HOUSTON — Q10 KDH has arranged $16 million in permanent financing for Cypress Creek Plaza, a Class A shopping center in northwest Houston. The center is shadow-anchored by H-E-B and contains 51,034 square feet of net rentable space across three buildings and three ground-leased pad sites leased to Wendy’s, Zaxby’s and Chase Bank. Thrivent Financial provided the 10-year loan, which features a 30-year amortization schedule and a fixed sub-4 percent interest rate.
ATLANTA — Miami-based Banyan Street Capital plans to implement large-scale renovations to the retail portion of Peachtree Center, a mixed-use, transit-oriented development located in downtown Atlanta. Situated over the underground Peachtree Center MARTA station, Peachtree Center comprises six office towers, three hotels, three parking garages and the Mall at Peachtree Center. Amy Fingerhut and Sara Pepper of CBRE have been tapped to lease the redeveloped retail center, which is currently home to over 50 restaurants, retailers and service tenants. Along with the addition of new restaurants and shops, renovations to the center will include changes to the indoor mall area and outdoor courtyard. Construction is set to begin this summer. Beck is serving as the architect on the project.
LAS VEGAS — In the midst of a particularly tumultuous period for the retail sector, evidenced by waves of store closures, what advice do seasoned shopping center executives have for aspiring young professionals seeking to make their mark in this business? The question arose Monday during a panel discussion moderated by Marcus & Millichap’s Bill Rose, national director of the brokerage firm’s retail group, at the Renaissance Las Vegas Hotel. The hour-long program, titled “Retail eVolution: A New Beginning, Not the End As We Know It,” analyzed the strengths and weaknesses of today’s retail market. The panel discussion capped off the first day of events at RECon 2017, the shopping center industry’s biggest deal-making event of the year. This year’s show, which is put on by the International Council of Shopping Centers, included 37,000 registrants, 1,200 exhibitors spread across 853,000 square feet and participants from 58 countries. The panelists pointed out that the current disruption taking place in the retail real estate sector — driven by a combination of shifting demographics, the growth of online retailing and a U.S. market that is over-retailed in some categories — creates both risk and opportunity. Hessam Nadji, president and CEO of Marcus & …
GLENDORA, CALIF. — Three new tenants are set to open at 655 S. Grand Ave., a 70,500-square-foot shopping center currently undergoing redevelopment in the Los Angeles suburb of Glendora. Creamistry, an ice cream shop, signed a lease for 1,271 square feet; Oke Poke, a fast-casual poke restaurant, signed a lease for 1,289 square feet; and Orangetheory Fitness, a fitness center franchise, signed a lease for 3,497 square feet. All new locations will open in October. Shauna Mattis and Blake Kaplan of JLL represented the landlord, Champion Real Estate Co., in each leasing transaction. Scott Simcik and Shaun Kennedy of FGP Commercial Leasing represented Creamistry. Minerva Baral represented Oke Poke. Jesse Rehmeier of Retail Select Services represented Orangetheory Fitness. The redevelopment is set for completion in July.
THE WOODLANDS, TEXAS — JLL has arranged $175 million in refinancing for Market Street — The Woodlands, a 493,400-square-foot mixed-use asset located at 9595 Six Pines Drive in The Woodlands. The property features approximately 375,600 square feet of retail space and 114,900 square feet of office space. Tom Melody and John Ream of JLL arranged the fixed-rate loan through a partnership between Morgan Stanley and Wells Fargo.
OLD SAYBROOK, CONN. — Northeast Private Client Group has negotiated the $2.2 million sale of a 6,500-square-foot retail property known as The Starbucks Building in Old Saybrook. The property is located at 15-19 Main St. Bradley Balletto of Northeast Private Client Group’s Shelton, Conn., office represented the seller, Prospect Realty Partners, and procured the buyer, Developers Consolidated Realty, in the transaction. Tenants at the property include Starbucks and Ben & Jerry’s.
WESTBURY, N.Y. — LNR Partners LLC has sold The Mall at the Source, a 723,326-square-foot shopping center in the Long Island community of Westbury, for $92 million. The transaction included the 210,798-square-foot Fortunoff Building, a vacant anchor property formerly occupied by now-defunct department store Fortunoff. The property, which includes a four-story parking garage, is situated on 38 acres at 1504 Old Country Road. Located 28 miles from New York City, the mall is positioned within the Nassau Hub submarket. LNR sold the property as the manager for CMAT 99-C1 Old Country Road LLC, which is a subsidiary of Starwood Property Trust Inc. There was also a co-seller on the transaction, a real estate mortgage investment conduit (REMIC) trust for which C-III Asset Management LLC is the special servicer. Jose Cruz, Kevin O’Hearn, Chris Phaneuf, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF marketed the property on behalf of the sellers. HFF also secured a loan for the Fortunoff Building. An undisclosed private foreign buyer purchased the mall and acquired the title to the Fortunoff Building. Starwood Property Trust is a commercial mortgage real estate investment trust. C-III Asset Management is a real estate investment management and commercial property services company. …
SCOTTSDALE, ARIZ. — HFF has arranged the $26 million sale of The Village at Hayden, a 156,751-square-foot mixed-use development located in Scottsdale. The property is home to retail and office tenants including Capital Consultants Management, Company Nurse, Phoenix Photonix, Zipps Sports Grill, Twisted Grove, Melting Pot and Grassroots Kitchen. CJ Osbrink and Derreck Barker of HFF marketed the property on behalf of the seller, Village at Hayden LLC, which is a partnership between AEW Capital Management L.P. and The Muller Co. HFF also procured the buyer, Arizona Partners.
LOS ANGELES — According to Westfield Corp., Jonathan Waxman’s NYCA Restaurant Group will be bring the chef’s cuisine back to Southern California with a restaurant to open in spring 2018. Waxman first gained fame with Alice Waters at Chez Panisse in Berkeley, and later worked at Michael’s in Santa Monica and Jams in New York City. Today, he is the chef and owner of Manhattan’s Barbuto restaurant, where he earned the 2016 James Beard Award as Best Chef – New York City. Waxman and NYCA Restaurant Group have now made the decision to open their first restaurant in Los Angeles at Westfield Century City. The restaurant will be located alongside the property’s front façade on Santa Monica Boulevard. Westfield Century Center is preparing for its grand opening in fall 2017. The redeveloped center will include more than 200 stores and restaurants including a new Nordstrom, new Macy’s, completely remodeled Bloomingdale’s and an Equinox fitness club. In addition to the new restaurant (which has yet to be named), other new dining options at Century City will include the West Coast’s first Eataly, Din Tai Fung, Javier’s Finest Foods of Mexico, Petros Benekos (Petros fine Hellenic cuisine, The Kafe and Kafe Bugatsa), Tender Greens, …
SAN FRANCISCO — The Gymboree Corporation has appointed Daniel Griesemer as the company’s new president and chief executive officer. Griesemer joins Gymboree after a five-year tenure leading Tilly’s, an action sports-inspired teen and young adult apparel retailer where he served as president and CEO. Griesemer assumes his responsibilities from interim CEO Mark Weikel, who will continue his role as a member of the board of directors. In addition to his experience at Tilly’s, Griesemer previously served as president and CEO at Coldwater Creek, a women’s clothier, and held executive leadership positions at Gap Inc., GapKids and Gap Inc. International division. Griesemer began his career with Macy’s Stores. As of April 29, 2017, the The Gymboree Corporation operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.
