Retail

Unibail-Rodamco-Westfield to Redevelop 160,000 SF Former Los Angeles Sears Store into Dining, Entertainment District

by Amy Works January 8, 2020

LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance for Westfield Topanga and improved connectivity with The Village. Neiman Marcus, Nordstrom, Macy’s, Target, Tesla, Apple, Microsoft, Anthropologie, Tiffany & Co., Gucci, Salvatore Ferragamo, Louis Vuitton, Cartier, Montblanc, Rolex and Saint Laurent are current tenants at Westfield Topanga & The Village, which is located at 6600 Topanga Canyon Blvd.

January 8, 2020

Development Mixed-Use Multifamily Retail Washington Western

Lowe Completes Development of 286-Unit Talisman Apartments in Redmond, Washington

by Amy Works January 8, 2020

REDMOND, WASH. — Los Angeles-based Lowe has completed the development of Talisman, an apartment property located at Redmond Town Center, a mixed-use lifestyle center in Redmond. As the first apartment building to be completed at the 1.2 million-square-foot Redmond Town Center, Talisman features 286 apartments and 9,400 square feet of ground-floor retail space. Row House, F45, Musashi and The Airrosti Chiropractic occupy the retail portion. The apartment community offers a mix of one- and two-bedroom layouts with loft-inspired designs and high-end finishes, including keyless entry, stainless steel appliances, custom flooring and quartz countertops. Community amenities include a lobby, co-working space, a community sports bar with kegerator, resident lounge, two-level fitness center with yoga room, rooftop deck, outdoor kitchen, fire pit and a maker space where tenants can meet to create, invent and learn. Pre-leasing is underway, with the first occupancies slated for February. The project team includes Compass Construction as general contractor, Encore Architects as architect, Ankrom Moisan as interior designer, Communita Atelier as landscape architect, KPFF as civil engineer and BCQ as structural engineer. Greystar will serve as property manager, and JSH is handling leasing of the retail portion.

January 8, 2020

Acquisitions Arizona Retail Western

Jabbel Holdings Acquires The Groves Shopping Center in Tempe for $18.5M

by Amy Works January 8, 2020

TEMPE, ARIZ. — Jabbel Holdings has purchased The Groves, a shopping center in Tempe, for $18.5 million. The name of the seller was not released. Situated at the northeast corner of Priest Drive and Elliot Road, the 169,606-square-foot property was 91 percent leased at the time of sale. Current tenants include Walmart, Ross Dress for Less, PetSmart, Staples, Bob’s Discount Furniture, Beall’s Outlet and Dollar Tree. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

January 8, 2020

Development New York Northeast Retail

Wegmans to Open 121,000 SF Supermarket in Harrison, New York

by Alex Patton January 7, 2020

HARRISON, N.Y. — Wegmans Food Market will open a 121,000-square-foot supermarket in Harrison, a northern suburb of New York City. The store is known for its wide selection of fresh produce, deli meats, cheeses and fresh baked breads, as well as its devoted following of “Wegmaniac” fans. The store will also house an internal restaurant called The Burger Bar, which will serve made-to-order burgers, sandwiches, salads and other casual cuisine, as well as beer and wine by the glass. Wegmans plans to hire 280 part-time and 220 full-time employees at the store, which is slated to open Sunday, June 7.

January 7, 2020

Acquisitions Retail Texas

JLL Brokers Sale of Gold’s Gym-Anchored Shopping Center in San Antonio

by John Nelson January 7, 2020

SAN ANTONIO — JLL has arranged the sale of Shops at Walzem, a 55,526-square-foot shopping center in San Antonio anchored by Gold’s Gym. The retail property is located at 7650 FM 78, three miles from Randolph Air Force Base on the east side of San Antonio. The tenant roster at Shops of Walzem includes Beauty Supply, Iglesia Pentecostal and Sun Sews Alterations. Aaron Johnson, John Taylor, Chris Murphy and Ross Crawford of JLL represented the seller, Gold’s Gym, in the transaction. Mark Sher of KW Commercial represented the undisclosed buyer.

January 7, 2020

Leasing Activity Restaurant Retail Texas

Woodmont Secures Daylight Golf Lease in Grapevine, Venue to Open in Summer

by John Nelson January 7, 2020

GRAPEVINE, TEXAS — The Woodmont Co. has arranged a 14,713-square-foot retail lease for Daylight Golf, a new virtual golf and sports bar concept, at 2505 E. Grapevine Mills Circle in Grapevine. Set to open this summer, the Daylight Golf venue will be situated on two acres along the outer ring road of Grapevine Mills, a regional mall owned by Simon that attracts more than 10 million visitors annually. The venue will feature virtual golf simulators for courses around the world, an outdoor patio, full kitchen and bar and 40 TVs. The retail location was previously The Trail Dust and Love & War in Texas of Grapevine. Andy Anderson of Henry S. Miller Brokerage’s restaurant property group represented Daylight Golf in the lease deal. Derek Anthony, Grant Gary and David Adams of Woodmont represented the landlord, CJK Grapevine Properties.

January 7, 2020

Acquisitions Montana Retail Western

Newmark Knight Frank Arranges $27.5M Sale of Gallatin Center Retail Asset in Bozeman, Montana

by Amy Works January 7, 2020

BOZEMAN, MONT. — Newmark Knight Frank has arranged the sale of Gallatin Center, a shopping center in Bozeman. Revesco (USA) Properties acquired the property from Gallatin TR for $27.5 million. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the transaction. Situated on the southwest quadrant of Interstate 90 and North 19th Street, Gallatin Center is occupied by Ross Dress for Less, Michaels, Bed Bath & Beyond, PetSmart and Staples.

January 7, 2020

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.8M Sale of Net-Leased Childcare Property in Michigan

by Kristin Harlow January 7, 2020

NEW HUDSON, MICH. — Marcus & Millichap has brokered the $2.8 million sale of a 9,451-square-foot property net leased to KinderCare in New Hudson, about 40 miles northwest of Detroit. The building is located at 30786 Lyon Center Drive. KinderCare has signed a new 15-year lease. Dominic Sulo and Chad Lieber of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Andrean Angelov, Chad Lieber, Dominic Sulo, Ryan Engle and Timothy Stephenson Jr. of Marcus & Millichap represented the buyer, a limited liability company.

January 7, 2020

Company News Retail Texas Top Stories

Pier 1 Imports to Shutter Up to 450 Stores

by John Nelson January 7, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help manage the store closings. The locations of the closing stores and distribution centers were not disclosed. Pier 1 (NYSE: PIR) reported that its net sales are down 13.3 percent year-over-year in its most recent quarter ending Nov. 30, 2019. (The company’s fiscal calendar traditionally runs from early March to late February.) Pier 1 also reported a 15.3 percent reduction in its inventory compared to this time last year. Robert Riesbeck, CEO and CFO of Pier 1, says that the company has been seeking to clear out its “non go-forward” merchandise. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits …

January 7, 2020

Loans Massachusetts Northeast Retail

JLL Arranges $7.5M Refinancing of Retail Center in Newburyport, Massachusetts

by Alex Patton January 6, 2020

NEWBURYPORT, MASS. — JLL has arranged a $7.5 million refinancing loan for Pond Street Mall, a 28,164-square-foot retail center in Newburyport, located approximately 40 miles north of Boston. Centreville Bank provided the fixed-rate, non-recourse loan to the borrower, Quincy & Co., which will use the proceeds to repay an existing loan. CVS anchors the retail center and other tenants include Young Women’s Christian Association and Panda Dry Cleaners. Lauren O’Neil and Martha Nay of JLL represented Quincy & Co. in arranging the loan. Craig Schermerhorn represented Centreville Bank on an internal basis.

January 6, 2020

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