HOUSTON — Houston-based Baker Katz has begun construction on an 8,000-square-foot building that is 100 percent preleased to AT&T, Frost Bank and Chipotle. Baker Katz acquired the property in 2015 with plans to renovate it into a multi-tenant retail center. The property is located at the intersection of I-10 East and Haden Road. Construction is slated for completion this July, with tenants slated to open in fall 2016.
LITTLETON, COLO. — Vestar has acquired Bowles Crossing, a 409,457-square-foot regional shopping center in the Denver suburb of Littleton, for $76.1 million. The 53.8-acre Bowles Crossing is one of the area’s top regional shopping destinations in the southwest Denver metro area. Tenants at the center include Trader Joe’s, DSW Warehouse, Ross Dress for Less, Gordmans and a newly renovated AMC Theatre. The center is located at 8055 W. Bowles Ave., at the northeast corner of Wadsworth Boulevard and Bowles Avenue. Vestar plans expand the shopping center, adding new retail, restaurants and a multifamily component. “Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the Western states,” says Clint Marchuk, the firm’s vice president of acquisitions. “Our goal is to continue acquiring strategic centers in key markets with strong demographics.” Vestar also recently acquired the 623,205-square-foot, open-air retail and entertainment portion of The Gateway, a retail, residential and office complex in downtown Salt Lake City. Phoenix-based Vestar is a privately held real estate company that specializes in the acquisition, management and development of commercial real estate, particularly retail. The company owns and manages more than 25 million square feet of retail assets in the …
ENGLEWOOD, COLO. — Englewood-based Sports Authority Inc. has made public a list of 140 stores it plans to close in conjunction with the retailer’s move to file for Chapter 11 bankruptcy protection. Sports Authority has received access to up to $595 million in debtor-in-possession financing in conjunction with the Chapter 11 filing in the District of Delaware. The company has received court approval to begin liquidating stores with a portion of its $595 million bankruptcy loan. The decision to close stores follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated in a March 2 press release. “As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release. (For more on what ultimately led the sporting goods retailer to file for Chapter 11 bankruptcy protection, click here.) The following store locations are set to close in the coming months based on a review of the court filing by REBusinessonine.com State City Address Arizona Casa Grande 1004 N Promenade Parkway, Ste 159 Arizona Mesa 1812 W Rio …
The Charlotte MSA continues to experience a high level of retail activity as we go into the last quarter of 2015. With a regional inventory of 62 million square feet of retail space, the MSA has seen more than 8 million square feet of new development proposed. Vacancy rates are holding steady in the 8 to 9 percent range, and average rents have remained stable. Grocers Setting the Pace Retail development activity in the Charlotte area remains driven by grocery store expansion. Publix has opened units in Ballantyne, Matthews, Southeast Charlotte and, most recently, South End, with several new stores approved and in various stages of development. Some of the Publix activity has resulted from conversions of units it acquired from Bi-Lo, while the Ballantyne, Fort Mill and South End stores were new construction projects. Publix will open five more stores in the market in the coming year, bringing its MSA store count to 16. This will include Publix’s first stores in the Cabarrus County and Gaston County markets. Perennial market leader Harris Teeter remains the dominant traditional grocer in Charlotte with a 20 percent market share, which places it, Walmart and Food Lion in close proximity. Harris Teeter, which …
AUSTIN, TEXAS — BBD Commercial, an Austin-based real estate development firm, has taken over management, marketing and leasing of Oak Hill Plaza, located at 7101 Highway 71 in Austin. In addition to running the day-to-day operations, the company has a major facelift planned for the 115,512-square-foot property. Auto Zone, Wells Fargo Bank and Jim’s Restaurant anchor the plaza. The shopping center has 36,000 square feet of available retail and restaurant space consisting of suites ranging from 1,220 to more than 15,000 square feet, including a 3,500-square-foot end cap space slotted for a restaurant. BBD’s renovation plans include a remodeled façade and repainted exterior, a marquee restaurant end cap with patio, a resurfaced and re-striped parking lot, new lighting and landscaping, a new roof and a re-constructed monument sign. Bill Ott and Tim Jarvis are leading BBD’s renovation and leasing efforts. Construction will start in May and will be completed within six months. Engen Contracting and Noack-Little architects are working with BBD on the project.
EL PASO, TEXAS — El Paso-based developer River Oaks Properties plans to build a pedestrian-friendly outdoor retail center in west El Paso. West Towne Marketplace will be an open-air retail and entertainment destination located on the northeast corner of Interstate 10 and Paseo del Norte. The center will feature tree-lined streets and native plants. It will be built to include gathering spaces designed to encourage relaxation. The anticipated completion date for the center is October 2017. West Towne Marketplace spans 63 acres and will include more than 500,000 square feet of retail, restaurants and entertainment. It will feature a grocery anchor, sporting goods and clothing retailers, along with a movie theater, specialty retail stores and restaurants. Phoenix-based Butler Design Group is designing West Towne Marketplace. Richard Amstater of RJL Real Estate Consultants is handling the leasing of the project.
CHICAGO — Barnett Capital has sold a 90,490-square-foot retail property to 3115 Properties for $5.7 million. The building is located at 3115-23 N. Broadway in Chicago. Located in the Lakeview neighborhood, the five-story building features tenants such as Intelligentsia Coffee & Tea, The Apartment People and Contacts & Specs. The property also contains a five-story parking garage. Keely Polczynski of CBRE represented Barnett Capital, and Danny Spitz of Baum Realty represented 3115 Properties LLC.
SPARKS, NEV. — Shopoff Realty Investments has acquired Iron Horse Shopping Center, a 186,000-square-foot retail center located in the Reno suburb of Sparks, for an undisclosed sum. Shopoff has committed more than $1 million for improvements to the property. The retail center was 33 percent occupied at the time of sale by tenants including Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box and El Pollo Loco. The center is anchored by a Save-Mart, which was not included in the purchase.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a mixed-use property located at 273 Lenox Ave. in Central Harlem. The four-story building sold for $3 million, or $811 per square foot. The approximately 3,699-square-foot property features two residential units and two commercial spaces. Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki of Ariel Property Advisors represented the seller, a private investor, while POG Real Estate Inc. procured the buyer, a private investor, in the deal.
DECATUR, GA. — Thor Equities, owner of The Gallery at South DeKalb in Decatur, plans to open a new 12-screen Satellite Cinemas movie theater at the mall in April. The 42,000-square-foot theater will join The Gallery’s more than 100 retailers and community services, including Macy’s, Fallas, Footlocker, DTLR, U.S. Post Office, Georgia Department of Drivers Services and GameStop. Urban Retail Properties manages the 800,000-square-foot mall. The theater, which will replace the former Screenworks theater, will feature in-auditorium dining, concessions, stadium seating and a 3D projection system.
