Retail

StreetLights Residential Plans $3B The Mix Development in Frisco, Texas

by Katie Sloan December 1, 2022

FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development. The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space. The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026. The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …

December 1, 2022

Healthcare Leasing Activity Maryland Retail Southeast

Edge Negotiates 20,000 SF Retail Lease With Vet Clinic at Frederick Crossing in Maryland

by John Nelson November 30, 2022

FREDERICK, MD. — Edge has negotiated a 20,000-square-foot retail lease with Partner Veterinary Emergency and Specialty Center at Frederick Crossing, a nearly 300,000-square-foot power retail center located at 7330 Guilford Drive in Frederick. Kristin Rebeck of Edge represented the tenant, which plans to open the clinic in the spring and employ roughly 70 people once fully operational. Adam Greenberg of DLC Management Group represented the landlord, a partnership between DLC and Acadia Realty Trust. Situated near I-70, Frederick Crossing’s tenant roster includes Kohl’s, Best Buy, Regency Furniture, Ross Dress for Less, Off Broadway Shoes, Five Below, Ulta Beauty and Dollar Tree.

November 30, 2022

Colorado Development Office Retail Western

Broe Real Estate Group Begins Second Phase of $200M Cherry Creek North Mixed-Use Development in Denver

by Amy Works November 30, 2022

DENVER — Broe Real Estate Group has unveiled plans for the second phase of its $200 million Cherry Creek North redevelopment project in Denver. 250 Clayton, an eight-story, 175,000-square-foot mixed-use building, will complement 200 Clayton, the company’s eight-story, 76,000-square-foot first phase. Fully preleased, 200 Clayton is on track for delivery in spring 2023. The Beck Group designed 250 Clayton, which will feature retail space and institutional-quality commercial office space with floor plates as large as 27,000 square feet. Construction of the second phase is scheduled to begin in fourth-quarter 2023.

November 30, 2022

Acquisitions Retail Southeast

Legacy Realty Group Advisors Brokers $53M Sale of 37-Property Dollar General Portfolio in the Southeast

by John Nelson November 29, 2022

NEW YORK CITY — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.

November 29, 2022

Leasing Activity Michigan Midwest Retail

Burlington to Open 25,755 Store at West Oaks Shopping Center in Novi, Michigan

by Kristin Harlow November 29, 2022

NOVI, MICH. — Burlington has signed a 25,755-square-foot retail lease to open a new store at West Oaks shopping center in Novi. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. Brad Gersham of GP Rep Services represented the tenant. Anchor tenants at West Oaks include Kohl’s, Bob’s Furniture and Gardner White.

November 29, 2022

Leasing Activity Restaurant Retail Texas

Chicken N Pickle to Open 42,000 SF Entertainment Venue in Webster, Texas

by Taylor Williams November 29, 2022

WEBSTER, TEXAS — Chicken N Pickle, an entertainment concept that combines pickleball with food, drink and other games, will open a 42,000-square-foot venue in Webster, a southeastern suburb of Houston. The venue will be located within the 80-acre Flyway development and will feature multiple bars, beer gardens and indoor and outdoor dining spaces. The opening is slated for late 2023. A 532-room Great Wolf Resorts hotel is also under construction at the Flyway.

November 29, 2022

Development Healthcare Kentucky Retail Southeast

RJ Thieneman to Develop $10M Norton Healthcare Clinic in Frankfort, Kentucky

by John Nelson November 29, 2022

FRANKFORT, KY. — RJ Thieneman plans to develop a new $10 million healthcare clinic within Limestone Centre at Franklin Square, a shopping center in Frankfort shadow-anchored by Kroger, Staples, JCPenney and Franklin Square Cinema. Louisville-based Norton Healthcare will operate the 30,000-square-foot facility with three separate medical practices: Norton Community Medical Associates adult primary care, Norton Immediate Care Center and Norton Children’s Medical Group pediatric primary care. The three practices will have staggered opening dates in late 2023. The design-build team, including architect Stengel Hill Architecture Inc. and general contractor The Hagerman Group, plans to break ground in January.

November 29, 2022

Market Reports Retail Texas Texas Market Reports

Texas Holiday Sales Outlook: Not Very Merry

by Taylor Williams November 29, 2022

By Jason Baker of Baker Katz It’s amazing how quickly things can change. Just a few short months ago, the commercial real estate outlook was generally positive. Both in Texas and nationally, retail sales were proving to be fairly resilient to the rising inflation and economic turbulence that have characterized most of 2022. Despite low consumer confidence, strong fundamentals and a retail sector riding the high of a post-pandemic boom provided plenty of reasons for optimism. That has all changed in the last 60 to 90 days. Prevailing positivity has recently given way to concern, and sentiment from within the industry has clearly shifted. High interest rates have made it virtually impossible to develop any type of commercial project, and persistent supply chain constraints and ongoing hikes in costs of construction materials have further exacerbated this challenge. With interest rate increases come higher cap rates, which complicates sellers’ efforts to move their assets while values are this fluid. To put the impact of rising rates into perspective, interest payments on commercial real estate have in some cases increased five-fold in just the last few months. The impact of this activity on retail real estate during the all-important holiday shopping season …

November 29, 2022

Acquisitions Florida Healthcare Retail Southeast

SRS Facilitates $2.8M Sale of Tampa Property Leased to Banfield Pet Hospital

by John Nelson November 28, 2022

TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a 4,000-square-foot single-tenant property located at 12815 Bayou Branch Ave. in Tampa. Banfield Pet Hospital, which is engaged in a 10-year lease, occupies the property. Patrick Nutt, William Wamble and Daniel Becker of SRS arranged the transaction on behalf of the seller, locally based Soho Capital. A private, Florida-based investor purchased the property for $2.8 million in a 1031 exchange. The property is located across the street from North Bay Shopping Center, a 270,000-square-foot retail center anchored by Publix and Lowe’s Home Improvement.

November 28, 2022

Illinois Loans Midwest Retail

Marcus & Millichap Arranges $6.6M Acquisition Loan for Retail Portfolio in Orland Park, Illinois

by Kristin Harlow November 28, 2022

ORLAND PARK, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants such as Chipotle, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender provided the loan to the buyer, which completed a 1031 exchange.

November 28, 2022

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