NEW YORK CITY — Whole Foods Market will debut its new “quick-shop” store format at 1175 Third Ave. on Manhattan’s Upper East Side later this year. At 7,000 to 14,000 square feet, these formats are between 25 to 50 percent of the typical 40,000-square-foot Whole Foods store. The store will also be the first of the Austin-based grocer’s 17 New York City locations to offer a Juice & Java coffee bar and fast-casual eatery.
MINNEAPOLIS — Retail giant Target Corp. (NYSE: TGT) has announced plans to open 300 stores and enhance the majority of its 2,000-store portfolio. The news comes on the heels of the company’s fourth-quarter 2023 earnings reports, which saw comparable sales and traffic trends improving for the second consecutive quarter. Target also plans to invest in its supply-chain operations in hopes of bolstering its next-day delivery options through the use of artificial intelligence for improved inventory efficiency. Enhancements to the Minneapolis-based company’s existing portfolio are set to include remodels adding Ulta Beauty “store-within-a-store” locations, upgrading fixtures and additions that help support same-day services. According to Target’s most recent earnings reports, same-day services like in-store pickup, drive-up and Shipt deliveries represent more than 10 percent of total sales and increased by 13.6 percent in the fourth quarter of 2023. Details on the 300 new locations were not released. The company has also announced plans to reintroduce its loyalty membership program, Target Circle, with a number of membership options that build off of each other. While Target Circle will remain free to join, a new paid membership will be introduced dubbed Target Circle 360, which allows consumers unlimited and free same-day product delivery. …
By Taylor Williams When it comes to industrial supply growth in Central Texas, the usual suspects — land availability, interest rate movement, time-consuming permitting and approval processes — are all secondary to the need for more infrastructural development to support these projects. Roadways, public transit systems, electrical capacity, sewerage and water services — these are the key ingredients in the recipe for successful industrial development in Central Texas that can sometimes be overlooked or understated in importance. As such, economic development corporations (EDCs) in the area are prioritizing infrastructure development in their work as they help developers add much-needed industrial space to support the area’s burgeoning population. While underlying, efficient infrastructure is critical to all real estate developments and human occupation, it is especially crucial to industrial projects. Large-scale manufacturing facilities — think Tesla in East Austin and Samsung in its northern suburb of Taylor — employ thousands of people. Housing hasn’t caught up to population growth in many of the surrounding communities, necessitating alternate means of commuting. In addition, manufacturing and e-commerce facilities tend to have above-average electrical capacity requirements. Financially, meeting that demand might be made somewhat easier in a state that has a deregulated power grid, but logistically, …
The data center market remains a powerhouse of growth and demand in the commercial real estate world. REBusinessOnline sat down with Ryan Goeller, a principal at NAI KLNB commercial real estate services in Virginia, to discuss the various factors impacting this dynamic asset class. REBusinessOnline: Briefly, a data center is a dedicated building housing computer servers and storage systems, constantly processing and managing data for various applications. What is the current state of the data center market? Goeller: Extremely active, with very high demand. Development pipelines are at full power and are strained in certain markets. Leasing demand is through the roof. REBusinessOnline: What types of tenants use these data centers, and what are their space needs? Goeller: The majority of the time, the need for space is so insatiable that entire buildings are leased to single users, especially when it comes to large hyperscale computing projects. However, there are still colocation providers housing smaller tenants in certain buildings. A lot of the activity happening in Northern Virginia is hyperscale activity. These are large tech companies coming in and building 2-million-square-foot campuses that they’re fully occupying themselves. In these instances, the tenants aren’t likely to move once they occupy a space; …
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $37 million loan for the refinancing of Dane Park, a 392-unit apartment community in Grapevine. The property is located in the northern-central part of the metroplex and features one- and two-bedroom units. Amenities include a pool, fitness center, game room, sports court, resident clubhouse and outdoor grilling and dining stations. Dane Park also offers pet daycare, grooming and concierge services. Brian Eisendrath and Cameron Chalfant of IPA arranged the debt. The borrower and direct lender were not disclosed.
HOUSTON — Temenos Community Development Corp. and The NHP Foundation have opened a 95-unit supportive housing complex in Houston. The property includes an entire floor dedicated to at-risk youth, and 80 units replace those lost to The Texas Department of Transportation to make way for highway improvements. The City of Houston Housing & Community Development provided $12.5 million for the project, and The Harris County Community Services Department provided $11 million. The Houston Housing Finance Corp. and the Texas Department of Housing & Community Affairs also contributed to the capital stack.
HOUSTON — General contractor Austin Commercial has broken ground on Sarofim Hall, an 83,000-square-foot academic building that will be located on Rice University’s campus in Houston. Designed by Diller Scofidio + Renfro, the building will be situated adjacent to the Moody Center for the Arts and will feature a cinema, flexible performance lab, adaptable classrooms and workshops. Sarofim Hall is expected to open in time for the fall 2025 semester.
DALLAS — Lee & Associates has brokered the sale of a 10-acre industrial development site comprising two parcels at 4225 and 4551 Cedardale Drive in South Dallas. Alex Wilson and Jarrett Huge of Lee & Associates represented the buyer, LDSR Real Property, which plans to construct an industrial service facility on the site. The name and representative of the seller were not disclosed.
SAN ANTONIO — Ervin Cable Construction has signed an 11,400-square-foot industrial lease in San Antonio. According to LoopNet Inc., the single-tenant property at 1026 Brussels St. was built in 2004 and includes 2,000 square feet of showroom space and 1,400 square feet of office space. Carlos Marquez and Brian Heines of Partners Real Estate represented the landlord in the lease negotiations. Kent Jones represented the tenant.
SUNNY ISLES BEACH, FLA. — A partnership between Dezer Development and luxury automobile company Bentley Motors has broken ground on Bentley Residences Miami, a 62-story condominium tower. Located at 18401 Collins Ave. in Sunny Isles Beach, the beachfront development will feature 216 condos, each with glass-covered, three- and four-car sky garages all made possible utilizing four car lifts and a car elevator dubbed The Dezervator. The development will also feature a food-and-beverage program by chef Todd English, as well as a beach club and oceanfront pool deck. Other amenities will include a whiskey bar, cigar lounge, spa, cinema and salon. The general contractor, Coastal Construction, expects to deliver Bentley Residences Miami by the end of 2027. Dezer Development says that 40 percent of the condominiums have been sold, with prices starting at $5.6 million. Designed by Sieger Suarez Architects, residences will include high-end finishes including saunas, outdoor showers in select units and behind-mirror TVs.