HENDERSON, NEV. — Three tenants have signed leases at Lake Mead Crossing, a retail center located in Henderson, a suburb of Las Vegas. Starbucks Coffee, Sprouts Farmers Market and Chick-fil-A will join the lineup at the property, which Target anchors. Other tenants at the center include Marshalls, Ulta Beauty, PetSmart, Ross Dress for Less, Hibbett Sports and Big Lots.
By Ed Coury, senior managing director, RCS Real Estate Advisors Open-air lifestyle centers can be defined as intentionally designed spaces that are set against beautiful landscapes and house high-quality dining, retail, entertainment, health and wellness uses. These centers are being developed or redeveloped at an increasing rate across the country. Lifestyle centers are particularly popular along “smile” states: California, Arizona, Texas, Georgia, Tennessee, Florida, South Carolina and North Carolina. This particular transformation has been a result of “de-mallification” in the suburbs, in which malls that were once largely indoors and anchored by big department stores are now being converted into mixed-use lifestyle developments. For background, lifestyle centers are not a new phenomenon; they have been gaining popularity since the early 2000s. While few new malls have been built in the last two decades, new lifestyle centers and conversions to lifestyle centers continue to emerge every year. So why are these lifestyle centers so popular, and what does the future of suburban retail look like? Shifting Tastes For one thing, consumer preferences have changed. Today, there is high demand for wellness. In a 2022 consumer report by IT consulting firm Accenture, 80 percent of people surveyed stated that wellness was an …
WAYNESVILLE, N.C. — Divaris Real Estate has brokered the $14.8 million sale of Russ Avenue Plaza, a shopping center located at 1153-1220 Russ Ave. in Waynesville, approximately 26 miles west of Asheville, N.C. The 17-acre retail property formerly housed a big-box Kmart store. Jessica Johnson of Divaris represented the seller, an entity doing business as Russ Avenue Plaza LLC, in the transaction. The buyer and future plans for Russ Avenue Plaza were not disclosed.
Dwight Mortgage Trust Provides $12.8M Loan for Pine Island Plaza Shopping Center in Sunrise, Florida
SUNRISE, FLA. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June. This transaction marks Dwight Mortgage Trust’s entry into the retail sector.
HINGHAM, MASS. — Newmark has brokered the $45.2 million sale of Lincoln Plaza, a 127,505-square-foot shopping center located about 20 miles south of Boston in Hingham. A 68,087-square-foot Stop & Shop grocery store and a 31,882-square-foot Marshalls anchor the center, which was 99 percent leased at the time of sale. Robert Griffin, Jon Martin, Paul Penman and Matthew Adler of Newmark represented the seller, AEW, in the transaction and procured the buyer, a subsidiary of Jumbo Capital Inc. Casey O’Brien and Connor Scott of Newmark provided financial analysis support for the deal.
NEW YORK CITY — German discount grocer Lidl will open a 34,484-square-foot store at Glen Oaks Shopping Center in Queens. Ken Schuckman of Schuckman Realty represented Lidl in the lease negotiations. Randall Briskin represented the landlord, The Feil Organization, on an internal basis. The store, which is scheduled to open sometime next year, will be Lidl’s third in the borough.
NEW YORK CITY — Global Net Lease (NYSE: GNL) and The Necessity Retail REIT (NASDAQ: RTL) have entered into a merger agreement under which GNL will acquire RTL in an all-stock transaction. The combined company is expected to own and manage over 1,350 properties with an aggregate real estate asset value of approximately $9.6 billion. Under terms of the merger agreement, GNL stockholders are expected to own approximately 45 percent of GNL post-closing, RTL stockholders are expected to own about 39 percent, and the owner of the former external manager is expected to own up to 17 percent. The merger is projected to generate approximately $21 million in annual cash savings realized within 12 months of transaction close, according to the companies. The combined entity will be internally managed, with external asset and property management functions to be performed by AR Global. Internalizing management is expected to result in approximately $54 million in annual cash savings. Headquartered in New York City, Global Net Lease is a publicly traded REIT that focuses on commercial properties with an emphasis on sale-leaseback transactions involving single-tenant, mission-critical, income-producing net lease assets across the United States and in Europe. Its portfolio features 311 properties totaling 39.3 million square feet across 11 …
KANSAS CITY, MO. — Locally based IAS Partners has begun development of a 15,000-square-foot, multi-tenant retail and restaurant building at Metro North Crossing, a mixed-use project in Kansas City. The facility is located along Highway 169 adjacent to the newly opened Hawaiian Bros Island Grill and Whataburger. Construction of the shell building is slated for December, with tenants expected to open in spring 2024. The building is located alongside Woodstone, a $60 million luxury apartment complex with 249 apartment and townhome-style units that opened in fall 2022. Metro North Crossing is also home to T-Shotz, a 52,000-square-foot golf entertainment venue.
SARASOTA, FLA. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. The developer, Belpointe PREP LLC, is a publicly traded qualified opportunity fund based in Greenwich, Conn. Aster & Links is a Main Street-style development that comprises two high-rise buildings that will rise seven and 10 stories. The 424-unit property will include one-, two- and three-bedroom apartments and four-bedroom townhome-style penthouses, as well 900 parking spaces consisting of garage and surface parking. Amenities will include a clubroom, fitness room, center courtyard with heated saltwater pool and rooftop amenities including a community room and a private dining area for private events, as well as outdoor grills and seating. Leasing at Aster & Links is anticipated to begin in the first half of 2024. The target opening date for Sprouts was not disclosed.
WOODCLIFF LAKE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the loan on behalf of the borrower, an affiliate of Connecticut-based David Adam Realty. The direct lender was not disclosed.