Monday, June 16, 2025
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IllinoisLeasing ActivityMidwestRetail

Reform Studios to Open 4,000 SF Pilates Studio at Optima Signature in Downtown Chicago

by Kristin Harlow

CHICAGO — Reform Studios is scheduled to open a 4,000-square-foot Pilates studio on Saturday, June 22 in downtown Chicago. The studio will occupy ground-floor retail space of Optima Signature, a 57-story luxury apartment tower developed by Optima Inc. in 2017. Additional commercial tenants at the property include Guidepost Montessori School, Egg Harbor Café, Bedazzled and GoodVets Streeterville. Founded by local resident Jennifer Villamil, Reform Studios is the only studio in Chicagoland to offer Reform RX machines, the world’s first commercial-grade smart Pilates reformer. Equipped with high-definition touchscreen displays and a library of on-demand classes, the machines can precisely track users’ movements and present real-time data on calories burned, heart rate and power output as well as post-session workout summaries.

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DevelopmentIllinoisMidwestRestaurantRetail

Principle Construction Completes Bakery Build-out in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Principle Construction has completed a bakery build-out for Apres Pastry & Bakery in downtown Lake Zurich, a northwest suburb of Chicago. The tenant occupies the last remaining space within the building that Principle constructed in 2023. Principle added a new common entrance and pedestrian access corridor from the rear parking lot. The project included various mechanical, electrical, fire protection and plumbing systems as well as the installation of a walk-in freezer. Muran Architects served as the project architect, while Siren Betty designed the interior.

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Spring Creek Centre
ArkansasRetailSoutheastTop Stories

Cohen & Steers Acquires 403,000 SF Shopping Center Complex in Fayetteville, Arkansas 

by Hayden Spiess

FAYETTEVILLE, ARK. — An affiliate of Cohen & Steers has acquired a two-property, open-air shopping center complex located in Fayetteville, a city in the northwest portion of Arkansas near the Oklahoma and Missouri borders.  Totaling 403,000 square feet, the complex comprises the retail centers Spring Creek Centre and Steele Crossing. Tenants at the properties include T.J. Maxx, Ulta Beauty, Best Buy, Old Navy, PetSmart and Kohl’s. The centers also feature corporately owned Walmart, Home Depot and Target stores. At the time of sale, the centers were 95 percent occupied.  DLC Management partnered with Cohen & Steers on the acquisition. The seller and price were not disclosed. “Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country,” says James S. Corl, head of the private real estate group at Cohen & Steers. “We believe the shopping centers are well positioned in a dominant location to benefit from these tailwinds, and we are excited to partner with DLC.”  Prior to the acquisition, DLC served as the manager of both Spring Creek Centre and Steel Crossing for more than a decade. Headquartered in metro New York City, the company’s portfolio features more …

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $5M Sale of Two-Tenant Retail Property in Apollo Beach, Florida

by John Nelson

APOLLO BEACH, FLA. — SRS Real Estate Partners has brokered the $5 million sale of a newly developed retail property located at 6598 N. U.S. Highway 41 in Apollo Beach, a Tampa Bay City situated about 18 miles south of Tampa. Two tenants, GoodVets and First Watch, fully occupy the building, which totals 7,000 square feet. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the Florida-based seller in the transaction.

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DevelopmentLeasing ActivityMixed-UseNorth CarolinaRestaurantRetailSoutheast

Olde Mecklenburg Brewery to Open Venue at The Bowl at Ballantyne in Charlotte

by John Nelson

CHARLOTTE, N.C. — Olde Mecklenburg Brewery (OMB) will open a new restaurant and biergarten venue at 15025 Bowl St. at The Bowl at Ballantyne, a mixed-use development underway in Charlotte’s Ballantyne district. In addition to a 14,000-square-foot building comprising two levels of restaurant, retail and balcony space, the property features a one-acre biergarten and two freestanding buildings with beverage service and bathrooms. This marks the second location for OMB, with the original location in Charlotte’s LoSo neighborhood. Northwood Retail, the landlord of The Bowl at Ballantyne and an affiliate of Northwood Investors, recently signed a lease with Hawkers Asian Street Food to join the tenant roster in early 2025.

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AcquisitionsNet LeaseRetailTexas

Hanley Investment Group Negotiates Sale of 4,956 SF Retail Building in Metro Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — California-based brokerage firm Hanley Investment Group has negotiated the sale of a 4,956-square-foot retail building in North Richland Hills, a northern suburb of Fort Worth. The building was constructed in 2022 and is net leased to automotive services provider Brakes Plus. Garrett Wood of Hanley represented the buyer, a Florida-based 1031 exchange investor, in the transaction. Drew Isaac, Brian Bailey and Tim Speck of Marcus & Millichap represented the undisclosed, Colorado-based seller.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Negotiates Sale of 38,243 SF Shopping Center in Metro Boston

by Taylor Williams

BURLINGTON, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the sale of Middlesex Marketplace, a 38,243-square-foot shopping center in Burlington, a northern suburb of Boston. Built in 2013, the property was 89 percent leased at the time of sale to tenants such as Smith & Wollensky, Visionworks, Ideal Image and AFC Urgent Care. Justin Smith, Chris Peterson and Matt Ericson of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsCompany NewsLeasing ActivityRetailWestern

Dollar Tree Takes Over Leases at 170 Closed 99 Cents Only Stores

by Amy Works

CHESAPEAKE, VA. — Dollar Tree has acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada and Texas. This deal was completed through two transactions in May that were approved by the U.S. Bankruptcy Court for the District of Delaware. As part of the transactions, Dollar Tree also purchased the intellectual property of 99 Cents Only Stores and select on-site furniture, fixtures and equipment. In April, California-based 99 Cents Only Stores filed for Chapter 11 bankruptcy and initiated a process to dispose of its assets, including its inventory, owned real estate and store leases. Dollar Tree anticipates beginning to open some of the shuttered 99 Cents Only Stores under the Dollar Tree brand as early as this fall.

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Central-Station-Phoenix-AZ
ArizonaDevelopmentMixed-UseMultifamilyOfficeRetailStudent HousingWestern

GMH Communities Plans 1 MSF Central Station Mixed-Use Project in Phoenix

by Amy Works

PHOENIX — GMH Communities has unveiled plans for Central Station, a 1 million-square-foot, mixed-use, transit-oriented community in Phoenix. The project will consist of two residential towers that will offer market-rate, student and workforce housing, two levels of below-grade parking, a transit hub, retail space and office space. Adjacent to Civic Space Park and Arizona State University’s downtown Phoenix campus, the 22-story student housing tower will offer 655 beds, and the 33-story residential building will offer 338 units. The project team includes Medistar, Layton Construction, Multistudio and CBRE Investment Management.

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DevelopmentIllinoisMidwestRetail

JT Magen Completes First Retail Store for Wayfair in Wilmette, Illinois

by Kristin Harlow

WILMETTE, ILL. — JT Magen has completed a 150,000-square-foot, two-story retail store for Wayfair at Edens Plaza in the Chicago suburb of Wilmette. Opened on May 23, the project marks the first large-format store for the e-commerce home furnishings company. Wayfair took over the anchor space formerly occupied by the Carson Pirie Scott department store. JT Magen completed a gut renovation of the existing building, providing new facades, utility systems and roofing. The project also included an exterior expansion of 110,000 square feet to include a plaza, new parking lot, landscaping and storm detention center. This area also includes The Porch at Wayfair, a full-service café.

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