Retail

SJC Ventures Breaks Ground on 54-Acre Mixed-Use Development in Montgomery Township, New Jersey

by Jeff Shaw September 29, 2023

MONTGOMERY TOWNSHIP, N.J. — SJC Ventures, a privately held commercial real estate and retail development firm based out of Atlanta, has broken ground on Montgomery Promenade in the New York City suburb of Montgomery Township. Situated on a 54-acre site on Route 206, Montgomery Promenade will comprise 292,700 square feet and feature palisades for walking, green spaces, outdoor dining and restaurants. According to the Montgomery Township website, the project also includes 34 single-family detached homes that buffer the existing homes on Route 518 and the new shopping center. A Whole Foods Market grocery store will anchor the new development. Other confirmed tenants include an 11,000-square-foot Ulta, Panera Bread, Iron Whale, The Robinson Ale House, Dor L’ Dor NYC, Turning Point Restaurants, More Than Q, European Wax Center, Spavia and Norman’s Hallmark. According to the SJC Ventures, three new retail leases will be announced in the next 60 days, with five more before the end of the year. “We’re thrilled to have two great concepts from the McLoone’s Group with Iron Whale and Robinson Ale House that will take about 15,000 square feet,” says Justin Latone, senior vice president of leasing for SJC Ventures. “Both spaces will front a promenade and patio area immediately adjacent to the roundabout …

September 29, 2023

Acquisitions Retail Texas

SRS Real Estate Arranges $14.6M Sale of Retail Building Leased to Kohl’s in Katy, Texas

by Taylor Williams September 28, 2023

KATY, TEXAS — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the western Houston suburb of Katy that is triple-net-leased to Kohl’s. The seller, an undisclosed, institutional development group, is nearing completion of construction of the building, which sits on a 5.2-acre site. The lease term is 12 years. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the undisclosed out-of-state buyer, which acquired the asset via a 1031 exchange.

September 28, 2023

Development Retail Southeast Virginia

Buc-ee’s to Develop 75,000 SF Super Center in Mt. Crawford, Virginia

by Hayden Spiess September 28, 2023

MT. CRAWFORD, VA. — An entity doing business as Buc-ee’s Mt. Crawford LLC has purchased 21.3 acres located on Frieden’s Church Road in Mt. Crawford for the development of a Buc-ee’s Super Center at the site. Nathan Shor and Larry Agnew represented the buyer in the $6.6 million transaction. Upon completion, the property will feature 75,000 square feet of retail space, as well as 120 fuel pumps, electric vehicle chargers and parking for more than 650 cars. This will mark the second location in the state for the brand. The location matches the Buc-ee’s strategy of opening massive gas stations and retail centers in rural towns along major thruways outside larger metro areas. The site is located along Interstate 81 west of Washington, D.C. and Baltimore.

September 28, 2023

Leasing Activity North Carolina Retail Southeast

Five New Tenants Join Northwood Landing in Pittsboro, North Carolina

by Hayden Spiess September 28, 2023

PITTSBORO, N.C. — Five new tenants have joined the lineup at Northwood Landing, a 62,000-square-foot retail center recently developed in Pittsboro, roughly 35 miles east of Raleigh. Dunkin’ Donuts will occupy a 2,100-square-foot building, and FirstHealth of the Carolinas will open a 4,849-square-foot clinic at the property. Vet Pets and Zaxby’s will join the center as well, leasing 2,750 and 3,162 square feet, respectively. Hubie’s Express Car Wash will also open at the property in the fourth quarter of this year. A 44,000-square-foot Lowes Foods anchors the center, which comprises multiple buildings and 10 outparcels situated across from MOSAIC, a $180 million entertainment and lifestyle development. Lee & Associates has been designated as the property manager for Northwood Landing.

September 28, 2023

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Establishes Its Resilience

by Taylor Williams September 28, 2023

By Taylor Williams No matter your size, market and scope of operation, for retail owners and operators, there is no such thing as total immunity from the likes of e-commerce, COVID-19, inflation and interest rate hikes. But there is such a thing as absorbing those socioeconomic hits in stride, learning and evolving from them and re-emerging on significantly more solid ground. And that is largely the path that the Philadelphia retail market has traversed over the past few years. The timing of the pandemic dismantled the launch of Fashion District, the redevelopment of the former Gallery at Market East Mall that should have ushered in a new scene of experience-based, locally merchandised retail in Philadelphia. Retailers and restaurants along Center City District’s main shopping corridors quickly devised solutions to the global healthcare crisis and were returning to normalcy when bad timing once again intervened. This time, it took the form of the Delta variant, which delayed plans to reopen existing stores or launch new ones and erased some of the positive momentum that landlords and tenants had recouped. For their part, suburban retail properties, many of whose performances were bolstered in the short run by pandemic- driven population influxes, are …

September 28, 2023

BarnesNoble-Third-Street-Promenade_Santa-Monica-Calif

California Leasing Activity Retail Western

Barnes & Noble to Open 21,000 SF Store in Santa Monica, California

by Amy Works September 27, 2023

SANTA MONICA, CALIF. — Barnes & Noble will open a store within a 21,000-square-foot space at Third Street Promenade in Santa Monica. This marks the return of the retailer to the property following a five-year hiatus. Other new tenants at the center include fitness brand JOHN REED and pickleball venue Pickle Pop.

September 27, 2023

Development Illinois Industrial Midwest Retail

Focus to Break Ground on 50,000 SF Tesla Distribution Center in Northbrook, Illinois

by Kristin Harlow September 27, 2023

NORTHBROOK, ILL. — Focus, together with development partner Fort Union, is scheduled to break ground on a new electric vehicle sales, service and distribution center for Tesla in Northbrook, a northern suburb of Chicago. Focus is hosting a groundbreaking event for the 50,000-square-foot project on Wednesday, Oct. 4. According to a press release, the project will assist the city in achieving the goals set in its 2021 Climate Action Plan.

September 27, 2023

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $4.6M Sale of Two-Tenant Retail Property in Woodhaven, Michigan

by Kristin Harlow September 27, 2023

WOODHAVEN, MICH. — Marcus & Millichap has brokered the $4.6 million sale of a two-tenant retail property in Woodhaven, a southern suburb of Detroit. The asset is home to Office Depot and Five Below. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. Dylan Wolf and Clayton Brown of Marcus & Millichap represented the cash buyer, which completed a 1031 exchange.

September 27, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 225,214 SF Shopping Center in Boothwyn, Pennsylvania

by Taylor Williams September 27, 2023

BOOTHWYN, PA. — JLL has brokered the sale of Larkin’s Corner, a 225,214-square-foot retail center located in Boothwyn, located near the Pennsylvania-Delaware border. Acme Grocery and Walmart anchor the property, which was 99 percent leased at the time of sale. Other tenants at the center include McDonald’s, TD Bank and Dollar Tree. Chris Munley, Jim Galbally, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Site Centers, in the transaction. The team also procured the undisclosed buyer.

September 27, 2023

Leasing Activity New York Northeast Restaurant Retail

Partnership Opens 22,000 SF Entertainment Venue in Manhattan

by Taylor Williams September 27, 2023

NEW YORK CITY — A partnership between Tiger Woods, Justin Timberlake, NEXUS Luxury Collection and 8AM Golf have opened a 22,000-square-foot sports and entertainment bar between Bryant Park and Grand Central Station in Manhattan. Dubbed T-Squared Social, the venue offers an array of golf simulators, duckpin bowling and darts, as well as food and drink. ForrestPerkins designed the space, which features 24-foot open ceilings, a 32-foot bar, dining and lounge areas and a private event room.

September 27, 2023

Newer Posts

Older Posts