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.
Retail
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.
Marcus & Millichap Arranges $1.9M Sale of Starbucks Shopping Strip in Richland, Washington
by Amy Works
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.
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
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.
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.
GLENVIEW, ILL. — Mid-America Real Estate Corp. has arranged the sale of Glen Gate, a 102,961-square-foot shopping center in Glenview, about 15 miles northwest of Chicago. Mariano’s Fresh Market anchors the fully leased property. Other tenants include AT&T, Hair Cuttery, Bentley’s Pet Stuff, Glenview Bank & Trust and For Eyes. The shopping center is situated at the northeast corner of Waukegan and Golf roads. Joe Girardi and Ben Wineman of Mid-America represented the seller, a client of LaSalle Investment Management. Dallas-based Invesco Real Estate purchased the asset for an undisclosed price.
MINNEAPOLIS — Eleven Artisans, a brew pub and entertainment venue, has signed a 3,500-square-foot lease at the historic Handicraft Guild Building and Assembly Hall adjacent to the new City Club Apartments. The name Eleven Artisans comes from a community of 11 female artists who pioneered a creative movement in downtown Minneapolis in the early 1900s. They created their art in the Handicraft Guild Building and Assembly Hall, which dates back to 1907. The brew pub, designed by Minneapolis firm Shea Design, will offer a range of craft beers, rotating handles, wine and cocktails. The restaurant will have more than 60 indoor seats, 60 outdoor seats and capacity for another 100 guests in the Assembly Hall. The outdoor patio will feature a bar, grill, games and live music. Eleven Artisans is expected to open this fall. City Club Apartments is the landlord.
E-commerce has cut through brick-and-mortar retail in a Darwinian fashion, establishing clear winners and losers and drastically re-shaping landlords’ approaches to leasing. Purveyors of certain soft goods — apparel, jewelry, electronics — have seen their footprints at malls and retail centers dwindle as online shopping has infiltrated American consumer behavior. But given a little financial credit and strong branding that integrates local culture, these same concepts can find success in airport settings. “Local concepts create a sense of place and introduce travelers and visitors to what’s special about that place,” says Nicole Linton, marketing manager at Paradies Lagardere, a travel retail company that operates more than 1,000 stores and restaurants across 100 North American airports. “By adapting local concepts to airport settings, we help our partners create brand recognition, which leads to increased sales.” Of course, no airport is clamoring for any retailer — local or not — whose sales are declining and whose stores are closing. But once a retail or restaurant concept makes it onto an airport’s tenant roster, it enjoys higher price points and a captive audience, two key facets of sales growth that have increasingly eluded brick-and-mortar operators in the e-commerce era. “Retailers like the insulation …
RUSTON, LA. — Hutton has opened Ruston Marketplace, a 103,413-square-foot shopping center in Ruston. The property’s tenants include Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. Ruston Marketplace is situated off of Interstate 20, one mile from Louisiana Tech University. Hutton partnered with the City of Ruston to deliver the project. According to multiple media outlets, the City of Ruston paid $6.4 million to improve the infrastructure around the shopping center to make it more accessible to shoppers.