Retail

Neenan Co. Begins Construction of Mixed-Use Retail Center in Timnath, Colorado

by Amy Works March 22, 2018

TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.

March 22, 2018

Acquisitions Iowa Midwest Retail

R.H. Johnson Co. Purchases 282,708 SF Shopping Center in Sioux City, Iowa

by Kristin Harlow March 22, 2018

SIOUX CITY, IOWA — The R.H. Johnson Company has purchased Lakeport Commons in Sioux City for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp.

March 22, 2018

Acquisitions California Retail Western

JLL Capital Markets Brokers Sales of Two Retail Properties in Southern California

by Amy Works March 22, 2018

LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.

March 22, 2018

Illinois Leasing Activity Midwest Retail

Premier Veterinary Group to Open 10,000 SF Animal Hospital in Orland Park, Illinois

by Kristin Harlow March 22, 2018

ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.

March 22, 2018

Development Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Feldman Equities, Two Roads Development to Build 50-Story Mixed-Use Tower in Downtown Tampa

by Katie Sloan March 22, 2018

TAMPA, FLA. — A partnership between Feldman Equities and Two Roads Development has announced plans for Riverwalk Place, a 50-story, mixed-use development located on Ashley Drive in downtown Tampa. The building will be the tallest on the west coast of Florida, according to the development team. The property will include 10 floors of office space and 33 floors housing more than 200 luxury condominiums accessed by private elevators. The property will also feature an integrated parking structure connected by plaza with up to five waterfront restaurants and retail tenants. The development may also feature an adjacent marina for use by residents. An existing building on the property has been vacated, and will be demolished soon in preparation for construction. A timeline for the development was not disclosed, and a rendering has not yet been released. Both parties of the joint venture have invested significant capital into the project, which is currently in the pre-construction phase. The next phase of development will include taking reservations and deposits, followed by going to market for construction funding. Reid Boren, managing partner of Two Roads Development, has noted that several banks are willing to provide financing prior to reservations being taken, but the developer prefers …

March 22, 2018

Market Reports Midwest Midwest Market Reports Minnesota Retail

From Pop-Up Shops to Escape Rooms, Minneapolis Embraces Experiential Retail

by Kristin Harlow March 22, 2018

The retail sector in metro Minneapolis continues to adapt to changing consumer preferences, fast-moving economic opportunities and new state laws. Over the course of 2017, the retail real estate market showed positive growth in every category. Absorption of 1.4 million square feet surpassed the 1.3 million square feet of deliveries, according to CoStar Group. The rising cost of construction, low vacancy rate (3.1 percent) and increasing rental rates are creating new barriers to entry for retail businesses. The aforementioned factors, along with a newfound confidence in the rising economy, are causing landlords of all magnitude to become more selective with the quality of tenants they accept. Landlords will continue to become more reserved with regard to the tenant allowances they provide for new tenants. We have seen retail giants such as Walmart and Target add new services that emphasize both value and convenience and bring shoppers back for quick fill-in trips. Minneapolis-based Target Corp. announced the public rollout of its Target Restock program, a next-day delivery service for household essentials that is designed to compete with Amazon’s Prime Pantry. After being beta-tested by its employees, the program is currently only available in about nine markets, but plans are to slowly …

March 22, 2018

Development Retail Texas

Xscape Theatres to Open 12-Screen Venue in Metro Houston

by Taylor Williams March 21, 2018

KATY, TEXAS — Indiana-based Xscape Theatres will open a 12-screen, 52,000-square-foot venue within The Crossing at Katy Fulshear, a Walmart-anchored retail center being developed in the western Houston suburb of Katy. The theater, which is slated to open in October, will feature seating for 1,530 guests and more than 500 parking spaces. Rob Banzhaf of Newcor Commercial Real Estate represented Xscape in its acquisition of a 7.2-acre tract. Erin Dyer and Liz Jacob internally represented the developer, Lovett Commercial.

March 21, 2018

Leasing Activity Restaurant Retail Texas

Three Food and Beverage Concepts to Open at Grandscape in Metro Dallas

by Taylor Williams March 21, 2018

THE COLONY, TEXAS — Three food-and-beverage-based concepts have been added to the tenant roster at Grandscape, the 433-acre mixed-use project in the northern Dallas metro of The Colony that is being developed by Nebraska Furniture Mart. Akira Back Steak, a concept that merges Korean barbecue with the atmosphere of an American steakhouse, will open a 4,000-square-foot restaurant during the first quarter of 2019. Cigars International will open a 6,400-square-foot bar, cigar lounge and retail store during the fourth quarter. Walk-On’s Bistreaux & Bar, a Cajun food concept, will open an 8,500-square-foot restaurant with a patio and beer garden during the second quarter of 2019.

March 21, 2018

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $3.5M Sale of CVS/Pharmacy-Leased Building in Metro Atlanta

by Camren Skelton March 21, 2018

MARIETTA, GA. — Marcus & Millichap has brokered the $3.5 million sale of an 11,370-square-foot property leased to CVS/pharmacy in Marietta. The property is located at 3051 Sandy Plains Road, roughly 26 miles north of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn retail group arranged the sale on behalf of both the buyer, Agree Realty Corp., and the seller, Branch Properties. CVS/pharmacy had 11 years remaining on its lease at the time of sale.

March 21, 2018

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Trammell Crow-Led Group to Build $500M Mixed-Use Project in Bay Area

by Amy Works March 21, 2018

ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres: Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community. Block 6 – Trumark Homes will develop 123 townhomes. Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with …

March 21, 2018

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