HOLLAND, MICH. — Martin Commercial Properties has negotiated three retail leases totaling 6,300 square feet at Holland Town Center. The tenants include Michigan Pantry, MBH Stores and Art as a Lifestyle. Robert Lotzar of Martin represented the undisclosed landlord in each of the lease transactions. The retail center, located at 12330 James St., was recently renovated.
FOREST HILLS, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Forest Hills Village, a 69,651-square-foot retail center located on the southern outskirts of Fort Worth. Anchored by a Foodland Markets grocery store, the property was 100 percent occupied at the time of sale. Jennifer Pierson of STRIVE represented the seller, a California-based investor, in the deal. A Dallas-area investor acquired the asset for an undisclosed price.
SANTA BARBARA, CALIF. — Pacific Retail Capital Partners and J.P. Morgan Asset Management have announced a $20 million renovation program for Paseo Nuevo, a 458,000-square-foot outdoor shopping destination in Santa Barbara. Slated to begin in early 2019, the first phase of redevelopment will include revamping existing portions of the center, creating districts within the property’s footprint and working closing with the Santa Barbara County Office of Arts & Culture to implement an art program. Upon completion, the community will include upgraded shopping and entertainment areas, as well as interactive community spaces featuring group games, charging stations and gathering spots. The second phase involves the repurposing of the newly appointed Ortega Building — previously home to Macy’s. The adaptive reuse project will convert the former department store into a vibrant complex supporting community and commerce.
Over the course of the last decade, we have seen a major evolution in retail real estate. Super regional malls and enclosed shopping centers, which once dominated the landscape, are being replaced by immersive, open-air centers that provide visitors with more than just a place to shop. Successful retail centers today are a destination — they provide excellent food and dining, aesthetically pleasing environments with open public space, and entertainment tenants and events that engage shoppers to stay longer, come back frequently and use the center as a hub for creating memories with friends and family. At the fifth annual Entertainment Experience Evolution conference, which took place at the Beverly Wilshire Hotel in Beverly Hills on February 12 and 13, the industry gathered together to take a closer look at the keys to success when embracing and implementing this trend at existing centers and new developments across the country. Does Entertainment Really Drive Foot Traffic? The conference opened with a keynote speech centered on an imperative question that many might be asking — does adding an entertainment element actually drive success and greater foot traffic to a center? And — more importantly — are there statistics to back this up? …
In the greater Boston area, over just the past decade, a whole new kind of neighborhood has been popping up. From Ink Block in the South End to the Seaport of Boston and Assembly Row in Somerville, it’s no secret that retail developers are evolving with the times by shifting their focus from traditional shopping malls to integrating retail into new and dynamic mixed-use developments offering housing, retail, entertainment, office space, parking and more. But no two cities are alike. Successful developers are in the business of staying ahead of the trends in how and where people want to shop, which in turn maps them back to how people want to live, work and play. A number of major players in the area, including Wilder, have deconstructed the key elements unique to Boston that converged into the making of these new greater Boston neighborhoods. Reinventing Malls Across the country, there’s a great deal of retail space that’s become available as a result of brick and mortar store closings. Most of these old centers have desirable locations, so it really comes down to a matter of them needing to be repurposed. There’s tremendous opportunity to recreate neighborhoods and bring in housing, office space and hotels …
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Alliant: Communication is a Commodity in Today’s Lending Environment
Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.
LAKE ELSINORE AND VISTA, CALIF. — Faris Lee Investments has brokered the $5.3 million sale of two quick-serve restaurants in California via two separate transactions. In the first transaction, Loan Oak Ranch acquired a newly constructed restaurant property, located in front of the recently completed Central Plaza in Lake Elsinore. The seller was HFC/PRP Elsinore LLC. The property was pre-sold, as it was still under construction at the time of sale, for $3.8 million. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, while Schuil & Associates represented the buyer. In the second deal, Northern California-based Maddvio California purchased a newly constructed quick-serve restaurant property in downtown Vista from 227 Broadway LLC for $1.5 million. DogHaus Restaurant & Brewery, a “craft-casual” gourmet hot dog chain, occupies the 3,593-square-foot property. Conover, Scott DeYoung and Hunter Steffien of Faris Lee Investments represented the seller, while Faris Lee represented the buyer in the transaction.
SALINAS, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail property, located on 0.3 acres in Salinas. BEWS Main Street LLC sold the property to Bei-Scott Co. for $2.2 million. 7-Eleven occupies the 2,251-square-foot retail building, which was built in 1987. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Shoemaker Commercial Real Estate represented the buyer in the deal.
RALEIGH, N.C. — CBRE | Raleigh has signed Petco, Ulta Beauty and Five Below to leases at Pleasant Valley Promenade in Raleigh. Petco signed a 13,600-square-foot lease, Ulta signed a 10,718-square-foot lease and Five Below signed an 8,474-square-foot lease. The new tenants are expected to open this year and will join Dick’s Sporting Goods, Ross Dress for Less, Marshalls, Bed Bath & Beyond and Fitness Connection. Pleasant Valley Promenade offers more than 362,000 square feet of retail space and is situated about seven miles northwest of downtown Raleigh. Cristi Greene and Reagan Crabtree of CBRE | Raleigh represented the landlord, Kimco Realty, in the transactions.
GERMANTOWN, TENN. — PEBB Enterprises has signed Ulta Beauty and Verizon Wireless to leases at Germantown Village Square, a retail and office complex, in Memphis. With the additions, the shopping center is now 97 percent leased, with one 4,000-square-foot space vacant. The upstairs office space is 90 percent leased, with 2,700-square-foot and 3,800-square-foot spaces available for lease. The center is located about 21 miles east of downtown Memphis.