Retail

Macerich Secures $710M CMBS Refinancing for Tysons Corner Center in Metro D.C.

by John Nelson December 7, 2023

TYSONS, VA. — Macerich has secured a $710 million loan for the refinancing of Tysons Corner Center, a 1.8 million-square-foot retail power center located in Tysons, a suburb of Washington, D.C. Nordstrom, Bloomingdale’s and Macy’s anchor the property, which was 96 percent leased as of third-quarter 2023. The new CMBS financing will replace an existing $666 million loan that was scheduled to mature on Jan. 1, 2024. The direct lender was not disclosed, but the loan features a fixed 6.6 percent interest rate and interest-only payments throughout the five-year loan term. A Macerich-led joint venture owns the center.

December 7, 2023

Leasing Activity Northeast Pennsylvania Retail

Wegmans to Open 88,000 SF Grocery Store in Yardley, Pennsylvania, Hire 400 People

by Taylor Williams December 7, 2023

YARDLEY, PA. — Regional grocer Wegmans will open an 88,000-square-foot store in Yardley, about 30 miles northeast of Philadelphia, with plans to hire about 400 people on full- and part-time bases. The site is located within the Prickett Preserve mixed-use development, and the store offers a selection of approximately 1,200 wines and 500 beers and ciders. The store, which will open in March, is Wegmans’ second in Bucks County.

December 7, 2023

Acquisitions Midwest Retail Wisconsin

Mid-America Arranges Sale of 114,221 SF Westhill Plaza Shopping Center in Appleton, Wisconsin

by Kristin Harlow December 7, 2023

APPLETON, WIS. — Mid-America Real Estate Corp. has arranged the sale of Westhill Plaza in Appleton for an undisclosed price. The 114,221-square-foot shopping center is 93 percent leased to tenants such as Burlington, Boot Barn and Party City. Rick Drogosz, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, CRG Investments. Brookwood Capital Advisors was the buyer.

December 7, 2023

Charbonneau-Village-Center-Wilsonville-OR

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $1.5M Sale of Charbonneau Village Center in Wilsonville, Oregon

by Amy Works December 7, 2023

WILSONVILLE, ORE. — Norris & Stevens has arranged the sale of Charbonneau Village Center, a retail strip center at 31840 SW Charbonneau Drive in Wilsonville, a southern suburb of Portland. FFF Charbonneau LLC sold the asset to Perseverance LLC for $1.5 million. Constructed in 1980, Charbonneau Village Center features 9,828 square feet of retail space, abundant parking and strong tenant mix. Todd VanDomelen and Michael Brown of Portland-based Norris & Stevens represented the seller, while Daniel Silvey with Knipe Realty represented the buyer in the deal.

December 7, 2023

Company News Development Illinois Midwest Restaurant Retail Top Stories

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Katie Sloan December 7, 2023

BOLINGBROOK, ILL. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu boards, cashless payment devices and pick-up windows. The concept’s menu will be beverage-focused, including specialty lemonades and teas, blended beverages and cold brew coffees. Drink offerings — which will include churro- and s’mores-flavored coffees, sour cherry energy drinks and lemonades — will be customizable, to include the addition of boba, energy and Vitamin C shots. CosMc’s locations will also feature a small lineup of food items, including new offerings like a spicy queso sandwich and pretzel and hash brown bites, alongside traditional menu standbys like Egg McMuffin sandwiches and McFlurrys. The new concept is named after CosMc, a mascot that McDonald’s launched in the late 1980s. Chicago-based McDonald’s is …

December 7, 2023

Market Reports New York Northeast Northeast Market Reports Retail

Stability Returns to New York City Retail Market

by Taylor Williams December 7, 2023

By Taylor Williams Across Manhattan’s major retail corridors and pockets, leasing agents, operators and owners are all gaining greater clarity on what levels of rent various submarkets can bear and, by extension, how much spaces are truly worth. After three years of disruptions of the public health and financial variety — each devastating in its own right — a reset of sorts is a major windfall for the country’s largest and arguably most dynamic retail market. Closing deals is challenging enough when all parties are on the same page and the economy is stable. When markets are going through tumultuous phases of discovery in which perceived valuations of spaces fluctuate wildly, negotiations tend to flame out even more quickly — if they even get going at all. “A year ago in Manhattan, you could have two adjacent stores, and one might have been asking for $120 per square foot while the other wanted $220 per square foot,” says Chase Welles, partner at TSCG, an Atlanta-based brokerage and consulting firm that is active in New York City. “There’s certainly more definition relative to last year, and the range of asking rents in each submarket has narrowed.” “The market has become more …

December 7, 2023

Leasing Activity Retail Texas

Tanishq Opens Two Stores Totaling 8,800 SF in Texas

by Taylor Williams December 6, 2023

HOUSTON AND FRISCO, TEXAS — Indian jewelry retailer Tanishq has opened two new stores totaling 8,800 square feet in Texas. The stores at 2335 Post Oak Blvd. in Houston and 2809 Preston Road in Frisco comprise 3,800 and 5,000 square feet, respectively, and mark the second and third locations in the country for the brand. Tanishq opened its flagship store in Northern New Jersey earlier this year.

December 6, 2023

California Loans Retail Western

PSRS Arranges $3.7M Refinancing for Retail Strip Center in Mammoth Lakes, California

by Amy Works December 6, 2023

MAMMOTH LAKES, CALIF. — PSRS has arranged $3.7 million in refinancing for Mammoth Gateway, a retail strip center in Mammoth Lakes. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate loan for the undisclosed borrower. Built in 1973 on 3.5 acres, Mammoth Gateway features 54,854 rentable square feet. Rite Aid anchors the property, which offers 13 retail spaces, including a hardware store, pet store and a variety of restaurants and cafés.

December 6, 2023

Acquisitions Illinois Midwest Retail

Quantum Arranges $7.1M Sale of Retail Center in Naperville, Illinois

by Kristin Harlow December 6, 2023

NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $7.1 million sale of Design Pointe, a 78,000-square-foot retail center in the Chicago suburb of Naperville. Built in the mid-2000s, the property is located at 1320 N. Route 59. At the time of sale, the center was 95 percent leased to Studio 41, Brain Balance, Fancy Free Holidays and other tenants. Brett Berlin of Quantum represented the seller, an Illinois-based investor. The buyer was also a private investor based in Illinois.

December 6, 2023

Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

Eight Retailers Join 2.2 MSF River Landing Shops & Residences Development in Miami

by John Nelson December 6, 2023

MIAMI — Eight new retail tenants have signed leases totaling 15,000 square feet at River Landing Shops & Residences, a mixed-use development spanning 2.2 million square feet in Miami. Located at 1400 N.W. North River Drive, River Landing comprises approximately 360,000 square feet of retail/commercial space, 135,000 square feet of Class A offices, 528 market-rate apartments, more than 2,000 parking spaces and a landscaped riverwalk. Claire’s has opened an 870-square-foot store, and Ceci Spa Hair and Nails and Divine Lash have both opened in 1,030-square-foot spaces. Additionally, Miami Optical, Suite Svn, Anything is Everything and White Coat Beauty now occupy 1,200; 5,805; 2,000; and 1,078 square feet, respectively. Carrot Express has also signed a 2,012-square-foot lease at the property. Urban-X Group is the developer and landlord of River Landing, which opened in 2020. Retail space at the development is currently 94 percent leased, with other tenants including Publix, Pet Supermarket, Old Navy, Ulta Beauty, Planet Fitness, Five Below, Ross Dress for Less, Chick-fil-A and Hobby Lobby.

December 6, 2023

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