Retail

Eight Retail Tenants Sign Leases to Occupy Promenade Along Lincoln Road in Miami Beach

by John Nelson June 16, 2023

MIAMI BEACH, FLA. — Eight new retail tenants have signed leases on Lincoln Road in Miami Beach, a South Florida high street that features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning this summer. Lincoln Road is the most visited open-air retail destination in South Florida, having drawn more than 8 million visitors in 2022.

June 16, 2023

Leasing Activity Midwest Retail Wisconsin

Five Below Leases 9,504 SF in Neenah, Wisconsin

by Kristin Harlow June 16, 2023

NEENAH, WIS. — Retailer Five Below has leased 9,504 square feet at 699 S. Green Bay Road in Neenah, a city in eastern Wisconsin. Jon Thoresen of Founders 3 Real Estate Services represented the landlord, an entity doing business as Spring Creek Center II LLC.

June 16, 2023

Development Loans New York Northeast Office Retail Top Stories

KPG Funds Receives $50M Construction Loan for Boutique Office Project in Lower Manhattan’s SoHo District

by Jeff Shaw June 16, 2023

NEW YORK CITY — KPG Funds has received a $50 million construction loan for 40 Crosby, a boutique office redevelopment project in the high-end SoHo district of Lower Manhattan. The five-story cast iron building totals 70,000 square feet, including prime retail space on the ground floor with Broadway frontage. KPG plans to rebrand the property as The Crosby upon completion. KPG bought the asset in early 2022 and immediately began planning the redevelopment. Sabal Investment Holdings and GDS Brightstar provided the construction loan. Nick Scribani, Dustin Stolly and Jordy Roeschlaub at Newmark arranged the financing. According to Rod Kritsberg, KPG’s co-founder and chief investment officer, the three-year construction loan will be used to give 40 Crosby a full-building renovation, keeping in line with KPG Funds’ standard to transform it into one of the “most desirable office and retail assets in the neighborhood.” Improvements will consist of a separate entrance on Crosby Street with high-end, pre-built office space and significant capital allocated to the lease-up of the specialty retail space fronting Broadway. The asset offers flexible floorplates to cater to multiple tenants or contiguous floors for a flagship headquarters location. The office space features up to 18-foot ceiling heights, 20 oversized windows bringing …

June 16, 2023

Development District of Columbia Loans Mixed-Use Multifamily Retail Southeast

Tishman Speyer Obtains $150M Construction Loan for Mazza Gallerie Mall Redevelopment in D.C.

by John Nelson June 15, 2023

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).

June 15, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 183,877 SF Shopping Center in Orlando

by John Nelson June 15, 2023

ORLANDO, FLA. — Plaza Advisors has negotiated the sale of Orlando Square, a 183,877-square-foot shopping center located at the southwest corner of Sand Lake Road and South Orange Blossom Trail in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Miami-based Core Investment Management purchased the center from an entity doing business as AGRE Orlando Square LLC. Plaza Advisors represented the seller in the transaction.

June 15, 2023

Acquisitions Arkansas Retail Southeast

Legacy Realty Brokers $9.3M Sale of Kroger-Anchored Retail Center Near Little Rock, Arkansas

by John Nelson June 15, 2023

BENTON, ARK. — Legacy Realty Group Advisors has brokered the $9.3 million sale of Benton Commons, a 74,870-square-foot retail center located in Benton, roughly 25 miles southwest of Little Rock. Kroger anchors the property, and other tenants include State Farm Insurance, Sumo Express and H&R Block. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy represented the undisclosed buyer in the transaction. Todd Rice of Colliers Arkansas represented the undisclosed seller.

June 15, 2023

Leasing Activity Midwest Minnesota Restaurant Retail

Ruth’s Chris Steak House to Open at Kahler Grand Hotel in Rochester, Minnesota

by Kristin Harlow June 15, 2023

ROCHESTER, MINN. — Ruth’s Chris Steak House is opening at the Kahler Grand Hotel in Rochester. The location marks the second in Minnesota for Ruth’s Chris following one in downtown Minneapolis. The 7,800-square-foot restaurant will feature outdoor seating, a full bar and private dining area. Kraus-Anderson Construction has begun demolition of the Grand Grill in the hotel lobby to make way for Ruth’s Chris. Construction of the steakhouse is scheduled to begin late this summer and be completed in early 2024. Kahler Hospitality Group recently renovated the 600-room hotel. The four-year renovation project was one of the most extensive renovations ever completed at the hotel, which was originally constructed in 1921. Darci Fenske of Paramark Real Estate Services represented Kahler Hospitality Group in the lease with Ruth’s Chris.

June 15, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $2.1M Sale of Retail Property in Elgin, Illinois

by Kristin Harlow June 15, 2023

ELGIN, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 10,500-square-foot retail property in Elgin. Advance Auto Parts is the anchor tenant at the fully leased center, which is located at 1881 Larkin Ave. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, an East Coast-based limited liability company completing a 1031 exchange.

June 15, 2023

Leasing Activity Michigan Midwest Restaurant Retail

Knock Twice Speakeasy Opens in West Bloomfield Township, Michigan

by Kristin Harlow June 15, 2023

WEST BLOOMFIELD TOWNSHIP, MICH. — Knock Twice Speakeasy has opened in West Bloomfield Township, a northwest suburb of Detroit. Eric Banks and Rachele Downs of Dominion Real Estate Advisors represented the landlord, Hariram Properties Inc., in the five-year lease for 5,383 square feet. The space was formerly home to Lark restaurant and later Sizzle and Spice Indian Cuisine. Knock Twice has invested $250,000 in its space, which features an outdoor patio, cigar lounge and VIP area.

June 15, 2023

Acquisitions California Retail Western

Hanley Brokers $4.9M Sale of Retail Building in Riverside, California

by Jeff Shaw June 15, 2023

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.9 million sale of a four-tenant retail property located in the Inland Empire city of Riverside. Built In 2020 and situated within Veteran’s Plaza, net-lease tenants at the 6,963-square-foot building include Starbucks Coffee, Express Gadget Repair, Desperate Measures and Jersey Mike’s Subs. Eric Wohl and CJ Kiehler of Hanley represented the seller, a California-based developer. Shirley Kim of Max Mega Group Realty represented the buyer, an international private investor.

June 15, 2023

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