AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …
Retail
CHESTERTON, IND. — Marcus & Millichap has arranged the $1.8 million sale of a 3,412-square-foot retail center in Chesterton, a city in Northwest Indiana. Jimmy John’s and Little Caesars anchor the property. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the Indiana-based seller, which was the original developer of the property. The asset sold to an Iowa-based buyer completing a 1031 exchange.
SAN ANTONIO — Austin-based investment firm Door Capital Partners has acquired The Shops at The Rim, a 7,090-square-foot retail strip center in San Antonio. The center was built in 2012 within The Rim, a 1.8 million-square-foot mixed-use development on the city’s northwest side. At the time of sale, the property was fully leased to The Rim Dental Care, Starbucks Coffee, Pigtails & Crewcuts and GNC. C.W. Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged acquisition financing on behalf of Door Capital Partners. Chris Gerard and Jack Copher, also with JLL, represented the undisclosed seller in the disposition.
Marcus & Millichap Negotiates $32M Sale of Pooler Pointe Shopping Center Near Savannah
by John Nelson
POOLER, GA. — Marcus & Millichap has negotiated the $32 million sale of Pooler Pointe, a 160,683-square-foot shopping center located in Pooler. The property is located near Tanger Outlets Savannah, the Port of Savannah and Savannah/Hilton Head International Airport. Pooler Pointe’s tenant roster includes Hobby Lobby, HomeGoods and Dick’s Sporting Goods. Tim Giambrone of Marcus & Millichap’s Atlanta office represented the buyer, a private investment firm, in the transaction. The seller was also not disclosed.
MOBILE, ALA. — Legacy Realty Group Advisors has brokered the $7.4 million sale of Hillcrest Marketplace, a 76,000-square-foot shopping center located at 6300 Grelot Road in Mobile. The property was 95 percent leased at the time of sale to tenants including anchor Winn-Dixie. Jacob Baruch and Max Yardeni of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity.
HUNTINGTON, N.Y. — Northmarq has arranged the $7.6 million sale of a 4,996-square-foot restaurant property located in the Long Island community of Huntington. The newly built restaurant sits on 2.5 acres and is leased to Chick-fil-A. A shopping center owner and developer based in Westchester County sold the property to a New York-based 1031 exchange investor. Maggie Holmes and Mike Sladich of Northmarq brokered the deal. The deal traded at a cap rate of 3.68 percent.
NEW BRITAIN, CONN. — Northeast Private Client Group has brokered the $4.6 million sale of 87 West Main Street, a 29,000-square-foot multifamily and retail property in New Britain, located southwest of Hartford. The residential component comprises 10 one-bedroom and six two-bedroom units, and the retail space totals 13,761 square feet across eight units. Rich Edwards, Jeff Wright and Patrick Hegarty of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the deal.
NEW YORK CITY — Adidas has signed a 30,639-square-foot retail lease renewal at its flagship store at 610 Broadway in Manhattan’s SoHo neighborhood. The sportswear giant has committed to the three-story space for an additional 10 years. The six-story building was originally built in 2004 and predominantly houses office space. JLL represented the landlord, LaSalle Investment Management, in the lease negotiations. Adidas was represented internally.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by Sherwin-Williams in Fort Wayne for an undisclosed price. Constructed in 2022, the building spans 3,500 square feet. Chad Firsel and Seth Gilford of Quantum represented the seller, Chicago-based Core Acquisitions LLC. The asset sold to an out-of-state buyer.
Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social
by John Nelson
MIAMI — Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be home to Bowlero and the recently announced Sports & Social, will feature an open-air rooftop restaurant overlooking Miami Worldcenter’s World Square public plaza and park. Block F-East is located at the confluence of the 7th Street Promenade and World Paseo open-air retail pedestrian streets. The site is directly west of Miami Worldcenter’s upcoming citizenM boutique hotel and north of the completed luxury apartment tower Bezel Miami. In addition to the jewel box’s tenants, other retailers at Miami Worldcenter include Sephora (now open), lululemon athletica, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts such as Brasserie Laurel (now open), El Vecino and Chicago’s Maple & Ash and etta restaurants.