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Sunset-Amphitheater-El-Paso
CivicDevelopmentRetailTexas

El Paso City Council Approves $80M Concert Venue, Partners With Operator

by Taylor Williams

EL PASO, TEXAS ­— The El Paso City Council has approved a proposal to develop an $80 million concert venue and has formed a public-private partnership with the operator, Colorado-based hospitality firm Venu (formerly known as Notes Live). The site spans 17 acres of city-owned land and will anchor the Cohen Entertainment District on the city’s northeast side. The venue will be known as Sunset Amphitheater and will have a seating capacity of 12,500. The City of El Paso is providing $30.6 million in performance-based incentives under the terms of the partnership deal. Construction is set to begin this fall and to be complete in 2026. Venu is also planning to open a $220 million concert venue in the northern Dallas suburb of McKinney.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Four New F&B Operators Sign Leases in Jersey City’s Bergen-Lafayette Neighborhood

by Taylor Williams

JERSEY CITY, N.J. — Four new food-and-beverage (F&B) operators have signed leases at apartment buildings in Jersey City’s Bergen-Lafayette neighborhood. Breakfast café Eggs Up will open a restaurant in the 24-story Atlas high-rise building. MochiDough and BoberTea, both of which are Japanese concepts, have committed to Starling, a rental building with 39 units. Cheeky’s, a concept known for New Orleans-style sandwiches, will open at The Hazel, a 201-unit building. All openings are slated to occur before the end of the year. A partnership between between locally based developer Fields Grade and New York City-based Alpine Residential owns the buildings.

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DevelopmentMidwestMissouriRetail

Keystone Construction to Build $60M CarShield Sportsplex in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Keystone Construction Co. will build the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. The development will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 children and 45 teams in metro St. Louis. The 325,000-square-foot facility will offer four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. Construction is scheduled to begin in October and wrap up in January 2026. The project team includes civil engineer Stock & Associates and architect Gray Design Group.

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2527-N-Reserve-St-Missoula-MT
AcquisitionsMontanaRetailWestern

Benderson Development Acquires Walgreens-Occupied Property in Missoula, Montana

by Amy Works

MISSOULA, MONT. — Benderson Development has purchased a freestanding retail building, located at 2527 N. Reserve St. in Missoula, located along the Clark Fork River near the Idaho border. Terms of the transaction were not released. Walgreens occupies the retail building. With this acquisition, Benderson expanded its national footprint to 40 states.

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The-Victoria
HospitalityLoansMixed-UseMultifamilyNew YorkNortheastRetailTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $148M Refinancing for The Victoria Mixed-Use Tower in Harlem

by Katie Sloan

NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing for The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. At 30 stories, the property is the tallest building in Harlem.  The Victoria is built around the neighborhood’s historic Victoria Theater and offers 191 luxury apartments, a 211-room Marriott-branded hotel and 23,000 square feet of retail space. The project was completed in the third quarter of 2023 and also features 52 below-grade parking spaces.  Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and William Herring of Walker & Dunlop’s New York capital markets team acted as exclusive advisors to the borrowers, Lam Group and Exact Capital. Aareal Capital provided the financing, which will support ongoing operations and future enhancements to the project. “This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence and cultural preservation,” says Appel. Bethesda, Md.-based Walker & Dunlop is one of the largest commercial real estate finance and advisory firms in the United States.  — Katie Sloan

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ConnecticutLeasing ActivityNortheastRetail

Three Retailers Sign Leases at Atlantic Station in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Three retailers have signed leases at Atlantic Station, a mixed-use development located in Stamford. Lovesac, Golf Lounge 18 and Fresh & Co. will occupy 28,000, 9,000 and 3,000 square feet, respectively. RXR owns the property, which features 650 residences and 82,000 square feet of retail space. Brian Scruton of Cushman & Wakefield represented Lovesac in the lease negotiations; Tim Rorick and Janey Steinmetz of Newmark represented the landlord in conjunction with internal agents. Tyler Lyman of True Commercial represented both parties in the Golf Lounge 18 deal. Lyman also represented the landlord in lease negotiations with Fresh & Co., with Sabre representing the tenant.

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FloridaLoansMixed-UseOfficeRetailSoutheast

CMC Group Obtains $69.9M Loan for Refinancing of Metro Miami Mixed-Use Development

by John Nelson

CORAL GABLES, FLA. — Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year, floating-rate loan on behalf of CMC Group. Situated at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce features The Collection, a luxury car dealership whose brands include Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. The property also includes 150,000 square feet of office space and 32,000 square feet of retail space. 4000 Ponce was 90 percent leased at the time of sale to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

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AcquisitionsMarylandRetailSoutheast

Finmarc Management Purchases Riverview Plaza Shopping Center in Frederick, Maryland for $30M

by John Nelson

FREDERICK, MARYLAND — Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot regional shopping center in Frederick, for $30 million. Ryan Sciullo and H. Casey Benson Smith of CBRE represented the seller, a joint venture between Edens and JPMorgan Chase & Co., in the transaction. Built in 1998 on 23 acres, Riverview Plaza fronts Urban Pike (Maryland Route 355) and is situated approximately 40 miles from Washington, D.C. The shopping center was 95 percent leased at the time of sale to 10 retailers, including T.J. Maxx, PetSmart, Michaels, Staples, Sierra and Old Navy. Target and The Home Depot shadow-anchor the property, which features approximately 9,260 square feet available for lease, according to Finmarc.

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Inland Empire Retail Market Remains Upbeat

by Jeff Shaw

— By Brad Umansky, President & Head Coach, Progressive Real Estate Partners — Occupancy and lease rates have continued to trend higher throughout Southern California’s Inland Empire retail market as a lack of new construction combined with strong retail demand has kept vacancies near record lows. Looking ahead, factors affecting the market are 99 Cent Only’s bankruptcy, the substantial slowdown in sales activity, and the minimum wage increase to $20/hour for fast food workers.   Occupancy & Lease Rates  Occupancy is currently reported at 94.3% by Costar, but removing spaces 10,000 SF or larger, results in occupancy of 97.2% which demonstrates the lack of available shop space. In my 30+ years of working in this market, I have never seen such a lack of options for shop tenants. As a result, when shop spaces become available owners are mostly commanding a higher lease rate than what the previous tenant was paying.  99 Cent Only Bankruptcy Dominates Recent Activity Since April, when 99 Cent Only declared bankruptcy and promptly decided to liquidate all 371 stores in the chain, industry participants have been analyzing these locations. As of June 2nd, it has been determined that Dollar Tree is acquiring 170 of the …

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven

by John Nelson

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.

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