NEW CANEY, TEXAS — Signorelli Co. has started construction for the second phase of Valley Town Center, located at 11985 N. Grand Parkway East in New Caney. Slated to open in late 2017, the Phase II will bring 320,000 square feet of retail space to the 1.5 million-square-foot master-planned development. T.J. Maxx, Ross Dress for Less, Rack Room Shoes and PetSmart have preleased space at the new phase. Additionally, Cinemark Theatres is developing a NextGen all-recliner theater at the property. The 10-screen theater will be the first anchor for Valley Ranch Town Center Entertainment District.
ENID, OKLA. — CBRE has arranged the sale of Neilson Square, a shopping center located at 3322-3518 E. Owen K Garriott Road in Enid. Dallas-based Dunhill Partners acquired the 67,837-square-foot property from Louisville, Colo.-based IPS Neilson Square LLC for an undisclosed price. Anchored by Staples and Old Navy, the property was 94 percent occupied at the time of sale. Jason Little and Justin Brannon of CBRE represented the seller, while Basel Bataineh, also of CBRE, assisted with financial analysis and underwriting services for the transaction.
POOLER, GA. — L Star Communities, master developer of the 2,588-acre Savannah Quarters development in Pooler, has broken ground on a new Publix store. The 46,000-square-foot supermarket will be situated on a 9.3-acre site in the southwest quadrant of Savannah Quarters at the corner of Blue Moon Crossing and Pooler Parkway, about 10 miles outside of downtown Savannah. The Publix will anchor a shopping center that features additional inline shop space and an outparcel bank, according to the site plan. Publix expects to open the new store by the end of November. The Lakeland, Fla.-based grocer has 1,138 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina and had more than $32 billion in sales in 2015.
BRANDON, FLA. — Franklin Street has arranged the $7.5 million sale of Brandon Crossroads, a 30,182-square-foot shopping center located at 2050 Badlands Drive in Brandon, a suburb of Tampa. The center’s tenant roster includes Orangetheory Fitness, Amazing Lash, My Gym, Pinot’s Palette and Massage Envy. Joe Morrow of Franklin Street represented the seller, Kennedy Investments Inc., in the transaction. The buyer was Sauteur LLC, a private investor based in Gulfport, Fla. Ryan Derriman of Franklin Street led the leasing assignment for Brandon Crossroads on behalf of Kennedy Investments and elevated the property from 63 percent occupied to fully leased within three years.
GRAND RAPIDS, MICH. — PREIT has unveiled plans to replace the Sears set to close in Woodland Mall with a 90,000-square-foot Von Maur store. This will be the first location for Von Maur in the Grand Rapids area. The portion of the mall to be redeveloped, consisting of Von Maur and additional retail and restaurant space, will open in 2019. Sears currently occupies 313,000 square feet and will close in March. Other tenants at the mall include Apple, Lush, North Face and Pottery Barn. Woodland Mall’s proximity to the high-income communities of Ada, Cascade and East Grand Rapids drives strong retailer and shopper demand.
DUNDAS, MINN. — KW Commercial Midwest has arranged the sale of a former Kmart property located at 404 and 420 Schilling Drive North in Dundas, about 40 miles south of Minneapolis. The sales price was not disclosed. The one-story, 94,479-square-foot retail center was constructed in 1990 and sits on approximately 12 acres with high visibility to State Highway 3. The property consists of two adjoining buildings: the former Kmart store, vacated in April 2016, and the currently leased Sears HomeStore. The buyer, CJB II Real Estate LLC, is redeveloping the property for multiple tenants. Tom Baker and William Gorton of KW Commercial Midwest brokered the sale.
SANTA MONICA, CALIF. — The retail landscape is changing, and the tried and true formulas for retail centers and malls are no longer cutting it. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to the local mall, and consumer tastes are evolving to demand better experiences from the centers they choose to shop at with their discretionary dollars. Those were the conclusions suggested by panelists at the third annual Entertainment Experience Evolution (EEE) conference, where over 550 retail experts and top industry players joined Shopping Center Business at the Fairmont Miramar Hotel & Bungalows in Santa Monica Feb. 7-8. Panelists and attendees were there to discuss the future of retail and the brightest and best upcoming trends for success in today’s changing landscape. Overwhelmingly, the conversation focused on creating an emotional connection with visitors. When it comes to discretionary purchases, shoppers seek a space where they can create memories, not just pick up merchandise and leave. This connection is attained through thoughtful placemaking, a carefully chosen mix of unique shopping and dining, the hosting of community events and the creation of an environment through lighting, music and landscaping. Creating Memory-Making Destinations After opening remarks by Jerry …
NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east of downtown Norfolk. Pending remaining approvals and permits, construction on the new store is slated to begin this summer with an opening set for summer 2018. The project is expected to create 500 construction jobs and 250 permanent jobs upon opening.
MONTICELLO, N.Y. — A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group has acquired Thompson Square Shopping Center in Monticello. An undisclosed seller sold the 117,944-square-foot property for $19.1 million. A 54,300-square-foot ShopRite anchors the property, which was 90 percent leased at the time of sale. Tenants include Staples, AutoZone, Monticello Cinemas, Catskills Hudson Bank, Brother Bruno’s, Subway and GameStop. This is the second joint venture acquisition between the three companies.
WAYZATA, MINN. — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of a building leased to Walgreens in Wayzata, 13 miles west of Minneapolis. The 15,149-square-foot building is located at 1055 Wayzata Blvd. East. The eight-year loan includes a 25-year amortization schedule. A life insurance company provided the loan. Joe Giordani of NorthMarq arranged the loan for the undisclosed borrower.