MILWAUKEE — Healthcare Business Insights (HBI) has signed a 24,016-square-foot office lease to occupy the entire 15th floor of 411 East Wisconsin Center, a 654,000-square-foot Class A office tower owned by Riverview Realty Partners. The lease brings the 30-story building to 89 percent occupancy. Riverview Realty Partners has completed a $15 million renovation that included an updated lobby, conference center, new elevators, a new HVAC systems and an upgraded parking structure. Tenants at the office building include Quarles & Brady LLP, von Briesen & Roper, Northwestern Mutual, Morgan Stanley, Wisconsin Athletic Club, PNC Bank and others.
LAKE FOREST, ILL. — Colliers International has arranged a 7,811-square-foot office lease in Lake Forest, approximately 35 miles northwest of Chicago. LifeWorking Enterprises signed a long-term lease for space at 717 N. Forest Ave. LifeWorking Enterprises will create a network of productivity and collaboration spaces in Chicago and its suburbs. The Lake Forest property is the venture’s first location. The mixed-use building is located in Lake Forest’s historic Market Square and consists of a two-story building with ground-floor retail. Dougal Jeppe of Colliers represented LikeWorking Enterprises in the transaction, and Chris Cummins and Jonathon Connor of Colliers represented the property owner, L3 Capital.
SUNRISE, FLA. — KGH International Development has begun construction on the residential portion of Metropica, a transit-oriented mixed-use development in Sunrise that will span 65 acres and 4 million square feet upon full build-out. The project will feature 400,000 square feet of dining, retail and entertainment space, as well as 650,000 square feet of office space, 2,250 residential units and a 240-room hotel. Tenants already announced for the ground-level retail spaces include Ipic Theaters, Kings Bowl, True Food Kitchen, Kona Grill, Oil & Vinegar, Fogo de Chão, Shake Shack, Anthropologie, Free People and Kendra Scott. More announcements will be made in coming weeks and months prior to the project’s fall 2017 opening. In addition to the commercial and multifamily components, the project will also feature walking and bike trails, courtyards, a central park, 3,600-space parking garage, electric vehicle charging stations, kiosks and Wi-Fi connectivity throughout the development. KGH International Development expects to begin vertical construction on Metropica’s retail portion this summer. The design team for Metropica includes Baltimore-based master planner CI Design and architect Oppenheim Architecture & Design.
LEXINGTON, KY. — Bayer Properties plans to develop an artisan food hall at The Summit at Fritz Farm, a mixed-use development located in Lexington. Deauville Food Hall will feature eight to nine food and beverage concepts and will incorporate architectural elements from the original tobacco barns on Fritz Farm, as well as a landscaped outdoor terrace conceived by local garden designer Jon Carloftis. Local eateries already committed to The Deauville Food Hall include Crank & Boom Craft Ice Cream, a small-batch artisan ice cream maker employing locally sourced ingredients, and an offshoot of Lexington-based Athenian Grill. The Summit is set to open in March 2017.
VIRGINIA BEACH, VA. — Outdoor retailer L.L.Bean has signed a lease with General Growth Properties Inc. (GGP) to open a new store at Lynnhaven Mall in Virginia Beach. The retailer will open its new 16,700-square-foot store in the spring of this year. Existing retailers at the mall include Altar’d States, Vera Bradley, White House | Black Market, Build-A-Bear Workshop, Victoria’s Secret, Jump Trampoline Park and House of Hoops by Foot Locker. Since 2013, GGP has implemented a multi-million dollar renovation of the mall, including a new food court, two-story Main Street-style court, upgraded amenities, new mall entrance and a new retail and dining component that will include valet parking services. GGP plans to complete the renovations by the fall.
SLIDELL, LA. — SRSA Commercial Real Estate has arranged a 34,000-square-foot lease for Sportsman’s Warehouse in Slidell, making it the first Louisiana location for the outdoor retailer. The store will join the tenant roster at the Shops at Rouses, a shopping center located on Kensington Boulevard that’s home to existing retailers such as Rouses and Petco. Kirsten Early and Collin Homes of SRSA Commercial represented Sportsman’s Warehouse, which currently has 66 locations open and operating. Larry Haik of Dale Stram & Associates LLC represented the landlord.
MARIETTA, GA. — Bellwether Enterprise has arranged a $2.4 million acquisition loan for Grove Park Plaza, a 30,600-square-foot retail strip center located in Marietta, a northern suburb of Atlanta. The two-building property sits on 5.3 acres at 1812 Powder Springs Road. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the loan through StanCorp on behalf of the borrower, Petinos LLC.
SAN DIEGO — Marriott Marquis San Diego Marina, owned by Host Hotels & Resorts Inc. (NYSE: HST), is in the final stages of a $107 million expansion. Located on downtown San Diego’s waterfront, the expansion of the luxury hotel and convention center will be complete in June. It will include two new ballrooms along with Marina Terrace, an outdoor area on the bay and the Marine Walk public walkway. The project also includes a 16-screen video wall system and a Swarovski crystal ceiling installation. A multi-million dollar makeover of the resort’s guest rooms and public areas was completed in 2011. The new construction will increase the center’s meeting, indoor and outdoor event space to 280,000 square feet. The largest portion of the expansion was adding two 36,000-square-foot ballrooms, known as Marriott Grand Ballroom and Pacific Ballroom. Each is capable of accommodating up to 3,700 guests, and both will have foyers reaching up to 25,000 square feet, offering options to extend the space. The new building features a blue glass design, which makes use of natural light. tvsdesign was the project’s architect. “We drew inspiration from the host community with its iconic coastline, which we incorporated into the design, capturing a sense of …
TEMECULA, CALIF. — Coldwell Banker Commercial- SC’s retail division has hired Janet Kramer and Jay Brun. The pair will serve as senior advisors to the company’s offices in Temecula, San Diego, Redlands and Ontario. Kramer and Brun have more than 45 years of combined commercial real estate experience. They will focus on creating a platform for retail brokers and lead the team as market advisors on all things retail related. Kramer was previously a retail specialist with Grubb & Ellis|WestMar and Voit Real Estate Services. Her 14-year real estate career has focused on retail development, leasing and sales. Brun has completed more than 100 transactions with national credit tenants. His 29-year career has primarily focused on retail development and tenant representation. Brun was previously with Lee & Associates.
The last five years have seen a lot of shuffling around for Boston’s mainstay industries, with professional service firms moving to the Seaport and tech companies moving to Kendall Square. Although we’ve seen more new residential and commercial development than ever, there will always be space limitations in Boston, which means there will always be more user demand than there is space on the market. The space left behind from tenants on the move will be easily filled by the next wave of tenants — and the cycle continues. Oxford Properties’ latest announcement of its acquisition of 222 Berkeley St. and 500 Boylston St. in the Back Bay is perhaps the best example of the trajectory model in Boston. And similar to the media and finance switcheroo that Manhattan is experiencing (the media mecca is now downtown and FiDi is now midtown), media companies in Boston are now moving into the financial district and finance firms are moving to the Seaport. Boston Globe Media Partners is close to leasing 75,000 square feet of space at 53 State Street. The publishing company will take some of Goodwin Procter’s block that will be vacated once the company relocates to the Seaport District. …