FORT WORTH, TEXAS — Locally based developer The Woodmont Co. has broken ground on Berkshire Corner, a 12,002-square-foot, multi-tenant retail project in North Fort Worth. The strip center is preleased to tenants such as Jersey Mike’s Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop and ProSmiles Dental. Completion is slated for late 2023/early 2024.
POCATELLO, IDAHO — Kidder Matthews has brokered the sale of Pocatello Square, a 138,064-square-foot shopping center in Pocatello, approximately 160 miles north of Salt Lake City. Tenants at the property, which was built in 2006 and fully leased at the time of sale, include Dick’s Sporting Goods, Grocery Outlet, Ross Dress for Less, JOANN Fabric and Crafts and Old Navy. Mike King, Erik Swanson, Darren Tappen, Peter Beauchamp and Nathan Thinnes of Kidder Matthews represented the seller, CWCapital, in the transaction. An undisclosed buyer purchased the center through CWCapital’s online auction platform, RI Marketplace. The price was not disclosed.
SANTA MONICA, CALIF. — Fitness concept Club Studio has announced plans to open a 48,000-square-foot studio at Santa Monica Place, a Macerich property in Santa Monica. Located on the first level of the property, the space will feature five boutique studio rooms, as well as a recovery space, steam rooms, infrared saunas, a juice bar and retail store. A timeline for the opening was not disclosed.
WASHINGTON, D.C. — PRP has acquired Spring Valley Village, a 95,000-square-foot shopping center in Washington, D.C.’s Spring Valley neighborhood. The undisclosed seller sold the property for $47.5 million. Originally constructed in 1939 and renovated in 2017, the center comprises six buildings that were 98 percent leased at the time of sale to tenants including Crate & Barrel, Millie’s Restaurant, Capital One Bank, Starbucks, Small Door Veterinary, Compass Coffee and Blue Lane. Spring Valley Village is listed on the National Register of Historic Places.
PEACHTREE CORNERS, GA. — Cincinnati-based mixed-use developer and operator North American Properties (NAP) has partnered with New Orleans-based Politan Group for a new food hall at The Forum Peachtree Corners, a mixed-use redevelopment in metro Atlanta. Set to open in summer 2024, the new Politan Row at The Forum is the second food hall between NAP and Politan Group as the duo opened Politan Row at Colony Square in Midtown Atlanta two years ago. The nearly 10,000-square-foot food hall will feature space for seven independent food-and-beverage concepts, a central Bar Politan, private event venue and an outdoor patio fronting the greenspace. Politan Group is also activating the adjacent jewel box with a standalone restaurant and wine bar. Bell-Butler is designing the food hall. Other uses coming to The Forum Peachtree Corners include a 125-room hotel, 381 apartments and a structured parking deck.
LA CROSSE AND STURGEON BAY, WIS. — Starbucks has inked two new retail leases in Wisconsin totaling 2,460 square feet each. The first property is located at 2552 Rose St. in La Crosse, while the second is at 911 Green Bay Road in Sturgeon Bay. Tony Colvin of Mid-America Real Estate represented the tenant in each lease. The respective landlords were Eagle Bay Partners LLC and 911 Green Bay Road Partners LLC.
INGLEWOOD, CALIF. — Cinépolis Luxury Cinemas has announced plans to open a 55,137-square-foot theater at Hollywood Park, a mixed-use development currently underway in Inglewood. Scheduled to open this month and dubbed Cinépolis Luxury Cinemas Inglewood IMAX, the space will feature 12 screens and 1,236 seats.
— By Anthony Johnson, AJ Johnson and Chris Fiello, Pegasus Group — New Mexico is no different than the rest of the nation and is not immune to some of the same symptoms that are taxing the national retail market. However, New Mexico retail is also showing signs of resilience as it reshapes itself and finds ways to weather the storms of high interest rates, major brand closures, economic uncertainty and crime. As of now, the big issue is in the theft and resale of retail goods. Indeed, the problem of brazen theft — which is seen in countless cites in the nation — has led New Mexico Gov. Lujan Grisham to announce the revival of the Governor’s Organized Crime Prevention Commission. The hopes are to crackdown on this behavior, which is having a detrimental impact on the bottom line for New Mexico businesses, especially small ones. This onslaught of petty shoplifting to organized sprees of large-scale theft has caused retailers large and small to exit locations. Target, for example, announced in May that it was preparing for a loss of half a billion dollars this year because of rising theft. In 2023, New Mexico saw multiple store closures, including several …
GREENWOOD VILLAGE, COLO. — Westwood Financial has sold Yosemite Center, a 23,847-square-foot shopping center located in Greenwood Village, roughly 12 miles south of Denver. Tenants at the property, which was fully leased at the time of sale, include Chipotle Mexican Grill, Jimmy John’s, Advance Auto Parts, Massage Envy, The Joint and D1 Training. CBRE National Retail Partners brokered the transaction.
SAN DIEGO — High Bluff Capital Partners, a San Diego-based investor, will assume ownership of a portfolio comprising 81 Hardee’s locations following an auction. Located in Montana, Wyoming, Alabama, Florida, Georgia, Kansas, Missouri and South Carolina, the restaurants were previously owned by franchisee Summit Restaurant Group, which filed for Chapter 11 bankruptcy in May of this year. The transaction is expected to close in August. Dave Dixon will oversee operation of the restaurants.