Retail

CEDAR HILL, TEXAS — Trademark Property Co. has begun its multi-million dollar renovation of Hillside Village shopping center, formerly known as Uptown Village at Cedar Hill. The first phase of renovations will include updated signs at property entrances, a new children’s play area, a new promenade section with a bocce ball court, a covered stage area, enhanced landscaping and lighting and additional shaded seating around the village green. Completion of the first phase is scheduled for this fall. Hillside Village is currently home to 350,000 square feet of retail and restaurants, with tenants including Barnes & Noble, Dillard’s, Dick’s Sporting Goods, Charlotte Russe, Charming Charlie, Buckle, Papaya and Victoria’s Secret.

FacebookTwitterLinkedinEmail

HOUSTON — Baker Katz has arranged a 1,200-square-foot lease on behalf of Scout & Molly’s boutique in the Plaza in the Park shopping center in Houston. The shopping center is located at the intersection of Buffalo Speedway and Westpark Drive. The boutique features upscale women’s clothing and offers original, rustic chic designs. The store’s opening is slated for January 2016. Founded in 2002 by Lisa Kornstein, Scout & Molly’s has grown to more than 10 locations in the United States. Baker Katz broker Lunden McGill represented Scout & Molly’s in the lease transaction. Edens’ Bruce Wallace represented the landlord.

FacebookTwitterLinkedinEmail
2030-Creston-Ave-NYC

NEW YORK CITY — Schur Management Cos. has broken ground on a $42 million mixed-use development located at 2030 Creston Ave. in the Mount Hope neighborhood of the Bronx. Creston Apartments will feature 110,761 square feet of above-grade buildable square footage, including 114 apartments, 11,234 square feet of ground-floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars. The residential mix will include seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments. On-site amenities will include a study center with desks and computers, a fully equipped laundry room and an outdoor landscaped recreation area. Funding for the project is coming from the NYC Housing Development Corp., NYC Department of Housing Preservation and Development, Bronx Borough President’s Office, Capital One bank and the Hudson Housing Corp. The project team includes MacQuesten Cos. as general contractor, Aufgang Architects as architect, and Best Development Group as consultant to the developer. The target date for completion is September 2017.

FacebookTwitterLinkedinEmail

WEST NEW YORK, PATERSON, LITTLE FERRY AND WEST ORANGE, N.J. — The Goldstein Group has negotiated leases for four new 7-Eleven locations in New Jersey. In West New York, 7-Eleven signed a lease for 2,800 square feet of space on Park Avenue. Lew Finkelstein and Matthew Flath of The Goldstein Group represented the tenant and the landlord, Arnone Family, in the transaction. In Paterson, the company inked a deal for 2,750 square feet of space on Main Street. Finkelstein and Flath represented 7-Eleven and the landlord, ACHS Management, in the deal. In Little Ferry, 7-Eleven signed a lease for a 3,000-square-foot space on Route 46. Finkelstein and CJ Huter of The Goldstein Group represented the tenant and the landlord, 200 Route 46 West LLC, in the transaction. In the final deal, 7-Eleven opened a 2,700-square-foot store on Valley Road in West Orange. Finkelstein and Flath represented the tenant and the landlord, HRG Shaw LLC, in the transaction.

FacebookTwitterLinkedinEmail
Jiffy-Lube-IN

INDIANAPOLIS, GREENWOOD AND CARMEL, IND. — The Boulder Group has brokered the sale of a single-tenant, net-leased Jiffy Lube portfolio consisting of seven properties in metro Indianapolis. A high-net-worth foreign investor acquired the portfolio for $6.6 million from a Midwest-based private partnership. The properties are 8175 Allisonville Road, 7765 US 31 South, 5444 W. 38th St., 7220 W. 10th St. and 7969 Pendleton Pike in Indianapolis; 1495 Keystone Way in Carmel; and 532 N. State Road 135 in Greenwood. All of the Jiffy Lube leases have more than seven years remaining and expire in November 2022. The leases, which are absolute triple net, also feature three five-year renewal options with rental escalations in each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

FacebookTwitterLinkedinEmail
Bottled-Blonde-Chicago-IL

CHICAGO — The Missner Group has been selected to complete a 10,000-square-foot renovation project at 504 N. Wells St. in Chicago’s River North district. The company will construct and build out space for the new Bottle Blonde location. Bottled Blonde is a pizzeria and beer garden based out of Scottsdale, Ariz. The property will feature open spaces, a large capacity, an outdoor bar and extensive multi-media viewing options. The project includes the demolition and reconstruction of the former Sushi Samba space and will feature multiple bars, event spaces and more than 20 high-definition televisions. D+K Architects is providing architectural services for the project. Completion is slated for this fall, with a grand opening slated to take place in the fourth quarter of this year.

FacebookTwitterLinkedinEmail

HILLIARD, OHIO, AND ST. LOUIS — Gershman Commercial Real Estate has brokered two sales totaling 5,126 square feet in Ohio and Missouri. In the first transaction, Ohio Lube LLC, doing business as Ohio Jiff LLC (Hemco Properties LLC), sold a 2,618-square-foot retail property, located at 3840 Main St. in Hilliard, to Davis & Meyer Ltd. for an undisclosed price. Stephen Symsack and Roger Zigler of Gershman Commercial represented the seller in the transaction. In the second deal, Brian Levine and Jaime Levin acquired 2,508 square feet of multifamily space, located at 4173 Humphrey St. in St. Louis. William Allemann sold the property for an undisclosed price. Lily Seymour of Gershman Commercial represented the seller in the transaction. Additional details of the transactions were not released.

FacebookTwitterLinkedinEmail

CUPERTINO, CALIF. — Sand Hill Property Co. has announced plans to transform Vallco Shopping Mall into The Hills at Vallco, a mixed-use town center. The $3 billion redevelopment will completely transform the property into 2 million square feet of office space and mixed-use buildings, including 680 market-rate apartments, 80 affordable housing units and 40 apartments for seniors. The development will also be home to a 3.8-mile trail network for jogging and walking, vineyards, orchards, organic gardens and an amphitheater. Retail, restaurants and entertainment, including an AMC Theater, bowling, ice-skating, and fitness and banquet facilities will be part of the project. The Hills at Vallco will also feature a 30-acre rooftop community park with a nature preserve.

FacebookTwitterLinkedinEmail

NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot grocery-anchored neighborhood center located in the Seattle suburb of Newcastle, for $17.6 million. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.

FacebookTwitterLinkedinEmail

SAN DIEGO — Carlsbad, Calif.-based Capstone Advisors has acquired a retail center located at 10155-10195 Rancho Carmel Dr. in San Diego’s Carmel Mountain Ranch submarket. American Assets Trust sold the 30,421-square-foot property for $12.7 million. Built in 1993, the property is 96 percent leased by tenants, including US Credit Union, Starbucks Coffee, and Oggi’s Pizza and Brewing. Capstone plans to enhance the property by upgrading tenant signage and developing the landscape. Capstone Advisors was represented in-house, while Philip Voorhees of CB Richard Ellis represented American Assets Trust in the transaction.

FacebookTwitterLinkedinEmail