Retail

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

by Amy Works October 30, 2019

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.

October 30, 2019

Acquisitions Illinois Midwest Retail

Block & Co. Brokers Sale of 11,458 SF Retail Center in Champaign, Illinois

by Kristin Harlow October 30, 2019

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.

October 30, 2019

Development Florida Retail Southeast

Publix Opens 49,000 SF Store Within Central Florida Shopping Center

by Alex Tostado October 29, 2019

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.

October 29, 2019

Leasing Activity New Jersey Northeast Retail

NAI James Hanson Negotiates 3,900 SF Retail Lease for Martial Arts Studio in Englewood, New Jersey

by Alex Patton October 29, 2019

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.

October 29, 2019

Acquisitions Retail Texas

MCA Arranges $5.1M Construction Loan for Retail Project in South Dallas

by Taylor Williams October 29, 2019

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.

October 29, 2019

Illinois Loans Midwest Retail

Mag Mile Capital Arranges $12.5M Refinancing for Retail Property in Lincolnwood, Illinois

by Kristin Harlow October 29, 2019

LINCOLNWOOD, ILL. — Mag Mile Capital has arranged a $12.5 million loan for the refinancing of a 63,453-square-foot retail property located at 6850 McCormick Blvd. in Lincolnwood. The property is home to Walmart’s new online grocery and consumer goods pick-up concept as well as Planet Fitness. R&R Global Partners acquired the building in November 2015, following an unsuccessful redevelopment attempt by its previous owner. The property had been vacant for more than two years after Dominick’s exited the market in 2013. Mac Dobson of Mag Mile arranged the seven-year, fixed-rate loan with a 73 percent loan-to-value ratio. A regional bank provided the loan.

October 29, 2019

Acquisitions Colorado Retail Western

Marcus & Millichap Brokers $9.2M Purchase of Country Club Village Retail Property in Colorado

by Amy Works October 29, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the sale of Country Club Village, a retail asset located at 2721 and 2821-2851 W. 120th Ave. in Westminster. A California-based private investor acquired the asset for $9.2 million. Tenants at the 33,091-square-foot property include Caribou Coffee Co., TCBY Yogurt, Ana’s Mexican Restaurant, Hana Matsuri Sushi and Gillett Veterinary Clinic. Ryan Bowlby of Marcus & Millichap’s Denver office represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap, secured financing for the transaction. The financing features a fixed, long-term interest rate with a 30-year amortization term and no prepayment penalty.

October 29, 2019

District of Columbia Features Retail Southeast

Holiday Shoppers Plan to Spend 4 Percent More This Year, NRF Survey Shows

by Alex Tostado October 29, 2019

WASHINGTON, D.C. — American consumers plan to boost their holiday spending 4 percent this season on a year-over-year basis, according to the National Retail Federation (NRF) and Prosper Insight & Analytics. The projection is based on a survey of 7,782 adult consumers. Specifically, shoppers expect to spend an average of $1,047.83 this year, up 4 percent from last year’s total of $1,007.24, the survey findings show. Meanwhile, shoppers who are between the ages of 35 and 44 plan to spend an average of $1,158.63 this holiday season. Consumer spending is grouped into three separate categories: gifts for family, friends and co-workers, at an average $658.55; non-gift holiday items such as candy and food, decorations, greeting cards and flowers at $227.26; and other non-gift purchases that take advantage of the deals and promotions throughout the season at $162.02. “Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,” says Matthew Shay, president and CEO of Washington, D.C.-based NRF, the world’s largest retail trade association. Furthermore, 52 percent of shoppers between the ages of 25 and 34 plan to purchase gifts for co-workers, and 82 percent of …

October 29, 2019

Leasing Activity New York Northeast Office Retail Top Stories

Leasing Event: BMW of Manhattan Renews 227,000 SF Office, Showroom Space in New York City

by John Nelson October 29, 2019

NEW YORK CITY — BMW of Manhattan has renewed its 227,000-square-foot lease at 555 W. 57th St. in New York City, a 20-story office building formerly known as the Ford Motors Building. BMW occupies office space on the ground and concourse levels, as well as the entire second, third and fourth floors. The company also leases the ground-level showroom, which formerly showcased Ford vehicles. BMW will stay in the building for at least another 10 years following its lease renewal with New York-based landlord SL Green Realty Corp. “We’re delighted to extend our longstanding relationship with BMW,” says Steven Durels, SL Green’s executive vice president and director of leasing. Known locally as the BMW Building, the project was built in 1973 and renovated in recent years to include new entrances and an outdoor plaza area, as well as modernized bathrooms and hallways. Situated between 10th and 11th avenues on Manhattan’s west wide, the office building is close to Columbus Circle, Lincoln Center and transportation hubs. Other notable tenants in the building include CBS Broadcasting Inc., City University of New York, Greater New York Hospital Association and Mt. Sinai/Beth Israel. Scott Panzer and Matt Rosen of JLL represented BMW in the …

October 29, 2019

Leasing Activity Retail Texas

Virgata Announces Tenant Openings at 14-Acre Mixed-Use Project Near Houston

by Taylor Williams October 28, 2019

FRIENDSWOOD, TEXAS — Virgata Property Co. has announced several new tenant openings at Virgata Commons, the company’s 14-acre mixed-use development in Friendswood, located south of Houston. Orangetheory Fitness and MOD Pizza recently opened their doors, while Chipotle Mexican Grill and Jersey Mike’s are slated to open in mid-November. A space for Chick-fil-A is under construction and is expected to be complete by early 2020.

October 28, 2019

Newer Posts

Older Posts