Done Deals: Feb 20, 2024

Tuesday, February 20, 2024

JLL lease will bring second Sprouts Farmers Market to Yuma, AZ

Regan Amato

YUMA, AZ – JLL has signed a 23,228-square-foot lease bringing a second Sprouts Farmers Market to Yuma, Arizona.

With over 400 stores in 23 states, Phoenix-based Sprouts is one of the nation’s largest and fastest-growing specialty retailers of fresh, natural and organic food.

The new Yuma Foothills Sprouts store will be located at the northeast corner of Fortuna Road and Interstate 8. It will offer the company’s trademark grocery experience featuring fresh produce and better-for-you products, and items that cater to various dietary lifestyles including organic, plant-based and gluten-free options.

Regan Amato from JLL's Phoenix office represented Sprouts in the lease transaction. Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented the project developer, The Spencer Companies.

“Yuma has a young and growing population that continues to expand thanks to its thriving agricultural and military economies, and an emerging manufacturing sector,” said Amato, Executive Vice President, JLL. “That makes this southwestern Arizona town a prime location for Sprouts to expand its retail footprint.”

Thomas J. Pancrazi

Sprouts currently operates one location in Yuma at 1590 S. 4^th Ave. The store sits in Yuma’s central retail corridor, on U.S. Route 95 just off Interstate 8. The new Yuma Foothills Sprouts location will serve eastern Yuma, in an area that is underserved from a specialty grocer perspective and surrounded by new residential development.

“The Spencer Companies has been an active developer in Yuma for more than 30 years and is honored to be involved in bringing Sprouts Farmers Market to the Foothills Community,” said Lane S. Heida, Director, The Spencer Companies.

“In addition to this specialty grocery store, this new Sprouts Center will include an additional 11,250 square feet of attached, in-line retail space designed to provide enhanced restaurant, shopping and service industry benefits to those who call Mesa Del Sol and the Yuma Foothills home.”

Lane S. Heida

Development and grand opening timelines for the new Yuma Foothills Sprouts store are underway, with more details to come.

In Phoenix, JLL is a market leader employing more than 527 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process.

In 2022, the Phoenix team completed almost 115 million square feet in lease and sale transactions, with a total transaction volume of more than $11.4 million, and directed $180 million in project management.

For more news, videos and research resources, please visit JLL’s newsroom.

CONTACT:

Stacey Hershauer

focusAZ

P 480.600.0195

www.focusaz.com

jll.com

Hybridge Capital Managemen acquires The Yachtsman Resort in Myrtle Beach, SC

Max B. Mellman

MYRTLE BEACH, SC, Feb. 20, 2024 –Hybridge Capital Management, a Los Angeles-based investment firm focused on commercial real estate and technology, announced that it has acquired The Yachtsman Resort located at 1304 North Ocean Boulevard in Myrtle Beach, South Carolina.

The deal was secured out of bankruptcy in an off-market transaction. The price was not disclosed.

Hybridge Capital Management now owns 569 hotel/resort keys in Myrtle Beach. The company intends to implement a capital improvement/renovation program to revitalize The Yachtsman Resort.

"With this acquisition, we further cement our goal to create a greater sense of place within the community,” said Max B. Mellman of Hybridge Capital Management. “The Yachtsman is an iconic piece of real estate in the Myrtle Beach community.”

Drew Rands

Mellman and Drew Rands of Max Benjamin Partners, Inc. and Austin Ghaderi of CBRE secured the financing on behalf of Hybridge Capital Management. The seller, Lemonjuice Solutions, was represented by Bhavesh (B.J.) Patel of Hodges Ward Elliott on the sale.

Hybridge Capital Management is an investment ﬁrm focused on commercial real estate and technology. HCM directly invests and partners with dynamic real estate investors and developers to provide equity capital for their acquisitions and new developments.

Austin Ghaderi

About Hybridge Capital Management

Based in Los Angeles, Hybridge Capital Management is an investment firm focused on investing in commercial real estate and technology through profound relationships, methodical analysis and industry-leading expertise

Bhavesh (B.J.) Patel

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association

of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry: I do what I love and love what I do.”

www.hybridgecap.com.

LeDonna Spongberg Promoted to Principal at Edge Realty Partners

LeDonna Spongberg

PHOENIX, AZ, Feb. 20, 2024 – Edge Realty Partners announced that LeDonna Spongberg has been promoted to Principal at the commercial real estate firm.

Spongberg, who joined Edge’s Phoenix office in 2021, was most recently a Senior Vice President. She spearheads Edge Southwest’s Premiere property and hospitality division which focuses on working with hotel landlords, restaurant and specialty tenants with their real estate needs.

With more than 22 years of dedicated commercial brokerage experience, she has leased or sold some of the most high-profile properties in Arizona.

Over the course of her career, she has leased over 20 million feet of specialty retail and restaurants with a total value $500 million.

Driven by her passion for restaurants, retail and hospitality, LeDonna has built relationships and experience on all sides of the business from landlord representation to national tenant representation.

Brian Murphy

“LeDonna is one of the premiere retail brokers in the southwest,” comments Brian Murphy, Managing Principal at Edge Realty Partners. “She has been integral in the growth of the Phoenix office, and we are proud to have her as a Principal in our firm.”

CONTACT;