ORLANDO, FLA. — O’Connor Capital Partners has signed Alamo Drafthouse Cinema to be the anchor tenant of the third phase of Vineland Pointe, a 450,000-square-foot retail development in Orlando. Phase III is expected to be complete in 2020, Phase II is on schedule to open by this holiday season and Phase I was delivered in December. This will be Austin, Texas-based Alamo Drafthouse Cinema’s first Florida location and will offer a 10-screen theater with 942 recliners, a full-service bar and a restaurant. The retail project is situated adjacent to Orlando Vineland Premium Outlet Mall, and is being designed by Eleven18 Architecture, with Harris Civil Engineers serving as project engineer.
SAN ANTONIO — SRS Real Estate Partners has arranged the sale of Military Crossing, a 171,318-square-foot shopping center in San Antonio. Anchored by Academy Sports + Outdoors, the center was 99 percent occupied at the time of sale to tenants such as BioLife Plasma Services, Harbor Freight Tools, Chase and Firehouse Subs. LA Fitness is also an anchor tenant at the center, but that property was not included in the sale. Webb Sellers, Kyle Stonis, Matthew Mousavi and Patrick Luther of SRS represented the seller, Santikos Real Estate, in the transaction. Eric Lehman of Lehman Real Estate represented the buyer, Nooner Holdings.
BROCKTON, MASS. — Fantini & Gorga has arranged a $2.4 million acquisition loan for Eastway Plaza, a two-building retail plaza in in Brockton. Located at 587 Centre St., the property was built in 1982 and includes 11 retail units. The first building is leased to tenant roster that includes a liquor store, bakery and chiropractic office. The second building is currently leased to home improvement store Grossman’s Bargain Outlet. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing on behalf of a long-standing client through a Massachusetts-based credit union. Terms of the financing were undisclosed.
CHICAGO — Tucker Development has secured three new retail leases for its mixed-use development known as 900 West in Chicago’s Fulton Market. The retailers include Kinton Ramen, a Toronto-based ramen bar; Jeni’s Splendid Ice Creams; and Independence, an upscale menswear boutique. All three businesses plan to open their new locations sometime this year. Completed in 2017, 900 West is the adaptive reuse of 10 historic buildings in the 900 block of West Randolph Street. Together, the buildings offer more than 45,000 square feet of street-level retail space and 45,000 square feet of office space on the upper floors. The office space is fully leased by co-working provider Spaces and private equity firm Parker Gale. Current retailers include lululemon, Bluemercury and Bonci Pizzeria.
MARQUETTE, MICH. — Marcus & Millichap has arranged the sale of three net leased properties in Marquette for $3.7 million. The properties include an 84,180-square-foot Kohl’s, an Applebee’s pad site and another pad site occupied by Verizon Wireless and H&R Block. The buildings are outparcels of Westwood Mall. Mark Taylor, Shannon Bona and Brian Sy of Marcus & Millichap marketed the portfolio on behalf of the seller, a private development company. Taylor, along with Donovan Mackey, secured the private equity buyer.
TROY, MICH. — The City of Troy Planning Commission has approved the final site plan for a new 9,844-square-foot retail center at the southeast corner of Tower Drive and Crooks Road. Plans call for three fast-casual restaurants and an additional commercial tenant. A new pedestrian path along Crooks Road will connect the retail center to the existing sidewalk and to the 901 Tower office building. Construction is expected to begin as early as this summer. No further site plan approvals, other than building permits, are required. NORR Architects, Engineers and Planners designed the property. Dominion Real Estate Advisors will market the property for lease.
MORROW, GA. — A partnership between two New York-based investment firms, CityView Commercial LLC (CVC) and Jacobs Real Estate Advisors (Jacobs REA), has purchased Southlake Mall in metro Atlanta. The two-story, 1 million-square-foot mall is located off Interstate 75 at 1000 Southlake Circle in Morrow, about 17 miles south of Atlanta in Clayton County. Anchored by Macy’s and an event venue known as Morrow Center, Southlake Mall’s tenant roster includes Carousel Kids, Champs Sports, Foot Locker, The Children’s Place, a food court, Bath & Body Works, Victoria’s Secret, Things Remembered, Zales Jewelry and Jimmy Jazz, an apparel retailer that is also the parent company of CVC. H&M, Forever 21 RED and Chime Solutions are newcomers to Southlake Mall, according to CVC. Last summer, Sears closed its Southlake Mall store. CVC is the real estate arm for the Jimmy Jazz retail chain that owns and operates more than 200 stores in 18 states. Led by Jimmy Khezrie and Jack Friedler, CVC focuses on acquiring and repositioning value-add retail assets. Led by Sholom Jacobs, Jacobs REA is a value-add investment firm based in Lawrence, N.Y., with a regional office at Dalton Outlet Shops in Dalton, Ga. The seller and sales price were undisclosed, but Los Angeles-based Vintage Real Estate …
As 2018 wound to an end, the national unemployment rate hovered just under 4 percent, consumer confidence hit an 18-year high and wage growth reached a nine-year high. Those positive economic signs helped set the table for a robust holiday shopping season, according to Cushman & Wakefield’s fourth-quarter snapshot of the U.S. shopping center market. These three factors led to consumers spending more during the holiday season than in the previous six years. According to MasterCard Spending Pulse, U.S. consumers spent $850 billion during the 2018 holiday season, up 5.1 percent over the prior year. Online holiday sales from Nov. 1 through Dec. 19, 2018 totaled $110.6 billion, a 17.8 percent increase year-over-year, reports Adobe Analytics. According to Cushman & Wakefield, the convenience factor known as “buy online, pick-up in store” was more widely adopted this holiday season, growing at a year-over-year rate of 47 percent. The report also found that the performance of non-mall shopping centers trended upward in the fourth quarter in the 66 markets Cushman & Wakefield tracks across the country. The vacancy rate for such properties finished at 6.3 percent, compared with 6.7 percent at the end of 2017. The average asking rent per square foot …
The Hawaii investment sale market was active in 2018 with an abundance of capital seeking investment opportunities throughout the state and across all product types. Mortgage availability from local banks and non-local financiers remained strong, and there was a steady flow of new interest from debt and equity sources looking for first opportunities in Hawaii. Last year’s transaction volume (including entity level) was up 33 percent from 2017 to $5.5 billion. Institutional and cross-border investment volumes were up from 2017 and performing well above the 10-year average. It was a slower year for private investors and REITs, though institutional capital from Singapore, Zurich, Kuwait, Germany and Japan were the foreign standouts in 2018. Entity-level activity boosted Hawaii’s transaction volume significantly in 2018. We anticipate this story to continue to spill over into Hawaii through 2019 as institutions deploy large amounts of capital to build scale. Brookfield’s acquisition of GGP was the largest entity-level transaction, which included the 2.5 million-square-foot Ala Moana Center with its two office buildings consisting of about 400,000 square feet, the Whalers Village in Maui and the Prince Kuhio Plaza in Hilo. The hospitality sector led the charge for the third year in a row with $2.45 …
MAYNARD, MASS. — Capital Group Properties and SRS Real Estate Partners have announced that Market Basket Supermarket will be the anchor grocery store for the Maynard Crossing mixed-use project in Maynard. The 306,000-square-foot development is slated to open in the first quarter of 2020. The project will also include The Vue at Maynard Crossing, a 180-unit apartment complex developed by LeCesse Development as well as a 143-unit independent living community for seniors developed by Hawthorn Retirement Group. The project will also feature multiple restaurants, retail shops, fitness options and medical offices. Maynard is approximately 25 miles west of downtown Boston.