Retail

Marq*E-Entertainment-Center-Houston

HOUSTON — Locally based retail developer Levcor Inc. has received a loan for the refinancing of the Marq*E Entertainment Center, a Houston venue that houses an array of restaurants bars and entertainment concepts, including Dave & Buster’s and Edwards Cinema. Levcor purchased the center, which was originally developed in 2003 and 94 percent occupied at the time of sale, in 2014. Jimmy Board, Tom Melody, Tom Fish and Wes Wallace of JLL handled the debt placement on behalf of Levcor. LoanCore provided the nonrecourse, floating-rate loan, a portion of which will be used to fund property improvements.

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OMAHA, NEB. — Broad Reach Retail Partners has acquired Baker Square Shopping Center in Omaha for an undisclosed price. The grocery-anchored center spans 158,380 square feet and features Fresh Thyme Farmers Market, JoAnn Fabric and CHI Health. The property is 73 percent leased. The seller was not disclosed. LinkedIn recently signed a lease for a new 200,000-square-foot campus less than one mile north of the shopping center.

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Shopping Center Business, sister publication to REBusinessOnline, recently sat down with Cynthia Nelson, senior managing director in the real estate solutions practice at FTI Consulting, to discuss the current retail landscape and tips and tricks for tackling big box vacancies. Tell me a bit about your outlook on the retail landscape at current. We’re going through a huge transformation in terms of how consumers buy retail goods and services and it is taking a toll on our shopping centers. Many big box spaces formerly occupied by retailers like Toys ‘R’ Us are going dark. I think we are in the midst of a longer period of transition, but nothing like the ‘retail apocalypse’ some are forecasting. The landscape is changing — I like to call it a ‘retail reincarnation.’ What would be your advice for an owner or a landlord looking to re-lease or redevelop vacant big box space? Owners and landlords have to be thinking about creative ways to maximize the value of available or vacant space at their shopping centers. The easiest and most straightforward route for filling a vacancy is re-leasing to a tenant that will use the same amount of space. This may not garner much …

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GAINESVILLE, FLA. — Former University of Florida football coach Steve Spurrier is seeking a partner for a new restaurant in Celebration Pointe in Gainesville. The new restaurant will be called “Spurrier’s” and is expected to open in 2020. The selected partner will have a $1 million build-out budget and the ability to influence the final menu and décor, as well a salary and/or equity in the restaurant. The partner will be named later this year. Celebration Pointe is a 160-acre mixed-use development that upon completion will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues, such as seafood restaurant The Keys, a Nike Factory Store and a 10-screen Regal Cinemas theater.

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MAITLAND, FLA. — Equinox Development Properties Inc. has hired Genny Hall as senior vice president and a partner to oversee the leasing for all developments and retailer relationships. Hall has more than 15 years of retail brokerage experience. Prior to joining Equinox, Hall served as the managing director of retail services at Colliers International in Central Florida. Maitland, Fla.-based Equinox Development specializes in developing retail, mixed-use and boutique commercial projects.

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Laveen-Village-Marketplace-Laveen-AZ

LAVEEN, ARIZ. — Houston-based Weingarten Realty Investors has completed the disposition of Laveen Village Marketplace, a retail center located at the intersection of 51st and Baseline avenues in Laveen. The name of the buyer and acquisition price were not released. At the time of sale, the 39,763-square-foot property was fully leased to Fry’s Food & Drug, Chipotle, Wing Stop, Jersey Mikes Subs, Med Post Urgent Care and Starbucks Coffee, as well as McDonald’s and Wells Fargo on outparcels. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.

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Chuze-Fitness-Fontana-CA

FONTANA, CALIF. — Progressive Real Estate Partners has signed Chuze Fitness to a 45,000-square-foot lease with Morningside Marketplace in Fontana. Chuze Fitness will occupy the space of a former Ralphs Grocery, leaving 12,000 square feet of space for a yet-to-be-named co-tenant. Morningside Marketplace is a 90,000-square-foot retail center located at 14574 Baseline Ave. The center is fully leased to tenants including Chase Bank, Great Clips, Chevron, KFC, Pizza Hut, Baskin Robbins, Togo’s and Wienerschnitzel. The new Chuze Fitness is scheduled to open early next year. Paul Su of Progressive represented the undisclosed landlord, while Chad Ifrate of Cushman & Wakefield represented the tenant in the lease negotiations.

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ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at the intersection of Lemon Street and Orangethorpe Avenue in Anaheim. An undisclosed developer acquired the asset from a private investor for $2.5 million. The buyer plans to make improvements to the 5,752-square-foot property. At the time of sale, six local tenants occupied the two-building asset. Michael Matter and Nicholas Phillips of Marcus & Millichap’s South Bay, Calif., office represented the seller in the deal.

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EVANSVILLE, IND. — The Cooper Commercial Investment Group has brokered the sale of Diamond Center in Evansville for $1 million. The 10,000-square-foot retail property is fully occupied. Tenants include Dollar General and Subway. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Indiana-based private investment group. A New Jersey-based private group purchased the asset at a cap rate of 7.3 percent.

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NOVI, MICH. — Gerdom Realty & Investment has negotiated two leases at Thomasville Centre in Novi. Alchile Mexican Grill & Bar and Pho Mai Vietnamese restaurant are the newest tenants to join the center, which is located on Grand River Avenue. Alchile opened this spring, leasing 5,130 square feet. Pho Mai will open during the second half of this year and occupy 1,680 square feet. Joel Karboske of Gerdom represented the landlord, Mclaughlin Family Properties.

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