Property Type

L Star Communities Breaks Ground on New Publix Near Savannah

by John Nelson February 16, 2017

POOLER, GA. — L Star Communities, master developer of the 2,588-acre Savannah Quarters development in Pooler, has broken ground on a new Publix store. The 46,000-square-foot supermarket will be situated on a 9.3-acre site in the southwest quadrant of Savannah Quarters at the corner of Blue Moon Crossing and Pooler Parkway, about 10 miles outside of downtown Savannah. The Publix will anchor a shopping center that features additional inline shop space and an outparcel bank, according to the site plan. Publix expects to open the new store by the end of November. The Lakeland, Fla.-based grocer has 1,138 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina and had more than $32 billion in sales in 2015.

February 16, 2017

Florida Loans Multifamily Southeast

NXT Capital Provides $29.5M Acquisition Loan for Apartment Community in Tampa

by John Nelson February 16, 2017

TAMPA, FLA. — NXT Capital has provided a $29.5 million acquisition loan for 251 units within Crosswynde Apartments, a 453-unit, Class A multifamily property located in Tampa. The remaining units are condominiums. Crosswynde’s community amenities include a clubhouse, fitness center, basketball court, business center, playground, swimming pool, volleyball court and racquetball court. David Horowitz in the New York office of Cooper-Horowitz placed the loan with NXT Capital.

February 16, 2017

Florida Retail Southeast

Franklin Street Brokers $7.5M Sale of Shopping Center in Metro Tampa

by John Nelson February 16, 2017

BRANDON, FLA. — Franklin Street has arranged the $7.5 million sale of Brandon Crossroads, a 30,182-square-foot shopping center located at 2050 Badlands Drive in Brandon, a suburb of Tampa. The center’s tenant roster includes Orangetheory Fitness, Amazing Lash, My Gym, Pinot’s Palette and Massage Envy. Joe Morrow of Franklin Street represented the seller, Kennedy Investments Inc., in the transaction. The buyer was Sauteur LLC, a private investor based in Gulfport, Fla. Ryan Derriman of Franklin Street led the leasing assignment for Brandon Crossroads on behalf of Kennedy Investments and elevated the property from 63 percent occupied to fully leased within three years.

February 16, 2017

Michigan Midwest Retail

PREIT to Replace Sears With Von Maur at Woodland Mall in Grand Rapids, Michigan

by Kristin Harlow February 16, 2017

GRAND RAPIDS, MICH. — PREIT has unveiled plans to replace the Sears set to close in Woodland Mall with a 90,000-square-foot Von Maur store. This will be the first location for Von Maur in the Grand Rapids area. The portion of the mall to be redeveloped, consisting of Von Maur and additional retail and restaurant space, will open in 2019. Sears currently occupies 313,000 square feet and will close in March. Other tenants at the mall include Apple, Lush, North Face and Pottery Barn. Woodland Mall’s proximity to the high-income communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand.

February 16, 2017

Hospitality Kansas Midwest

Midas Hospitality to Build, Manage Home2 Suites in Overland Park, Kansas

by Kristin Harlow February 16, 2017

OVERLAND PARK, KAN. — Midas Hospitality and sister company MC Hotel Construction are building a new Home2 Suites by Hilton in Overland Park. The 123-room hotel will be located at 7121 W. 135th St., which is the former site of a Smokehouse Bar-B-Que restaurant. The 65,000-square-foot hotel will offer suites with fully equipped kitchens, a fitness center, indoor pool and outdoor living area. Construction will begin in June and be completed by May 2018. Midas Hospitality will manage the hotel. The builder is MC Hotel Construction, and the architecture firm is Gray Design. All three companies are based in St. Louis.

February 16, 2017

Industrial Midwest Wisconsin

Staples Expands Distribution Operations in Beloit, Wisconsin

by Kristin Harlow February 16, 2017

BELOIT, WIS. — Staples has leased 136,000 square feet of industrial space at 1 Reynolds Drive in Beloit in southern Wisconsin. The company plans to relocate its larger bulk items to the new space, freeing up much-needed space at its distribution center in the Gateway Business Park also in Beloit. Staples will join TreeHouse Foods Inc., Axium Foods and Serta Mattress Co. at the 422,700-square-foot building. Only 18,000 square feet remain vacant and available for lease. Bill Mears of Coldwell Banker Commercial McGuire Mears & Associates is the listing broker for the property. Mears represented the landlord, Todd Kaiser, in the transaction. Chase Brieman of CBRE represented Staples.

February 16, 2017

Midwest Minnesota Retail

KW Commercial Arranges Sale of Former K-Mart Property in Dundas, Minnesota

by Kristin Harlow February 16, 2017

DUNDAS, MINN. — KW Commercial Midwest has arranged the sale of a former Kmart property located at 404 and 420 Schilling Drive North in Dundas, about 40 miles south of Minneapolis. The sales price was not disclosed. The one-story, 94,479-square-foot retail center was constructed in 1990 and sits on approximately 12 acres with high visibility to State Highway 3. The property consists of two adjoining buildings: the former Kmart store, vacated in April 2016, and the currently leased Sears HomeStore. The buyer, CJB II Real Estate LLC, is redeveloping the property for multiple tenants. Tom Baker and William Gorton of KW Commercial Midwest brokered the sale.

February 16, 2017

Industrial Kansas Midwest

Capital Electric Construction Signs 50,296 SF Industrial Lease in Kansas City

by Kristin Harlow February 16, 2017

KANSAS CITY, KAN. — Capital Electric Construction Co. Inc. has signed a 50,296-square-foot industrial lease to consolidate its regional headquarters in Kansas City. The company currently operates out of the Rivergate Building at 600 Broadway as well as warehouse space on Dodge Street in the Fairfax District. The new location will house all local operations at 627 Adams St., and is expected to open in July. Bob Fagan, Matt Eckert and Joe Orscheln of CBRE represented Capital Electric Construction in the lease transaction. Paul Neal of Grindstone Properties represented the landlord, Prime Investments. Capital Electric Construction is a wholly owned subsidiary of MDU Construction Services Group Inc. in North Dakota.

February 16, 2017

Conference Coverage Features Retail Top Stories

Building Emotional Connection to Visitors Paramount to Retail Success, Say EEE Panelists

by Katie Sloan February 16, 2017

SANTA MONICA, CALIF. — The retail landscape is changing, and the tried and true formulas for retail centers and malls are no longer cutting it. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to the local mall, and consumer tastes are evolving to demand better experiences from the centers they choose to shop at with their discretionary dollars. Those were the conclusions suggested by panelists at the third annual Entertainment Experience Evolution (EEE) conference, where over 550 retail experts and top industry players joined Shopping Center Business at the Fairmont Miramar Hotel & Bungalows in Santa Monica Feb. 7-8. Panelists and attendees were there to discuss the future of retail and the brightest and best upcoming trends for success in today’s changing landscape. Overwhelmingly, the conversation focused on creating an emotional connection with visitors. When it comes to discretionary purchases, shoppers seek a space where they can create memories, not just pick up merchandise and leave. This connection is attained through thoughtful placemaking, a carefully chosen mix of unique shopping and dining, the hosting of community events and the creation of an environment through lighting, music and landscaping. Creating Memory-Making Destinations After opening remarks by Jerry …

February 16, 2017

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Apartment Construction Boom Will Test the Resilience of the Chicago Market

by Kristin Harlow February 16, 2017

Solid employment growth and the attractiveness of an urban lifestyle led to improvements in the multifamily market across metro Chicago in 2016. Although there was positive movement in the performance of key indices in both the city and the suburbs, corporate migration from the suburbs to the city brought young professionals and high-paying job opportunities, especially to the core. Millennials overwhelmingly favored renting over homeownership in 2016 and sought residence in urban centers offering walkability and a live-work-play lifestyle. In 2017, these trends are expected to continue. Job growth acts as catalyst Last year, Chicago employers hired 65,000 workers, representing a 1.4 percent workforce expansion metrowide. This healthy job growth helped boost the median household income to around $67,168 per year at the end of 2016. In 2017, job growth is expected to continue at a similar rate, and it is anticipated that Chicagoland employers will hire 70,000 new workers for a 1.5 percent employment gain over the course of this year. Employment gains last year were led by the professional and business services sectors, which expanded headcount by 2.6 percent with the creation of nearly 21,200 positions over the yearlong period that ended in September 2016. During the same …

February 16, 2017

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