LOS ANGELES — The Finish Line Inc. has opened its revamped Los Angeles flagship store in the Del Amo Fashion Center. The updated retail space features a new design concept and digital display integrations. The Del Amo store — the third Finish Line location to receive these updates alongside Woodfield Mall in Chicago and Roosevelt Field in New York — puts technology at the center of the store’s total experience. The Finish Line, Inc. is a retailer that carries shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line runs approximately 950 branded locations in U.S. malls and shops inside Macy’s department stores.
SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …
MADISON, N.J. — Although the retail landscape has faced disruption in recent years, nearly half of U.S. adults prefer to make purchases in-store rather than online, according to a new survey conducted by Madison-based Coldwell Banker Commercial Affiliates. “Despite doomsday headlines about the retail industry and how e-commerce has taken over, our survey has found that Americans still enjoy and remain loyal to in-store shopping, regardless of the retail climate,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. Working on behalf of Coldwell Banker, Harris Poll surveyed 2,001 adults from Aug. 15-17 as part of an online study. The participating cohorts included 194 younger Millennials (age 18-29), 160 older Millennials (age 30-34), 479 Gen Xers (age 35-49) and 884 Baby Boomers (age 50-69), to reveal Americans’ shopping preferences and determine the steps retailers can take to remain relevant in today’s competitive retail industry. Overall, the survey found that 47 percent of U.S. adults prefer to shop in-store rather than online. More than half of Baby Boomers (51 percent) prefer the in-store experience, followed by younger Millennials (50 percent), Gen Xers (42 percent) and older Millennials (27 percent). When asked a similar question in 2016, 43 percent of …
ANAHEIM, CALIF. — New York-based finance and investment firm Square Mile Capital Management LLC has provided a $136 million loan for Jefferson Platinum Triangle, a 400-unit multifamily community in Anaheim. Proceeds from the loan, which was provided for Irving, Texas-based development firm JPI, will be used to repay existing construction debt and to bridge through stabilization of the property. Jefferson Platinum Triangle is located at 1781 S. Campton Ave. within the 840-acre Platinum Triangle district situated near Angel Stadium, Disneyland and the Anaheim Convention Center. The property offers a mix of studio, one-, two- and three-bedroom units ranging in size from 578 to 1,398 square feet. Amenities include 730 parking spaces, two resort-style pools, two clubrooms, a fitness center with yoga studio, media room, rooftop lounge and adjacent community park. “This transaction was a compelling opportunity to finance a trophy-quality multifamily asset in one of the fastest growing areas of the Los Angeles metropolitan area and Orange County,” says Square Mile Principal Michael Mestel. “The Jefferson Platinum Triangle has been outperforming the surrounding market in terms of rents and leasing velocity since initial move-ins began earlier this year.” According to the property website, rents for available one-bedroom units run as …
UPLAND, CALIF. — Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot shopping center in the Inland Empire community of Upland, for $31.7 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the transaction on behalf of the seller, IRA Capital. Sprouts Farmers Market anchors Upland Town Square, which was 88 percent occupied at the time of sale by 19 retail and restaurant tenants.
LODI, CALIF. — The Wolff Company has broken ground on Revel Lodi, a 142-unit independent living community in Lodi, located south of Sacramento and east of San Francisco. The project is located within the Reynolds Ranch master-planned community in California’s wine country. The property is scheduled for completion in mid-2018. Once completed, the two four-story buildings will offer 134 apartments and eight single-story cottages in a variety of studio, one- and two-bedroom floor plans. Revel Lodi will be the fourth senior living community Wolff has developed since 2016. The Scottsdale, Ariz.-based private equity firm intends to invest between $300 million and $400 million annually in the development of independent and assisted living communities, in addition to purchasing existing communities.
SPANISH FORK, UTAH — Englewood Construction has been tapped to work on three food-related projects in the Western U.S. The firm recently completed a 7,794-square-foot Olive Garden Italian Restaurant in Spanish Fork. It is one of more than 800 Olive Gardens in 49 states for Orlando, Fla.-based Darden Restaurants Inc., a national client of Englewood Construction. Tustin, Calif.-based CRHO Architects was the project architect. The national general contractor has also started interior remodeling projects for two test kitchens and training facilities for US Foods in California and Arizona. Englewood additionally commenced construction on two food-service projects in La Mirada, Calif., and Phoenix. Rosemont, Ill.-based US Foods Inc., a food company and distributor to restaurants, healthcare, hospitality, government and educational facilities, hired Englewood Construction to remodel two of its Western test kitchen and training facilities. Scheduled to be complete early next year, the interior remodels will accommodate the latest kitchen and training equipment. Hartland, Wis.-based ESI Design Services is the project architect for both locations. Englewood will build a classroom-style arrangement around a condensed version of the standard cook line, with a ventilation hood over open flames, a fryer, skillet and griddle. Englewood will remodel each of US Foods locations’ existing 6,775-square-foot …
DANBURY, CONN. — A joint venture between Quincy, Mass.-based The Grossman Cos. and Southport, Conn.-based Summit Development has completed the disposition of Lee Farm Corporate Office Park in Danbury. CT Property Realty LLC acquired the property for $31.7 million. The five-story building features 215,649 square feet of Class A office space. The joint venture originally purchased the property in 2013.
VISTA, CALIF. — Retail Insite has inked deals with two tenants at Vista Terrace Marketplace, a retail redevelopment project in Vista, 40 miles north of San Diego. Brian Pyke and Don Moser of Retail Insite signed a 15-year lease with Sprouts Farmers Market, which will anchor the development, and a 20-year lease with Dunkin’ Donuts. Black Lion Investment Group, the project developer, acquired the existing 48,000-square-foot retail center and an adjacent 2.5-acre parcel of land in 2016 with plans to reposition the property. The redevelopment will reface inline and end-cap shop space, create restaurant-ready suites with patios and build the Sprouts anchor building on the 2.5-acre land parcel. The first phase of Vista Terrace Marketplace is slated for completion in early 2018, and Sprouts is expected to open in the fourth quarter of 2018.
JESSUP AND WILKES-BARRE, PA. — Cushman & Wakefield has arranged the sale of a three-building industrial portfolio located in Jessup and Wilkes-Barre. Endurance Real Estate Group sold the 544,974-square-foot portfolio to NorthPoint Development for an undisclosed price. The buildings are located at 7 and 17 Alberigi Drive in Jessup and 32 Earth Conservancy Drive in Wilkes-Barre. Originally developed as part of a joint venture partnership between MetLife and Chicago-based Versus Development, the buildings feature 30-foot clear height ceilings, T-5 light and the potential to expand car and trailer parking, as well as loading positions. Gerard Blinebury, Gary Gabriel, Jeffrey Williams and Daniel Walsh of Cushman & Wakefield represented the seller in the deal.