Retail

Gaw Capital USA, DJM Open Ovation Hollywood Retail Center After $100M Renovation

by Amy Works November 22, 2023

LOS ANGELES — Gaw Capital USA and DJM have completed the three-year, $100 million renovation and rebranding of Hollywood & Highland to open Ovation Hollywood, located footsteps from the TCL Chinese Theatre and Hollywood Walk of Fame. The re-imagined, 475,000-square-foot property now features a variety of restaurants, entertainment venues and retailers. Current tenants include Café de Leche, Tacos Neza, a Kylie Cosmetics by Kylie Jenner pop-up shop, The Win-Dow and BOPOMOFO, with more retailers and restaurants on the way. Additionally, Ovation Hollywood’s fourth floor has been converted for entertainment and offers comedy club Kookaburrra Lounge and a soon-to-be-announced entertainment concept new to Los Angeles. The makeover included the demolition of the controversial Babylonian-themed archway and oversized elephant statues, which made way for new public art space, an open courtyard and landscaping.

November 22, 2023

Leasing Activity Restaurant Retail Texas

Five Restaurants to Join The Shops at Broad in Mansfield, Texas

by Taylor Williams November 21, 2023

MANSFIELD, TEXAS — Five restaurants have signed new leases at The Shops at Broad, a retail center located in the southern Fort Worth suburb of Mansfield. Portillo’s, Outback Steakhouse, Carrabba’s Italian Grill, BoomerJack’s Grill & Bar and Chuy’s are all scheduled to open late next year at the property. Sam Kartalis of Younger Partners and John Weber of Weber & Co. arranged the leases on behalf of the landlord, Trez Capital, which acquired the property earlier this year.

November 21, 2023

Leasing Activity Retail Texas

EoS Fitness Signs 40,000 SF Retail Lease at Fort Bend Town Center in Metro Houston

by Taylor Williams November 21, 2023

MISSOURI CITY, TEXAS — EoS Fitness has signed a 40,000-square-foot lease at Fort Bend Town Center, a 144-acre retail development by NewQuest Properties in Missouri City, about 20 miles southwest of Houston. Jason Baker of Baker Katz represented EoS Fitness, which is aiming to open late next year, in the lease negotiations. Bob Conwell and Andrew Alvis represented NewQuest on an internal basis. Other tenants at Fort Bend Town Center include Burlington, Ross Dress for Less, Ulta Beauty, Cava, Petco and Five Below.

November 21, 2023

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 16,241 SF Retail Property in Southwest Houston

by Taylor Williams November 21, 2023

HOUSTON — Marcus & Millichap has brokered the sale of Bellfort Plaza, a 16,241-square-foot retail property in southwest Houston. According to LoopNet Inc., the property was built in 2004. James Bell, Watt Harrison and Luke Stavinoha of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also not disclosed.

November 21, 2023

Development Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast

Joint Venture Releases Plans, Renderings for $500M Mixed-Use Destination in Downtown Orlando

by John Nelson November 21, 2023

ORLANDO, FLA. — A joint venture between SED Development LLC, JMA Ventures LLC and Machete Group Inc. has released new plans and renderings for a mixed-use destination in downtown Orlando. The development, dubbed the Orlando Sports + Entertainment District, will span 8.5 acres adjacent to Amway Center, the home arena for the NBA’s Orlando Magic. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The 900,000-square-foot destination will include a 260-room hotel with an outdoor lounge and pool deck, as well as meeting space and a chef-driven restaurant. Other components will include a 270-unit high-rise apartment tower, 200,000 square feet of Class A offices that are 30 percent preleased, 1.5 acres of central green space, 100,000 square feet of shops and restaurants and a 3,500-seat live music venue that can double as an events space with the capacity to host up to 1,000 guests. The construction timeline for Orlando Sports + Entertainment District was not released.

November 21, 2023

Development Florida Mixed-Use Multifamily Restaurant Retail Southeast

PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project in Miami

by John Nelson November 21, 2023

MIAMI — PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district. The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy. Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys. Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

November 21, 2023

Acquisitions Georgia Retail Southeast

Northmarq Brokers $13.9M Sale of Retail Property in Atlanta Leased to Tesla

by John Nelson November 21, 2023

ATLANTA — Northmarq has brokered the $13.9 million sale of a freestanding, 27,800-square-foot retail property located at 2121 Briarcliff Road NE in Atlanta’s North Druid Hills neighborhood. Electric vehicle giant Tesla occupies the property, which was formerly a Whole Foods Market grocery store, as a retail service center on a new double-net lease. Mike Sladich of Northmarq represented the seller, Blanchard Real Estate Capital, in the transaction. The buyer was not disclosed.

November 21, 2023

Acquisitions Louisiana Retail Southeast

SRS Arranges Sale of 100,120 SF Karam Shopping Center in Lafayette, Louisiana

by John Nelson November 21, 2023

LAFAYETTE, LA. — SRS Real Estate Partners has arranged the sale of Karam Shopping Center, a 100,120-square-foot, grocery-anchored shopping center located at 215 W. Willow St. in Lafayette, about 55 miles west of Baton Rouge. Houston-based Mishra Group purchased the shopping center from TCP Realty Services for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS, along with Jonathan Walker of Maestri-Murrell Inc., represented the seller in the transaction. Situated near I-10 and the University of Louisiana at Lafayette, Karam Shopping Center is anchored by Super 1 Foods and dds Discounts.

November 21, 2023

Leasing Activity New York Northeast Office Retail

Beechhurst Executive Suites Renews 6,936 SF Lease in Queens

by Taylor Williams November 21, 2023

NEW YORK CITY — Beechhurst Executive Suites has renewed its lease for 6,936 square feet on the second floor of Whitestone Plaza, a 62,000-square-foot urban community shopping center located on the north side of Queens. Randall Briskin represented the landlord, The Feil Organization, in the lease negotiations on an internal basis. The tenant was self-represented. Other tenants at Whitestone Plaza include CVS and North Shore Farms supermarket.

November 21, 2023

Acquisitions California Retail Western

Matthews Negotiates $34M Sale of Strawflower Village Shopping Center in Half Moon Bay, California

by Amy Works November 21, 2023

HALF MOON BAY, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, located at 50 Cabrillo Highway N. in Half Moon Bay, approximately 30 miles south of San Francisco. SJ Amoroso Properties Co. acquired the asset from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller, while Tim Gilmartin of The Gilmartin Group represented the buyer in the transaction. At the time of sale, Strawflower Village was 96 percent leased and anchored by a 33,000-square-foot Safeway. Situated on a 7.2-acre lot, the property features 78,940 gross leasable area and 29 total tenants, including T-Mobile, Chase Bank and US Bank.

November 21, 2023

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