Retail

Pent-Up Demand Grows for Experiential Retail in Texas

by Taylor Williams January 7, 2021

By Taylor Williams With widespread vaccination several months away and the federal government having passed additional relief legislation, the end of the COVID-19 pandemic appears to be in sight. To that end, retailers and restaurants that have survived the public health crisis can, with some reservations, start to look toward the rebound phase. Because there’s no question that American consumers are itching to make up for lost eating, drinking and socializing time, provided they can do so in what they feel are safe environments. “Our biggest point of optimism for 2021 lies in the fact that people want to go out, eat, shop and be entertained,” says Lucas Patterson, executive vice president at metro-Dallas based Bright Realty. “As we continue to respond to the pandemic, people are increasingly ready to get out of their homes, be with others, eat at restaurants, have drinks and listen to music. We believe we can offer those opportunities as soon as the time is right.” “Looking forward, our biggest source of positivity involves consumers’ built-up savings and pent-up demand for human connection in a more normal existence,” adds Terri Montesi, CEO of Trademark Property Co, the developer behind mixed-use projects such as Victory Park …

January 7, 2021

Acquisitions Florida Retail Southeast

Crossman Negotiates $15.4M Sale of Retail Center in Central Florida

by Alex Tostado January 6, 2021

ORANGE CITY, FLA. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General, as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was Saglo Development.

January 6, 2021

Illinois Midwest Retail

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Kristin Harlow January 6, 2021

CHICAGO — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park. Even before the pandemic began in early 2020, Macy’s announced that it would close 125 stores nationwide over a three-year period in effort to right-size its store fleet. This week, Macy’s unveiled plans to shutter an additional 45 more locations as part of that three-year plan. A full list of the store closures can be found here. Located on Michigan Avenue, Water Tower Place rises eight stories and is home to more than 100 stores. Brookfield Property Partners owns the mall. Earlier this week, Brookfield Asset Management submitted a proposal to take Brookfield Property Partners private for $5.9 billion. The retail vacancy rate for the Magnificent Mile was 10.5 percent in late 2020, up from 7.4 percent in 2019 and 6.5 percent in 2018, according to CBRE. In addition to Macy’s, Gap recently unveiled plans to close its flagship store on Michigan Avenue.

January 6, 2021

Acquisitions New York Northeast Restaurant Retail

Urban Edge Properties Acquires 1.2 MSF Sunrise Mall on Long Island for $29.7M

by Taylor Williams January 6, 2021

MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.

January 6, 2021

Leasing Activity Retail Texas

Interactive Museum Operator Seismique Opens 40,000 SF Venue in Houston

by Taylor Williams January 5, 2021

HOUSTON — Seismique, an art museum operator that features high-tech and interactive exhibits, has opened a 40,000-square-foot venue at 2306 Highway 6 S. in Houston for its first location in Texas. The venue, which features 40 galleries with experiential exhibits, officially opened on Dec. 26. Jason Gaines of NAI Partners represented Seismique in the lease negotiations. The name and representative of the landlord were not disclosed.

January 5, 2021

California Development Mixed-Use Multifamily Office Retail Western

Lendlease, Aware Super Buy Culver City Site in Los Angeles for Planned $600M Mixed-Use Development

by Amy Works January 5, 2021

LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

January 5, 2021

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 138,571 SF Shopping Center in Indiana

by Kristin Harlow January 5, 2021

SCHERERVILLE, IND. — JLL Capital Markets has brokered the sale of Town Square, a 138,571-square-foot, regional shopping center in Schererville in Northwest Indiana. The sales price was undisclosed. Bed Bath & Beyond, T.J. Maxx, Old Navy and Shoe Carnival are among the tenants. The property was built in 2001. Clinton Mitchell and Amy Sands of JLL represented the seller, Walton Street Capital. Albanese Cormier Holdings purchased the asset.

January 5, 2021

Acquisitions Development Mixed-Use North Carolina Office Retail Southeast Top Stories

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson January 5, 2021

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

January 5, 2021

Acquisitions Office Retail Texas

3650 REIT Provides $31M Construction Loan for Office, Retail Project in Houston

by Taylor Williams January 4, 2021

HOUSTON — Miami-based lender 3650 REIT has provided a $31 million construction loan for an office and retail project that will be located at 4411 San Felipe St. in Uptown Houston. The property will consist of three floors of office space and ground-floor retail space. Michael Fleischer and Shin Bowers of 3650 REIT originated the 30-month loan to DC Partners, a Houston-based developer. Completion is slated for January 2022.

January 4, 2021

Acquisitions California Office Retail Western

Blox Ventures, Angelo Gordon Divest of First Republic Center in Palo Alto for $103.9M

by Amy Works January 4, 2021

PALO ALTO, CALIF. — Silicon Valley, Calif.-based Blox Ventures and New York-based Angelo Gordon & Co. have completed the disposition of First Republic Center, a retail and office property located at 2100 El Camino Real in Palo Alto’s College Terrace neighborhood. According to Santa Clara County records, an affiliate of KKR and Drawbridge Real Estate acquired the building for $103.9 million. First Republic’s regional office occupies 76 percent of the 58,000-square-foot building. Other tenants include a 11,000-square-foot Real Produce International Market, a music group and other local businesses.

January 4, 2021

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