WINTHROP HARBOR, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail property occupied by Dollar General in Winthrop Harbor, a city in Northeast Illinois. The sales price was undisclosed. The building was constructed in 2013 and is located at 914 Sheridan Road. Dollar General signed a 15-year lease in 2013. Daniel Waszak of Quantum represented the buyer, a New York-based investor. An Illinois-based investor was the seller.
LOS ANGELES — Carmel Partners has completed the development of VOX at Cumulus, a 14-acre mixed-use community on the site of the former Cumulus radio station towers in Los Angeles. VOX at Cumulus features 910 apartment and townhome units, including studios, one-, two- and three-bedroom floor plants. The property also offers 100,000 square feet of retail space anchored by a Whole Foods Market. The project development team also included TCA Architects (architects), DCI (structural engineering), AMPAM (plumbing), PSOMAS (civil), DFDA (mechanical), Seal Electric (electrical) and MLA (landscaping).
PHOENIX — Whitestone REIT has acquired Arcadia Towne Center, a 70,000-square-foot retail center in Phoenix, for $25.3 million. A Safeway, not included in the sale, anchors the center. Tenants at the property include CVS/pharmacy, Tutor Time, Mathnasium, Over Easy, Sole Ports and Puff & Fluff Grooming. The seller was not disclosed.
PORTLAND, ORE. — BPM Real Estate Group, a locally based and privately owned development and investment company, plans to open the Block 216 mixed-use tower in downtown Portland in August. Located at 900 SW Washington St., the tower will house The Ritz-Carlton, Portland hotel, the brand’s first in the Pacific Northwest. In addition to the 251-room hotel, the high-rise will include The Ritz-Carlton Residences (132 condos and penthouses across 15 floors), shops and 134,000 square feet of office space, as well as a food hall on the ground level known as FLOCK. Development costs for Block 216 are reportedly $600 million. “As one of the tallest towers in Portland, this development is a monumental signifier of the renewal and transformation in store for this city,” says Walter Bowen, founder and CEO of BPM. “We are pleased to contribute to Portland’s continued recovery and resurgence as one of the country’s leading business centers and gateway to the Pacific Northwest travel destination locations.” The Ritz-Carlton hotel’s amenities will include a spa, signature restaurant on the 20th floor, infinity-edge pool and a 4,000-square-foot fitness center, according to the hotel website. FLOCK, which will house nine BIPOC-owned (black, indigenous and people of color) vendors, is …
— By Evan Jurgensen, Senior Vice President, Lee & Associates Los Angeles – Downtown — As the pandemic recedes, the hospitality and food and beverage industries in downtown Los Angeles are rebounding, driven in part by the return of venue entertainment and conferences. The number of visitors to the area has climbed back to within 10 percent of pre-pandemic levels and now sits at 10 million people per month. Consequently, there has been an influx of new restaurants, venues and breweries in the region. However, as overall occupancy levels in the market remain in flux, businesses are becoming mindful of how they utilize their spaces to achieve a triple bottom line impact that benefits not only the asset owner, but also the consumer and community at large for the long run. Increased Investment in Outdoor Space Outdoor dining saved many restaurants during the pandemic and continues to have great appeal in the present day. In addition to being a healthier option for diners, outdoor seating allows restaurants to handle more customers at once and increase profitability. Los Angeles city officials created a streamlined process known as the L.A. Al Fresco program in May 2020, which allowed more than 2,500 restaurants and …
NEW KENT, VA. — Texas-based Buc-ee’s has purchased 27.7 acres off I-64 in the Richmond suburb of New Kent, with plans to develop the brand’s first location in Virginia. Upon completion, the Buc-ee’s Super Center will comprise 75,000 square feet of retail space, 120 fueling stations, electric vehicle chargers and more than 650 parking spaces. Construction on the project is scheduled for completion within the next 24 months. Nathan Shor of S.L. Nusbaum Realty Co. represented both the seller and Buc-ee’s in the land acquisition.
NEWPORT NEWS, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the $8.2 million sale of Turnberry Crossing, a retail center in Newport News. Located at 12638 Jefferson Ave., Goodwill anchors the 53,775-square-foot center, which was 95 percent leased to 17 tenants at the time of sale. Other tenants include Hertz, Papa John’s and DaaBIN Store. Catharine Spangler of Thalhimer arranged the transaction on behalf of the seller, Stavins & Axelrod. Raleigh-based Prudent Growth Partners acquired the property.
CHATTANOOGA, TENN. — Four new retail tenants will join Hamilton Place, a 1.2 million-square-foot enclosed shopping mall in Chattanooga. Crunch Fitness will open a 35,000-square-foot location at the property’s former Sears location, and restaurants Texas Roadhouse, Taco Mamacita and Community Pie have also signed leases. Construction on the Crunch Fitness space is scheduled to begin in August, with the opening planned for later this year. Work is currently underway on Community Pie and Taco Mamacita, which will open in July and next year, respectively. Texas Roadhouse is also scheduled to open next year, with construction anticipated to begin later this month. Chattanooga-based CBL Properties is the landlord and purchased the mall’s former Sears building in 2017.
SOUTHLAKE, TEXAS — IKEA will open a small-format store within Park Village shopping center in Southlake, located in the northern-central part of the metroplex. According to local media sources, including NBCDFW, the store will span about 11,000 square feet. The new IKEA will also have space for personalized interior design planning and will serve as a pick-up hub for online purchases. The opening is slated for the fourth quarter. IKEA operates two large-format stores in the metroplex, one in Frisco and the other in Grand Prairie.
THE WOODLANDS, TEXAS — SVN | J. Beard Real Estate – Greater Houston has brokered the sale of a 10,406-square-foot retail building in The Woodlands, about 30 miles north of Houston. Constructed in 1974, the building houses the inline space of Grogan’s Mill Village Center. Jeff Beard of SVN | J. Beard represented the seller, a locally based limited liability company, in the transaction. The Howard Hughes Corp. purchased the asset for an undisclosed price.
