Retail

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It’s a challenging world right now. Inflation, rising interest rates, persistent supply chain lags and labor shortages are affecting the retail industry. That’s to say nothing of the always changing retail environment.  But there are also consumers who are ready to put COVID behind them — who are looking for a reason to venture out, be entertained and spend some money (though maybe not as much money, thanks to inflation). You also have shopping center owners who are quite eager to give these consumers what they want.  While architects and designers can’t remove problems like rates or inflation from an owner’s plate, they can help them navigate — and win — in this new market. How? By making sure every detail, dollar and person counts. Multifaceted Designers Strength in numbers is always appreciated when times are tricky. Frankie Campione, principal at CREATE Architecture Planning & Design in New York City, notes designers are collaborating more than ever to get the job done. This type of collaboration is particularly useful during the current materials shortage, he notes.  “There doesn’t seem to be any way to know what shortage may affect any particular project,” Campione says. “There are two projects, both on Long …

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RICHARDSON, TEXAS — Venture Investment Partners has purchased The Shire at CityLine, an 83,256-square-foot office and retail property located in the northeastern Dallas suburb of Richardson. The property was built on 6.2 acres between 2005 and 2006 and was 85 percent leased at the time of sale. Tenants include Sweeney Eye Associates, Dogtopia, Shire Pediatrics, North Texas Dermatology, Anaya’s Seafood, Republic Title, Modern Dental, Ameriprise, Re/Max and Gillespie’s Tavern. Adam Howells, Barry Brown, Jack Copher and Beth Copeland of JLL represented the seller, locally based investment firm Standridge Cos., in the transaction.

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CHANDLER, ARIZ. — Phoenix Commercial Advisors has arranged the sale of SanTan Gateway South, a grocery-anchored shopping center in Chandler. The asset traded for $16.7 million, or $294 per square foot. The names of the seller and buyer were not released. Situated on 6.8 acres at the intersection of Arizona Avenue and Loop 202 Freeway, the 56,852-square-foot property was 100 percent leased at the time of sale. Tenants include Starbucks Coffee, Patel Brothers, Bright Now! Dental and Orthodontics, and Bethel Church. John Schweikert, Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction.

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HUMBLE, TEXAS — JLL has negotiated the sale of Humblewood Shopping Center, a 183,897-square-foot retail property located on the northern outskirts of Houston. Tenants at the center include Conn’s HomePlus, Petco, Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD and Ace Cash Express. Chris Gerard and Ryan West and Erin Lazarus of JLL represented the seller, Forge Capital Partners, in the transaction. South Florida-based JBL Asset Management acquired the asset for an undisclosed price.

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JOLIET, ILL. — Berengaria Development has purchased Joliet Commons, a 228,394-square-foot, regional shopping center in Joliet. The purchase price was undisclosed. The property is home to Dick’s Sporting Goods, Barnes & Noble, Party City, JoAnn, PetSmart, DSW, Ross Dress for Less and Old Navy. CBRE’s National Retail Partners team represented the seller, a joint venture between Pine Tree and DRA Advisors.

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GREELEY, COLO. — InvenTrust Properties has completed the disposition of Centerplace of Greeley, a shopping center in Greeley, to Slate Grocery REIT for an undisclosed price. Safeway, Ross Dress for Less, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s and Heartland Dental are tenants at the 152,000-square-foot retail center. Ryan Bowlby and Drew Isaac of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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HOUSTON — JLL has brokered the sale of Market Square at Eldridge, a 262,556-square-foot retail power center located near the Energy Corridor area in West Houston. At the time of sale, the property was 98 percent leased to tenants such as Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. Chris Gerard, Ryan West, Erin Lazarus and Megan Babovec of JLL represented the seller, Walton Street Capital, in the transaction. Locally based investment firm Wu Properties purchased the center for an undisclosed price.

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NEW YORK CITY — German discount grocer Lidl will open a 35,000-square-foot grocery store at Queens Place Mall, located in the borough’s Elmhurst neighborhood. The grocer will backfill a space previously occupied by Designer Shoe Warehouse, whose lease expires in August. Diana Boutross, Ian Lerner and Alan Schmerzler of Cushman & Wakefield represented the landlord, Madison International Realty, in the lease negotiations. Kenneth Schuckman of Schuckman Realty represented Lidl, which plans to open its store within the 440,000-square-foot mall in the first quarter of 2024.

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METAIRIE, LA. — The Richards family has begun construction of The Commons of Clearview City Center, a new 10,476-square-foot retail project in the New Orleans suburb of Metairie. The property will be situated within the 100-acre Clearview City Center, which is a redevelopment of the former Clearview Mall. Set to come on line in March 2023, The Commons will house a 4,000-square-foot restaurant occupied by brunch eatery Ruby Slipper, as well as other concepts that have not yet been announced. The project includes the demolition of the existing structure at 4236 Veterans Blvd. In addition to The Commons, projects underway at Clearview City Center include Target’s renovation of its 160,000-square-foot store; Ochsner Health’s new Super Clinic set to open in October; and The Metro at Clearview, a five-story apartment community set for completion in October 2023. Other uses at Clearview City Center include a new branch of Regions Bank, Bed Bath & Beyond and Walk On’s Sports Bistreaux, among other stores and restaurants. Kirsten Early of SRSA Commercial Real Estate is handling the leasing assignment on behalf of the Richards family, which has owned the site since 1968.

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ALTOONA, IOWA — New England Development has secured nine new retail tenants at the Outlets of Des Moines, which is located in Altoona. Now open are J. Crew Factory Outlet and Bizzy’s Boutique, a local retailer specializing in women’s, children’s and baby apparel. Opening this summer are Puma, Nautica, Aeropostale, Windsor, Forever 21 and rue21. Victoria’s Secret is scheduled to open this fall. New England Development completed Outlets of Des Moines in fall 2017.

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