OVERLAND PARK, KAN. — Sierra, an off-price active and outdoor apparel retailer, has opened a 19,374-square-foot store at The Marketplace within Bluhawk, a 277-acre mixed-use development in the Kansas City suburb of Overland Park. Sierra is part of the TJ Maxx, Marshalls and HomeGoods family. Additional recent store openings at the property include Ulta (9,962 square feet), Bath & Body Works (4,651 square feet) and Rack Room Shoes (5,838 square feet). This summer, OHM Fitness will open a 2,106-square-foot studio. Price Brothers is the developer of Bluhawk and AdventHealth Sports Park.
ATLANTA — Walmart will open a 75,000-square-foot Walmart Neighborhood Market store at 835 MLK Jr. Drive in the Vine City neighborhood of Atlanta. Previously, the brand operated a Supercenter store at the property, which closed in December 2022 due to fire damage. The new store will feature a full-service deli, money center, expanded bakery, online pickup and delivery service and a health service room. Scheduled to open on Wednesday, May 22, this marks Walmart’s first conversion of a Supercenter store into a Neighborhood Market store.
PEACHTREE CITY, GA. — Six new tenants have signed leases at The Avenue Peachtree City, an open-air shopping center located in Peachtree City, approximately 40 miles outside Atlanta. Beignets and Brew is now open at the property, with HOBNOB Neighborhood Tavern scheduled to open a 5,781-square-foot restaurant later this month. Kendra Scott, Motivate Studios and 9292 Korean BBQ have also signed leases at the center and will occupy 2,000; 2,000; and 8,015 square feet, respectively, beginning this summer. Additionally, Arhaus will open a 7,085-square-foot store at The Avenue Peachtree City later this year. JLL manages the property on behalf of the owner, Memphis-based Poag Development Group.
NEW YORK CITY — Brooklyn Fare Kitchen & Market has opened a 25,500-square-foot store within the One Manhattan Square residential tower on the Lower East Side. The deal marks the largest New York City store to date for the grocer, which offers prepared foods, sushi, a deli, produce, frozen foods and organic products. The store also features a coffee bar. Other locations in the city include Brooklyn, The West Village and Lincoln Square.
HILLSBOROUGH, N.J. — Bluestar Direct has signed a 13,500-square-foot industrial lease expansion in the Northern New Jersey community of Hillsborough. The wholesaler of various food products is expanding from a 5,000-square-foot space at the 596,315-square-foot Hillsborough Business Center, where it has been a tenant since 2020. Victor Kelly represented the landlord, Larken Associates, in the lease negotiations on an internal basis.
WESTLAKE, TEXAS — Terra Lounge has opened a 2,400-square-foot bar and restaurant at The Terraces, an eight-building, 1.1 million-square-foot office complex located north of Fort Worth in Westlake. Terra Lounge, which can accommodate about 100 people, offers beer, wine and cocktails, as well as appetizers, salads and gourmet pizzas. Chicago-based Glenstar purchased the property, which is home to office users like Goosehead Insurance and ECI Software Solutions, in 2019.
— By Taylor Stokes, Market Intelligence Analyst, Avison Young — The Los Angeles office market continues to struggle with a 24.7 percent vacancy rate at the end of the first quarter of 2024, according to Avison Young’s first-quarter Los Angeles office market report. Leasing activity picked up slightly in the first quarter of 2024 with 951 leases recorded. This equated to 3.5 million square feet, up 5.4 percent from the fourth quarter of 2023 when there were 902 leases signed. To put the decline of occupancy in perspective, the first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It was also up from the previous high of 13.1 percent that was recorded in 2010. There were a couple lease transactions to highlight in the first quarter of 2024. Snap picked up 400,000 square feet in Santa Monica, while Bank of Tokyo Mitsubishi signed a nearly 62,000-square-foot lease in Downtown Los Angeles. Downtown continues to struggle with the highest vacancy in the market at 28.6 percent. The anticipated return to office hasn’t happened, as many users see the hybrid work schedule continuing for the long-term. They, therefore, …
CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.
DALLAS — Steelcase, a manufacturer of office furniture, has opened an 11,169-square-foot showroom in the Victory Park area of Dallas. The space is known as the WorkLife Center and is located within the 15-story, 352,000-square-foot Victory Commons One office building. Scott Hage of JLL represented Steelcase in the lease negotiations. Bill Brokaw and Karch Schreiner represented the landlord, Hillwood Urban, on an internal basis. BOKA Powell designed the WorkLife Center, and Balfour Beatty built out the showroom.
HORSHAM, PA. — Align Precision has signed an 85,396-square-foot industrial lease at 425 Privet Road in Horsham, a northern suburb of Philadelphia. The defense and aerospace contractor is relocating from nearby Huntingdon Valley and essentially doubling its footprint. Tim Morris, Mike Maloney and Brian Smyth of CBRE represented the landlord, a partnership between Griffith Properties and DRA Advisors, in the lease negotiations. Mike Cohen of Situs Properties represented Align Precision.