Retail

Pullman-Market-San-Antonio

SAN ANTONIO — Texas-based restaurant operator Emmer & Rye Hospitality Group will open Pullman Market, a 40,000-square-foot food hall that will be located within San Antonio’s Pearl District. Set to debut next spring, the culinary destination will feature four full-service restaurants, fast-casual concepts, an artisan butcher and fishmonger program, various wine and beer selections, Texas-based produce and specialty foods, a seasonal bakery and a fresh pasta program. The four restaurants include Italian concept Fife & Farro, Mexican eatery Mezquite, fine-dining establishment Isidore and dessert bar Nicosi.

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485-Betteravia-Rd-Santa-Maria-CA

SANTA MARIA, CALIF. — Tustin-based College West Partners has completed the sale of a restaurant building located at 485 Betteravia Road in Santa Maria. A Los Angeles-based private investor acquired the asset for $5.1 million, or $1,608 per square foot. Alexander Moore, Sean Cox and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller and the buyer in the deal. A Raising Cane’s Chicken Fingers double drive-thru restaurant occupies the 3,172-square-foot freestanding building, which was built in 2022 on a 0.8-acre pad. The property is located within Enos Ranch, a 110-acre mixed-use development.

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DENVER — John Propp Commercial Group has arranged the sale of an office building located at 15 E. Iowa Ave. in Denver. South Gate Masonic Building Association acquired the asset from 25W BKM LLC for $2.3 million. The two-story, 21,258-square-foot building features ground-floor retail space, second-story office space and a single apartment. The buyer plans to renovate and reposition the property both for its own business occupy and to retain existing retail tenants. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.

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SOUTH WINDSOR, CONN. — Whole Foods Market will open a 43,406-square-foot store at The Shops at Evergreen Walk in South Windsor, a suburb of Hartford, on Jan. 17. The store, which will be the Austin-based grocer’s fifth in the Hartford area, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.

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CHICAGO — A. Lange & Söhne, a German luxury watch manufacturer, has signed a lease for 1,409 square feet of retail space at The Shops at Tribune Tower in Chicago. The retailer’s location will be positioned on Michigan Avenue on the corner overlooking Pioneer Court, which was redeveloped by CIM Group and Golub & Co. The area between Tribune Tower and the neighboring Apple store features space for locals and visitors to gather and shop. The A. Lange & Söhne boutique is slated to open in 2024 and will join the Musuem of Ice Cream, Foxtrot Market, Blue Bottle Coffee, Rowan and Krewe. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower. CIM Group and Golub & Co. transformed the property into 162 luxury condos.

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Willets-Point

NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens.  The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and $123.5 million Low-Income Housing Tax Credit investment. Phase I of the development will feature two mid-rise buildings offering a combined 880 units of affordable housing. Forty percent of units will be reserved for residents earning at or below 60 percent of the area median income, and 15 percent of units will be set aside for tenants that formerly experienced homelessness. Amenities will include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. The development will also include infrastructure investments like new streets, signage, sidewalks, trees, lights, drainage, stormwater management, water hydrants, sewers and utilities.  Future components of the development will include a 650-seat standalone public school, New York …

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WEST PALM BEACH, FLA. AND LAGRANGE, GA. — BWE has secured two loans totaling $16 million for a pair of shopping centers in Florida and Georgia. The deals include a $6 million loan for the refinancing of Palm Beach Commons, a 70,000-square-foot, Family Dollar-anchored retail center in West Palm Beach, and a $10 million acquisition loan for Publix at Merganser Commons, a newly built, Publix-anchored shopping center spanning 46,791 square feet in LaGrange. Both loans are underwritten with full-term, interest-only payments. The borrowers and direct lenders for both loans were not disclosed.

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JENSEN BEACH, FLA. — Plaza Advisors has brokered the sale of Palm Breeze Plaza, a 48,110-square-foot shopping center in Jensen Beach, about 45 miles north of West Palm Beach, Fla. The center is situated on a nearly 4-acre site less than one mile from the coast of the Atlantic Ocean. The seller, FrostPoint Capital, acquired the center in 2020 and over the course of its ownership fully renovated the asset and signed anchor tenant Winn-Dixie to a long-term lease extension. Other tenants at Palm Breeze Plaza, which was fully leased at the time of sale, include Winn-Dixie Liquor, Domino’s, Carquest and St. Lucie Medical Specialists, a subsidiary of HCA. The buyer and sales price were not disclosed.

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BEAUFORT, S.C. — SRS Real Estate Partners has negotiated the nearly $3.2 million sale of a 6,800-square-foot retail property located at 162 Sea Island Parkway in Beaufort, about 35 miles from Hilton Head Island. Mavis Discount Tire fully occupies the store, which opened this summer, on a 20-year triple-net lease. The Mavis property is part of a larger retail development that includes Publix, AutoZone, Sherwin-Williams and Wendy’s. Patrick Nutt, William Wamble and Sabrina Kortlandt of SRS represented the seller, an unnamed developer based in Florida, in the transaction. The Vermont-based private buyer purchased the asset in a 1031 exchange at a 5.38 percent cap rate, according to SRS.

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HOUSTON — Locally based firm RE:VIVE Development has completed Stomping Grounds, a project in Houston’s Heights neighborhood that consists of 26,000 square feet of retail and restaurant space and 10,000 square feet of open green space. The site spans three acres. Tenants include local operators such as Rooster & Rice, Bollo Woodfired Pizza, Sonoma Wine & Cheese, Luloo’s Day & Night and Fat Cat Creamery.

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