CHICAGO — Fine dining restaurant and bar concept Espiritu has signed a lease to open a roughly 10,000-square-foot ground-floor space at One East Wacker, a Chicago office building owned by AmTrustRE. Espiritu comes from the restaurateurs behind Chicago Cut Steakhouse and Cerdito Muerto, Matt Moore and Emidio Oceguera. The dining concept blends classic Chicago dishes with a modern Mexican flair. In addition to 10,000 square feet of indoor space, the restaurant will include 2,200 square feet of adjoining outdoor patio area along Wacker Drive. Dana Moyles of Dana Moyles Real Estate Services represented Espiritu in the lease, while John Vance and Will Winter of Stone Real Estate represented the landlord. AmTrustRE has also secured three new office leases at the property, including Flight Centre Travel Group (USA) Inc., the Trade Commission of Spain in Chicago and the Consulate General of Bosnia and Herzegovina in Chicago. Signed to 7,216 square feet of office space on the 13th floor, Flight Centre Travel Group is one of the world’s largest global travel agencies. JLL’s Sarah Silva and Bess Cooney represented the tenant. The Trade Commission Office of Spain, of the Government of the Kingdom of Spain, will occupy 4,326 square feet on the …
SAN ANTONIO — SRS Real Estate Partners has negotiated the sale of Alamo Ranch South, a 15,502-square-foot retail strip center in northwest San Antonio. Built in 2024, the center was fully leased at the time of sale to tenants such as The UPS Store, Five Guys and Club Pilates. Cathy Nabours, Kyle Shaffer and Sam Nichols of SRS represented the seller, a San Antonio-based developer, in the deal. The buyer was an El Paso-based private investor.
TAMPA, FLA. — Creative Contractors Inc. has begun the $13.5 million renovation and modernization of Tampa Theatre, a historic cinema in downtown Tampa that opened on Oct. 15, 1926. The Tampa Bay-area general contractor will make audiovisual enhancements to the theater, as well as upgrades across the property’s HVAC, electrical and mechanical systems, including the installation of a new elevator. Other enhancements will include a refreshed concessions area, new bathrooms, a new stage truss system and upgraded theatrical lighting to support live performances and film presentations. The second and third floors of the theater will also be renovated to include new rooms for education and archives. Creative will also bring in a specialty plaster restoration contractor to restore the main Duncan Auditorium to its original grandeur. On the exterior, Creative is refreshing the building’s signage with new paint and enhanced lighting. DLR Group designed the overhaul, which is set to wrap up in time to celebrate the theater’s centennial celebration.
BLOOMINGTON, ILL. — JLL Capital Markets has arranged the $28.4 million sale of Empire Crossing, a 229,971-square-foot retail power center in Bloomington. Anchor tenants include Dick’s Sporting Goods, HomeGoods, Ashley Furniture HomeStore and DSW. The seller, BET Investments, completed a redevelopment that converted the long-vacant Kmart anchor store into multi-tenant space. Currently 85 percent occupied, the property offers value-add potential through 33,000 square feet of vacancy across eight suites. Michael Nieder and Brian Page of JLL represented the seller. Chase Properties was the buyer.
By Aran McCarthy, president, FCA Healthcare providers and designers of those facilities are dedicated to creating spaces that meet the ever-growing demand for their services. Despite this desire, cities and towns nationwide are struggling to meet the needs of their growing populations. According to the Health Resources and Services Administration, as of January, there are more than 4,800 health professional shortage areas (HPSAs) for primary care facilities in the country. This disconnect between the need for care and the number of facilities equipped to support delivery of said care is on full display, and therein lies opportunity. Markets across the country are simultaneously dealing with a very different challenge; changes in consumer habits have created vacancies within retail real estate . In response to these trends, healthcare designers and system leaders have recognized that the adaptive reuse of former retail properties into “medical malls” offers a practical solution to increasing access to care. This approach prioritizes speed to market and cost efficiency for operators and also enhances community access without the long and costly timelines associated with new construction. Physical Synergy: Repositioning Retail for for Healthcare The physical features associated with many big-box retail locations make them particularly well-suited for healthcare …
ESCONDIDO, CALIF. — Enduring Real Estate has brokered the sale of a vacant gas station located at 2004 E. Valley Parkway in Escondido. As attorney-in-fact, Dan Forde of Hoffman and Forde sold the asset to ASA Danial LLC for $5 million. Kevan McDougal and Joe Wojdowski of Enduring Real Estate represented the seller in the deal. The 23,087-square-foot parcel features a convenience store, auto repair facility, 16 gas dispensers and four 10,000-gallon double-wall tanks. Due to health issues of the previous ownership, the station was not operational for several years. The buyers plan to reopen the gas station after a six-month renovation.
RANCHO CUCAMONGA, CALIF. — PSRS has arranged $9.4 million for the refinancing of a neighborhood retail center in Rancho Cucamonga. Constructed in 2004, the 25,008-square-foot property is fully occupied by 14 tenants. Jonny Soleimani, George Gianoukakis and Garrett Carter of PSRS secured the non-recourse loan, which features a five-year term and a 27-year amortization schedule, through one of its correspondent life insurance companies.
LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the $3.5 million sale of two retail properties in Littleton. Totaling 8,558 square feet, the properties are the Kauer Building at 2500 W. Main St. and an Art Deco-style building at 5711 S. Nevada St. The buildings were fully leased at the time of sale. R.C. Myles and Craig Myles of Pinnacle’s MB Team, along with Eric Shaw of Pinnacle Real Estate Advisors, represented the undisclosed sellers in the deal. The name of the buyer was not released.
HUNTSVILLE, ALA. — IKEA U.S. has announced plans to open a 46,000-square-foot store in Huntsville, making it the Swedish retailer’s first location in Alabama. Set to open on Feb. 25, the new, small format store will be located at 6125 University Place Drive within the University Place Shopping Center. The landlord was not disclosed. IKEA says the store will showcase more than 5,000 products and a variety of fully furnished room settings and will include a central planning area for personalized design consultations, an “As Is” department with sustainable furnishing options for purchase and its Swedish in-store restaurant.
AUSTIN, TEXAS — SRS Real Estate Partners has brokered the sale of Woodland Place, an 11,049-square-foot retail strip center in northwest Austin. The center was built in 2016 and was fully leased at the time of sale to three tenants: Austin Family Orthodontics, Austin Children’s Dentistry and Firehouse Animal Health Center. Cathy Nabours, Kyle Shaffer and Sam Nichols of SRS represented the seller, an Austin-based developer, in the transaction. The buyer was a Los Angeles-based private investor. Both parties requested anonymity.