MANSFIELD, TEXAS — Flix Brewhouse has signed a 15-year lease to open a 40,000-square-foot theater at The Shops at Broad, a retail center located in the southern metroplex suburb of Mansfield. Scheduled to open this fall, the venue will feature nine auditoriums and offer in-theater dining service. Sam Kartalis of Younger Partners and John Weber of Weber & Co. negotiated the lease on behalf of the landlord, Trez Capital. The venue will be the fifth in Texas and 10th nationwide for Flix Brewhouse.
UPPER MARLBORO, MD. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot power retail center in the Washington, D.C., suburb of Upper Marlboro, for $70 million. The Bethesda, Md.-based investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. During its nearly four-year ownership period of Largo Town Center, Finmarc initiated capital improvements and executed multiple leases, including Burlington, Foot Locker and Urban Air Adventure, the latter of which is expected to open this fall. Other notable tenants are anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto and Dollar Tree.
LENEXA, KAN. — Copaken Brooks is set to begin development of Restaurant Row at Lenexa City Center. Located on the corner of 87th Street and Renner Boulevard, the project is adjacent to AdventHealth’s 13-building campus that is currently under construction. The first phase of Restaurant Row will include two restaurant concepts set to open in fall 2024, with two remaining spaces available for lease. Cactus Grill TexMex & Tequila, a local Kansas City restaurant that has operated for more than 30 years, will occupy 5,000 square feet. Restaurant Row will be Cactus Grill’s third location, following its original restaurant in Leawood and its newest in BluHawk. North Carolina-based Tupelo Honey will occupy 5,700 square feet. The Southern food chain currently operates 21 locations across the United States with six additional planned to open in the next 18 to 24 months. John Nolan of Crossroads Real Estate Group represented Cactus Grill, while Howard Zoldessy of Hatcher-Hill Brokerage LLC represented Tupelo Honey.
PHOENIX — Phoenix Commercial Advisors has arranged the sale of Plaza 32, a community shopping center located on 15.9 acres at the southeast corner of 32nd Street and Bell Road in Phoenix. An undisclosed buyer in a 1031 exchange acquired the asset for $31.3 million, or $181 per square foot. Esporta Fitness, Starbucks Coffee, Domino’s, Dollar Tree, UPS, Denny’s, Subway, Jimmy John’s, Harbor Freight Tools and Banner Urgent Care are tenants the eight-building, 173,303-square-foot property. The asset was 81 percent leased at the time of sale. Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …
LUTZ, FLA. — Newmark has brokered the $49.6 million sale of Cypress Creek Town Center, a 240,211-square-foot shopping center located in Lutz, about 14 miles north of Tampa. Total Wine, Hobby Lobby, Burlington, HomeGoods, Badcock Furniture and Dollar Tree anchor the power retail center, which comprises four parcels that were fully leased at the time of sale. An undisclosed buyer acquired the center. Drew Fleming of Newmark arranged the sale on behalf of the seller, Chattanooga, Tenn.-based Hutton.
ORLANDO, FLA. — Tavistock Development has announced plans for Lake Nona West, a 405,000-square-foot shopping center to be located in the Lake Nona master-planned community in Orlando. Upon completion, the development will be situated on a 54-acre parcel and feature open-air shops, ground-level parking, outdoor entertainment spaces and public art. Tavistock has submitted site plans to the City of Orlando, and construction is scheduled to begin in 2024, with completion planned for fall 2025. Tenant announcements are expected this winter.
ATLANTA AND NEW YORK CITY — Chick-fil-A has announced plans for two new restaurant concepts. Beginning in 2024, the brand will open an elevated drive-thru concept in metro Atlanta as well as a walk-up restaurant in New York City. Both concepts are designed to enhance efficiency and convenience, with plans for the drive-thru restaurant including a kitchen built above the drive-thru lanes and dedicated lanes for mobile orders. Targeted toward urban areas with heavy foot traffic, the walk-up concept will allow guests to order through the Chick-fil-A app and pick up items at the walk-up windows. “Digital orders make up more than half of total sales in some markets… so we know our customers have an appetite for convenience,” says Khalilah Cooper, Chick-fil-A’s executive director of restaurant design. “The locations for these tests were intentionally selected with the customers in mind, giving them more control over their desired experience and cutting down wait time.” The locations of the two new concepts were not disclosed. Chick-fil-A is a privately held, family-owned fast-casual restaurant chain based in Atlanta. The company employs more than 170,000 team members at more than 2,700 restaurants across 47 states, Washington, D.C., Puerto Rico and Canada.
DALLAS — SRS Real Estate Partners has arranged the $6 million sale of a single-tenant, 5,000-square-foot medical retail property in South Dallas that is net-leased to Total Point Urgent Care. Britt Raymond and Kyle Fant of SRS represented the seller, a Kansas-based investor, in the transaction. The buyer was a Florida-based private investor that acquired the asset via a 1031 exchange. The property traded at a cap rate of 6.6 percent.
GURNEE, ILL. — Bullfrog International, a designer and manufacturer of high-end hot tubs, has inked a new lease for 10,840 square feet at Gurnee Town Center in Gurnee, a far north suburb of Chicago. Rick Scardino, Michael Petrik and Sean Bishop of Lee & Associates represented the tenant. Branden Reedy and Jimmy Danaher of CBRE represented the landlord, Kite Realty. Lee & Associates also assisted Bullfrog International with a lease in Vernon Hills earlier this year.