NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.
HANFORD, CALIF. — Fresno, Calif.-based developer 198/43 LLC has broken ground for a 150,000-square-foot Costco as part of the first phase of Hanford Marketplace in Hanford. Located on Lacy Boulevard, the Costco is slated to open in early November. The remainder of Hanford Marketplace’s first phase, including one to two freestanding pads and one to two multi-tenant pads, is scheduled for completion in mid-2017. The timing of the additional phases for the 450,000-square-foot, master-planned development will depend on initial lease up.
LAFAYETTE, LA. — Capital One Bank has provided a $47.7 million loan for Ambassador Town Center, a 430,000-square-foot, open-air retail center in Lafayette. The property is located on more than 60 acres at the southeast corner of Ambassador Caffery Parkway and Kaliste Saloom Road. Ambassador Town Center is currently 98 percent leased to Costco Wholesale, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes and PetSmart. The borrowers, Stirling Properties LLC and CBL & Associates Properties Inc., used the seven-year, fixed-rate loan to retire an existing construction loan.
TUCSON, ARIZ. — El Pollo Loco, a chicken restaurant chain based in California, has signed a franchise development deal with new partner PLM Restaurants L.C., which will open six new restaurants by August 2019 in the Tucson area. In addition, PLM Restaurants has also completed the acquisition of two existing El Pollo Loco restaurants in the Tucson market. Franchise partners David Harper and Stephan Ralston own PLM. Harper is also president and owner of Meridian Restaurants, which owns and operates 82 Burger King restaurants. El Pollo Loco has more than 435 company-owned and franchised restaurants in Arizona, California, Nevada, Texas and Utah.
SAN DIEGO — San Diego Gas & Electric has given a Grand Energy Champion Award to Petco for the company’s San Diego headquarters. The 300,000-square-foot, pet-friendly facility was a former semi-conductor plant that expanded and relocated Petco’s support center from multiple buildings to one. More than 75 skylights and nearly 3,000 solar panels on the roof produce an 86 percent energy offset and allow the building’s lighting systems to run at only half capacity. Throughout the construction process, approximately 85 percent of all demolition materials were recycled. The building’s café uses highly efficient appliances to cook and prepare food for Petco’s partners. Outside, rain and runoff water flows through landscape elements around the building and parking lot that filter water through soil sediments. In return, water evaporates, instead of draining and polluting the ocean. The building’s energy efficiency is further accented by drought-tolerant landscaping and electric car charging stations for employee use.
BOSTON — National Real Estate Advisors and The HYM Investment Group have unveiled plans to redevelop the Government Center Garage into Bulfinch Crossing, a six-building, 2.9 million-square-foot mixed-use development in Boston’s Bulfinch Triangle. Spanning two city blocks, Bulfinch Crossing will be anchored by One Congress, a 1 million-square-foot office tower designed by Pelli Clarke Pelli Architects. At full build-out, the development will feature three mid-rise buildings, including a hotel-and-condo building, an office building and a multi-story retail property, surrounding a new public plaza on the eastern side of the parcel, and One Congress and two high-rise residential buildings on the west parcel. Expected to break ground later this year, the project’s first high-rise residential component, designed by CBT Architects, will consist of 486 units, including 64 designated as affordable housing. In total, the mixed-use development will include 812 residential units, 196 hotel rooms, 1.15 million square feet of office space and 85,000 square feet of new retail space. Additionally, the property will feature a 1-acre rooftop amenity on the west parcel and a more than 1-acre public plaza on the east parcel. At completion of the overall redevelopment, the remaining portions of the existing garage will contain approximately 1,100 parking spaces …
WARRINGTON, PA. — CBRE has arranged the sale of The Shops at Valley Square, a 292,888-square-foot mixed-use lifestyle center located in Warrington. iStar Financial sold the property to a joint venture between affiliates of Poag Shopping Centers and real estate funds managed by Ares Management for an undisclosed sum. Built in 2007, the property features 203,953 square feet of first-floor retail space and 88,935 square feet of second-floor office space. Tenants at the center include DSW, ULTA, Banana Republic, White House|Black Market, Loft, P.F. Chang’s, Chipotle, Panera, The Melting Pot and Carmel Kitchen & Wine Bar. Brad Nathanson, Chris Decoufle and Kevin Reavey of CBRE represented the seller, while John Farrell of CBRE’s Debt and Structured Finance team arranged acquisition financing for the buyer.
GRAPEVINE, TEXAS — Fieldhouse USA will open its second U.S. location at Grapevine Mills in Grapevine in early 2017. The indoor sports facility will bring youth and adult sport leagues and tournaments to the area. FieldhouseUSA is a league, event and tournament-based indoor sports facility projected to draw more than 1.6 million visitors annually to the new location. The 106,000-square-foot facility will feature nine basketball courts and nine volleyball courts offering league play in basketball, volleyball and indoor soccer. FieldhouseUSA also offers programs for performance training, all-sports camps, baseball/softball, birthday parties, boot camps, cheerleading, club volleyball, corporate events, dodge ball, lock-ins, skills training, taekwondo and tumble.
NORTH RICHLAND HILLS, TEXAS — HSM Crossing LLC, an affiliate of Henry S. Miller Cos., has purchased The Crossing, a Kohl’s-anchored shopping center located at the northwest corner of Grapevine Highway and Precinct Line in North Richland Hills. The 188,000-square-foot retail center sits on 20 acres and was 89 percent leased at the time of sale to tenants including McAlister’s Deli, Unleashed by Petco, Red Hot & Blue and First Choice ER. HSM secured a five-year, non-recourse loan with L Star Capital Finance Inc. to fund the acquisition. Darrell Hurmis of Henry S. Miller represented HSM on the purchase.
ORLANDO, FLA. — Avison Young has brokered the $16.5 million sale of West Colonial Oaks, a 160,792-square-foot shopping center located at 7150-7300 W. Colonial Drive in Orlando. Triarch Capital Group purchased the retail development from Noble Properties. The property is shadow-anchored by The Home Depot and leased to tenants such as Office Depot, Family Dollar, Fancy Fruit & Produce, Olive Garden and Ollie’s Bargain Outlet. John Crotty, Joshua Ladle, Steve Tanner and Ray Hayhurst of Avison Young represented Noble Properties in the transaction.