Retail

Lincoln Harris Plans $50M Renovation, Expansion of Phillips Place in Charlotte

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Lincoln Harris will invest $50 million over the next five years to renovate and expand Phillips Place in Charlotte’s SouthPark district, according to Charlotte Business Journal. The renovation will include expanding RH’s current 8,850-square-foot location to a 41,000-square-foot gallery space. RH Charlotte, The Gallery at Phillips Place will also include a rooftop restaurant, one of seven RH locations in the world to have one. Other renovations for Phillips Place will include indoor and outdoor gathering places, reconfigured traffic and parking patterns and a pedestrian walkway that will connect Phillips Place to surrounding neighborhoods. Additionally, Lincoln Harris has taken over full ownership of Phillips Place by buying an interest from Regency Centers. According to Charlotte Business Journals, Jacksonville, Fla.-based Regency Centers bought its 50 percent stake in the property in 2013 from Peter Pappas and Pat Clayton, who were key members of the Lincoln Harris-led ownership group known as Phillips Place Partners. Current tenants at Phillips Place include The Palm, Wolfgang Puck, P.F. Chang’s, Taylor Richards & Conger, Brooks Brothers, Orvis, J. McLaughlin, Eileen Fisher and Paper Source. The property also includes a 10-screen Regal Cinemas and Hampton Inn & Suites. RH offers furniture, lighting, textiles, rugs, bathware, décor and outdoor, as …

March 15, 2019

Development Florida Retail Southeast

Sleiman Enterprises Signs Cinemark to Open 14-Screen Theater in Jacksonville

by Alex Tostado March 15, 2019

JACKSONVILLE, FLA. — Cinemark Holdings Inc. will open a 14-screen theater in summer 2020 as part of Phase II of Sleiman Enterprises’ Atlantic North shopping center. Each theater will feature electric-powered, oversized recliners with footrests and cupholders, reserved seating and wall-to-wall screens with enhanced sound systems. Belk, Earth Fare, Academy Sports + Outdoors and LA Fitness anchor Atlantic North. Phase II will also include 300,000 square feet of additional retail and restaurant space. As of Dec. 31, 2018, Cinemark operates 546 theaters in North and South America.

March 15, 2019

Retail Texas

Kroger to Launch Autonomous Delivery Service at Two Houston Stores

by Taylor Williams March 15, 2019

HOUSTON — The Kroger Co. (NYSE: KR) will launch its autonomous grocery delivery service at two of its Houston stores, serving customers in four local ZIP codes. One store is located at 10306 S. Post Oak Road on the city’s southwest side, and the other is located at 5150 Buffalo Speedway in the Greenway area. Kroger has partnered with California-based robotics company Nuro to unroll the new service, which first debuted in Scottsdale, Ariz., in August 2018.

March 15, 2019

Acquisitions Retail Texas

EDGE Realty Brokers Sale of 11,911 SF Retail Center in Houston

by Taylor Williams March 15, 2019

HOUSTON — EDGE Realty Capital Markets has brokered the sale of Citywest Retail Center, an 11,911-square-foot shopping center located at 2550 Citywest Blvd. and 10550 Westheimer Road in Houston. The property houses several national and regional tenants, including FedEx, MOD Pizza, Panera Bread and Tropical Smoothie Café. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. The buyer and sales price were not disclosed.

March 15, 2019

Leasing Activity Restaurant Retail Texas

Venture Commercial Executes Two Restaurant Leases Totaling 11,225 SF in North Texas

by Taylor Williams March 15, 2019

DENTON AND ADDISON, TEXAS — Venture Commercial has executed two restaurant leases totaling 11,225 square feet in North Texas. The Lion & Crown, an English-style pub, will occupy 9,700 square feet at 101 W. Hickory St. in Denton, and 3 Natives Juice Bar has signed a 1,525-square-foot lease at 5100 Belt Line Road in Addison. In the first transaction, Greg Blandford of Venture Commercial represented the tenant, and Alex Payne of Axis Realty Group of Denton Inc. represented the landlord. In the second deal, Tim Henson of Venture Commercial represented the tenant and Amanda Throckmorton and Easley Waggoner, also with Venture Commercial, represented the landlord.

March 15, 2019

Acquisitions California Retail Western

SITE Centers Sells 195,009 SF Shopping Center in Vista, California

by Amy Works March 15, 2019

VISTA, CALIF. — Ohio-based SITE Centers (formerly DDR) has completed the disposition of Vista Village, an entertainment-focused neighborhood shopping center in Vista. Las Vegas-based CFT Vista acquired the property for an undisclosed price. Built in 2003, the 195,009-square-foot property is occupied by Frazier Farms, Cinepolis, Wave Waterpark (not a part of the sale), Pets Plus and Crunch Fitness, among others. Jimmy Slusher, Eric Shain, Philip Voorhees and Reg Kobzi of CBRE represented the seller and buyer in the transaction.

March 15, 2019

Acquisitions California Nevada Retail Western

Treehouse REIT Acquires Retail Assets in Las Vegas, California for $33.5M

by Amy Works March 15, 2019

DESERT HOT SPRINGS, CALIF., AND LAS VEGAS — Treehouse Real Estate Investment Trust has completed the purchase of two retail properties for a combined total of $33.5 million. Terms of the sales were not released. The properties are a retail storefront development on Highland Drive in Las Vegas and a 45,000-square-foot Dutch greenhouse in Desert Hot Springs.

March 15, 2019

Illinois Midwest Retail

Meijer Launches ‘Shop & Scan’ in Chicagoland Area

by Kristin Harlow March 15, 2019

CHICAGO — Meijer continues to roll out its “shop & scan” mobile shopping checkout program, announcing 23 stores in Chicago and northwest Indiana following success in Michigan test markets. The technology is available through the Meijer mobile app. Users can scan bar codes on items as they shop. A running total of items is calculated and shoppers can scan their phones at a self-checkout lane to pay. The Meijer mobile app has been downloaded more than 1.1 million times since the pilot launch at 54 Michigan stores last year, according to Gerald Melville, regional vice president. More than 80 percent of Meijer customers have repeatedly used the app. Grand Rapids, Mich.-based Meijer will continue to roll out the program at stores throughout 2019. The grocer operates more than 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin.

March 15, 2019

Market Reports Retail Texas Texas Market Reports

Redevelopment Defined Fort Worth Retail Market in 2018

by Taylor Williams March 15, 2019

2018 was a year of redevelopment, adjustment and correction for the Fort Worth retail market. Some real estate professionals believe this activity was the result of the collective, pent-up demand among quality retailers for a store presence in Fort Worth. Some believed they that could duplicate the atmosphere created by The Domain, a 1.2 million-square-foot mixed-use destination in Austin that has achieved tremendous success. The previous three years saw more than 2.5 million square feet of new retail space delivered in Fort Worth, a figure that exceeds the combined total for the previous 10 years. For example, in September 2017 Simon Property Group, in partnership with Cassco Development Co., opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury shopping, dining, entertainment and mixed-use destination situated in the heart of Fort Worth. The Shops at Clearfork also includes office space. Other retail projects that contributed to new supply included WestBend, Waterside, Left Bank and Presidio. This new development caused a spike in vacancy to 8.7 percent by the end of the year as landlords were all looking to stabilize their assets from the same tenant pool. At the same time, retailers, restaurants, service firms and experiential companies were cautious and calculated …

March 15, 2019

Loans North Carolina Retail Southeast

Cohen Financial Arranges $11.3M Acquisition Loan for Lowes Foods-Anchored Shopping Center in Metro Raleigh

by Alex Tostado March 14, 2019

CARY, N.C. — Cohen Financial, a subsidiary of SunTrust Bank, has arranged an $11.3 million acquisition loan on behalf of a Florida-based retail investor for Wellington Park Shopping Center in Cary. The 102,487-square-foot shopping center is anchored by Lowes Foods and is situated at the intersection of Tryon Road and S.E. Cary Parkway, about nine miles southwest of downtown Raleigh. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the 10-year loan through Rialto Mortgage Finance.

March 14, 2019

Newer Posts

Older Posts