Retail

A Retail Recalibration in Houston

by Taylor Williams February 2, 2018

For retail tenants and developers alike, Houston’s Space City moniker could easily be interpreted as a kind of tongue-in-cheek double meaning, mainly because space is one thing Houston always has plenty of. Commercial developers have taken full advantage of that space in recent years, adding an eye-opening 16.3 million square feet of retail product over the last 36 months, according to a report from Colliers International. Houston added somewhere between 4 million and 4.5 million square feet of new retail during last year alone. That pedal-to-the-metal pace has been the clear headline for so long now that it almost feels odd to talk about a change of pace. But that’s exactly what seems to be taking place in Houston, as the commercial development marketplace is in the midst of transitioning from the explosive growth of recent years into a more demand-based dynamic. This is not a slowdown so much as a stabilization or a recalibration — a sprinter taking a breath between laps. This is an interesting and perhaps even necessary turn of events. Houston is a development-friendly city with a relative abundance of available and affordable land and a streamlined and generally permissive regulatory environment that makes permits, zoning …

February 2, 2018

Hawaii Retail Western

JV to Break Ground on Next Phase of 750,000 SF Shopping Center in Hawaii

by Nellie Day February 1, 2018

KAPOLEI, HAWAII — DeBartolo Development, in partnership with OPTrust and the Department of Hawaiian Home Lands (DHHL), will break ground this month on the next phase of Ka Makana Ali’i, a more than 750,000-square-foot shopping center in Kapolei. Dubbed The Grove, the 109,000-square-foot phase will be home to healthy lifestyle retailers, restaurants and services, including Foodland Farms, Hawai’i Pacific Health and PetSmart. The Grove will be located adjacent to 24 Hour Fitness. The Macy’s-anchored Ka Makana Ali’i opened in 2016 and is home to more than 125 retailers and restaurants, including a Consolidated Theatres. In addition, the center is home to the state’s first Hampton Inn & Suites by Hilton. Swinerton Builders Hawai’i is the project’s general contractor, and HTH Architects and Architects Hawai’i Limited are the project architects. JLL will handle leasing assignment for The Grove, which is expected to open in 2019.

February 1, 2018

Connecticut Loans Northeast Retail

Cronheim Mortgage Secures $22.5M Loan for Retail Center in Shelton, Connecticut

by Amy Works February 1, 2018

SHELTON, CONN. — Cronheim Mortgage has arranged $22.5 million in permanent financing for The Center at Split Rock, a neighborhood retail property located in Shelton. The 10-year loan amortizes over a 30-year period and was structured with a fixed rate of 4.12 percent. Situated on 11.7 acres, the 91,197-square-foot property was constructed in 2007 and is 99 percent leased to more than 20 tenants. Current tenants include Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and placed the loan for the undisclosed borrower.

February 1, 2018

Massachusetts Northeast Retail

SVN/Parsons Commercial Acquires Retail Plaza in Ashland, Massachusetts

by Amy Works February 1, 2018

ASHLAND, MASS. — SVN/Parsons Commercial Group/Boston has purchased a retail plaza located at 310 Pond St. in Ashland for an undisclosed price. The plaza features a 31,000-square-foot building and a 5,000-square-foot freestanding building situated at the front of the plaza. Additionally, SVN/Parsons secured a long-term deal with Habitat for Humanity – ReStore to occupy the property. Other tenants include Domino’s. Garrett Quinn of SVN/Parson provided in-house representation for the buyer, while Richard Diamond of The Diamond Group represented the seller, Saxon Partners, in the deal.

February 1, 2018

Illinois Midwest Restaurant Retail

McDonald’s Reveals New Design for Chicago Flagship Restaurant

by Kristin Harlow February 1, 2018

CHICAGO — McDonald’s has unveiled exterior and interior designs for the brand’s flagship restaurant at Clark and Ontario streets in Chicago. The former rock ‘n’ roll-themed restaurant closed in late December. The new restaurant will feature self-order kiosks, table service and mobile order and payment. The nearly 19,000-square-foot restaurant, designed by Chicago-based Ross Barney Architects, will be constructed of steel and wood timber. The restaurant will feature green spaces and energy-saving features in efforts to become LEED certified. The redesigned restaurant is slated to reopen this spring. McDonald’s is also in the process of moving its headquarters to Chicago from Oak Brook, Ill.

February 1, 2018

Indiana Midwest Retail

Regency Properties Acquires Three Shopping Centers Totaling 253,267 SF in Indiana

by Kristin Harlow February 1, 2018

COLUMBIA CITY, MONTICELLO AND WABASH, IND. — Regency Properties has acquired three shopping centers in northern Indiana for an undisclosed price. The acquisition will add a combined 253,267 square feet to the company’s portfolio of properties. The 123,340-square-foot Columbia Square Shopping Center is located at 621 Countryside Drive in Columbia City. Anchored by Kroger, additional tenants at the property include Family Dollar, Goody’s, Rent-A-Center and Tires Plus. In Monticello, the 107,164-square-foot Monticello Marketplace is located at 900 N. Main St. Tenants include Kroger, Label Shopper, Pizza Hut, Ace Hardware and Anytime Fitness. Wabash Crossing East Shopping Center is a 22,763-square-foot center located at 1611 N. Cass St. in Wabash. Positioned by Highway 24, this center features Wabash County Hospital among other tenants.

February 1, 2018

Illinois Midwest Retail

PRCP, Clifton Realty Redevelop Portion of Yorktown Center in Lombard, Illinois

by Kristin Harlow February 1, 2018

LOMBARD, ILL. — Pacific Retail Capital Partners (PRCP) and Clifton Realty Management have redeveloped Yorktown Center in Lombard to include a 12,000-square-foot “self-care” component. The new section allows shoppers and nearby residents to conduct all their self-care needs in one place. Tenants include The Barre Code, CycleBar, Orangetheory Fitness, Amazing Lash Studio and European Wax Center. An additional 40,000-square-foot unnamed fitness concept is slated to open late this summer. Yorktown Center is a 1.5 million-square-foot shopping center.

February 1, 2018

Retail Texas

Construction Begins on 331,000 SF SCHEELS Sports Store at Grandscape in Metro Dallas

by Taylor Williams February 1, 2018

THE COLONY, TEXAS — Construction has begun on a 331,000-square-foot location for SCHEELS, a sporting goods retailer, in the northern Dallas metro of The Colony. The store will be located within Grandscape, a 433-acre mixed-use property being developed by Nebraska Furniture Mart, a division of Berkshire Hathaway. For North Dakota-based SCHEELS, which operates 27 stores across 12 states, the Grandscape location will be its first in Texas. The store is expected to open by spring 2020.

February 1, 2018

Florida Retail Southeast

Sembler, Forge Capital Purchase 185,000 SF Publix-Anchored Shopping Center in Gainesville

by Camren Skelton February 1, 2018

GAINESVILLE, FLA. — The Sembler Co., in partnership with Forge Capital Partners, has acquired Gainesville Shopping Center, a 185,000-square-foot retail center located at the northwest corner of North Main Street and N.W. 10th Avenue in Gainesville. The companies acquired the asset through their investment fund, Forge Real Estate Partners III (FREP). Other terms of the deal were not disclosed. At the time of sale, Gainesville Shopping Center was 91 percent leased to tenants including Publix, Beauty Max and Family Dollar. The Sembler Co. will manage the property and handle the center’s leasing assignment.

February 1, 2018

Illinois Market Reports Midwest Midwest Market Reports Retail

How to Find the Formula for Success in Chicago’s Retail Market

by Kristin Harlow February 1, 2018

Successful retail development, especially in today’s evolving retail environment, needs constant re-evaluation by developers as well as municipalities. In some cases, the old rules are being rewritten to allow for more creative uses of otherwise stagnant — and sometimes historic — properties. The city of Chicago’s Industrial Corridor Modernization Initiative, designed to relax zoning in areas once reserved for manufacturing, is an excellent example of a notable shift that will allow developers to execute new strategies for retail development, often in combination with other uses. The recently adopted guidelines for the North Branch Industrial Corridor, the first of 26 such areas in Chicago to be evaluated, suggest the formula that will be needed to help realize the city’s ambitious vision. Neighborhood workforce With employers increasingly focused on attracting and retaining talent in a tight labor market, they are seeking locations with a mix of retail amenities that their employees can take advantage of before, during or after the workday. Increasingly, this mix is found in neighborhoods outside the downtown core that offer a relative value when it comes to office rents — another benefit for companies looking to make a move. In some cases, office and retail are located in …

February 1, 2018

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