HOUSTON — Academy Sports + Outdoors has opened a 50,000-square-foot store at 8715 W. Loop S in Houston. The location in the city’s historic Meyerland neighborhood marks the 33rd in the greater Houston area and 107th in Texas for the locally based athletic equipment and apparel retailer. Academy also plans to open 80 to 100 new stores nationwide over the next five years.
By Dino A. Christophilis, Senior Vice President, CBRE; Daniel Tibeau, Associate, CBRE; and Parker Ksidakis, Associate, CBRE Few sectors were as disrupted by the pandemic as retail. While 2020 proved to be a tumultuous year, the last year and a half have demonstrated the resiliency of retail — both in Seattle and nationally. The Seattle economy is performing well for a recovering retail sector, with continued employment growth and increasing retail spending. The Puget Sound is notorious for its lack of new retail development, and the recent years have been no exception. The environment of increasing demand with a flat level of supply results in positive conditions for existing retail space. Like much of the nation, concerns persist in Seattle around inflation, increasing debt costs and a potential slowing in the global economy. However, the situation in Seattle is more positive and nuanced. Growing Investment Activity Year to date, Seattle is poised to outperform the prior year in terms of total investment dollars. The second quarter of 2022 experienced 65 percent greater investment volume relative to the same quarter in 2021. This figure is particularly notable as 2021 was an exceptional year. Investors deployed pent-up capital that was held during the height of the pandemic. Total retail …
MELBOURNE, FLA. — A joint venture between CrossMarc Services LLC and MCB Real Estate — in partnership with Peaceable Street Capital — has purchased Post Commons, a 202,050-square-foot shopping center located in Melbourne. Anchored by a 44,270-square-foot Publix store, as well as a Beall’s and Pet Supermarket, the center was 96 percent leased at the time of sale. Other tenants at the property include Burlington and Five Below. Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.
HOUSTON — Texas-based grocer H-E-B will open a 100,000-square-foot store within Bridgeland Central, a 925-acre mixed-use development by Howard Hughes Corp. (NYSE: HHC) in northwest Houston. The store will be situated on a 23-acre tract that will also house a 49,000-square-foot office building. This piece of the larger development will be branded Village Green at Bridgeland Central. Tal McIver of McIver Properties represented H-E-B in the lease negotiations. Eric Walker of Capital Retail Partners represented Howard Hughes Corp. The grocery store and office building are both scheduled to come on line in 2024.
MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
PLAINVIEW, N.Y. — T.J. Maxx has opened a 24,000-square-foot store at Woodbury Plaza, a 102,000-square-foot center located in the Long Island community of Plainview. The discount retailer has backfilled a space formerly occupied by Bed Bath & Beyond. Robert Delavale represented the landlord, Breslin Realty, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.
COLORADO SPRINGS, COLO. — Quantum Commercial has brokered the sale of a retail property located at 723-725 E. Filmore St. in Colorado Springs. Next Genesis LLC sold the asset to 725 E. Filmore LLC for $1.3 million. The property features 5,512 square feet of retail space. Andrew Oyler of Quantum Commercial Group represented the seller, while Simon Penner of Miramount Commercial represented the buyer in the transaction.
NORTHBROOK, ILL. — JRW Realty has brokered the sale of a 90,408-square-foot retail property occupied by Mariano’s grocery store in the Chicago suburb of Northbrook. The sales price was undisclosed. Christopher Thompson of JRW brokered the sale on behalf of one of the company’s institutional buyers. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger and operates 45 stores in Illinois.
MENASHA, WIS. — Bowlero Corp. (NYSE: BOWL) has acquired the Sabre Lanes bowling alley in Menasha, about 37 miles southwest of Green Bay. The purchase price and seller were undisclosed. The transaction represents Bowlero’s third acquisition in Wisconsin this year. Sabre Lanes is home to 48 lanes, event spaces, a full kitchen and multiple bars. Bowlero assumed management and operation of the property beginning Saturday, Nov. 5.
DETROIT — Throwbacks Home, a subsidiary of Detroit-based furniture manufacturer Woodward Throwbacks, will open a 1,500-square-foot furniture showroom in downtown Detroit. With a focus on sustainable design, the showroom will feature furniture made in Detroit from reclaimed and recycled materials. The store will also carry a selection of designer homewares and furnishings. Throwbacks Home expects to open this month in its space at 35 W. Grand River Ave., which is owned by Bedrock. The location will be the only furniture showroom in downtown Detroit, according to Bedrock. Woodward Throwbacks maintains a warehouse in Hamtramck.