CINCINNATI — Chicago-based fitness franchise The Barre Code is set to open a new location at 615 Main St. in downtown Cincinnati early next year. The new 2,250-square-foot location will include a studio room and changing rooms with fully stocked vanity areas. Megan Fair of CBRE represented the tenant in the lease transaction. CBRE’s project management team is also facilitating a buildout at the location.
Gathering spaces and food are changing the format of the physical shopping environment, say retail architects and designers who are being tasked with creating new designs for older shopping centers and new retail-oriented projects. “Retail projects are requiring a different approach as far as what they mean to the customer anymore,” says Sy Perkowitz, principal with KTGY in Irvine, Calif. “What we want is something that is an attraction; something that brings you out to the retail center as opposed to Internet shopping or other activities that you may be involved in,” explains Perkowitz, “The need to be physically present at a retail project has changed. It used to be out of necessity, and today it’s more about wanting to be there because you’re interested in communicating with other people face-to-face.” As a result, retail developers are incorporating more places for people to socialize in shopping centers, whether that is restaurants, outdoor dining areas or public gathering spaces at shopping centers, something that used to be taboo in retail design. In former times, gathering spaces were thought to disengage shoppers from spending time in stores. Today, the opposite is true: the longer visitors spend at the center, and the more …
LAKEWOOD AND CULVER CITY, CALIF. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has arranged the sale of two 7-Eleven stores located in California. The properties include a 1,481-square-foot 7-Eleven located in Culver City, as well as a 4,690-square-foot, two-tenant strip center occupied by 7-Eleven in Lakewood. Jeremy McChesney of Hanley represented the buyer and seller, both undisclosed private investors, in the sale of the Culver City property for $2.7 million. McChesney represented the buyer, an undisclosed private investor, and Dave Hunsaker and Chuck Noble of Lee & Associates represented the sellers, Orange, Calif.-based private investors, in the sale of the Lakewood strip center for $3.4 million.
STAMFORD, CONN. — CBRE has arranged the sale of Newfield Green, a shopping center located in Stamford. Urstadt Biddle Properties acquired the property from Hoffman Investment Partners for $45.3 million. The 71,588-square-foot grocery-anchored center is more than 60 percent occupied by Grade A Market and CVS/pharmacy. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the deal.
BOSTON — GLL Real Estate Partners has completed the disposition of a mixed-use building located at 70 Franklin St. in Boston. Deka acquired the 85,977-square-foot property for $42.1 million. At the time of sale, the building was 91 percent leased to eight tenants, including TIAA-CREF, Jos. A. Bank and Papyrus. Robert Griffin, Edward Maher and Matthew Pullen of Newmark Grubb Knight Frank represented the seller in the transaction.
HOUSTON — On behalf of Griffin Partners, JLL has secured the sale of Nassau Bay Town Square, a 100 percent occupied, 50,253-square-foot retail development in Houston. An undisclosed buyer purchased the Class A asset for an undisclosed price. JLL also secured $12.9 million in acquisition financing, with Wells Fargo providing the securitized loan. George Cushing and Wendy Vandeventer led the JLL team on the sale. Jimmy Board and Paul House led the firm’s financing efforts. Located directly across from NASA’s Johnson Space Center, Nassau Bay Town Square is part of a 660,000-square-foot mixed-use development that includes office, multifamily and hotel assets. Tenants of Nassau Bay Town Center include Jimmy Johns, Five Guys, Berkeley Eye Center and Texas Citizens Bank.
CROMWELL, CONN. — CW Landmark Group has brokered the sale of Cromwell Commons, a retail center located at 136 Berlin Road in Cromwell. The Nugent Organization and J&V Ventures acquired the 114,000-square-foot property from Cromwell Commons RSK and MBMB Cromwell for an undisclosed price. Price Rite anchors the shopping center. Ralph Lewis and Daniel Bernardini of CW Landmark Group represented the buyer and seller in the deal.
SAGINAW AND MUSKEGON, MICH. — CBL & Associates Properties Inc. has sold two shopping malls in Michigan for $66.5 million. The private buyer was undisclosed. The properties include the 901,181-square-foot Fashion Square Mall in Saginaw and the 645,677-square-foot The Lakes in Muskegon. The sale price included the assumption of a $38.2 million loan secured by the Fashion Square Mall. CBL & Associates is an owner and developer of malls and shopping centers throughout the United States.
BIRMINGHAM, ALA. — DRA Advisors LLC has sold The Colonnade, a 127,031-square-foot shopping center located at the intersection of Highway 280 and I-459 in Birmingham. The property is shadow-anchored by The Summit, Bayer Properties’ 981,714-square-foot regional mixed-use center. The Colonnade was 91 percent leased at the time of sale to tenants such as Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Co., Drapery Studio, Teach Me Beauty and Schaeffer Eye Center. Richard Reid and Jim Hamilton of HFF’s Atlanta office represented DRA Advisors in the sale of the property to Colonnade Retail Partners LLC, a group led by Shannon Waltchack, a Birmingham-based commercial real estate management firm. Terms of the sale were not disclosed.
FRISCO, TEXAS — Seattle-based Nordstrom Inc. plans to open a Nordstrom Rack at The Centre at Preston Ridge in Frisco. The 33,000-square-foot store is scheduled to open in fall 2017. Brixmor Property Group owns the retail center. Nordstrom Rack will join Saks Off 5th, T.J. Maxx, Target, DSW, Ross Dress for Less, Ulta Beauty, Old Navy and Best Buy. The Centre at Preston Ridge is located at the corner of Gaylord Parkway and Preston Road, just northwest of the Dallas North Tollway and Sam Rayburn Tollway intersection. This will be the sixth Nordstrom Rack in the Dallas area. The company also operates four Nordstrom stores: Stonebriar Centre, NorthPark Center, Galleria Dallas and North East Mall. Nordstrom Rack is the off-price retail division of Nordstrom, offering apparel, accessories and shoes at a savings of 30 to 70 percent compared with regular prices.
