Retail

Intercontinental Real Estate Sells Retail, Entertainment Property in Chicago for $133M

by Christina Cannon June 17, 2016

CHICAGO — Intercontinental Real Estate Corp. has sold the River East Center, a 251,060-square-foot, mixed-use property in the Streeterville area of downtown Chicago. A joint venture between Wheelock Street Capital and Madison Capital purchased the center for $133 million, according to Crain’s Chicago. The buyer has plans to rebrand the property, which is situated on 2.8 acres encompassing an entire city block. Intercontinental Real Estate paid $117.5 million for the property in early 2006, according to Crain’s. The three-story retail and entertainment complex sits on top of a four-story underground parking garage with 1,154 spaces. The property also features an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, neither of which are included in the sale. Tenants at the retail and entertainment center include AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellwether restaurant and BMO Harris Bank. Located at 322 E. Illinois St., River East Center is 97.8 percent leased. HFF arranged financing for the transaction. — Christina Cannon

June 17, 2016

Retail Washington Western

Togo’s Opens First of Several Restaurant Locations in Washington

by Nellie Day June 16, 2016

KENT, WASH. — Togo’s Eateries LLC is has opened the first of several locations planned in Washington State. The first restaurant is located at Kent Station in Kent, Wash. Togo’s Eateries was founded in 1971 by a college student, and now has more than 300 locations open and under development throughout the West.

June 16, 2016

California Retail Western

Lee & Associates Arranges $8.7M Sale of North Canyon Ranch Shopping Center in Glendale

by Nellie Day June 16, 2016

GLENDALE, ARIZ. — Lee & Associates has arranged the $8.7 million sale of North Canyon Ranch, a 70,428-square-foot, Goodwill-anchored shopping center located in Glendale. Pat Dempsey and Jan Fincham of Lee & Associates represented the seller, PLC Pinnacle Peak LLC, in the transaction. First Ave/Wetmore Office Plaza LLC acquired the property through a 1031 exchange.

June 16, 2016

Idaho Retail Western

West Elm Opens First Store in Idaho

by Nellie Day June 16, 2016

BOISE — Home furnishings retailer West Elm recently opened its first Idaho store in downtown Boise. The location is 14,158 square feet. West Elm incorporated wooden “Tater Blocks” salvaged from the renovation of Simplot’s Caldwell-based potato storage facility into the store’s custom interior design. The blocks, once used as industrial flooring for potato storage facilities, have been repurposed to create an art installation at the new store. Headquartered in Brooklyn, N.Y., West Elm opened its first store in 2003 in DUMBO, the neighborhood it still calls home. The brand operates 87 retail stores in the United States, Australia, Canada and the United Kingdom, and ships internationally. The company also operates stores in Mexico, the Middle East and Philippines through unaffiliated franchisees. West Elm is a member of the Williams-Sonoma Inc. portfolio of brands.

June 16, 2016

Multifamily Office Retail Texas

Joint Venture to Develop 729-Acre, Master-Planned Community in Frisco

by Haisten Willis June 16, 2016

FRISCO, TEXAS — American Newland Communities and joint venture partner North America Sekisui House (NASH) have acquired 729 acres for a master-planned community in Frisco. The property is located north of the Sam Rayburn Tollway, about 30 miles north of downtown Dallas and five miles east of the Dallas North Tollway. Newland and NASH have completed a due-diligence period with the previous landowners and closed on the purchase June 15. When fully complete, the community will include 1,800 single-family homes and up to 1,400 apartment units, along with retail and office space. Construction will begin later this year, with plans to make the first 253 home sites available for purchase by builders in 2017 with a grand opening in 2018.

June 16, 2016

Retail Texas

Simon to Expand, Renovate Allen Premium Outlets in Metro Dallas

by Haisten Willis June 15, 2016

ALLEN, TEXAS — Simon has launched the expansion of Allen Premium Outlets, a shopping destination in the Dallas suburb of Allen. The expansion is expected to include an estimated 30 new specialty retailers that will be added at the heart of the shopping center near Neiman Marcus Last Call. Simon will also renovate Allen Premium Outlets with new features and amenities including updated seating, a new play area, Wi-Fi, landscaping and architectural adornments to match the new structures. In addition, a 22-acre plot northeast of the current shopping center has been rezoned to allow for the future inclusion of restaurants and hotels. Allen Premium Outlets currently includes retailers such as Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren and Under Armour. The expansion is expected to be complete by fall 2017.

June 15, 2016

Retail Texas

Baker Katz Completes Redevelopment of Retail Property in Beaumont

by Haisten Willis June 15, 2016

BEAUMONT, TEXAS — Baker Katz has redeveloped a fully leased retail site in Beaumont. The company demolished a building that had been located on the property to create five new spaces for retail tenants. Starbucks, Mattress One and Wingstop will occupy a 6,100-square-foot building at the site, and T-Mobile and Access Dental will each lease 2,800 square feet in the second building. The property is located at the northeast corner of I-10 and College Street.

June 15, 2016

Nevada Retail Western

LBG Real Estate Sells Home Depot Location in Metro Las Vegas for $23M

by Nellie Day June 15, 2016

HENDERSON, NEV. — LBG Real Estate Cos. LLC, in partnership with Aviva Investors Real Estate Capital Partners I-A LP, has sold a single-tenant, net-leased Home Depot location in the Las Vegas suburb of Henderson for $23 million. Chris Kostanecki and Dave Lucas of Capital Pacific brokered the sale of the property, located within the Sunset Plaza Shopping Center at 1030 W. Sunset Road. The buyer of the 102,370-square-foot Home Depot was undisclosed.

June 15, 2016

California Retail Western

Arroyo & Co. Arranges Sale of 90,348 SF Retail Building in Santa Rosa

by Nellie Day June 14, 2016

SANTA ROSA, CALIF. — Arroyo & Co. has arranged the sale of a 90,348-square-foot retail building connected to Santa Rosa Plaza in downtown Santa Rosa. The deal was through Ten-X, and terms of the transaction were not released. Pedro Arroyo and David Kram of San Francisco-based Arroyo & Co. represented the undisclosed buyer. Situated on 3.4 acres, the building is partially leased to Forever 21 and has 47,289 square feet of retail space available for lease. The connected Santa Rosa Plaza is occupied by 120 specialty stores, including Apple, Abercrombie & Fitch, Forever 21, Macy’s, Sears, Eddie Bauer, Gap, Gymboree and Victoria’s Secret, as well as 16 eateries.

June 14, 2016

Arizona Retail Western

REI Completes Rooftop Solar Installation on Distribution Facility in Arizona

by Nellie Day June 14, 2016

GOODYEAR, Ariz. — REI, a specialty outdoor retailer, has teamed with Blue Oak Energy to complete a 2.2 megawatt rooftop solar installation atop REI’s new distribution center in Goodyear, a western suburb of Phoenix. The system is expected to offset all of the facility’s annual electricity consumption. REI and Blue Oak have worked together on solar projects for eight years. The partnership has resulted in a 5.4 megawatt solar portfolio for REI. Blue Oak Energy was founded in 2003 in Davis, Calif. In 2015, Panasonic Enterprise Solutions Company and Coronal Group LLC invested in the company. REI is headquartered near Seattle and has 144 stores in 35 states.

June 14, 2016

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