WASHINGTON, D.C. — Retail consumers have shown excitement for holiday shopping this year, says Matthew Shay, president and CEO of the National Retail Federation (NRF). Because of the challenges of this year, Shay and the NRF believe people will buy gifts that may “lift the spirits of family and friends.” The NRF has forecasted U.S. holiday sales to grow between 3.6 percent and 5.2 percent compared to 2019. The expected growth would mean a range between $755.3 billion and $766.7 billion in sales for the season, which NRF defines as November and December. NRF says the average year-over-year growth for the past five holiday seasons has been 3.5 percent. Online and non-store sales are expected to jump between 20 and 30 percent, according to the NRF, for a total of $202.5 billion to $218.4 billion. Holiday sales in 2019 totaled $168.7 billion. Due to pandemic-related reasons, large swaths of people have not been shopping in-person this year, a trend the NRF expects to see continue through December. “We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” says Shay. …
AUSTIN, TEXAS — An affiliate of San Francisco-based investment management firm The Axton Group has purchased the 492-room Renaissance Austin Hotel for $70 million. The hotel, which is part of the Marriott International family of brands and is located on the city’s north side, includes 88 suites and 77,600 square feet of meeting and event space. An affiliate of Walton Street Capital LLC provided an undisclosed amount of acquisition financing for the transaction. Eastdil Secured served as financial advisor. The seller was not disclosed. Axton Group plans to upgrade the meeting rooms and other common spaces.
NEW BRAUNFELS, TEXAS — Locally based grocer H-E-B will open a new, 122,222-square-foot store at 651 S. Walnut Ave. in the San Antonio suburb of New Braunfels. An existing 99,000-square-foot H-E-B store opened in that market in 1994. The project, construction of which is slated to begin early next year, has a price tag of $17.5 million. The opening is slated for the fourth quarter of 2021.
PLANO, TEXAS — Mooyah Burgers, Fries & Shakes, a Plano-based fast casual concept, will open 10 new restaurants throughout the metroplex, an expansion that is expected to create about 250 new jobs. All 10 of these locations will feature the brand’s new prototype with new dining zones, digital menus, a grab-and-go bottled beverage fridge and to-go shelving. Mooyah currently operates about 75 restaurants across 23 states.
SAN ANTONIO — Keller Williams Realty has signed a 30,000-square-foot, full-building lease at The Park at Vance Jackson for its new San Antonio office. The property consists of two 30,000-square-foot buildings that were completed in February 2020. Russell Noll of Transwestern and Deborah Bauer of Drake Commercial represented the landlord, The Park at Vance Jackson LLC, in the lease negotiations. Cynthia Lee of KW Commercial City View represented the tenant.
DALLAS — Marcus & Millichap has arranged the sale of Village Oaks, a 53-unit apartment complex that is situated on 3.5 acres at 9920 Forest Lane in northeast Dallas. Nick Fluellen, Bard Hoover and Joey Murry of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also secured the buyer, an individual/private trust.
STAMFORD, CONN. — JLL has negotiated the $27.2 million sale of a 224,000-square-foot office complex located at 900 Long Ridge Road in Stamford. The 36.5-acre property consists of a 164,300-square-foot building, a 59,700-square-foot building and a 307-space parking garage. Amenities include walking trails, a fitness center, auditorium, cafeteria and training rooms. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Michael Kavanagh of JLL represented the seller in the transaction. The buyer was national investment firm Monday Properties.
NORWALK, CONN. — Hospitality owner SoNo Development has opened the 102-room Residence Inn by Marriott Hotel in Norwalk. The eight-story hotel houses studio and one-bedroom suites with fully equipped kitchens and workspaces. Amenities include a grocery delivery service, convenience store, fitness center, business center and an onsite bar and restaurant. Pennsylvania-based Shaner Hotels will operate the property.
CORAM, N.Y. — Racanelli Construction Co. has completed construction of All American Assisted Living at Coram, a $12.6 million seniors housing project located in the Long Island hamlet of Coram. Kaplan Development Group owns the 58,000-square-foot property, which offers assisted living, memory care and respite care services. Engelbrecht & Griffin Architects designed the project. The number of units was not disclosed.
CHICAGO — Magellan Development Group LLC has rebranded its 101-story project, previously known as Vista Tower, into The St. Regis Chicago. Magellan has partnered with St. Regis Hotels & Resorts and The Alinea Group. The project features both hospitality and condominium space. The 191-room hotel will feature several dining options, including a fine dining restaurant, a restaurant and lounge overlooking the Chicago River and a sky bar with outdoor terrace. Amenities include an indoor pool, spa, fitness room, ballroom and meeting rooms. The condominiums will be named The Residences at The St. Regis Chicago. Residents of the 393 condominiums will have access to a resident-only amenity floor. Located on the 47th floor, this space will feature a sky terrace with outdoor pool, lounge, demonstration kitchen, fitness center, conference center, golf lounge and children’s activity room. Designed by Jeanne Gang of Studio Gang, the 101-story tower is the third-tallest building in Chicago. Residents will begin to take occupancy in December with full completion slated for the third quarter of 2021. Condos are priced from $1 million to $18.5 million.