CLEVELAND — J. Crew and Sephora are the latest retail tenants to join Pinecrest, a 750,000-square-foot mixed-use development in Cleveland’s Orange Village. The retailers are set to open later this year. J. Crew will occupy 5,700 square feet Sephora will occupy 5,500 square feet across from Pottery Barn. Previously announced tenants at Pinecrest include REI, West Elm, Shake Shack and Vineyard Vines.
NATICK, MASS. — Online home goods retailer Wayfair Inc. has announced plans to open its first full-service store at the Natick Mall in Natick. At the Wayfair store, service and home-design experts will be available to consult shoppers on home décor, furniture and other products. Customers can purchase an assortment of home décor products, as well as place orders for home deliveries. The location, which is slated to open in the fall, will be 3,700 square feet. The Boston-based company generates roughly $7 billion in annual revenue from online purchases.
HOUSTON — Life Time Inc., an owner-operator of health clubs across the country, will bring a 56,000-square-foot athletic facility and 38,000-square-foot coworking space to GreenStreet, an office and retail property in downtown Houston by local developer Midway. The facility will be located at 1201 Main St. and will offer two floors featuring a range of health and wellness amenities combined with coworking space. The opening is scheduled for 2020.
PASADENA, TEXAS — NAI Partners has negotiated a 25,695-square-foot retail lease at 1222 S. Shaver St. in Pasadena, a southeastern suburb of Houston. Lesley Rice and Andy Parrish of NAI Partners represented the landlord in the lease negotiations. Chris Holder, also with NAI Partners, represented the tenant, Crazy Boss, which expects to open 10 additional stores over the next two to three years.
IRVING, TEXAS — Stumpy’s Hatchet House, an entertainment concept centered on throwing axes, will open a 7,500-square-foot venue at Toyota Music Factory in Irving. The location will be the company’s first in DFW and 23rd in the country. Construction of the space is scheduled to begin in April. North Carolina-based developer ARK Group owns Toyota Music Factory.
ST. PAUL, MINN. — Kraus-Anderson Realty has purchased Midway Marketplace in St. Paul for an undisclosed price. Built in 1994, the 324,430-square-foot retail center includes anchor tenants Cub Foods, Walmart, TJ Maxx, LA Fitness and Dollar Tree. Other tenants at the property include Sprint, Leann Chin, The UPS Store, Mother Nature’s Vitamins and Midway Tobacco & Cigar Place. Beachwood, Ohio-based RVI sold the asset.
SOUTH GATE, CALIF. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully leased at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurant & Tea House, Jersey Mike’s Subs, La Michoacana Premium, Panera Bread, Pizza Studio, Sherwin-Williams and Tacos El Gavilan. Ed Hanley of Hanley Investment Group represented both the seller, Catellus Development Corp., and the buyer, SAFCO Capital Corp., in the transaction.
CYPRESS, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Cypress Village Shopping Center, a three-building retail asset located at 9515-9575 Valley View St. in Cypress. A Southern California-based private investor acquired the property from Cypress Village Partners LLC for $14.9 million, or $910 per square foot. Situated on 2.4 acres, a variety of restaurants and retailers occupy the 16,433-square-foot property. Current tenants include Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery. Rich Walter, Pat Kent and Parker Walter of SRS Real Estate represented the seller in the transaction.
Being in tune with one’s self is always a positive thing — and San Diego seems to thrive at this. The county has such a keen sense of awareness that it even boasts a Self-Realization Center up in Encinitas. Knowing one’s identity extends beyond the spiritual world in this part of California, however. It is also a prudent retail strategy, as panelists at InterFace Conference Group’s San Diego Retail Conference, held March 19 at the Sheraton Hotel & Marina, attested. For retailers and shopping center owners, self-realization centers around your brand’s message. What’s your history? What are your core values? What story are you trying to tell, and what lifestyle are you trying to sell? These answers are important, as they will likely determine your physical location and potential success with that San Diego consumer. This, naturally, also means that retailers and shopping center owners must be just as knowledgeable about their consumer and submarkets as the consumers are about themselves. “We have to go back to the fundamentals that every property is different, every submarket is different,” said Pat Donahue, chairman and CEO of Donahue Schriber and a developer panelist. “We’re in a world where mall operators wanted to …
NEW YORK CITY —Tommy Hilfiger has closed its flagship store on Fifth Avenue in Manhattan, and the apparel retailer also plans to shutter its store on Collins Avenue in Miami on April 28. These moves mark the closing of the only two full-price Tommy Hilfiger stores in North America. According to executives, the closures will enable the company to direct resources and capital toward experimentation with new retail concepts and experiences, with an emphasis on appealing to younger customers. The four-story flagship store originally opened in 2009. Tommy Hilfiger is the latest apparel retailer to shutter a store on Fifth Avenue, following the likes of Lord & Taylor, Gap and Abercrombie & Fitch.