WAUSAU, WIS. — The Morgan Partners has broken ground on a 45,000-square-foot Dick’s Sporting Goods and a 4,500-square-foot Red Robin in Wausau. The retail buildings will be situated on 5.2 acres. Neighboring tenants include Walmart, PetSmart, Michaels, Best Buy and Starbucks Coffee. Grant Schwab of The Morgan Partners represented the development team. Jon Reese of Great Street Realty Partners and Dan Cohen of Mid-America Real Estate-Wisconsin represented Dick’s Sporting Goods and Red Robin. Both businesses are slated to open in early 2016.
EAGAN, SHAKOPEE AND MINNEAPOLIS, MINN. — Mid-America Real Estate-Minnesota has arranged three retail leases. In the first transaction, New Bohemia signed a lease for 4,209 square feet at Eagan Towne Centre in Eagan. Cub Foods, Big Lots and Dollar Tree anchor the 153,781-square-foot center. Andrea Christenson and Blaine Beety of Cushman & Wakefield represented the tenants in the transaction, and Mid-America represented the landlord. In the second deal, Title Boxing Club will occupy 3,495 square feet at a retail property in Minneapolis. The 4,736-square-foot center is shadow-anchored by Walgreens, Midas, Enterprise and Kowalski’s. Ian Halker of Colliers International represented the tenant in the transaction and Mid-America represented the landlord. In the third transaction, Starbucks Coffee signed a 2,025-square-foot lese at Southbridge Crossing in Shakopee. The landlord was self-represented, and Mid-America represented the tenant in the transaction.
This year is shaping up to be very exciting and productive for the Richmond retail market. The Richmond retail market has started at a brisk pace for the first half of 2015, similar to the end of 2014 as it absorbed 111,889 square feet. The vacancy rate has continued to decline over the past 12 months as well. The overall retail vacancy rate in Richmond tightened to 6.6 percent, a 50 basis point improvement over last year. The main drivers of retail activity throughout the Richmond MSA continue to be grocery stores, fitness centers and restaurants. Early this year we saw the commencement of construction at two Wegmans-anchored developments in Richmond, one in Short Pump and another in Midlothian. The Midlothian Wegmans will anchor the new Stonehenge Village and is on pace to open in early 2016. The Short Pump Wegmans will join Cabela’s in the new West Broad Marketplace, a 400,000-square-foot development on the western edge of Short Pump. There has also been solid activity in the market from several other grocers, including Walmart Neighborhood Market and Aldi. Each of these concepts has opened four new stores in the market. Another grocer poised to enter the market is LIDL, …
REDLANDS, CALIF. — Majestic Realty Retail, a division of Majestic Realty Co., has announced the grand opening of Mountain Grove at Citrus Plaza, a 67-acre retail and entertainment shopping center in Redlands. Scheduled for Dec. 5, the grand opening will include 24 businesses, ranging from fashion, food and fitness to health and beauty, entertainment and home goods. Mountain Grove tenants include Banana Republic, Buy Buy Baby, Justice, Nordstrom Rack, Old Navy, TJ Maxx, Lane Bryant, Bahama Buck’s, MOD Pizza, Yogurtland, Waba Grill, 24 Hour Fitness, ULTA Beauty, Harkins Theaters, Hobby Lobby, HomeGoods and Kirkland’s.
GRASS VALLEY, CALIF. — Pine Tree Commercial Realty has acquired Pine Creek shopping center in Grass Valley for an undisclosed price. Built in 1988, the 216,683-square-foot property is occupied by a 60,000-square-foot Raley’s grocery store, JC Penney, Petco, Dollar Tree, Starbucks Coffee, Carl’s Jr., International House of Pancakes, Jamba Juice, Sally Beauty and GNC. Jon DuBois of Core Commercial’s Sacramento office brokered the transaction. Goldman Sachs Mortgage Company provided acquisition financing. The name of the seller was not released.
WELLINGTON, FLA. — Federal Realty Investment Trust, a publicly traded REIT, has sold The Courtyard Shops at Wellington for $52.8 million. The grocery-anchored shopping center is located in Wellington, a town in Palm Beach County. Federal Realty acquired the 127,000-square-foot property in 2008 and since then has increased value for the property by activating formerly vacant spaces and outparcels. The shopping center’s tenant roster includes Publix, Leslie’s Swimming Pool Supply, Tijuana Flats, Bank of America and IHOP.
BUCKNER, KY. — Dahlem Realty Corp. has arranged Kroger’s acquisition of a 15.8-acre parcel in Buckner. Kroger plans to build a new 125,000-square-foot Kroger Marketplace at the site, located at the southeast corner of KY 393 and Commerce Parkway. The center will also feature a Kroger fuel station, two outparcels and a 3,000-square-foot Kroger liquor store, depending on pending state legislation. Dahlem Realty Corp., a Louisville-based brokerage, leasing and management services firm, represented Kroger in the acquisition.
FRISCO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Main Street Center, a 53,207-square-foot shopping center located in Frisco. The retail center is 98.8 percent leased to tenants including Subway, Pizza Hut, Kelly-Moore Paints, State Farm and Texas Family Fitness. PRA represented the seller, Bo Avery, Main FM 423 LLC. Bill Morris of Morris Capital Partners, along with Terry Syler of The Retail Connection, purchased the asset. The entire team at Pierson Retail Advisors in Dallas handled the sale.
NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …
NEW YORK CITY — Heritage Equity Partners and Lichtenstein Group have partnered to redevelop five vacant warehouses into Bushwick Generator. The interconnected buildings at 215 Moore St. in Brooklyn will be transformed into a 75,000-square-foot light industrial, office and retail property, offering space office or workspaces ranging from 1,500 square feet to 20,000 square feet. Brooklyn-based ABS Partners has been retained as the office leasing agent for the property, which is geared toward new economy industries, including tech, creative arts and food production.