MANOR, TEXAS — Grocer H-E-B will open a 101,000-square-foot store in Manor, an eastern suburb of Austin. The store will feature pharmacy pick-up spaces, a curbside service area, seven-pump fuel station and a car wash. Construction is underway, and the opening is scheduled for late 2025. The San Antonio-based grocer operates about 435 stores throughout Texas and Mexico.
MANSFIELD CENTER, CONN. — The Kislak Co., a New Jersey-based brokerage firm, has negotiated the $12 million sale of East Brook Mall in Mansfield Center, located east of Hartford. Built in 1975 and renovated in 2005, the property totals 275,239 square feet and comprises an enclosed mall as well as open-air retail space and pad sites. Old Navy, Kohl’s, T.J. Maxx and Michaels are the anchor tenants. Barry Waisbrod of Kislak and Andrew Knight of New England Commercial Brokerage represented the seller, America’s Realty, in the transaction.
MIAMI — Swire Properties has announced 11 new tenants as part of the North Block expansion at Brickell City Centre, a mixed-use development located at 701 S. Miami Ave. in Miami’s Brickell district. The new deals total 65,800 square feet and feature a mix of recent openings and openings for later this year and 2025. The new tenants joining Brickell City Centre include an anchor store for H&M (open); Black Tap Craft Burgers & Beer (open); FP Movement; 7 For All Mankind (open); Anthropologie; John Varvatos; Lacoste; Marc Jacobs; Nespresso; Mango; and Aritzia. Brickell City Centre is a $1 billion, 4.9 million-square-foot mixed-use development comprising two residential towers, two mid-rise office buildings, the EAST Miami hotel and 500,000 square feet of retail and restaurants.
DORAL, FLA. — An affiliate of The Easton Group has acquired a single-tenant department store and adjacent parking lot in the Miami suburb of Doral for $12 million. Situated on a 10-acre site within Miami International Mall, the property totals 150,108 square feet of big box retail space. JCPenney currently occupies the building. Edward Easton, CEO and chairman of Easton Group, says that the company will keep JCPenney in place “as long as the rent payments remain current.”
MEMPHIS, TENN. — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the sale of a newly built restaurant in a southern suburb of Memphis. Whataburger occupies the 3,318-square-foot property on a 14-year, corporate-guaranteed ground lease with rent increases in the initial term and extension options. The restaurant serves as an outparcel to a Walmart Supercenter. Don McMinn of Taylor McMinn represented the seller, a Tennessee-based firm that is a preferred development partner of the Whataburger brand, in the transaction. The buyer was an all-cash investor from California that purchased the restaurant for an undisclosed price in a 1031 exchange. “You can’t underestimate the importance in the relationship between price point and cap rates in today’s market,” says McMinn. “Lower price point deals will get significantly more activity and trade more aggressively.”
HARRISONVILLE, MO. — STRIVE has brokered the sale of Harrisonville Crossing, a 45,260-square-foot retail center in Harrisonville, a southern suburb of Kansas City. The sales price was undisclosed. The property, located off Route 291, is 82 percent leased. Hudson Lambert of STRIVE represented the seller, a California-based investor, and procured the buyer, a Pennsylvnia-based investor.
WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.
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Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report
Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …
MIAMI — Target has opened a new 50,000-square-foot store at Sawyer’s Walk, a 1.5 million-square-foot mixed-use development underway in Miami’s Overtown neighborhood. SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, is the master developer. Construction on the 3.4-acre development began in summer 2021. The project includes a 578-unit apartment community that is predominantly reserved for low-income seniors; 130,000 square feet of offices anchored by MSC Group that will serve as the North American headquarters for MSC Cruises; and 175,000 square feet of retail space. In addition to Target, Sawyer’s Walk will soon be home to Burlington (38,000 square feet), Aldi (25,000 square feet), Five Below (10,000 square feet) and Ross Dress for Less (26,000 square feet). The property also features a 25,000-square-foot public plaza and parking for 1,000 vehicles.
SAN ANTONIO — Dallas-based EōS Fitness has signed a 42,500-square-foot retail lease in San Antonio for its first Central Texas location. The space is located within The Shops at Redland Road in the city’s Stone Oak neighborhood, and the new facility will consist of 40,000 square feet of indoor space and 2,500 square feet of contiguous outdoor space. The opening is scheduled for 2026.