WEBSTER, TEXAS — Cinemark will undertake a $16 million renovation of its 18-screen theater in Webster, a southeastern suburb of Houston. Plans call for installing a branded Gamescape entertainment space with bowling, arcade games, laser tag and flexible event space, as well as a full-service bar and restaurant. The project will also upgrade the theater’s concession areas and auditoriums. Work is set to begin in February and to be complete in November.
OLD LYME, CONN. — A partnership between Zelco Properties & Development, Grossman Development Group and The McDevitt Co. has acquired a 102,500-square-foot shopping center in Old Lyme, located in southern coastal Connecticut. Anchored by Big Y World Class Market, Old Lyme Marketplace is also home to tenants such as Walgreens, Grand Wine & Spirits and The Bowerbird Gift Shop. The seller and sales price were not disclosed.
BALTIMORE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Highlandtown Village, a 57,524-square-foot shopping center located at 3800 E. Lombard St. in Baltimore. Built in 1987, the retail center was fully leased at the time of sale to tenants including Hazlo International Foods, Dollar Tree, Baltimore Bark House, Fishtail Wine and Song’s Beauty Supplies. The average tenant occupancy at Highlandtown Village exceeds 14 years, according to IPA. David Crotts and Dean Zang of IPA represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
THE DALLES, ORE. — Norris & Stevens has brokered the sale of retail property located at 3560 W. 6th St. in The Dalles. Robert N. Magid sold the property to Northstar Market LLC for $2.3 million. Constructed in 2007, the 11,335-square-foot freestanding retail building features showroom space, restrooms, break rooms, a security room, an overhead grade door and 19 parking spaces. The property was formerly occupied by Aaron’s. Doug Carter of Portland, Ore.-based Norris & Stevens represented the seller, while Jessica Kaur of Knipe Realty EA Powered represented the buyer in the deal.
ORLAND PARK, ILL. — Amazon (NASDAQ: AMZN) has unveiled plans to open a first-of-its-kind retail store in the southern Chicago suburb of Orland Park. The planned brick-and-mortar store will occupy the long-vacant site of the former Petey’s II restaurant at the southwest corner of 159th Street and LaGrange Road. The Orland Park Village Board approved the project at its Jan. 19 meeting. Amazon’s plans call for a one-story building of approximately 230,000 square feet that will offer groceries, household essentials and general merchandise. The store would function similarly to a large-format retailer such as a Walmart Supercenter. The commercial retail store would be open to the public and is not a warehouse or distribution center. Both the Orland Park Plan Commission and the Board of Trustees have reviewed and approved the plan. The village is not providing any financial incentives to Amazon as part of this project. “When a global retailer of this scale considers investment in Orland Park, it sends a strong signal about the vitality of our community and the strategic importance of this corridor,” says Orland Park Mayor Jim Dodge. According to a release, Amazon’s proposed multimillion-dollar investment in Orland Park would generate millions in sales and …
SOUTH WINDSOR, CONN. — CBRE has negotiated the $98.2 million sale of The Shops at Evergreen Walk, a 357,742-square-foot retail power center located outside of Hartford in South Windsor. A newly opened Whole Foods Market anchors the center, which is located within a larger master-planned development. Other tenants include L.L. Bean, Apple, Anthropologie, Pottery Barn, Williams-Sonoma, lululemon, Golf Lounge 18, J.Crew Factory, Gap Factory, Nike and Bluemercury. Nat Heald led the CBRE team that represented the seller, PGIM Real Estate, in the transaction. Scott Aiese led a JLL team that arranged a $76.9 million acquisition loan through an unnamed international bank on behalf of the buyer, a joint venture between Brand Street Properties and Barings. Chris Angelone and Zach Nitsche, also with JLL, structured the joint venture equity investment.
GOODYEAR, ARIZ. — Hanley Investment Real Estate Advisors has arranged the $23 million sale of Mountain Ranch Marketplace, a 49,683-square-foot shopping center located in Goodyear, approximately 19 miles west of Phoenix. Originally built in 2009 on 12.4 acres, Mountain Ranch Marketplace was 94.6 percent occupied at the time of sale to tenants such as AutoZone, Starbucks, Papa John’s Pizza, Subway, Leslie’s Pool Supplies, Verizon, Edward Jones, North Star Animal Hospital, Oasis Bagels, T&T Martial Arts Academy and Great Clips. Tenants not included in the sale are Safeway, McDonald’s, Taco Bell, Walgreens and Chase Bank. Bill Asher, Jeremy McChesney and Lee Csenar of Hanley represented the buyer, Bershon Realty Co., in the transaction. Ryan Schubert, Michael Hackett and Zach Aulick of CBRE represented the seller and developer, Kitchell Development Co.
TUCSON, ARIZ. — Tucson Newcrest has acquired 62,750 square feet of retail space at Eastpoint Marketplace, located at 6964-6970 E. 22nd St. in Tucson. Eastpoint Kolb Additional Investors LLC, JRSL LLC, Union Financial Management Services and JDW CAT 10 sold the asset for $12.8 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
OXON HILL, MD. — Sphere Entertainment Co. (NYSE: SPHR), the owner and operator of the Sphere venue in Las Vegas that opened in 2023, is partnering with locally based developer Peterson Cos. for a smaller Sphere venue in National Harbor, a waterfront neighborhood in the Washington, D.C., suburb of Oxon Hill. The planned project represents the second Sphere entertainment venue in the United States and third in the world following the future Sphere’s completion in Abu Dhabi. “Our focus has always been on creating a global network of Spheres across forward-looking cities,” says James Dolan, executive chairman and CEO of Sphere Entertainment. The site for Sphere at National Harbor overlooks the Potomac River and would complement other National Harbor mainstays such as MGM National Harbor, a $1.4 billion casino that opened in 2016, Capital Wheel, Gaylord National Resort and Topgolf. The more than 300-acre National Harbor district welcomes approximately 15 million visitors nationally. At full completion, the Sphere venue will feature the Exosphere, which is the Sphere’s programmable LED exterior display, as well as 6,000 seats for concerts, immersive movie presentations and other events. The new venue’s seating volume represents about a third of the 18,600-seat capacity at the Sphere …
Editor’s note: (As of the publication of this article, Adam Gottschalk is no longer affiliated with STRIVE) By Taylor Williams The industry adage that “every deal is different” has never been an exaggeration or cop-out excuse for explaining trends and transactions — or lack thereof — in commercial real estate. It’s a simple fact that actually speaks to the nuanced, innovative and challenging structures and processes that permeate dealmaking in this business. The expression is especially applicable to investment sales and particularly convenient to invoke in times of rapidly shifting market and economic conditions. Therefore, a quasi-blanket statement that, all other factors behind held equal, Texas retail owners have minimal reason to sell right now must be evaluated in that context. As with any large sample size, there will always be multiple exceptions to the rule, and there will always be deals being brought to market as a function of an owner’s unique personal or capital situation(s). But by and large, outside of those scenarios, sources say that Texas retail owners don’t need to force things. “Unless there’s a life or a capital event — debt coming due or not wanting to add fresh equity to a deal — that …
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