NEW YORK CITY — ShopRite will open a 62,000-square-foot grocery store at Evergreen Plaza in the Great Kills neighborhood of Staten Island. The grocer, which is part of the Wakefern Food Corp. family of brands, is backfilling a space previously occupied by SuperFresh at the 100,000-square-foot center. Joseph Lowry of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. The tenant was self-represented. The opening is slated for the fall.
ORLANDO, FLA. — Universal Orlando Resort’s newest theme park, Epic Universe, is officially opening on May 22, marking the first major theme park to open in Central Florida in 26 years, according to CNN. The new park will include five distinct components: Celestial Park, The Wizarding World of Harry Potter’s Ministry of Magic, Super Nintendo World, How to Train Your Dragon – Isle of Berk and Dark Universe. According to multiple media outlets, Epic Universe is estimated to have cost roughly $7.7 billion to build, although Universal Orlando Resort hasn’t commented on the new park’s price tag. At 750 acres, including both guest areas and backstage space for employees, Epic Universe is also reported to be the largest singular theme park in the world. The main hub of Epic Universe will be Celestial Park, which offers guests two rides — a dual-track roller coaster and a carousel — as well as shops, restaurants and bars. From this hub, guests can choose to enter four other portals, with each leading to a different themed land. Dark Universe brings the famous “Universal Pictures Monsters,” including Dracula, the Wolf Man and the Invisible Man, to life, along with its anchor attraction, “Monsters Unchained: …
SCOTTSDALE, ARIZ. — Vestar has signed leases with 10 new tenants at The Promenade Scottsdale, a 1 million-square-foot retail center located in the Phoenix suburb of Scottsdale. Retail and restaurant concepts including Fan Outfitters, J. Crew, Pvolve and Kura Sushi are now open at the center. IKEA, Sugar Sugar, The Wallpaper Co., DXL and Pella Windows are also scheduled to open at the property before the end of the year. Additionally, existing tenant Cox has expanded its space to occupy an additional 3,852 square feet. Vestar manages the center, which is now more than 98 percent leased. FalconEye Ventures owns The Promenade Scottsdale.
MONTEREY, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a two-tenant medical and retail building in Monterey. A private investor purchased the asset from an undisclosed seller as part of a 1031 exchange transaction. Located at 2200 Garden Road, the two-tenant property offers 19,102 square feet of medical and retail space. The asset is fully occupied by BluePearl on a 13-year net lease, and the federal government, which has occupied the building since 2015. Built in 1984 and renovated in 2015 and 2022, the property features two grade-level doors and one dock platform, as well as ample onsite parking. Robert Johnston and Adam Levin of Levin Johnston of Marcus & Millichap, along with Mitchell Zurich of Marcus & Millichap, represented the buyer in the transaction.
CHANDLER, ARIZ. — SRS Real Estate Partners has arranged the $3.3 million sale of a childcare property, located at 3700 W. Ray Road in Chandler. Busy Bees occupies the 10,904-square-foot property, with 15 years remaining on its absolute triple-net lease. Alexander Moore of SRS Capital Markets represented the buyer, a California-based private investor. The seller was a Phoenix-based investment group.
DETROIT — Bernard Financial Group (BFG) has arranged a $2.9 million loan for the refinancing of a 24,000-square-foot retail building in Detroit. Dan Duggan of BFG arranged the loan through a credit union. The borrower was IDG Woodward LLC.
By Jonathan Brown of JHP Architecture/Urban Design The essence of a thriving city lies in its diversity. Dynamic urban landscapes can achieve this effect by offering a robust mix of uses that cater to a wide range of people, keeping their streets and buildings lively and vibrant throughout the day and into the night. City administrators, architects and master planners have long sought the alchemical mixture for this success. However, zoning codes for various municipalities can often read like complex recipes: A cup of residential here, a few ounces of retail there, a pinch of municipal infrastructure all around, a dash of hidden parking and a sprinkling of community open space to really tie the flavors together! Successful placemaking is not simply the sum composition of all its parts; it requires thoughtful integration and balance. With today’s housing shortages, multifamily developments make sense, but integrating retail uses within those projects is challenging. This is despite the fact that many comprehensive plans and zoning codes mandate specific retail quotas, which may not be easily supported by the economics. Creating vibrant, engaging spaces requires more than just ticking boxes in the zoning code. Stakeholders want to avoid ending up with a …
PASADENA, TEXAS — EDGE Capital Markets has arranged the sale of The Market at Crenshaw, a 37,103-square-foot retail strip center in Pasadena, an eastern suburb of Houston. Shadow-anchored by Academy Sports + Outdoors and Burlington, the center was 77 percent leased at the time of sale to a mix of national and local tenants. Kevin Holland and Britton Holland of EDGE represented the undisclosed seller in the transaction. The buyer was a national investor that also requested anonymity.
EXTON, PA. — JLL has arranged the $34.3 million sale of Exton Square, a 990,000-square-foot super-regional shopping center located on the western outskirts of Philadelphia. The center was originally built on 75 acres in 1973 and renovated in 2000. Whole Foods Market shadow-anchors the property, which is home to tenants such as Boscov’s, Macy’s, Main Line Health and Round1 Entertainment. Jim Galbally, David Monahan, Patrick Higgins and Fran Coyne of JLL represented the seller, PREIT, in the transaction. The buyer was Abrams Realty & Development.
ATLANTA — Stream Realty Partners has added five leases at The Interlock, a 672,688-square foot mixed-use development located at 1115 Howell Mill Road NW in Atlanta’s West Midtown district. Kevin Driver and Malik Leaphart of Stream Realty arranged the leases, while colleague Michaela Roberts managed the firm’s initiatives to reposition and deliver customized office suites. The Gathering Spot, a private, members-only modern city club, leased 21,000 square feet of office space, as well as an additional 40,000 square feet of rooftop space. Directional Capital, a Los Angeles-based private equity firm and one of the largest national Rent-A-Center franchise owners, leased 10,500 square feet to establish its new headquarters. Creative firm agency Look Listen secured an 8,500-square-foot lease with drive-up access and direct connectivity to the Bellyard Hotel. Workers’ compensation defense law firm Levy, Sibley, Foreman & Speir LLC (LSFS) signed a 5,000-square-foot lease while Alloy Marketing signed a 10,000-square-foot lease, with both firms occupying newly built office suites on the sixth floor. Mike Davis and Nathan Williams of Scotland Wright Associates represented The Gathering Spot, Directional Capital, Look Listen and LSFS, while Dan Granot of Savills represented Alloy Marketing in the lease negotiations.