Retail

Restoration Hardware Opens Design Gallery at Town Center Plaza in Metro Kansas City

by Christina Cannon August 12, 2016

LEAWOOD, KAN. — Restoration Hardware Holdings Inc. has opened a 56,000-square-foot design gallery at Town Center Plaza in the Kansas City suburb of Leawood. RH Leawood offers three levels of artistic installations of home furnishings in a gallery setting, including an entire floor dedicated to the company’s RH Modern line with an integrated RH Contemporary Art Gallery. The new location features a 5,000-square-foot studio called the Design Atelier, which offers a fully integrated workspace for architects, designers and customers to reimagine one room or an entire home. Architect James Gillam of Backen, Gillam & Kroeger designed RH Leawood.

August 12, 2016

Multifamily New York Northeast Retail Top Stories

Extell Development, SMI to Develop 131-Story Central Park Tower in Manhattan for $3 Billion

by Christina Cannon August 12, 2016

NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers. The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg. Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019. “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI,” says Gary Barnett, founder and CEO of Extell Development Co. Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect …

August 12, 2016

Loans Retail Texas

Pioneer Realty Capital Secures $2.5M Loan for Retail Center in Grand Prairie

by Haisten Willis August 11, 2016

GRAND PRAIRIE, TEXAS — Pioneer Realty Capital LLC, a Texas-based commercial mortgage lender, has closed a $2.5 million refinance loan for Carrier X 303, a 43,351-square-foot retail center in Grand Prairie. Pioneer Realty Capital structured the long-term loan with a fixed 3.6 percent interest rate. The Pioneer Realty Capital team worked with both the property owner and the capital partner.

August 11, 2016

Valley-Ranch-Town-Center-party-city-hobby-lobby

Retail Texas

Party City, Hobby Lobby to Open in Valley Ranch Town Center in The Woodlands

by Haisten Willis August 11, 2016

THE WOODLANDS, TEXAS — Party City plans to open a 12,000-square-foot store in Signorelli Co.’s Valley Ranch Town Center in early December. Valley Ranch Town Center is a 1.5 million-square-foot mixed-use development that includes 1 million square feet of retail space and 500,000 square feet of residential, entertainment, civic and hospitality projects. Over 100 acres of parks, lakes and greenspace are part of the master plan, along with New Caney ISD’s 8,500-seat Texan Drive Stadium and 400-seat swimming facility. Also under construction is Hobby Lobby, a retailer offering more than 75,000 arts, crafts, hobbies, home décor, holiday and seasonal products. The company operates nearly 700 stores across the country, and is preparing to open a 55,000-square-foot store in Valley Ranch Town Center in the first quarter of 2017.

August 11, 2016

Retail Texas

M&M Brokers Sale of Shopping Center in Metro Houston

by Haisten Willis August 11, 2016

KATY, TEXAS — Marcus & Millichap has brokered the sale of Marcel Commons of Katy, a 35,127-square-foot shopping center in Katy. Derek Hargrove, Justin Miller and Davis Hansen of Marcus & Millichap’s Houston office represented the seller, a Houston-based developer. The team also procured the buyer, a local private investor. The property is located at 25727 Westheimer Parkway, across from a Harvest Market grocery store and a few blocks to the north of a recently opened Walmart Neighborhood Market. At the time of the sale, Marcel Commons of Katy was 100 percent occupied by a mix of restaurant, medical and service-related tenants.

August 11, 2016

New Jersey Northeast Retail

CBRE Brokers $27.5M Sale of 235,599 SF Retail Center in New Jersey

by Amy Works August 11, 2016

POUGHKEEPSIE, N.J. — CBRE has arranged the sale of Mid Hudson Center, a retail power center on Route 9 in Poughkeepsie. TFS Investment Group acquired the 235,599-square-foot retail center for $27.5 million as part of a 1031 exchange. The center is anchored by long-term leases with The Home Depot and Stop & Shop. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the undisclosed seller in the transaction.

August 11, 2016

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $2.1M Sale of Mixed-Use Building in Brooklyn

by Amy Works August 11, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.

August 11, 2016

Arizona Retail Western

Cushman & Wakefield Brokers $47M Sale of Silverstone Marketplace in Scottsdale

by Nellie Day August 11, 2016

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $47 million sale of Silverstone Marketplace, a newly constructed, 78,000-square-foot shopping center located in Scottsdale. The Sprouts-anchored shopping center is fully leased to tenants including Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the buyer, Chicago-based LaSalle Investment Management. Ryan Amato and Jason Eisenberg of the Eisenberg Co. of Phoenix represented the seller, RHVT Limited Partnership.

August 11, 2016

California Retail Western

CBRE Negotiates $7.9M Sale of Retail Center in Torrance

by Nellie Day August 11, 2016

TORRANCE, CALIF. — CBRE has arranged the sale of the Artesia & Prairie Center, a triple-net-leased retail property located at 3931 and 3971 Artesia Blvd. in Torrance. A local private investor acquired the property from Makena Great American Prairie for $7.9 million. At the time of sale, the center was 100 percent leased to 12 tenants. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Lee & Associates represented the buyer in the deal.

August 11, 2016

Retail Washington Western

Capital Pacific Arranges $19.3M Sale of Marketplace at Lynden in Washington

by Nellie Day August 11, 2016

LYNDEN, WASH. — Capital Pacific has arranged the $19.3 million sale of The Marketplace at Lynden, a 70,442-square-foot shopping center located in Lynden. Safeway anchors the fully occupied property, located at the corner of Guide Meridian and Birch Bay-Lynden Road. Capital Pacific secured a West Coast-based private buyer to complete the acquisition. The seller was undisclosed.

August 11, 2016

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