoc Towne Center in Ranson, West Virginia, has been acquired for $35.9 million by Heidenberg Properties Group and Strategic Real Estate Partners (SERP) in a joint venture deal. The seller was Carl Freeman Companies of Rockville, Maryland.
Anchored by Home Depot, Kohl’s, and Weis Supermarket, the 370,000-sq.-ft. center contains 51,000-sq.-ft. of out-parcels and in-line space. It is located on Route 9, the predominant retail corridor in the area that connects the eastern panhandle of West Virginia with Leesburg, Virginia, and the Dulles Technology Corridor.
“The presence of Home Depot and superior performing restaurants enhances the tenant mix and provides shoppers additional reasons to visit this center,” said Robert Heidenberg, president and CEO of Heidenberg Properties. “We believe that we are adding The Potomac Marketplace to the portfolio at the right time, as the trade area is poised to take advantage of catalysts for housing growth."
Other tenants at the center include Petco, Sleepy’s, Panera Bread, Roy Rogers, and Olympia sports.
This marks the third acquisition made by the Heidelberg-SERP joint venture since November 2016 and the sixth overall.
Retail to rise at San Jose Flea Market
One of the nation’s largest outdoor markets is making room for some brick-and-mortar retail.
Berryessa Properties, a family-owned company that runs the San Jose Flea Market has sold a 6.5-acre parcel adjoining the open-air bazaar to Western National Group. The Irvine, California-based company plans to erect an apartment building with 560 residences in the space, including 37,000 sq. ft. of ground-floor retail in the fifth phase of its Market Park San Jose property.
The sale price was not disclosed, but Berryessa intends to contribute $5 million of the proceeds from this and another recent property sale to the City of San Jose to build two parks totally 7 acres.
"With affordable housing, retail, and restaurants, future office space, neighborhood parks, lush greenbelts, and the Coyote Creek trail bisecting the community, this will be a uniquely welcoming and reinvigorating place to live," said Ralph N. Borelli, chairman of Borelli Investment Company, which brokered the deal.
Seafood chain to open 10 new locations
Captain D’s, which introduced fast-casual seafood to Tennessee nearly 50 years ago, continues to expand at a quick pace.
The Nashville-based chain announced this week that four new locations are planned for the Mobile-Pensacola market in the next five years and five new stores are planned for San Antonio. It added that a new franchisee will open a location in the Jackson, Tennessee, market this year, with more to follow.
Last month the chain opened its second location in Baton Rouge, a company-owned store.
With 521 restaurants in 21 states, Captain D's claims that it is the fast-casual seafood leader and top U.S. seafood franchise by average unit volume. It came in at No. 79 on Restaurant Business’s most recent listing of the top 500 quick-service restaurant chains.
Captain D's is in the process of making over its restaurants with a new beach design and reports being nearly 60% complete.