New York City’s retail outlook is sunny, as steady labor market expansion — bolstered by substantial Fortune 500 hiring — has spurred retailer demand for existing and new spaces in all five boroughs. Strong retail property performance in the City That Never Sleeps has supported continued rent and price growth, which will result in higher sales velocity over the short- and mid-terms. Employment Gains, Tourism Underlie Performance During the first six months of 2016, New York City employers created 33,600 new jobs. This pronounced job growth, which has been characteristic of the current cycle, reduced the unemployment rate to 5 percent by the end of the first quarter. This is the lowest rate unemployment rate the city has seen since November 2007. By the end of the year, area employers will add 90,000 workers, with the education and health services and professional and business services sectors projected to post the greatest increases. The leisure and hospitality sector will also contribute significantly to employment gains this year, as greater tourism spending prompts organizations in the sector to ramp up hiring. Another important indicator of NYC’s economic health is strong retail sales, which represent one of the best paces of retail spending …
LONG BEACH, CALIF. — Ballast Point Brewing & Spirits is set to open a new 11,427-square-foot brewery at 110 N. Marina Drive, adjacent to Alamitos Bay Landing in Long Beach’s Seaport Village. Ballast Point Tasting Room & Kitchen will be the brewer’s largest location and will offer seating for 670 customers. The location will feature three bars and a large outdoor patio offering views of Catalina, Seal Beach and Alamitos Bay. Keith Kropfl and Michael Ganz of Avison Young and Jeff Chasin of Voit Real Estate Services represented Ballast Point as well as the landlord, Bancap Seaport Village Inc., in the leasing transaction.
LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.
SAN DIEGO — Petco will open 13 new stores across the country and relocate one store in Paso Robles, Calif., in September. In addition, the company will also transition 31 existing Unleashed by Petco stores to smaller format stores this month. The rebranding of 31 select Unleashed by Petco stores are located primarily in Colorado, Georgia and Texas. The stores will transition to smaller format Petco stores. In addition, based on consumer feedback and demand, UnleashedbyPetco.com will become an informational site for consumers, with all online product sales moving to Petco.com. The former Unleashed by Petco locations will continue to operate as smaller format Petco stores and will include most of the same brands, products and amenities — such as self-serve dog wash and dog training services — that are available under the Unleashed by Petco banner. Petco operates more than 1,470 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico.
HOUSTON — Restaurants Nobu and Fig & Olive will open at The Galleria in Houston. The property, which is owned by Simon Property Group, includes more than 75 retail stores and restaurants. Nobu, in a transaction that was brokered by RKF, will open its first location in Houston and second in Texas at The Galleria in fall 2017. The restaurant will serve Peruvian-Japanese fusion cuisine in a 10,000-square-foot space formerly occupied by Saks Fifth Avenue. New York-based Fig & Olive is a French-style restaurant that will also open in fall 2017. It will be the brand’s first location in Texas and the lease was also brokered by RKF. Fig & Olive will occupy more than 7,000 square feet.
PLANO, TEXAS — Daiso Japan, a retail store known for selling items for $1.50, has scheduled a grand opening celebration weekend for its Plano store on Friday and Saturday, Sept. 23-24. The Plano Daiso store is located at 101 W. Spring Creek Parkway, Suite 731. Daiso operates 3,300 stores worldwide with a total of 44 stores in the United States, and plans to open 20 stores throughout Texas. The company’s first Texas location opened last summer in the Dallas suburb of Carrollton.
INVERNESS, ALA. — Branch Properties LLC has acquired two shopping centers in the Birmingham suburb of Inverness from Bayer Properties. The acquisitions include Inverness Corners, a 242,635-square-foot shopping center anchored by Winn-Dixie and Kohl’s; and Inverness Plaza, a 74,818-square-foot shopping center anchored by PGA Superstore and Planet Fitness. The adjacent centers were renovated last year. The sales price was not disclosed.
WASHINGTON, PA. — Gaming and Leisure Properties Inc. has completed the previously announced acquisition of The Meadows Racetrack and Casino in Washington, a suburb of Pittsburgh. Cannery Casino Resorts sold the property for $440 million, inclusive of $10 million previously paid by the buyer to the seller, plus other transaction-related fees and expenses. Concurrently, Gaming and Leisure Properties closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment Inc. for $138 million and entered into a 29-year, triple-net lease agreement, with initial annual rent of $25.4 million per year. Gaming and Leisure Properties funded the real estate transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the company’s at-the-market equity program and borrowings from its revolving credit facility. The transaction was approved by the Pennsylvania Gaming Control Board on Sept. 7 and the Pennsylvania Harness Racing Commission in August 2016.
MINNEAPOLIS — The Opus Group plans to develop a 30-story multifamily and retail development at 365 Nicollet Ave. in downtown Minneapolis. The pet-friendly high-rise will feature 369 apartments and 9,500 square feet of ground-level retail space. Floor plans will range from alcove units to three-bedroom options, including 36 penthouse suites. All units will include granite countertops, stainless steel appliances and floor-to-ceiling windows. On-site amenities include residential parking, a bike lounge with repair station and seating areas, sauna steam room, a yoga room, hot tub, pool and outdoor cabanas. Construction of the project, which is designed to meet LEED certification, is slated to begin in early October with completion scheduled for summer 2018. Opus Development Co. and Opus Design Build will be the project’s developer and design-builder, respectively. Opus AE Group is the architect and structural engineer of record.
WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.