LENEXA, KAN. — Barre workout franchise Pure Barre has leased 1,521 square feet at The District at City Center Lenexa in Kansas. The location is expected to open in June. Pure Barre has more than 500 studios across North America and Canada. The company features four group class formats that offer workouts focused on low-impact, high-intensity movements. There are two existing Pure Barre locations in the Kansas City metro area. Erin Johnston of Copaken Brooks represented the landlord, Copaken Brooks. When fully developed, City Center Lenexa will consist of more than 2 million square feet of office, retail and residential space.
REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …
MESQUITE, TEXAS — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.
NEW YORK CITY — In a dramatic move, the International Council of Shopping Centers (ICSC) has postponed its annual RECon event over rapidly escalating concerns about COVID-19 (coronavirus), according to an announcement posted today on the trade association’s website. In 2019, more than 37,000 industry professionals descended on the Las Vegas Convention Center for the annual retail and real estate networking event, which featured 1,200 exhibitors and 853,000 square feet of exhibit space. In addition to postponing RECon, ICSC has suspended all of its events through June 30 of this year and is currently evaluating alternative dates for RECon. Registration, exhibitor and sponsorship fees will automatically roll over once the new date is announced or can be credited toward any future ICSC event, according to the organization’s website. At this time, fall events, including New York Deal Making, are scheduled to proceed as planned.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Fort Worth’s occupancy rate is around 93 percent, a healthy rate on par with the Dallas area’s occupancy. In terms of subcategories of retail product, the numbers of Fort …
KINGWOOD AND COLLEGE STATION, TEXAS — Breakfast eatery Snooze will open two new restaurants totaling 7,800 square feet, one in the northern Houston suburb of Kingwood and the other in College Station. The first restaurant will be located in the Kingwood Place Shopping Center and will span 3,800 square feet. The second will be located within Chimney Hill Retail Centers in College Station and will total 4,000 square feet. The openings are slated for August 2020 and February 2021, respectively. Houston-based Baker Katz represented Snooze in both lease negotiations. Stephen Tou of The Retail Connection represented the landlord in the Kingwood deal, and Clint Oldham and Brett Boatner of Oldham Goodwin represented the landlord in the College Station deal. Since its founding in 2006, Snooze has opened more than 40 restaurants across six states.
CHICAGO — Draper and Kramer Inc. has completed the second phase of its ongoing renovation of Lake Meadows Market in Chicago’s Bronzeville neighborhood. The final element of Phase II was a full interior and exterior renovation of the shopping center’s 193,000-square-foot Jewel-Osco grocery store. Jewel-Osco parent company Albertsons shared costs of the $2.3 million project, which also included the addition of a mural entitled “Heart of Bronzeville” by local artist Corey Jenkins. Previous Phase II work included the addition of more than 18,000 square feet of new and renovated retail space for new tenants, including Taco Bell, Wing Stop, Home Run Inn Pizza and Sola Salon Studios and Culver’s. Camburas & Theodore Ltd. Served as the architect for the Jewel-Osco renovation and Powers & Sons Construction Co. was the general contractor.
KILDEER, ILL. — The Boulder Group has arranged the $24 million sale of a single-tenant property net leased to Whole Foods in Kildeer, approximately 40 miles northwest of Chicago. The 50,000-square-foot building is located at 20281 N. Rand Road and serves as the anchor to Kildeer Market Place. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based real estate company. An East Coast-based investor purchased the asset in a 1031 exchange.
NEW YORK CITY — Modell’s Sporting Goods has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey. The fourth-generation, family-owned retailer will close all of its 153 stores throughout New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C. The New York City-based sporting goods, athletic footwear, active apparel and fan gear retailer was founded in 1889. The company will begin liquidation sales Friday, March 13 and plans to continue operating its online platform. Modell’s lenders, which include Wells Fargo and JP Morgan Chase, will provide the company with the financial flexibility to operate the business in the near term, including paying employee wages and benefits. According to the New York Post, Modell’s employs 3,623 workers. With the rising competition and plethora of online options to shop for athletic gear, CEO Mitchell Modell cites an “extremely challenging environment for retailers” as a reason for the bankruptcy. “Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations,” says Modell. “While we achieved some success, in partnership with our landlords and vendors, it was not enough to …
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JLL: Coronavirus Is Impacting Retail Supply Chains
With the stock market dropping to lows unprecedented since the Great Recession on Monday and the World Health Organization (WHO) declaring the outbreak of COVID-19 a pandemic, concerns are now rising regarding coronavirus’ long-term impact on domestic investments. But will the disease have any impact on brick-and-mortar retail? According to a research report from JLL, while retail supply chains have already been affected, the health of retail as whole depends heavily on how long the pandemic lasts. Certain sectors have already been impacted, and those in the industry can model their current economic outlook on the course SARS (severe acute respiratory syndrome) took in 2003. However, whether that model will hold as the pandemic evolves remains to be seen. The JLL report explains that the type of short-lived and limited outbreak created by SARS mainly affects the “first and second quarters with many retailers feeling impacts of a disrupted supply chain, but with a subsequent rebound in the following quarters.” Sectors already affected include inventory and complex supply lines. Chinese-manufactured goods may not be able to reach retailers in the coming weeks to months, as the retailers’ existing supply diminishes. Fashion stocks, especially for luxury retailers dependent on Chinese consumers …