Property Type

Ingka Group to Invest $2.2B in New IKEA Locations, Omnichannel Growth Across US

by Katie Sloan April 20, 2023

LEIDEN, NETHERLANDS — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are smaller stores dedicated to kitchen, bedroom and living room planning. Plan and Order is an extension of IKEA’s existing planning studio business and is a relatively new endeavor for the company, with only two locations currently open in England. Ingka Group’s new stores will be primarily located in the Southern United States, a region where IKEA currently has a smaller concentration of locations, according to reports by The Wall Street Journal. These stores will create over 2,000 jobs upon completion. IKEA US, the American subsidiary of the retailer, has also announced new locations in San Francisco and Arlington, Va., that are set to open this summer. The $2.2 billion investment …

April 20, 2023

Market Reports Midwest Midwest Market Reports Nebraska Retail

Today’s Retail Landscape in Omaha is Different, But Healthy

by Kristin Harlow April 20, 2023

By Holly Jones and Trey MacKnight, Cushman & Wakefield/The Lund Co. The world of retail real estate in the Midwest has been rapidly evolving over the past few years, with the pandemic serving as a catalyst for more change. As we move further into 2023, it’s becoming increasingly clear that the retail landscape is different than in years past, yet healthy in numbers. In this article, we’ll explore and explain some of the latest trends, developments, absorption and vacancy, and how this is impacting the industry as a whole. Whether you’re a retailer, landlord or investor, it’s essential to stay up to date with the current market and future developments. Omaha’s retail market recorded 350,931 square feet of positive absorption in the fourth quarter, bringing the year-to-date absorption total to 1 million square feet. Throughout 2022, there were 34 buildings delivered, increasing the retail inventory by 379,733 square feet. At the close of the year, more than 86 percent of the new construction was occupied, creating a very healthy environment. While there were sizable deals inked throughout the year, just over 85 percent of the new leases signed were under 5,000 square feet. Many of the leases were signed by …

April 20, 2023

Acquisitions Content Partner Features Industrial Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Tax-Efficient Investment Strategies Open New Opportunities Despite High Interest Rates

by Sarah Daniels April 20, 2023

The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …

April 20, 2023

Development Mixed-Use Texas

Wildcat Management to Develop $150M Mixed-Use Project in Mansfield, Texas

by Taylor Williams April 19, 2023

MANSFIELD, TEXAS — Locally based development and investment firm Wildcat Management will build Castle Ranch, a $150 million mixed-use project that will be located in the southern Fort Worth suburb of Mansfield. Castle Ranch will include apartments, townhomes, retail and restaurant space and coworking office space, as well a multitude of pocket parks, walkable streets, sidewalks and pedestrian paths. The development will also connect to a new city park and trail system, both of which under construction. The groundbreaking of Castle Ranch is slated for 2024.

April 19, 2023

Loans Multifamily Texas

Dwight Capital Provides $31.4M HUD-Insured Loan for Multifamily Asset in Little Elm, Texas

by Taylor Williams April 19, 2023

LITTLE ELM, TEXAS — New York City-based Dwight Capital has provided a $31.4 million HUD-insured loan for the refinancing of The Village at Lakefront, a 242-unit multifamily property located in the North Texas community of Little Elm. The property was built on 6.4 acres in 2017 and consists of two four-story apartment buildings, a clubhouse with a community room, fitness center and a leasing office. Brandon Baksh of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the borrower, ChadNic Properties.

April 19, 2023

Acquisitions Industrial Texas

Avison Young Arranges Sale of 234,215 SF Industrial Building in Northwest Houston

by Taylor Williams April 19, 2023

HOUSTON — Avison Young has arranged the sale of a 234,215-square-foot industrial building in northwest Houston. The building sits on a 15-acre site at 4414 Hollister Road and features 25-foot clear heights, 150-foot truck court depths, 25 dock-high doors, 155 car parking spaces and 2.5 acres for additional parking or outdoor storage. Drew Coupe and Dawson Smith of Avison Young represented the seller, Austin-based private equity firm Frontera Capital Partners, in the transaction. Nick Peterson of Transwestern represented the undisclosed buyer.

April 19, 2023

Leasing Activity Retail Texas

Puttshack Opens 26,000 SF Entertainment Center in Downtown Houston

by Taylor Williams April 19, 2023

HOUSTON — Puttshack, an entertainment concept centered on minigolf, has opened a 26,000-square-foot center at The Highlight at Houston Center, a retail and office complex located at 1200 McKinney St. in the downtown area. The venue offers four nine-hole minigolf courses, two bars serving craft cocktails and beers, a formal dining area and a private event space that can accommodate more than 100 guests. Brookfield Properties owns The Highlight, which also houses an Immersive Gamebox entertainment center.

April 19, 2023

Acquisitions Hospitality Texas

Partners Real Estate Arranges Sale of RV Park in Rockport, Texas

by Taylor Williams April 19, 2023

ROCKPORT, TEXAS — Partners Real Estate has arranged the sale of Shorty’s RV Park, a 30,056-square-foot property in Rockport, located near Corpus Christi in South Texas. The property at 716 S. Doughty St. includes a single-family home. Landan Dory and Eli Buck of Partners represented the seller, private investor Wanda Walker, in the transaction. The name and representative of the buyer were not disclosed.

April 19, 2023

Development Florida Multifamily Southeast

Estate Cos. to Develop 321-Unit Multifamily Property in Downtown West Palm Beach

by John Nelson April 19, 2023

WEST PALM BEACH, FLA. — The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom apartments ranging from 330 to 1,265 square feet in size. Amenities will include a resort-style pool with cabanas; health club with yoga, spin and aerobics rooms and on-demand fitness; social and gaming lounge; cyber lobby with coworking spaces; dog park and pet washing station; and dry cleaning and laundry services. Estate Cos. has numerous projects in various stages of development in South Florida, including two in North Miami Beach, three in Hollywood and one apiece in Dania Beach, Lauderhill, Pompano Beach and Riviera Beach.

April 19, 2023

Development Florida Leasing Activity Mixed-Use Retail Southeast

Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development

by John Nelson April 19, 2023

MIAMI — Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading the project’s retail leasing along with Miami-based The Comras Co. The master developer is Miami Worldcenter Associates, which is led by Art Falcone and Nitin Motwani. Still to come at the 27-acre Miami Worldcenter are food-and-beverage options including El Vecino by chef Michael Beltran, who also operates the Brasserie Laurel restaurant at the development; Chicago’s Maple & Ash and etta restaurants; Sports & Social, a dining and entertainment concept; as well as other nationally recognized brands including Rihanna’s Savage X Fenty, Club Studio, Ray-Ban, Posman Books, Bowlero and Lucid Motors. Approximately 80 percent of the retail space has been leased at the development.

April 19, 2023

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