MARYLAND — Restaurant chain Slim Chickens has signed a deal with Phoenix Foods LLC to open eight new locations in the Maryland counties of Anne Arundel, Baltimore, Carroll and Harford. Brad Hoag, franchisee and owner of Phoenix Foods, will operate the locations, which will join another 1,100 restaurants currently in development for the brand. Hoag, who is based in Baltimore, is a former developer and operator of 10 Qdoba Mexican Grill locations and currently operates 10 Burger King restaurants.
INDIANAPOLIS — Milhaus, an Indianapolis-based multifamily developer, owner and operator, has opened a new headquarters in downtown Indianapolis. The 48,000-square-foot building along Washington Street is situated in the historic Cole-Noble neighborhood. Milhaus will operate out of 28,000 square feet on two of the three floors. The building is located next to the firm’s first Qualified Opportunity Zone development, Grid. Housing 175 apartment units, Grid is home to a fraction of the 3,000 units that Milhaus has developed in central Indiana. More than half of those units are located downtown. To date, Milhaus has developed 48 projects with $1.9 billion in assets under management. The firm also maintains regional offices in Kansas City and Austin, Texas, with additional boots on the ground in Florida and Denver.
HOUSTON — Law firm Thompson, Coe, Cousins & Irons LLP has signed a 61,875-square-foot office lease at 5POP, a 28-story, 566,773-square-foot building in Houston’s Uptown neighborhood. The building was constructed in 1982 and is currently undergoing a $12 million capital improvement program. Transwestern represented the landlord, a partnership between national investment firm CP Group and Miami-based Rialto Capital that acquired the asset in 2021, in the lease negotiations. Kevin Saxe, Kevin Kushner and Harlan Davis of CBRE represented the tenant, which will occupy three full floors.
NEW YORK CITY — The Child Mind Institute, a nonprofit dedicated to helping children with mental illnesses and learning disorders, has signed an 81,810-square-foot at 825 Third Avenue in Midtown Manhattan. The tenant will occupy the entirety of the second through fifth floors and have a dedicated ground-floor entrance. The Durst Organization owns the 530,000-square-foot building, which is currently undergoing a $150 million capital improvement program. Lance Korman and Brian Waterman of Newmark represented Child Mind Institute in the lease negotiations. Tom Bow, Ashlea Aaron, Lauren Ferrentino and Bailey Caliban represented The Durst Organization on an internal basis.
DALLAS — Nine retailers and restaurant operators have or will soon debut new stores at Galleria Dallas. Outdoor apparel and equipment retailer Cotopaxi and women’s clothing provider Intimissimi have already opened. H&M Home has committed to 7,500 square feet to complement an existing store. Restaurants Salut Paris Bakery and North Italia will open this summer and fall, respectively. Louis Vuitton and Bachendorf’s also plan to launch new stores, and Luciano Pizza & Pasta and Mi Cocina have reopened following remodels. Trademark Property Group manages Galleria Dallas, and MetLife owns the property.
THE WOODLANDS, TEXAS — Avison Young has negotiated a 53,060-square-foot office lease at The Woodlands Towers at The Waterway, an office property located about 30 miles north of Houston. Anthony Squillante and Drew Coupe of Avison Young represented the tenant, Kodiak Gas Services, which is relocating and expanding from its current office in Montgomery, Texas, in the lease negotiations. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers represented the landlord, The Howard Hughes Corp
IRVING, TEXAS — Prize Pest Control has signed a 4,469-square-foot lease at Highview Business Center, an industrial flex property in Irving. According to LoopNet Inc., the complex was built on 2.9 acres in 1981 and totals 40,618 square feet. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Barbara Brown of S&D Family Partners represented the landlord, an entity doing business as HV DJN Properties LP.
NASHVILLE, TENN. — Stream Realty Partners has arranged a 25,324-square-foot office lease at Radius, a 265,564-square-foot office building located at 601 11th Ave. N in Nashville’s Gulch district. The tenant, Covenant Physician Partners, signed a 10-year lease to occupy the eighth floor of Radius, which is now 60 percent occupied. The company is relocating from its current Nashville offices at the Truist building (401 Commerce St.). Rob Lowe of Stream Realty Partners, along with Nikko Sansone of Sandeema, represented the landlord, Rubicon Equities, in the lease negotiations. Dan Bauchiero of Foundry Commercial represented the tenant.
Retailers, developers and leasing agents who attended the ICSC LAS VEGAS 2023 conference in May left the show cautiously upbeat about the state of retail. It was only the second consecutive gathering since the pandemic shut down the annual show in 2020 and 2021, and many brands made known their intent to remain in expansion mode, especially fast-casual restaurants, car washes, coffee shops, auto parts stores, entertainment concepts and medical services. The only obstacle stopping them at this point is the higher rental rates that they may have to pay as a consequence of higher construction costs, says George Macoubray, vice president of retail brokerage for NAI Elliott in Portland, Oregon. “A lot of these concepts are doing well,” declares Macoubray, whose Northwest Retail Advisors team represents landlords and regional and national tenants throughout Oregon and Washington. “We’ll see how far these tenants can go in terms of what they pay to fill new projects, but the enthusiasm and willingness to grow is definitely there.” Practicing Vigilance The same can’t be said for ICSC conference attendees who are on the capital markets side of the business. Higher interest rates have fueled a bid-ask spread between buyers and lenders, while regulatory …
SANTA ANA, CALIF. — Lee & Associates Orange has leased a freestanding industrial building spanning 40,586 square feet. The lease agreement, which is for more than 60 months, amounts to a total consideration of around $4.3 million. Located at 1651 E. Saint Andrew Place in Santa Ana, the property offers a ground-level loading door, two dock-high loading doors, 28-foot clear height and 1,200 amps, 277/480V of power. Greg Diab and Jack Haley of Lee & Associates’ Orange office represented the tenant in the negotiations.
