Retail

Three Retailers Return to Miami Beach’s Lincoln Road, Two Food Halls Debut

by Alex Tostado June 18, 2019

MIAMI BEACH, FLA. — Lincoln Road Business Improvement District (BID) has announced three retailers are returning to Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. The three retailers — Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium — all had original locations on Lincoln Road. Fritz’s originally opened on Lincoln Road in 1989. Dog Bar, a full-service pet boutique, moved back into its original location on Lincoln Road. Lulu Laboratorium is situated on the corridor’s 1100 block. Two food halls also opened earlier this year on Lincoln Road. Time Out Market features 17 eateries, a demo kitchen and three bars serving craft cocktails. Lincoln Eatery spans 9,600 square feet and includes 16 fast-casual, artisan and grab-and-go concepts. In addition to food and retail, the Lincoln Road BID sponsors free events that range from farmers markets to concerts to fitness classes.

June 18, 2019

Acquisitions California Retail Western

Faris Lee Investments Arranges $6.9M Sale of Restoration Hardware Location in Irvine, California

by Amy Works June 18, 2019

IRVINE, CALIF. — Faris Lee Investments has arranged the sale of a retail property located in Irvine. A Los Angeles-based buyer acquired the asset from an Irvine-based seller for $6.9 million. Restoration Hardware, a publicly traded company with more than 5,200 employees, occupies the property. Rick Chichester, Tom Chichester and Joe Chichester of Faris Lee Investments represented the seller and buyer in the deal.

June 18, 2019

Brooks-Corner-Shopping-Center-San-Antonio

Market Reports Retail Texas Texas Market Reports

San Antonio Retail Market: We Want It All, and We Want It All Now

by Taylor Williams June 18, 2019

San Antonio has at times been characterized as “a big city with a small-town feel.” However, with an MSA surpassing 2 million people and a claim to being one of the country’s largest and fastest growing cities, the small-town feeling is fading quickly. With robust population growth, strong job numbers and a decade of prosperity to lean on, our retail business is more dynamic than ever. It should be of no surprise to this readership that like other areas of the country, San Antonio is facing continued pressure on traditional brick-and-mortar retail as e-commerce continues to grow and penetrate the market. Yet many local and regional retailers are adapting. One of the best examples of this adaptation is H-E-B, San Antonio’s dominant supermarket chain, which has taken on the e-commerce challenge by integrating an online grocery shopping experience with the option of home delivery or curbside pickup at select stores. Currently, H-E-B is under construction on its second fulfillment center next to its retail store at Bulverde Marketplace. As retailers evolve, retail developers and property owners are experiencing swift changes within their tenant lineups and are working diligently to ensure their marketplaces continue to attract customers. Entertainment, fitness and health …

June 18, 2019

Acquisitions Florida Retail Southeast

Forge Capital Sells Two Publix-Anchored Shopping Centers in Florida

by Alex Tostado June 17, 2019

ST. PETERSBURG AND WEST PALM BEACH, FLA. — Forge Capital Partners has sold Disston Plaza, a 129,150-square-foot shopping center in St. Petersburg, and Polo Grounds Mall, a 130,015-square-foot shopping center in West Palm Beach. New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities, acquired both properties, which are both anchored by Publix. Disston Plaza was built in 1954 and renovated in 2018. The property was 97 percent leased at the time of sale to tenants including Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness, Subway, Little Italy, Great Clips and Greenberg Dental. The property is situated at 3501 49th St. N., 20 miles southwest of downtown Tampa. Completed in 1966 and renovated in 2007, Polo Grounds Mall’s tenant roster includes Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase Bank, Wing Stop and Papa Johns. Luis Castillo, Daniel Finkle and Eric Williams of HFF represented the seller in both sale transactions. Ed Coco, Matt Casey, Greg Gaughan, Libby Malloy and Maxx Carney of HFF arranged acquisition financing for each property through Thrivent Financial on behalf of the buyer. Both acquisition loans are structured with fixed interest rates and 15-year terms. The sales prices were not …

June 17, 2019

Acquisitions Georgia Retail Southeast

Newmark Knight Frank Arranges Sale of 106,485 SF Shopping Center Near Atlanta

by Alex Tostado June 17, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the sale of Stonewood Village, a 106,485-square-foot shopping center in Alpharetta. Stonewood Village was 70 percent leased at the time of sale to tenants including Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. A vacant big box also sits on the site. Orkin & Associates acquired the property, which is situated at 670 N. Main St., 30 miles north of downtown Atlanta. Mark Joines and Drew Fleming of NKF represented the seller, Nightingale Properties, in the transaction. The sales price was not disclosed.

June 17, 2019

Development Northeast Pennsylvania Retail

Penn National Gaming to Open $111M Casino in Morgantown, Pennsylvania

by Taylor Williams June 17, 2019

MORGANTOWN, PA. — Penn National Gaming Inc., an owner-operator of gaming and racing facilities, has received licensing approval from the Pennsylvania Gaming Control Board and will soon begin construction on a $111 million casino in Morgantown. The property will be built on 36 acres at the intersection of I-76, I-176 and State Route 10 and located roughly midway between Philadelphia and Harrisburg. The casino will span 80,000 square feet and offer 750 slot machines and 30 game tables, a sports book, restaurant, food hall and entertainment lounge. The project, which carries an 18-month construction schedule, is expected to create 250 new jobs at the casino and 275 construction jobs.

June 17, 2019

Acquisitions Retail Washington Western

Marcus & Millichap Arranges $1.9M Sale of Starbucks Shopping Strip in Richland, Washington

by Amy Works June 17, 2019

RICHLAND, WASH. — Marcus & Millichap has brokered the sale of Starbucks Shopping Strip, a retail asset located in Richland. A developer sold the property to an undisclosed buyer for $1.9 million. Located at 698 Gage Blvd., the property features 7,038 square feet of retail space. Brendan Powell of Marcus & Millichap’s Portland, Ore., office, along with Joe Deis of Marcus & Millichap, represented the seller in the deal.

June 17, 2019

Loans Massachusetts Northeast Office Retail Top Stories

Citizens Commercial Provides $435M Construction Loan for Boston Office, Retail Project

by Taylor Williams June 17, 2019

BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams

June 17, 2019

Acquisitions Retail Texas

STRIVE Arranges Sale of 6,571 SF Retail Strip Center in McKinney

by Taylor Williams June 14, 2019

MCKINNEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of The Shops at Lake Forest, a 6,571-square-foot retail strip center located in the northern Dallas suburb of McKinney. The four-tenant property was built in 2018 and is situated along Collin McKinney Parkway just north of the Sam Rayburn Tollway. The average household income within a one-mile radius of the property exceeds $131,000. STRIVE worked with an outside broker to procure the buyer and represented the seller, both of which were locally based private investors.

June 14, 2019

Leasing Activity New York Northeast Restaurant Retail

Restaurateur to Open Beer Garden at 1.2 MSF Mixed-Use Development in Flushing

by Taylor Williams June 14, 2019

NEW YORK CITY — Restaurateur Todd Leong, owner of Lucky Rice as well as Leaf Bar & Lounge, will open The Beer Assembly, a 3,550-square-foot beer garden at Tangram. The 1.2 million-square-foot mixed-use development is located in Flushing. Developed by F&T Group and Shanghai Construction Group (SCG), Tangram features residential, office, retail and hospitality uses, including a 24,000-square-foot food hall that will be positioned adjacent to the beer garden. The opening is slated for early 2020.

June 14, 2019

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