Retail

Toys ‘R’ Us Opens 6,500 SF Store in Paramus, New Jersey

by Alex Patton December 2, 2019

PARAMUS, NJ. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access an online directory of additional inventory through touch screen displays. Toys ‘R’ Us plans to open a second store of similar design in Houston, Texas, on Saturday, Dec. 7.

December 2, 2019

Industrial Leasing Activity Northeast Pennsylvania Retail

Gobrands Inc. Signs Two Industrial, Retail Leases Totaling 7,560 SF in Philadelphia

by Alex Patton December 2, 2019

PHILADELPHIA — Gobrands Inc. has signed two separate leases totaling 7,560 square feet for adjacent buildings in Aramingo Village, a shopping center in Philadelphia. The buildings will house the company’s digital convenience delivery service goPuff, utilizing 6,060 square feet for warehouse and distribution space and 1,500 square feet as a beer retail store. Richard Soloff of Soloff Realty & Development Inc. represented Gobrands in the lease negotiations. Soloff also represented the undisclosed landlord.

December 2, 2019

Acquisitions Midwest Ohio Retail

ICP Purchases Former Kmart Building in Suburban Cleveland

by Kristin Harlow December 2, 2019

GARFIELD HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has purchased a building formerly occupied by a Kmart store in Garfield Heights, a suburb of Cleveland. The purchase price was not disclosed. The 89,300-square-foot property is located at 12501 Rockside Road and is situated on 9.3 acres. ICP plans to update the building and repurpose it into industrial space.

December 2, 2019

California Development Loans Mixed-Use Office Restaurant Retail Western

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

by Amy Works December 2, 2019

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

December 2, 2019

Georgia Market Reports Retail Southeast Southeast Market Reports

Retail Investors View Atlanta as a Looming Gateway Market, but More Affordable

by Alex Tostado December 2, 2019

As we enter the last quarter of 2019, well into the longest economic expansion in history, the Atlanta retail real estate market is healthy and active, with multi-year retail rent and occupancy growth. The city’s retail investment sales volume totaled $2.2 billion in 2018, making it the eighth most active retail investment market in the country. Not a gateway market, yet In my career, Atlanta has always been a “non-institutional” market, and has stayed largely off the radar of deep pools of institutional capital aimed at New York, Boston, San Francisco and other gateway cities with deeper economies, higher rents, lower cap rates and higher values. Nevertheless Atlanta’s population, GDP and growth make it the undisputed capital of the Southeast by a country mile. The metro’s shopping centers have benefitted from this paradox: it has the biggest economy in the South and is among the top metros in the nation for employment and population growth. However, its average rents are lower and its average retail cap rates are higher than almost every one of its peers in the Southeast and the United States at large. Despite the overblown narrative of the retail apocalypse and despite how or when the current …

December 2, 2019

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Milwaukee Market Experiences Development Boom Across Neighborhoods

by Kristin Harlow November 28, 2019

Milwaukee has experienced development at an unbelievable rate, and within the past couple of years there has truly been a downtown renaissance worth bearing witness. The city has done an excellent job of creating value, attracting jobs and spurring development that has led to unprecedented economic and social revitalization. With both local and national headlines praising Foxconn, Amazon, Northwestern Mutual and the Milwaukee Bucks, it is no wonder things have changed. While Milwaukee continues its quest to establish itself as the Great Lakes capital, the changes happening to its culture are what appear to have everyone on their feet. Between the East Side, downtown, Historic Third Ward, Walker’s Point and Bay View, there are so many cool concepts coming online, each of which showcases the unique character of the area it serves. From the Bucks Entertainment District to Zocalo food truck park (Phelan Development), there is something different in just about every corner. It comes as no surprise much of the action is coming from the food and beverage segment, as Milwaukee is after all “Brew City.” One of these concepts is Crossroads Collective. Crossroads is the brainchild of developer Tim Gohkman with New Land Enterprises. The food hall took …

November 28, 2019

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4M

by John Nelson November 27, 2019

CENTREVILLE, VA. — A partnership between Bethesda, Md.-based Willard Retail, New York-based Declaration Partners and Baltimore-based Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Va. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Md. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

November 27, 2019

California Development Hospitality Mixed-Use Multifamily Office Retail Top Stories Western

Republic Urban Properties, Principal Real Estate Plan $401M Gateway at Millbrae Station Mixed-Use Project in Bay Area

by Alex Patton November 27, 2019

MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …

November 27, 2019

Leasing Activity Massachusetts Northeast Retail

Everlane Signs 2,300 SF Retail Lease at Boston Seaport

by Alex Patton November 27, 2019

BOSTON — Apparel retailer Everlane has signed a 2,300-square-foot retail lease in Boston’s Seaport District. Originally launched in November 2011 as an exclusively online retailer, Everlane will open its sixth brick-and-mortar location at 125 Seaport Boulevard in Spring 2020. The brand markets itself as a transparent and ethically sourced apparel retailer. WS Development is the developer of 125 Seaport Boulevard

November 27, 2019

Acquisitions Midwest Missouri Retail

Newmark Grubb Zimmer Arranges Sale of 34,466 SF Retail Center in Missouri

by Kristin Harlow November 27, 2019

RAYTOWN, MO. — Newmark Grubb Zimmer has arranged the sale of Westlake Raytown Center, a 34,466-square-foot retail center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The fully leased property, located at 10130 E. 350 Highway, is home to Westlake Ace Hardware, Napa Auto Parts and Scooter’s Coffee. John Hoefer, Michael VanBuskirk and Chris Robertson of Newmark Grubb Zimmer represented the seller, Brain Dev 1 LLC. Logan Freeman of Clemons Real Estate represented the California-based buyer.

November 27, 2019

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