NEW YORK CITY — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, which was announced during a recent call with investors. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The New York City-based shoe retailer currently operates 2,700 stores, which will be reduced to approximately 2,400 by 2026, a number that also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to increase its aggregate brick-and-mortar footprint by roughly 10 percent to 14.5 million square feet by 2026. Foot Locker will also shift to a focus on off-mall stores, with the goal of having off-mall locations comprise more than 50 percent of its real estate portfolio by 2026.
KANSAS CITY, MO. — Developer Michael Zeller and his project team are underway on the redevelopment of Rock Island Bridge in Kansas City. The bridge is a historical landmark dating back to 1906 that is being transformed into a recreational space. Plans call for 11,000 square feet of multipurpose space for open-air food courts, a food hall with industrial kitchens, office, retail and 8,000 square feet of event space with a removable cover and open-air veranda. Construction began in February and is slated for completion in spring 2024. MultiStudio, formerly known as Gould Evans, is the project architect. Thornton Tomasetti and TranSystems are the engineers. L.G. Barcus & Sons Construction Co. is building the lower and upper decks, while Centric Construction Co. is working on the buildings and finishes. HNTB is working on the design of the levee frontage and surrounding land. Stinson LLP assisted the development team in navigating legal issues concerning ownership rights of the bridge over a state-owned waterway. These issues included federal railroad law, state and federal highway/transportation laws, Kansas water law and general Kansas property law.
MINNEAPOLIS — Kraus-Anderson has begun a $2 million renovation project for Modist Brewing Co. in Minneapolis. Designed by Perkins & Will, the 7,000-square-foot renovation of Modist’s existing North Loop building will add new offices, a brewing lab and event space. There will be a two-story event space along with a pre-function bar and waiting area. Kraus-Anderson is working in partnership with J. Benson, a minority business enterprise contractor. Completion is slated for mid-July. Modist Brewing is located at 505 N. 3rd St. within the city’s warehouse district.
FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $2.3 million sale of a single-tenant retail property in Fontana. Dutch Bros Coffee occupies the newly constructed, 871-square-foot property, which is situated within Highland Village Shopping Center, on a triple-net-lease basis. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments, in the transaction. Jeremy McChesney of Hanley represented the buyer, a private investor.
VANCOUVER, WASH. — Seven new tenants have signed leases at Vancouver Mall, a shopping center located in Vancouver, just across the Columbia River from Portland, Oregon. Twisted Escape Rooms, Paliy Construction, Mariya’s Touch Boutique and Luxury African Braids have already opened spaces at the property. Lo’u Seie and Quick Bites Deli Shop will open in April of this year, with Smack Town scheduled to join the tenant lineup in May.
SAN ANTONIO — Nordstrom Rack will open a 34,966-square-foot store at Northwoods Shopping Center in San Antonio. Owned by Los Angeles-based CIM Group, the 443,148-square-foot power center is located at the intersection of U.S. Highway 281 and Loop 1604 on the city’s north side. Other retailers at Northwoods Shopping Center include grocer H-E-B, Barnes & Noble, Marshall’s, Ulta Beauty and Old Navy. The opening of Nordstrom Rack is scheduled for September.
CHARLOTTE, N.C. — CBRE has arranged four new leases for retailers and restaurants to join Queen City Quarter, a mixed-use redevelopment of the former EpiCentre property in Uptown Charlotte. The multi-level, 302,324-square-foot development is located along College Street and houses World of Beer, Mortimer’s Café & Pub and Bowlero, all of which recently renewed their leases. The new tenants joining Queen City Quarter’s tenant roster include Portal 123, a rotating Instagram museum and immersive art experience; Nostalgia Hollow Co., a locally based coffeeshop and home goods retailer; Cajun Market, a fast-casual Cajun-Creole restaurant; and Super Icy Brothers, a frozen dessert shop. All four concepts plan to open in the second or third quarter. Kaitlyn Fitch, Kivett Williams and Katherine Southard of CBRE handled the lease negotiations on behalf of the landlord, an entity doing business as 210 East Trade Street Holdings LLC. In addition to the leases, CBRE will begin the previously announced renovations and improvements to the property in late spring. Most of the work will be in the property’s 15,462-square-foot plaza and include replacing the pavers along the walkways and installing benches with planters in the main common area. The building’s interior façades on all levels, in addition to …
LITHONIA, GA. — Michigan-based Richmar Properties has sold Covington Square, a 144,585-square-foot shopping center in the east Atlanta suburb of Lithonia. Malls-Etc. purchased the property for $13.4 million. Craig Taylor of CBRE represented the seller in the transaction. Built in 1989 at 6152 Covington Highway, Covington Square was renovated in 2021 and was 85 percent leased at the time of sale to tenants such as Planet Fitness, Rainbow Shops, City Gear, Beauty and More, Las Colinas Restaurant and 3D Church.
BRIGHTON, N.Y. — Whole Foods Market will open a 50,000-square-foot store in the upstate New York community of Brighton on April 12. The location at 2740 Monroe Ave. will be the first in the Rochester area for the Texas-based grocer. The store will offer more than 500 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section, a selection of more than 200 craft beers.
DORAL, FLA. — Franklin Street has arranged the $7.3 million sale of a 14,900-square-foot, single-tenant retail store located at 3750 NW 87th Ave. in Doral, a suburb of Miami. The property was triple-net leased to CVS. Greg Matus, Adam Tiktin and Alex Lazo of Franklin Street, along with Norman Matus of Red Rock Realty, represented the seller, Illinois-based Curfin Property US Inc. Florida-based Goldenberg Investment Group Inc. purchased the property, which was built in 2016.