BEAVER DAM, WIS. — Shoe Sensation has signed a 7,240-square-foot retail lease at Heritage Village Mall in Beaver Dam, about 40 miles northeast of Madison. The property is located at 1645 N. Spring St. Joe Kleiman of Mid-America Real Estate-Wisconsin LLC represented the undisclosed landlord in the lease transaction.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated a 1,526-square-foot retail lease for Urban You Beauty Bar in Grand Rapids. The property is located at 3152 Peregrine Drive. Urban You is a beauty bar that offers hair styling, makeup application, nail design, brows, lashes and medical spa services. The company will use this space as a pop-up shop until its other locations are completed in East Grand Rapids, Knapps Corner and Holland.
NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …
The Birmingham retail market had an explosive 2016. Several large projects were announced or completed, while traditional indicators of market health also showed promising signs of growth. TopGolf will soon be coming to the Uptown District, while Regions Field, home of the Birmingham Barons minor league baseball team, continues to attract surrounding development. Breweries remain a mainstay in Birmingham’s social scene, and they have demonstrated a capability to revive entire neighborhoods. As the natural beauty of Alabama becomes more important to residents and newcomers, the Red Rock Trail System’s green space bicycle system, which encompasses over 200 miles of green space trails and over 600 miles of street-based paths connecting all corners of the Birmingham area, will continue to grow in importance and recognition. By the fourth quarter of 2016, retail vacancy had decreased to 5.4 percent, down from 6.1 percent at the beginning of 2016, while market rents for major submarkets held steady around $12.37 per square foot. Downtown Birmingham, which hasn’t been viewed as a major retail area for decades, is the site of resurgent interest and accompanying capital. Some of the revitalization is occurring due to a renewed interest in public greenspaces, such as the recently developed …
The city of Greenville and the surrounding submarkets are exploding with growth. The once-sleepy textile town in the Upstate of South Carolina has now become a robust, diversified economy that is garnering interest from retailers that may have overlooked the market in the past. The change in the city of Greenville has not gone unnoticed; several publications and top ten lists have recognized Greenville for its thriving downtown. From the addition of Falls Park in 2004, an approximately 32-acre oasis in the West End of the city, to multiple mixed-use developments under construction, Greenville’s resurgence has brought new residents, new retail and new life to the region. Growth in the Greenville market has been largely driven by the addition of thousands of new jobs, a low cost of living and highly attractive lifestyle options. Greenville serves as the North American headquarters for BMW, Michelin and Hubbell Lighting, all of which have contributed to significant job growth in the region. As Greenville’s downtown has continued to draw national recognition, retailers have taken notice. In recent years, Greenville has attracted a multitude of national retailers new to the market. Hughes Development’s Project ONE kicked things off when it brought national retailers like …
NORTHRIDGE, CALIF. — Encino-based Investment Real Estate Associates (IREA) has arranged the $54.7 million sale of the Northridge Plaza Shopping Center in Northridge. The property had been family owned for 37 years and this transaction is the first time it has changed hands since being built in 1980. The 235,000-square-foot shopping center is located at 8741-8840 Corbin Ave. on a 16.5-acre tract. Anchor tenants include Target, Kohls and Wells Fargo. Yubin Tao of IREA and Greg De Rubeis of LBPM represented both the buyer, Paragon Commercial Group, and the seller, NLSR LP.
CHULA VISTA, CALIF. — Mike Dobbins of NorthMarq Capital’s San Diego office has arranged $44.5 million in financing on behalf of Sudberry Properties. The borrower is using the capital to build Millenia Town Center, a 128,177-square-foot retail property located at the southeast corner of Highway 125 and Birch Road in Chula Vista. The capital consisted of a construction loan from a bank and preferred equity from a life insurance company for whom NorthMarq is a correspondent. Major tenants on the property will include Buy Buy Baby, Ross Dress for Less, Homegoods and Cost Plus.
BELLEVUE, WASH. — Lake Washington Partners has purchased Commons 90 Office Park in Bellevue for an undisclosed sum. The two-building park is located at 15800 and 15900 S.E. Eastgate Way. Lake Washington Partners will manage Commons 90 through its property management division and a partnership with Urban Renaissance Group. CBRE’s Jeff Jochums will take over the leasing assignment. The seller was a joint venture between Clarion Partners and Tennessee Consolidation Retirement System.
FONTANA, CALIF. — Construction has commenced on the 598,000-square-foot Sierra Lakes Commerce Center in Fontana. A joint venture between Trammell Crow Co. and Clarion Partners is developing the Class A speculative logistics center. The space is scheduled for completion in the first quarter of 2018. Fullmer Construction will build the property, which RGA Architecture designed. JP Morgan Chase provided financing for the project. Bill Heim and Michael Chavez of Lee & Associates will lease and market the building.
LAKEWOOD, WASH. — A joint venture between PCCP and Panattoni Development Co. has announced plans to develop a 467,526-square-foot warehouse distribution facility in Lakewood. The project is fully approved and construction has commenced. The facility should be completed in February 2018. Tacoma Gateway will be situated less than a mile from Interstate 5, 35 miles south of Seattle’s CBD and 12 miles south of the Port of Tacoma.