Retail

Kemper Development Co. announced plans for a $1.2 billion mixed-use expansion to The Bellevue Collection in downtown Bellevue.

KEMPER DEVELOPMENT PLANS $1.2B EXPANSION TO BELLEVUE SHOPPING CENTER

by admin May 21, 2013

BELLEVUE, WASH. — Northwest developer Kemper Development Co. announced Monday plans for a $1.2 billion mixed-use expansion to its shopping and dining complex, The Bellevue Collection, in downtown Bellevue. Plans for the project include 2 million square feet of additional retail, office, hotel and residential space covering more than a block of prime real estate at Northeast Fourth Street and Bellevue Way Northeast. Construction is expected to begin in early 2014 and wrap up by fall 2016. Kemper Freeman, chairman and CEO of Kemper Development Co. is pitching the project in Las Vegas at a gathering of the International Council of Shopping Centers and says he is talking with lenders and expects to secure financing soon, according to the Seattle Times. Freeman also says he believes he can pre-lease much of the space during the next few months and has no plans to build on speculation. Located 10 miles east from downtown Seattle, the regional shopping destination draws more than 22 million shoppers annually from a six-state region and Canada. The Bellevue area is home to corporations such as Microsoft, Expedia and T-Moblie and boasts an average household income of $120,000. Noting the area’s growing concentration of affluent shoppers, Kemper …

May 21, 2013

900,000 SF BELGATE SHOPPING CENTER OPENS IN CHARLOTTE

by admin May 21, 2013

CHARLOTTE, N.C. — Belgate Shopping Center, a new 900,000-square-foot power center, has opened in Charlotte. The property is anchored by IKEA and Walmart and additional stores include Marshalls, ULTA Beauty, Old Navy, Petco and Cost Plus World Market. Belgate is located along I-85, the primary thoroughfare connecting Washington, D.C., and Atlanta. The center is DDR Corp.'s first ground-up domestic development in more than four years.

May 21, 2013

Retail Southeast

FIRST BOCADO BURGER BAR TO OPEN IN $600M AVALON PROJECT

by admin May 21, 2013

ALPHARETTA, GA. — The first-ever Bocado Burger Bar, a spinoff of the Atlanta restaurant Bocado, has signed a lease to open at Avalon, a $600 million mixed-use project in Alpharetta. Vertical construction will begin on Avalon this September and 60 percent of the retail space has now been leased, with 20 percent in negotiations. According to North American Properties, the project developer, discussions are ongoing with retail tenants such as Antico Pizza Napoletana, Bantam & Biddy, Free People and Janie & Jack. Other retail tenants on the project will include Banana Republic, Whole Foods, C. Wonder and Regal Cinemas, which will open the first all-premium seating theater in the U.S. Avalon will open in October 2014.

May 21, 2013

Midwest Retail

RETAIL BUILDING IN CINCINNATI AREA SELLS FOR $6.2M

by admin May 21, 2013

EVENDALE, OHIO — Marcus & Millichap has arranged the sale of Village Crossings, an 89,008-square-foot retail property in Evendale for $6.2 million. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus, Ohio, office marketed the property on behalf of the seller, a local development company, and represented the buyer, a private fund, in the transaction. Village Crossings is located at 10400 Reading Road, about 14 miles north of Cincinnati. Aldi, JoAnn Fabric and Cincinnati Asian Market anchor the shopping center.

May 21, 2013

Northeast Retail

5-13 WITHERSPOON ST. IN PRINCETON RECEIVES $8.2M

by admin May 21, 2013

PRINCETON, N.J. — Cantor Commercial Real Estate has provided $8.2 million in financing for 5-13 Witherspoon St. in Princeton. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield arranged the 10-year loan for Jeffrey Siegel and an affiliate of ML7. The 17,000-square-foot mixed-use property was renovated shortly after the current ownership purchased the property in 2010. Agricola Eatery, a farm-to-table restaurant, opened at the location in March.

May 21, 2013

Retail Western

KEMPER DEVELOPMENT PLANS $1.2B EXPANSION TO BELLEVUE SHOPPING CENTER

by admin May 21, 2013

May 21, 2013

Northeast Retail

TG ACQUISITIONS BUYS SHOPPING CENTER FOR $6.3M

by admin May 20, 2013

WOODBRIDGE, N.J. — TG Acquisitions LLC has purchased a 74,618-square-foot shopping center, located at 755-789 St. Georges Ave. in Woodbridge, for $6.3 million. Currently 24 percent occupied, the two-story shopping center is situated on 7.5 acres. Constructed in 2001, the property includes 403 surface parking spaces and is located on Route 35 with direct access to Route 1 and 9. Tenants at the property include Subway, Papa John’s and Rita’s, among others. NAI James E. Hanson assisted in arranging the purchase of the property, and NAI DiLeo Bram & Co. represented the buyer, TG Acquisitions, in the transaction.

May 20, 2013

Retail Southeast

NEW 10-SCREEN, ALL-DIGITAL MOVIE THEATER OPENS IN LOUISVILLE

by admin May 17, 2013

LOUISVILLE, KY. — Cinemark Holdings Inc. has opened a new 10-screen, all-digital movie theater at the Mall St. Matthews in Louisville. The theater, located at 5000 Shelbyville Road, will feature wall-to-wall and floor-to-ceiling screens, enhanced sounds systems and digital presentation in every auditorium. The theater will also feature a Cinemark XD: Extreme Digital Cinema, which will include the latest sound technology, as well as a Barco DLP digital projector, which offers the brightest light standards in the industry, according to Cinemark. A lobby bar will serve beer and wine along with a concession stand, which will serve popcorn, fountain beverages and candy brands.

May 17, 2013

Midwest Retail

RED DEVELOPMENT RECEIVES $39.9 MILLION LOAN

by admin May 17, 2013

KANSAS CITY, KAN. — Red Development has received $39.9 million in equity financing for the acquisition of Legends Outlets Kansas City. The property is a 1.2 million-square-foot outdoor mall located 12 miles west of downtown Kansas City, and is 94 percent leased. Kevin O’Grady and Matt Grant of Cohen Financial, working with Artis Advisors, secured the financing from a New York private equity firm.

May 17, 2013

Midwest Retail

BACELINE BUYS CLOCKTOWER SQUARE FOR $6.9M

by admin May 17, 2013

DES MOINES, IOWA — Denver-based Baceline Investments LLC has purchased Clocktower Square, a 142,356-square-foot retail center in West Des Moines for $6.9 million. Clocktower Square is currently 68 percent leased and includes tenants T.J. Maxx, Starbucks, Office Max and Tires Plus. Situated on 11 acres, the shopping center is located on 28th St. and University Ave. The property was originally constructed in 1983 and renovated in 1997.

May 17, 2013

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