ELMHURST, ILL. — Chicago-based Brookline Real Estate has acquired a 6,400-square-foot retail building in Elmhurst for $1.1 million. Located at 1035 S. York St., the multi-tenant property is known as Legacy Shops of Elmhurst. Jimmy John’s is the anchor tenant. Mark Heidecke of Horvath & Tremblay represented the out-of-state seller.
HOUSTON — Midway has announced new retailers and restaurants joining East River, the locally based developer’s 150-acre mixed-use project in Houston’s Historic Fifth Ward. Broham Fine Soul Food & Groceries will occupy 4,000 square feet; Austin-based Lick Honest Ice Creams has signed a 1,124-square-foot lease; and URBN Dental has committed to a 2,612-square-foot space. Construction of the first phase of East River is underway and expected to be complete in 2023.
PALM BEACH GARDENS, FLA. — CBRE has arranged the sale of Legacy Place, a 425,316-square-foot open-air shopping center in Palm Beach Gardens. A joint venture between Lone Star Funds and Woolbright Development purchased the property for $101.7 million. Casey Rosen and Dennis Carson of CBRE National Retail Partners in Florida represented the undisclosed seller in the transaction. Legacy Place was 72 percent leased at the time of sale to tenants including Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More. Located at 11290 Legacy Ave., Legacy Place is situated near the Interstate 95 interchange and PGA Boulevard. The property is also situated about 10.7 miles from West Palm Beach.
HIRAM, GA. — Colliers International’s Atlanta-based Southeast Retail Investment Sales Team has brokered the sale of Paulding Pavilion, a 78,346-square-foot shopping center in Hiram. A private investor acquired the property from The Ardent Cos. for $8.3 million. Scott Israel and Joe Montgomery of Colliers represented the seller in the sale. Built in 1996 and renovated in 2004, Paulding Pavilion was fully leased at the time of sale to tenants including Bargain Hunt, Big Air Trampoline Park and America’s Best Contacts & Eyeglasses. Paulding Pavilion is located on more than 8.5 acres with nearby retailers including Hiram Bottle Shop, Hobby Lobby, Planet Fitness, Burger King, Jersey Mike’s Subs, Chick-fil-A and Johnny’s New York Style Pizza. Located at 4471 Jimmy Lee Smith Parkway, the property is situated about 26 miles northwest of downtown Atlanta.
APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a freestanding ARCO Gas Station and AM/PM convenience store located at 15333 Rancherias Road in Apple Valley. The asset traded for $5.6 million. The names of the seller and buyer were not released. Built in 1998, the ARCO station has six dispensers with 16 fueling positions and a 2,737-square-foot convenience store. Victor Buendia of Progressive Real Estate Partners represented the buyer and seller in the deal.
FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …
By Matt Epple, executive vice president, Weitzman Austin; and David Nicolson, president, Weitzman San Antonio One of the best-known metroplexes — a term that was coined way back in 1915 to describe the phenomenon whereby two or more important cities expand to form one continuous urban area — in the country is Dallas-Fort Worth (DFW). Now, new data from the U.S. Census Bureau has led the Texas State demographer to predict that Texas’ next new mega metro will be Austin-San Antonio. Austin gained nearly 200,000 new residents over the past decade for a growth rate of 21 percent. San Antonio added 107,218 people and is one of the top 10 largest U.S. cities by population. Together, the two markets form a powerhouse metro area of nearly 5 million people. The Austin and San Antonio metro areas each represent robust economies with strong population, job and housing growth. Together, they are almost unbeatable. While the markets are on track to merge into a metroplex, for now they are each distinct enough that we produce separate research reports. But without a doubt, these two metro areas account for some of the most positive retail performance in the state. In formulating this market …
OAKLAND, CALIF. — Marcus & Millichap has brokered the sale of a retail building located at 470 Lake Park Ave. in Oakland. A limited liability company sold the asset to an undisclosed buyer for $3.5 million. Starbucks Coffee net leases the 1,600-square-foot property, which was built in 1968. Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal. David Nelson of Marcus & Millichap’s Oakland office was broker of record for the transaction.
CHICAGO — Lifestyle shopping centers, or open-air malls, may be one of the most undervalued retail asset classes currently. According to JLL, increased customer foot traffic, declining vacancies coupled with growing rental rates and broad-based expansion plans from retailers are bolstering confidence, as well as signaling that lifestyle shopping centers will come back strongly. While smaller grocery-anchored retail centers have dominated investment demand recently, the increase in COVID-19 vaccinations and reopenings are motivating shoppers — and investors — to return to other retail segments. Lifestyle centers were conceived as a modern-day interpretation of the mall and are known for their outdoor settings and incorporation of other uses like office, apartments and hotels. Their tenant mixes also usually include upscale, national chains, as well as specialty retail with dining and entertainment options. “Leasing demand from new tenants in the market, such as digitally native brands, as well as traditional mall retailers looking for an off-mall growth strategy, are accelerating the desirability of this asset class to consumers,” said Chris Angelone, senior managing director of JLL and co-leader of its capital markets retail division. “Investors are taking notice and will seek out performance and growth potential. Two to four years from now, …
FORT LAUDERDALE, FLA. — AvalonBay Communities has acquired CURV, a recently completed mixed-use project located at the corner of Federal Highway and Southeast 17th St. in downtown Fort Lauderdale. Built in 2020, CURV includes 243 apartments atop a 49,071-square-foot Whole Foods Market grocery store. The property includes a 668-space parking garage shared by shoppers and renters. The multifamily component of CURV offers a mix of studios, one-, two- and three-bedroom residences. Community amenities include a private tropical courtyard with a pool; package lockers with refrigerated and dry-cleaning units; a fitness center; and multiple business, work, meeting, gathering and entertainment spaces. The residential portion of the property was 97 percent occupied at the time of sale. Newmark represented the seller, affiliates of Ram Realty Partners IV LP, in the transaction. The sales price was not disclosed. In 2018, Ram acquired the 3.2-acre property, which formerly was used as a motel and restaurant. Roger Fry Architects designed CURV to meet National Green Building Standard certification.
