JERSEY CITY, N.J. — Levin Management Corp. (LMC) has negotiated two new retail leases totaling 10,000 square feet at Twin City Shopping Center, 95,000-square-foot shopping center in the western New York City suburb of Jersey City. Hook & Reel Cajun Seafood and Bar leased 8,350 square feet, and Apple Nail salon leased 1,650 square feet. The property’s dining options also include Taco Bell, Popeye’s Louisiana Kitchen, Wendy’s and Dunkin’. E.J. Moawad of LMC represented the landlord in both lease negotiations. Igal Nassim of Mason Asset Management represented Hook & Reel.
SOUTH BEND, IND. — Mid-America Real Estate Corp. has arranged the sale of a 5,013-square-foot retail building in South Bend for an undisclosed price. ATI Physical Therapy and AT&T fully occupy the property, which is located along Portage Road. Carly Gallagher, Christian Tremblay and Rick Drogosz of Mid-America represented the seller, Veritas Realty. A West Coast-based investor purchased the property while completing a 1031 tax-deferred exchange.
ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail asset located in Escondido. Malakooti & Kaikavoosnejad Revocable Trust sold the property to Goodwill Industries of San Diego for $6.1 million. Located at 315 W. Washington Ave., the building features 17,908 square feet of retail space. The property is situated on a 2.1-acre lot adjacent to City Hall and the California Center for the Arts. Michael Golden of Lee & Associates – North San Diego County represented the seller, while Bryan Cunningham of Flocke & Avoyer represented the buyer in the deal.
PHILADELPHIA — Fast fashion retailer Primark will open a 34,200-square-foot store to anchor the west end of Fashion District Philadelphia, an apparel-focused mall redevelopment located in the Center City area of Philadelphia. Cosmetic retailer Sephora and apparel retailers Forever 21 and Kate Spade New York Outlet also recently signed new leases at the retail center. PREIT and Macerich developed Fashion District Philadelphia, which opened in September.
The number of retail store closures nationwide in the first half of 2019 surpassed 7,000 and is on pace to reach a record 12,000 by year’s end, according to Cushman & Wakefield. Major retail bankruptcies over the last year have caused the power and regional shopping center sector to experience continued store closures and negative absorption of 2 million square feet in the first half of 2019. That said, discount retailers, entertainment and fitness concepts are still in expansion mode and help backfill vacant space. Mall and shopping center owners are scrambling to redevelop properties and incorporate a variety of uses. For example, this month CBL Properties will wrap up completion of a Sears redevelopment at Brookfield Square in Milwaukee. The project includes new-to-market entertainment operator WhirlyBall as well as a Movie Tavern by Marcus Theatres. Additionally, there are several new dining options and an Orangetheory Fitness location. “Our strategy is to transform our properties from traditional, enclosed malls to suburban town centers that offer a variety of uses, including entertainment, dining, fitness and in some cases office, hotel or multifamily,” says Stacey Keating, public relations and corporate communications director for Chattanooga, Tennessee-based CBL, which owns 108 properties totaling 68.2 …
PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development’s master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.
CHAMPAIGN, ILL. — Block & Co. Inc. has brokered the sale of an 11,458-square-foot retail center in Champaign for an undisclosed price. Located at 1006 W. Anthony Drive, the property is near Marketplace Regional Mall. Sam’s Club and Rural King shadow-anchor the asset. David Block and Phil Peck of Block represented the sellers, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC. A local investment buyer purchased the property. This is Block’s 12th shopping center sale on behalf of the same ownership group.
LOUGHMAN, FLA. — Publix Super Markets Inc. has opened a 49,000-square-foot store within Loughman Crossing in Loughman. The prototype location includes a drive-thru pharmacy. Halvorsen Holdings is developing Loughman Crossing, which is also home to Publix Liquors, AT&T, Great Clips, Erlyn’s Taxes and Encore Nails. Loughman Crossing spans 78,200 square feet and includes six outparcels. Located at the intersection of U.S. Highway 17-92 and Ronald Reagan Parkway, the property sits 15 miles southwest of Walt Disney World and 30 miles southwest of downtown Orlando.
ENGLEWOOD, N.J. — NAI James Hanson has negotiated a 3,900-square-foot retail lease for Tiger Schulmann’s Martial Arts in Englewood, an eastern suburb of New York City. The space is situated within l28-46 South Dean Street, a 41,000-square-foot building anchored by New York Sports Club, which occupies 20,500 square feet on the second floor. Ronald Fotiu and Anthony Cassano of NAI James Hanson represented the landlord, JPM 2006 – LDP8 24-42 S. Dean St., in the lease negotiations.
DALLAS — Locally based financial intermediary Metropolitan Capital Advisors (MCA) has arranged a $5.1 million construction loan for a 20,700-square-foot retail property that will be located adjacent to the RedBird Mall in South Dallas. Foot Locker will occupy the space, which will be fronted by a one-acre outdoor area that will be used for outdoor athletic events. Scott Lynn and Andrew Hanzl handled the debt placement with Texas Capital Bank on behalf of the borrower, RedBird Development Group. Future phases at RedBird Mall will include the construction of several restaurant concepts neighboring the Footlocker along the perimeter of the green space.