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Mixed-UseRetailTexas

Hobby Lobby Opens at 1.5 MSF Mixed-Use Center in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — Hobby Lobby has opened a new store in Valley Ranch Town Center, a 240-acre, 1.5 million-square-foot mixed-use development in New Caney, a city roughly 30 miles north of Houston. The Signorelli Co., a Houston-area builder, developed the property, which is situated within the 1,400-acre, master-planned community of Valley Ranch on Grand Parkway near Interstate 69. Valley Ranch Town Center, which also includes a 13,500-seat amphitheater and 1,000 multifamily residences, is the largest retail project currently underway in the Houston area.

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RetailTexas

SHOP Cos. Brokers Sale of 61,853 SF Retail Center in Denton, Texas

by Taylor Williams

DENTON, TEXAS — SHOP Cos. has brokered the sale of San Jacinto Plaza, a 61,853-square-foot retail center located at 2300 San Jacinto Blvd. near Interstate 35 in Denton, a city in north Texas equidistant from Dallas and Fort Worth. At the time of sale, the property was 87 percent leased to tenants such as Office Depot, Foot Spa and Mattress Firm. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, a Dallas-based limited partnership, in the transaction. An undisclosed limited liability company from Plano purchased the property.

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North CarolinaRetailSoutheast

Kite Realty Adds Hobby Lobby, Opens Stein Mart at Shopping Center in Metro Raleigh

by John Nelson

CARY, N.C. — Kite Realty Group Trust has signed a lease with Hobby Lobby and opened a new Stein Mart store at Parkside Town Commons, a two-phase shopping center located at the intersection of North Carolina Highway 55 an Interstate 540 in Cary. The 50,000-square foot Hobby Lobby and 32,000-square foot Stein Mart join existing retailers including Target, Harris Teeter, Frank Theatres CineBowl & Grille, Petco, Golf Galaxy and Guitar Center. The signing of Hobby Lobby puts the second phase of Parkside Town Commons at 90 percent leased.

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MidwestOhioRetail

Shopping Center Owner DDR to Cut 65 Jobs, Streamline Organization

by Kristin Harlow

BEACHWOOD, OHIO — DDR Corp. (NYSE: DDR) has unveiled plans to streamline its organizational structure and eliminate 65 positions, including nine officer level roles. The decision is a result of efforts to gain efficiencies, provide appropriate staffing for the company’s current and future operations, facilitate decision-making and lower operating costs, according to the company. The changes are expected to generate a stabilized annual reduction to recurring general and administrative expenses of approximately $6 million. The company expects that the vast majority of its employees will remain based in the Beachwood headquarters location, about 19 miles southeast of Cleveland. As part of the reorganization, DDR has also appointed Conor Fennerty as senior vice president. Fennerty will be responsible for capital raising activities and management of the company’s planning and analysis functions. DDR, a self-managed REIT, is an owner and manager of 319 value-oriented shopping centers comprising 106 million square feet in 35 states and Puerto Rico. The company’s stock price closed at $12.74 per share on Monday, April 3, down from $17.34 per share a year ago.

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MidwestOhioRetail

Cooper Commercial Arranges $13.1M Sale of Shopping Center in Aurora, Ohio

by Kristin Harlow

AURORA, OHIO — The Cooper Commercial Investment Group has arranged the sale of Barrington Town Center in Aurora, about 30 miles southeast of Cleveland, for $13.1 million. The 112,631-square-foot shopping center is shadow anchored by Heinen’s Grocery and is home to Cinemark, Dollar Tree, University Hospitals, Howard Hanna, Great Clips, Pizza Hut, The UPS Store, Subway and GNC. Dan Cooper of Cooper Commercial represented the institutional seller and secured the buyer, a private investment group based in the Northwest.

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MidwestRetailWisconsin

Marcus & Millichap Arranges $1.1M Sale of Net Leased Retail Property in Walworth, Wisconsin

by Kristin Harlow

WALWORTH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Burger King in Walworth southern Wisconsin for $1.1 million. The 3,140-square-foot building is located at 106 State Road 67. Burger King fully remodeled the property last year and signed a new 20-year lease. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a developer. Todd Lindblom of Marcus & Millichap also assisted in the sale transaction.

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Market ReportsNevadaRetailWesternWestern Market Reports

New Projects, Offerings Keep Las Vegas’ Retail Market Exciting

by Camren Skelton

After finishing 2016 with a bang, 2017 is shaping up to be another great year for retail real estate in Las Vegas. Tourism, construction, population growth, infrastructure improvements and business growth are all cause for excitement. The Strip is once again predicted to dazzle retailers. There are currently more than $9 billion in construction projects underway or scheduled through 2019. The development lineup is dominated by Resort World, Steve Wynn’s Paradise Park and a hopeful sale of Fontainebleau. Alon is another exciting project that is looking to replace a major funding source so it can begin construction. Several other important, but smaller projects are scheduled to come on line later this year and into 2018. These include infrastructure, retail expansion and additional hotel room projects. New retail and food arrivals to the Strip include Skechers, Walburgers, Morimoto, Sugarcane Raw Bar Grill, Giordano’s and John Rich’s Red Neck Riviera. Around 42 million visitors from the U.S. and around the world enjoyed Las Vegas in 2016, and we are anticipating even more in 2017. Las Vegas population growth also continues. The city was ranked the 28th largest in the U.S. in 2016, while housing sales and construction continue to have healthy growth. …

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CaliforniaRetailWestern

Jimmy Buffett’s Margaritaville Restaurant Opens First California Location

by Nellie Day

HOLLYWOOD, CALIF. — The first location of Jimmy Buffett’s Margaritaville restaurant has opened its doors at Universal CityWalk. The more than 20-year-old Universal CityWalk, located in Hollywood, recently invested in an extensive revitalization. Enhancements currently underway include new restaurants, shopping experiences and design features to its multi-million dollar Universal Cinema renovation. This undertaking coincides with Universal Studios Hollywood’s recent transformation in which 75 percent of the theme park was reimagined. Margaritaville launched its first restaurant location in Key West, Fla., in 1987. Today, the company features nine resorts/hotels across the Southeast and Caribbean and eight additional locations in development; four gaming locations; and more than 60 food and beverage locations including concepts such as Margaritaville Restaurant, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and LandShark Bar & Grill, among others.

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FloridaRetailSoutheast

Stan Johnson Brokers $17.9M Sale of Retail Property in Tampa

by John Nelson

TAMPA, FLA. — Stan Johnson Co. has brokered the $17.9 million sale of a 119,884-square-foot retail property located at 7651 W. Waters Ave. in Tampa that is fully leased to BJ’s Wholesale Club, a membership-based warehouse retailer. BJ’s triple-net lease has more than 10 years remaining on its term. Joshua Pardue led Stan Johnson’s team in representing the individual seller in the transaction.

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