Retail

Retail Tenant Mix Tops Mixed-Use Agenda

by Taylor Williams September 22, 2017

The terms “experiential retail” and “mixed-use development” are both thrown around heavily in the context of 21st century commercial real estate. As buzzwords for the changing landscape of retail real estate and encapsulations of the preferences of millennials, the terms are as popular in their usage as they are arbitrary in their application. Is an apartment building with a ground-floor restaurant or coffee shop really considered mixed-use? Is it actually legitimate to think of buying shoes or jewelry as an experience? The answer varies depending on who’s asked. But the fact remains that dividing lines between certain property classes are beginning to blur. Increasingly, office and multifamily projects are designed to include food, drink and entertainment options, which have become the only real common denominators among mixed-use projects. Given that those three facets of retail involve spending on one-time, consumable products and services, they have become the face of experiential shopping and spending. Integrating retail development into mixed-use projects, as opposed to standalone shopping centers or pad sites, comes with its own unique challenges: parking, noise restrictions and sourcing contractors that specialize in build-outs for multiple property types, to name a few. But developers realize that no matter how much …

September 22, 2017

Retail Texas

DIG Closes Sale of 196,630 SF Retail Power Center in Metro Dallas

by Taylor Williams September 21, 2017

LEWISVILLE, TEXAS — Disney Investment Group (DIG) has closed the sale of Lakepointe Towne Crossing, a 196,630-square-foot retail power center located at 709-735 Hebron Parkway in the Dallas metro of Lewisville. Anchored by Ross Dress for Less and Party City and shadow-anchored by Super Target, the property was 62 percent leased at the time of sale. DIG represented the seller, Retail Properties of America, in the transaction and procured the undisclosed buyer.

September 21, 2017

Retail Texas

Baker Katz Negotiates 41,500 SF Lease for AMC Theatres in Shenandoah, Texas

by Taylor Williams September 21, 2017

SHENANDOAH, TEXAS — Baker Katz has negotiated a 41,500-square-foot lease in Shenandoah, about 30 miles north of Houston, on behalf of AMC Theatres. The new, 10-screen theater will anchor the 69-acre MetroPark Square development, which is situated along Interstate 45 Frontage Road south of State Highway 242. Steve Greenberg of The Retail Connection represented the landlord in the lease negotiations. The theater is scheduled to open in early 2018.

September 21, 2017

Illinois Midwest Retail

CBRE Arranges $13.6M Sale of Retail Property in Chicago

by Kristin Harlow September 21, 2017

CHICAGO — CBRE has arranged the sale of Block Y in Chicago for $13.6 million. The 24,863-square-foot retail property is located at 1301 W. Madison St. The property is 100 percent leased to three tenants. Keely Polczynski of CBRE represented the seller, 1940 Y Century Associates LLC, which is an entity controlled by Los Angeles-based Blatteis & Schnur Inc. An affiliate of Renaissance Capital LLC purchased the asset.

September 21, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Retail

National Retail Tenants Enter, Expand Into Kansas City Market

by Kristin Harlow September 21, 2017

The greater Kansas City area retail market remains solid as a rock, despite CoStar Group’s mid-year report showing a slight decline in the average asking rental rate and a slight increase in vacancy. The retail vacancy rate in the second quarter of 2017 stood at 5.7 percent, up slightly from the previous quarter’s 5.5 percent. The average asking rental rate for retail is $13.05 per square foot, down from $13.07 in the previous quarter. Local, regional and national restaurant chains continue to expand with strong success throughout all areas of the Kansas City market, and “new-to-market” users continue to open their doors. Currently, there is approximately 570,000 square feet of retail space under construction in the Kansas City area and various mixed-use projects under development. Additionally, several new shopping center projects have recently been announced and are quickly gaining traction with restaurant and retail users. One of the major catalysts for the widespread retail and mixed-use boom throughout greater Kansas City is the various incentives that have been made available to developers including tax increment financing, community improvement districts, transportation development districts, tax abatement and other incentives. On both sides of the state line, as sites become more expensive and …

September 21, 2017

Retail Texas

Lidl Buys 5.2 Acres in San Antonio for 30,000 SF Grocery Store

by Taylor Williams September 20, 2017

SAN ANTONIO — German discount grocery chain Lidl has purchased a 5.2-acre site at the intersection of Alamo Ranch and Lone Star parkways in San Antonio for the development of a 30,000-square-foot location. Construction of the property is expected to begin during the fourth quarter and wrap up during the third quarter of 2018. Gene Williams of CBRE represented the seller, Abiso Development, in the land sale. Gensler will serve as the project architect and Metropolitan Contracting as the general contractor.

September 20, 2017

Midwest Missouri Retail

Knoebel Construction Breaks Ground on $5M Grocery Store in St. Peters, Missouri

by Kristin Harlow September 20, 2017

ST. PETERS, MO. — Knoebel Construction has broken ground on a new Fresh Thyme Farmers Market in St. Peters, about 30 miles west of St. Louis. The $5 million project is slated for completion in winter 2018. Approximately 95 people will work at the 28,720-square-foot store. InSite Real Estate is developing the property. NORR is providing architectural services. Fresh Thyme is a specialty grocer rapidly expanding in the Midwest with other St. Louis-area stores in Kirkwood, Ballwin and O’Fallon, Mo.

September 20, 2017

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Cornerstone Realty Capital Arranges $38.5M in Financing for Mixed-Use Development in Boston

by Amy Works September 20, 2017

BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.

September 20, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Regeneration of Retail Spurring New Development, Investment Activity in Orlando

by John Nelson September 20, 2017

Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in the market, such as Luckys Market, Earth Fare, Orchard Supply, Ollie’s, 24 Hour Fitness and At Home. The activity is both resulting in and benefitting from exciting new developments and infrastructure improvements in the market. Development, Infrastructure Current development activity in Orlando is in direct response to considerable consumer demand, with many major retail projects recently completed or under construction. Lake Nona Landings, a 53-acre development in Tavistock’s master-planned Lake Nona community, opened in early 2017 with the area’s first Walmart Supercenter and Sam’s Club, and will serve as an anchor for the growing Narcoossee corridor south of State Road 417. Horizons West/Four Corners is a thriving residential area encompassing parts of western Orange and north Osceola counties where retail, restaurant and multifamily …

September 20, 2017

New Jersey Northeast Retail

Key Properties Opens 170,000 SF Shopping Center in Cedar Knolls, New Jersey

by Amy Works September 19, 2017

CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek and MedExpress Urgent Care occupy the three pad sites. Key Properties plans to break ground this fall on the property’s final pad, which will be occupied by IHOP and an Italian restaurant with catering services. The project team includes Phelps Construction as construction manager, The Dietz Partnership as architect, Bowman Consulting Group as site engineer and TRC as environmental consultant.

September 19, 2017

Newer Posts

Older Posts