Retail

Wegmans to Open 74,000 SF Store in Brooklyn

by Taylor Williams May 15, 2019

NEW YORK CITY — Rochester, New York-based grocer Wegmans will open a 74,000-square-foot store within the Admirals Row redevelopment project located on Flushing Avenue in Brooklyn. The grand opening is scheduled for Sunday, Oct. 27. The store, which will be the company’s first location in New York City, is expected to create about 350 full- and part-time jobs. Wegmans Brooklyn will carry more than 60,000 individual products and offer second-floor mezzanine space with a bar serving food, wine, beer and spirits.

May 15, 2019

Arizona Development Restaurant Retail Western

Capital One to Open First Café Location in Arizona at Scottsdale Fashion Square

by Amy Works May 15, 2019

SCOTTSDALE, ARIZ. — Capital One is slated to open its first Capital One Café location in Arizona at Macerich’s Scottsdale Fashion Square in early 2020. As the first of its kind in Arizona, Capital One Café integrates digital tools and in-person interactions focused on customer needs. Open to both Capital One account holders and non-account holders, the café will offer customers a place to get help with their accounts, learn about new digital and financial tools, free Wi-Fi, and coffee and pastries made by a local baker. The 5,792-square-foot Capital One Café in Scottsdale will join 15 other locations around the country. Cafés are currently located in Austin, Boston, Boulder, Colo., Denver, Los Angeles, Philadelphia, Richmond, Va., San Francisco, Seattle, South Florida, St. Cloud, Minn., Portland, Ore., San Diego and Washington, D.C.

May 15, 2019

Market Reports New York Northeast Northeast Market Reports Retail

Long Island Serves as Launchpad for New Retail Concepts

by Kristin Harlow May 15, 2019

Long Island represents one of the most sought-after suburban retail markets in the Northeast. It’s almost guaranteed that when a retailer opens on Long Island — especially concepts centered on fast-casual dining, boutique fitness experiences and specialized beauty services — it becomes a top performer in the chain’s overall portfolio. Service-oriented retailers are quickly replacing concepts cannibalized by online shopping and are proving to be wildly successful in this important market. With an average household income that trends higher than the national average, a dense population — 2.8 million people live in Nassau and Suffolk counties — and a highly educated consumer base, high-profile national chains recognize the value of having a presence on Long Island. The daytime population swells in areas around shopping centers, hospitals and medical districts, as well as office corridors, while new multifamily and mixed-use developments promise to bring increased foot traffic to retailers seeking a presence on Long Island. Additionally, suburban downtown areas are making resurgences thanks to relaxed zoning restrictions. As the areas around real estate hotbeds like the Route 110 office corridor in Farmingdale, New York, and the Roosevelt Field trade area continue to evolve, new retail centers and mixed-use campuses are emerging. …

May 15, 2019

Leasing Activity Retail Texas

Midway Adds New Retailers to 47-Acre Mixed-Use Development in Houston

by Taylor Williams May 14, 2019

HOUSTON — Local developer Midway has signed retail leases with three new tenants at CITYCENTRE, a 47-acre mixed-use destination in Houston that opened in 2010. New retailers include handbag and accessories provider Brahmin, which will open a 1,000-square-foot store; Lubbock-based City Bank, which will occupy 4,000 square feet; and Tiff’s Treats, which has signed a 1,430-square-foot lease. Lilly Golden and Blair Golden of Evergreen Commercial represented Midway in the lease negotiations. Brad Downs of The Auber Group represented Brahmin, and Jonathan Probst with The Retail Connection represented Tiff’s Treats, both of which are slated to open this fall. CITYCENTRE features 350,500 square feet of retail and dining space, 625,000 square feet of Class A office space, 35 brownstone residences, 1,155 upscale apartment and loft units, the 171-room Four Points by Sheraton–CITYCENTRE and 255-room Hotel Sorella CITYCENTRE.

May 14, 2019

Leasing Activity Restaurant Retail Texas

Poké Concept to Open at 35,000 SF Food Hall Within Downtown Houston’s Capitol Tower

by Taylor Williams May 14, 2019

HOUSTON — SeaSide Poké has become the latest addition to the tenant roster at Understory, a 35,000-square-foot food hall and communal gathering spot within international developer Skanska’s Capitol Tower office building in downtown Houston. SeaSide Poké, which will occupy approximately 500 square feet within the 9,000-square-foot culinary market, joins East Hampton Sandwich Co., Boomtown Coffee, Mama Ninfa’s Tacos y Tortas, MONA Fresh Italian Food and Flip ‘n Patties as the first six tenants at Understory. Nick Hernandez, Crystal Allen and Lacee Wilke of Transwestern represented Skanska and SeaSide Poké in the lease negotiations. Understory is scheduled to open later this year.

May 14, 2019

Leasing Activity Midwest Ohio Retail

Bonobos to Open at Mixed-Use Development in Columbus, Ohio

by Kristin Harlow May 14, 2019

COLUMBUS, OHIO — Bonobos has signed a new lease to occupy 1,500 square feet at a mixed-use development in Columbus. The Pizzuti Companies is the developer for the property, which is located in the Short North Arts District. Founded in 2007 as an online-only retailer for men’s clothing, Bonobos began opening brick-and-mortar locations in 2012. This is the company’s first location in Columbus and third in Ohio. Bonobos will join office tenant Industrious at the four-story building. Industrious, a coworking space provider, will occupy 30,000 square feet on the third and fourth floors. The property is slated to open in July.

May 14, 2019

Acquisitions Retail Southeast Virginia

Bogese Sells Shopping Center in Richmond for $5.7M

by Alex Tostado May 13, 2019

RICHMOND, VA. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

May 13, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.1M Sale of Retail Center in Buffalo Grove, Illinois

by Kristin Harlow May 13, 2019

BUFFALO GROVE, ILL. — Marcus & Millichap has brokered the sale of Creekside Commons in Buffalo Grove for $4.1 million. The 23,058-square-foot retail center is located at 1101 Weiland Road. Tenants include 7-Eleven, Re/Max, Creekside Dental, Tokyo Nails, Pizanoz Pizza and State Farm Insurance. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a Libertyville, Ill.-based partnership of real estate investors. Kiven also sourced the buyer, Shiner Buffalo Creek LLC, a retail developer and investor.

May 13, 2019

Acquisitions California Retail Western

Arroyo Parkway Acquires Whole Foods Market-Occupied Retail Building in Pasadena, California

by Amy Works May 13, 2019

PASADENA, CALIF. — The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased a retail building and two acres of adjoining land in Pasadena from a private family trust for more than $100 million in an off-market transaction. Whole Foods Market has occupied the 80,000-square-foot retail building since it was built in 2007. The assets are located at 465-577 Arroyo Parkway. David Ickovics of Commercial Asset Group represented the seller, while the buyer was self-represented in the transaction.

May 13, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Memphis Retail has Momentum With New Developments, Retailers, Restaurants

by Alex Tostado May 13, 2019

In January, during his annual State of the State address, Memphis Mayor Jim Strickland emphatically exclaimed, “Memphis has momentum!” Memphis, the biggest little town in America, is definitely in a period of unparalleled economic growth. Memphis has momentum on its side with the $10 billion, nine-year expansion at St. Jude Hospital and an infusion of hospitality that includes a new convention center and no fewer than 17 new hotels, which all started, will start or will be completed in downtown in 2019. Additionally, $4 billion in building permits have been awarded in the last few months with another $5 billion planned by developers. Most importantly, the highly anticipated Memphis 3.0 plan — the first comprehensive growth strategy for the city in 30 years — will ensure growth is sustained for many years to come. What are others saying about Memphis? Many respected publications are putting Memphis back on the map. Food & Wine put Memphis in its top 50 places to go and eat in 2019. Frommer’s Travel named the city the best place to visit in 2019. TravelChannel.com lists Memphis as the hottest Southern destination in 2019. And Forbes stakes Memphis as the best bet for real estate investments. …

May 13, 2019

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