Retail

Drive Shack to Open 20,265 SF Puttery Minneapolis This Friday

by Kristin Harlow July 19, 2023

MINNEAPOLIS — Drive Shack Inc., an owner and operator of golf-related leisure and entertainment businesses, will open Puttery Minneapolis this Friday, July 21. Located in the city’s North Loop, the adults-only, 20,265-square-foot venue features several bar and lounge areas as well as three nine-hole putting courses. Each putting course has its own theme. At the Minneapolis location, the themes include: art museum, conservatory and library. Each course features décor reminiscent of its theme. Puttery currently operates in The Colony, Texas; Charlotte, N.C.; Washington, D.C.; Houston; Chicago; and Pittsburgh.

July 19, 2023

Acquisitions New Mexico Retail Western

Westwood Financial Sells 37,442 SF Sycamore Plaza Shopping Center in Albuquerque

by Jeff Shaw July 19, 2023

ALBUQUERQUE, N.M. — Westwood Financial has sold Sycamore Plaza, a 37,442-square-foot shopping center in Albuquerque, for an undisclosed price. Petsmart anchors the property, which was fully occupied at the time of sale. Other tenants include Sally Beauty, Einstein Bros. Bagels, Stretch Zone, GNC, Super Cuts and GameStop. CBRE National Retail Partners represented Westwood in the transaction.

July 19, 2023

Arizona Leasing Activity Restaurant Retail Western

Eight Tenants Join Canyon Trails Towne Center in Metro Phoenix

by Jeff Shaw July 19, 2023

GOODYEAR, ARIZ. — Eight tenants are joining Canyon Trails Towne Center, a 90-acre, mixed-use development in Goodyear, roughly 19 miles west of Phoenix, bringing the property to full occupancy. Chipotle Mexican Grill recently opened a restaurant at the center, and Michael’s and Five Below will occupy 18,300 and 10,434 square feet, respectively. Target and Ross Dress for Less have also signed leases at the property, and Starbucks Coffee, Freddy’s Steakburgers and Denny’s are currently underway on the construction of spaces scheduled to open this fall. The landlords, principals of Santa Cruz Seaside Co., are additionally negotiating leases with two retail big box stores to occupy 30,000 square feet of new, ground-up construction. Vestar manages the property.

July 19, 2023

Development Florida Retail Southeast Top Stories

Jacksonville Jaguars Open $120M Practice Facility in Downtown Jacksonville, Plan for ‘Stadium of the Future’

by Kristin Harlow July 19, 2023

JACKSONVILLE, FLA. — The NFL’s Jacksonville Jaguars have opened the Miller Electric Center, a $120 million practice facility in downtown Jacksonville. The 125,000-square-foot facility comprises an indoor practice field, offices, locker rooms, a draft room, shaded viewing area, concessions, team retail store and medical facilities. The Miller Electric Center is a public-private partnership between the Jaguars and the City of Jacksonville. The city also owns TIAA Bank Field, the Jaguars’ home stadium that is in the planning stages for a roughly $1 billion overhaul. The city and Jaguars owner Shad Khan would share the expense if they can reach an agreement on the stadium and accompanying extension of the team’s lease, according to The Florida Times-Union. The Jaguars organization plans to begin its training camp at the new practice facility Wednesday, July 26. The team hosted a ribbon-cutting ceremony for Miller Electric Center yesterday that featured Khan, along with newly inaugurated Jacksonville Mayor Donna Deegan, Jaguars president Mark Lamping and Jaguars head coach Doug Pederson, among others. Stadium of the Future In June, the Jaguars unveiled conceptual designs for its “Stadium of the Future,” a design project nearly three years in the making intended to spark a transformation of the city’s …

July 19, 2023

Features Georgia Industrial Loans Multifamily Office Retail Southeast Southeast Feature Archive

Lenders, Borrowers Are in a Holding Pattern Until Interest Rates Settle

by John Nelson July 19, 2023

The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 percent to 1 percent. Raising the feds fund rate is the primary way that the Federal Reserve combats inflation, which was at a 3 percent annual rate in June, according to the Bureau of Labor Statistics’ Consumer Price Index (CPI). The CPI is at its lowest level in more than two years, which is generally viewed as a positive sign for economic stability, though the June figure is 100 basis points more than the Fed’s target inflation goal of 2 percent. Jason Scott, managing director and head of conventional loan production at Regions Bank, estimates that it can take six to eight months for each interest …

July 19, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Retail Strip Center in Miami Gardens, Florida

by John Nelson July 18, 2023

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity. Shoppes of Ives Dairy’s tenant roster includes Wells Fargo, Smoothie King, The UPS Store, Subway, T-Mobile, Foot Locker and local restaurants and service retailers.

July 18, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.1M Sale of Retail Property in St. Charles, Illinois

by Kristin Harlow July 17, 2023

ST. CHARLES, ILL. — Marcus & Millichap has brokered the $4.1 million sale of a 31,650-square-foot retail property in St. Charles, a far west suburb of Chicago. Located at 300 S. 2nd St., the building was formerly home to Blue Goose Market, which closed in March 2022. The buyer, a developer, plans to redevelop the asset into a national-branded grocery store. The property was originally built in 2008. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer.

July 17, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of 13,563 SF Retail Strip Center in Richmond, Texas

by Taylor Williams July 17, 2023

RICHMOND, TEXAS — Dallas-based investment sales brokerage firm STRIVE has negotiated the sale of Waterview Town Center, a 13,563-square-foot retail strip center in Richmond, a southwestern suburb of Houston. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, a Houston-based developer, in the transaction. Additional terms of sale were not disclosed.

July 17, 2023

Leasing Activity Northeast Pennsylvania Retail

Tilted 10 Debuts 103,000 SF Entertainment Center at Philadelphia’s Willow Grove Park Mall

by Taylor Williams July 17, 2023

PHILADELPHIA — Tilted 10, an entertainment concept that combines bowling, minigolf, bumper cars, arcade games, laser tag and other activities, has opened a two-level, 103,000-square-foot center at Philadelphia’s Willow Grove Park Mall. The venue will eventually feature a full-service taco bar as well. Other major tenants at Willow Grove Park Mall, which is owned by Pennsylvania Real Estate Investment Trust (PREIT), include Apple, Bloomingdales, Primark, American Eagle and H&M.

July 17, 2023

Leasing Activity New York Northeast Retail

Chelsea Piers Fitness to Open 72,000 SF Gym in Queens

by Taylor Williams July 17, 2023

NEW YORK CITY — Chelsea Piers Fitness will open a 72,000-square-foot gym at 24-11 Jackson Ave., a 55-story mixed-use tower located in the Long Island City area of Queens. The facility will house indoor and outdoor pools, a basketball court, track, studios for group classes and a member lounge. Erin Grace and Matt Ogle of JLL represented Chelsea Piers Fitness in the lease negotiations. The landlord, a partnership between Tavros Holdings, Charney Cos. and Incoco Capital, was self-represented.

July 17, 2023

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