HOUSTON — American Family Care, which provides urgent care and walk-in healthcare services, has signed a quartet of leases totaling 12,600 square feet in the Houston area. The spaces are located in Sugar Land (2,700 square feet), Katy (2,800 square feet), Elyson (3,400 square feet) and Kingwood (3,700 square feet). John Frazier of Houston-based brokerage firm Baker Katz represented the tenant in all four sets of lease negotiations.
CHARLOTTE, N.C. — CBRE has opened a new office at Vantage South End, a 635,000-square-foot mixed-use development located in Charlotte’s South End neighborhood. The Dallas-based real estate services giant now occupies 224,535 square feet of space on the second floor of the campus’ east tower, located at 1120 S. Tryon St. The office space is designed with a focus on hybrid work compatibility and flexibility, including a “free address” style wherein desks and workstations are not assigned. The office also features a wellness lounge with a petrified moss wall and anonymous occupancy sensors to monitor employee behaviors. Artwork was curated with a focus on Charlotte artisans and regional representation.
BOZEMAN, MONT. — Corning Cos. is currently underway on a $50 million, multi-phase redevelopment of Gallatin Valley Mall, a retail center located in Bozeman. To be known as Gallatin Crossing, the mixed-use property will feature retail, entertainment and medical space, including a 45,000-square-foot medical pavilion that will bring together Intermountain Healthcare and Ortho Montana PSC. Whole Foods Market will also join the property with a location that marks its first in the state. The first phase of development for the project, which began in September 2022, is scheduled for completion later this year. A second phase — which will include façade upgrades, updated parking and refreshed landscaping, signage and lighting — is scheduled to begin in spring 2023. Grossman Development Group, Boston Realty Advisors and Situs Realty Group are working with owner Corning Cos. on the project.
HOUSTON — Academy Sports + Outdoors has opened a 50,000-square-foot store at 8715 W. Loop S in Houston. The location in the city’s historic Meyerland neighborhood marks the 33rd in the greater Houston area and 107th in Texas for the locally based athletic equipment and apparel retailer. Academy also plans to open 80 to 100 new stores nationwide over the next five years.
THE WOODLANDS, TEXAS — Locally based oil and gas firm Earthstone Energy (NYSE: ESTE) has signed a 28,894-square-foot office lease expansion at 1400 Woodloch Drive in The Woodlands, about 30 miles north of Houston. Norm Munoz, Jillian Fredericks and Robert Parlsey of Colliers represented the landlord, an entity doing business as Woodlands Office Equities-’95 LLC, in the lease negotiations. John Hornbuckle of Cypressbrook Co. represented Earthstone Energy.
PLAINVIEW, N.Y. — T.J. Maxx has opened a 24,000-square-foot store at Woodbury Plaza, a 102,000-square-foot center located in the Long Island community of Plainview. The discount retailer has backfilled a space formerly occupied by Bed Bath & Beyond. Robert Delavale represented the landlord, Breslin Realty, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.
DETROIT — Throwbacks Home, a subsidiary of Detroit-based furniture manufacturer Woodward Throwbacks, will open a 1,500-square-foot furniture showroom in downtown Detroit. With a focus on sustainable design, the showroom will feature furniture made in Detroit from reclaimed and recycled materials. The store will also carry a selection of designer homewares and furnishings. Throwbacks Home expects to open this month in its space at 35 W. Grand River Ave., which is owned by Bedrock. The location will be the only furniture showroom in downtown Detroit, according to Bedrock. Woodward Throwbacks maintains a warehouse in Hamtramck.
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Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn
As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …
KYLE, TEXAS — Builders FirstSource has signed a 47,000-square-foot industrial lease in the southern Austin suburb of Kyle, a move that is expected to add about 40 jobs to the local economy. The supplier of construction materials is relocating from nearby Buda. General contractor CT Darnell Construction plans to break ground on the facility, which Builders FirstSource will use to house its lumber yard and distribution operations, in the first quarter of 2023. The development team is targeting a July 2023 completion.
JEFFERSONVILLE, IND. — Sporting goods and outdoor recreation retailer Academy Sports + Outdoors has opened a new store in Jeffersonville near Louisville. The roughly 63,000-square-foot store is located at 1600 Veterans Parkway within Jeffersonville Town Center. The location marks the sixth of nine new stores Academy expects to open this year. Over the next five years, Academy plans to open 80 to 100 new stores in the U.S.