Retail

Outlets of Des Moines brings some of the best brand names in retail to the Des Moines metropolitan area, one of the strongest economies in the country. Retailers include such favorites as American Eagle, Asics, Bath & Body Works, Brooks Brothers, Converse, Express Factory Outlet, francesca’s, Le Creuset, Levi’s, LOFT Outlet, Lucky Brand Jeans, Michael Kors, Nike Factory Store, Skechers, Tommy Hilfiger, Vera Bradley and Under Armour. Since Outlets of Des Moines opened in October 2017, hundreds of thousands of local and regional residents have visited the Des Moines region’s newest shopping destination. Located at an established area for entertainment and shopping, the site is easily accessible to the residential trade area of nearly 1 million. With no major outlet center located within 80 miles, the 300,000-square-foot property fills a void in this populous market. New England Development’s newest shopping destination, Outlets of Des Moines has an unparalleled location in this major metropolitan market. Some features include: • Six miles from downtown Des Moines, the capital of Iowa and the most populous city in the state • At the intersection of I-80 and US-65 in Altoona, an established destination for entertainment and shopping • Located at the same exit as …

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Retail Insight recently sat down with Hernan Martinez, CEO of Cuestamoras Urbanismo, to discuss the changing landscape of shopping centers as they become more of a community center for the cities they service. Martinez has firsthand experience with this as he and his company develop Oxigeno, a mixed-use project in Costa Rica that offers four unique zones that incorporate entertainment, shopping, dining, green areas, and the local Heredia neighborhood. Do you think today’s convenience-driven, instant-gratification world is one reason we seem to be seeing an uptick in mixed-use projects?  The uptick of mixed-use projects is the result of several important urban and consumer trends. The resurgence of mixed-use, town and city centers derives, in big part, from the recognition of the negative impacts of urban sprawl. It is now generally recognized that development of car-centric, low-density, single-use urban areas has detrimental economic, environmental and social consequences. These can include higher infrastructure costs, the loss of natural land to accommodate a limited number of people and the disruption of neighborhoods’ social fabric. Cuestamoras Urbanismo is committed to the development of open (non-gated), dynamic urban communities and projects. We strongly believe that mixed-use projects play an important part in the creation of …

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LEWISVILLE, TEXAS — A partnership between New Jersey-based investment firm Lamar Cos. and Real Capital Solutions has acquired Shops at Vista Ridge and Vista Ridge Plaza, two adjacent retail centers totaling approximately 292,000 square feet in Lewisville, a northern suburb of Dallas. Retailers at the properties, which the new ownership sees as value-add investments, include Bed, Bath & Beyond, DSW, Burke’s Outlet and Pier 1 Imports. Disney Investment Group brokered the sales of the properties.

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GLENDORA, CALIF. — Champion Real Estate Co. has completed the disposition of Grand & Alosta, a grocery-anchored retail center located in Glendora, to 655 South Grand Avenue Owner LLC for an undisclosed price. Champion Glendora, an affiliate of Champion, acquired the vacant 85,615-square-foot building in 2016 and redeveloped it into a smaller, 70,811-square-foot, multi-tenant shopping center. Sprouts Farmers Market and Marshalls anchor the fully occupied property. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF represented the seller, while the buyer represented itself in the transaction.

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CHANDLER, ARIZ. — JLL has arranged the sale of Ocotillo Plaza, a retail building located at 2880 S. Alma School Road in Chandler’s Ocotillo area. Thompson Thrift Retail Group sold the property to Southern California-based Slater Avenue II for $11.2 million. The 121,829-square-foot building was renovated from a former Target store into a multi-tenant retail property. Current tenants include Goodwill, Shoppers Supply, and a home and outdoor supply retailer. Peter Bauman, Tivon Moffitt, Dennis Desmond and Tyson Switzenberg of JLL’s Phoenix office represented the seller, while Nina Patel represented the buyer in the deal.

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BEDFORD, TEXAS — Lucky Penny Cycles, a seller of pre-owned motorcycles, will open five new dealerships in Texas by 2019, including locations in Dallas-Fort Worth, Houston, Austin and San Antonio. The company’s first store, which opened in the Fort Worth suburb of Bedford in 2016, features an 18,000-square-foot showroom and offers brands including Harley-Davidson, Honda, Suzuki and Yamaha. The store also sells clothing and other biker-themed merchandise.

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JACKSONVILLE, FLA. — Triforce Development is set to break ground on Tinseltown Plaza, a 14,000-square-foot shopping center located in Jacksonville. The development is an outparcel property at the Tinseltown Movie Theatre complex. Franklin Street’s North Florida office has secured three tenants for the center, including Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Each of the new retailers will occupy 2,000 square feet. Construction is scheduled to begin this fall, with completion expected in early 2019.

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ST. PETERS, MO. — GBT Realty Corp. has unveiled new tenants at the Shoppes of Mid Rivers in the suburban St. Louis community of St. Peters. Outback Steakhouse is currently under construction and a Blaze Fast Fire’d Pizza is slated to join the tenant lineup. Other new leases include Nail Lounge, SSM Physical Therapy and Uptown Cheapskate. These tenants are expected to open later this year. Current tenants at the 270,000-square-foot retail center include Academy Sports + Outdoor, HomeGoods, Ross Dress for Less, Marshalls and Ulta Beauty. The property is currently 92 percent leased.

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KEARNEY, MO. — A Dairy Queen Grill & Chill franchisee has purchased 33,685 square feet of land for $775,000 to build a new ground-up Dairy Queen in Kearney, about 25 miles north of Kansas City. The property is located on the southeast corner of I-35 and Highway 92. The Dairy Queen is slated to open in September. Tony DeTommaso of Block & Co. Inc. Realtors represented the buyer. The seller was not disclosed.

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WEXFORD, PA. — HFF has arranged the $13.8 million sale of a 53,000-square-foot, single-tenant retail property in Wexford, approximately 17 miles north of Pittsburgh. Marc Mandel, Steve Schrenk, Coler Yoakam, Mark West and Michael George of HFF represented the seller, a REIT, in the transaction. A private East Coast buyer purchased the asset. Additionally, HFF secured an $8.5 million, 20-year, fixed-rate loan with Protective Life Insurance Company for the buyer. Levin Furniture occupies the building under a triple net lease that expires in 20 years.

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