Tuesday, May 6, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Retail

5035-Coliseum-Plaza-LA-CA
CaliforniaDevelopmentMixed-UseMultifamilyRetailWestern

Thrive Living Breaks Ground on Costco-Anchored Mixed-Use Project in South Los Angeles

by Amy Works

LOS ANGELES — Thrive Living, along with Los Angeles city and community leaders, has broken ground on 5035 Coliseum Plaza, a mixed-use project in South Los Angeles. The community will feature a Costco Wholesale anchoring the street-level retail space and 800 units of rental housing above. The project is the first mixed-use development in the nation to have Costco as the anchor retail tenant. A total of 184 apartments, or 23 percent of the total units, will be dedicated to low-income households, and the balance of the units will be non-subsidized affordable and workforce housing. The site is designed to support families, seniors and other residents to move laterally from within the community. Community amenities will include an advanced full-service fitness center, high-tech shared workspaces for residents, study space for students, community rooms connected to landscaped courtyards and a rooftop pool. Construction of the 5035 Coliseum project will support thousands of jobs and is expected to take approximately 30 months from the start date. Additionally, the Costco location will creation an estimated up to 400 jobs once fully operational.

Continue Reading
FacebookTwitterLinkedinEmail
Market ReportsMidwestMidwest Market ReportsMissouriRetail

Record-Low Vacancy, Rent Growth Define St. Louis Retail Market

by Kristin Harlow

By Grant Mechlin, Sansone Group The St. Louis retail market showed impressive resilience in the second quarter of 2024, thanks to strong consumer spending and growing demand across various sectors. Despite challenges such as higher borrowing costs and persistent inflation, the market tightened considerably, with availability dropping to a record low 4.8 percent and well below the five-year average, according to CoStar. This strong absorption has persisted for nine consecutive quarters, highlighting the market’s ongoing strength. A major factor behind this is the limited new supply — only 770,000 square feet of retail space was added in the past year, with nearly all of it quickly absorbed, according to CoStar.  This scarcity has fueled development, especially in areas like quick-service restaurants, banks and discount retailers, as tenants are forced to explore new construction as the only viable option to combat a lack of supply in the market. Meanwhile, the overall prices of goods and services in the St. Louis area saw a 3.4 percent rise over the past year, according to the Consumer Price Index.  While food costs came down slightly, there was a 5.4 percent increase in energy costs and 4.3 percent for all other consumer expenditures.   Despite …

Continue Reading
FacebookTwitterLinkedinEmail
5400-S-Redwood-Rd-Taylorsville-UT
AcquisitionsRetailUtahWestern

Continental Realty Corp. Acquires 630,000 SF Crossroads of Taylorsville Retail Center Near Salt Lake City

by Amy Works

TAYLORSVILLE, UTAH — Continental Realty Corp. (CRC) has entered the Utah market with the purchase of The Crossroads of Taylorsville, a shopping center in Taylorsville, for an undisclosed price. The asset was purchased with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which approximately $323 million has been raised. Totaling nearly 630,000 square feet, The Crossroads at Taylorsville is located at 5400 S. Redwood Road, 12 miles south of Salt Lake City. The property consists of 10 buildings and seven separate outparcels or multi-tenant strip buildings, all of which is surrounded by a free surface parking lot that can accommodate nearly 3,900 vehicles. At the time of sale, the property was 94 percent leased. Current tenants include Target, T.J.Maxx, HomeGoods, Ross Dress for Less, EOS Fitness, Regal Cinema, PetSmart, Dollar Tree, Guitar Center, King Buffet, Lifetime Products, Mr. Mac, Rockler Woodworking and Sierra Trading Post. Mark Damiani of Eastdil Secured represented the seller, TriGate Capital, in the deal. With this transaction, Baltimore-based CRC has now acquired more than $700 million in retail real estate since the beginning of 2021.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityRestaurantRetailTexas

Mountain Mike’s Signs Three Franchise Deals to Open 11 Pizza Restaurants in Texas

by Taylor Williams

NEWPORT BEACH, CALIF. — California-based pizza chain Mountain Mike’s has signed three multi-unit franchise agreements to open 11 new restaurants in Texas. The deals call for five restaurants in Austin, three restaurants in metro Houston and three restaurants in the Dallas-Fort Worth (DFW) metroplex. Franchisees Rajeev Dewan, Ajay and Karina Gorde and Tim Fogarty will own and operate the units in Austin, metro Houston and DFW, respectively. Mountain Mike’s current portfolio includes four existing restaurants in the DFW area and one in greater Houston.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRetail

JLL Brokers Sale of 47,997 SF Tesla Sales, Service Center in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of a flagship Tesla sales, service and delivery center in the Chicago suburb of Northbrook for an undisclosed price. The newly developed build-to-suit for Tesla is located at 1000 Skokie Blvd. The 47,997-square-foot property is Tesla’s only custom build-to-suit sales, service and delivery center in Chicagoland. Designed to support several retail showrooms throughout Chicago’s northern suburbs, the Northbrook facility provides new vehicle delivery, vehicle preparation and maintenance services. The building also features a showroom and ancillary office spaces. Alex Sharrin and Josh Katlin of JLL represented the seller, a joint venture between Focus and Fort Union. Kingsbarn Realty Capital was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestOhioRetail

Marcus & Millichap Arranges $4.2M Sale of Charles Schwab-Occupied Property in Westlake, Ohio

by Kristin Harlow

WESTLAKE, OHIO — Marcus & Millichap has arranged the $4.2 million sale of a 7,187-square-foot property net leased to Charles Schwab in Westlake, about 12 miles west of downtown Cleveland. Built in 2020, the asset is located across from the Crocker Park retail center. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Cleveland-based family office. A California-based 1031 exchange investor was the buyer. Michael Glass, broker of record in Ohio, assisted in closing the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
10935-Colorado-Blvd-Firestone-CO
AcquisitionsColoradoRetailWestern

SRS Negotiates $5.4M Sale of Learning Experience Retail Property in Firestone, Colorado

by Amy Works

FIRESTONE, COLO. — SRS Real Estate Partners has negotiated the sale of a retail building located at 10935 Colorado Blvd. in Firestone. An East Coast-based developer sold the asset to a local private investor for $5.4 million. The Learning Experience occupies the 10,000-square-foot building, which was built in 2023, under a new 15-year lease. Ryan Tomkins of SRS Capital Markets represented the seller in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
DFW-Retail-Panel
Conference CoverageMarket ReportsRetailTexasTexas Market Reports

InterFace Panel: Unanchored Strip Centers Make Good Opportunities for Retail Developers in Today’s Market

by Taylor Williams

By Taylor Williams DALLAS — It’s an exceptionally challenging time to be developing retail space in the metroplex. Pick your poison: Interest rates that have tripled in two years, restricted proceeds from lenders, longer entitlement and permitting times, limited land for new projects. Between all these barriers to growth, the deck is seemingly stacked against brick-and-mortar retail developers these days, despite the fact that in Dallas-Fort Worth (DFW), occupancy is very high and population growth shows little sign of slowing. Of course, each of those factors is exacerbated with large-scale developments. More land and rentable square footage require the raising of more debt and equity, which translates to heftier interest and dividend payments, respectively. If the site is an assemblage, then predevelopment is more time-consuming, and with the push outward to new suburban paths of growth, those sites may not already be zoned for retail. If rents aren’t trending upward, those factors alone can kill a project in its infancy. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. For all these reasons, some owner-operators see opportunity in building smaller …

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityRestaurantRetailTexas

Duro Hospitality to Open 7,500 SF Restaurant in North Dallas

by Taylor Williams

DALLAS — Duro Hospitality, the group behind brands such as The Charles, Mister Charles, Café Duro, Casa Duro and El Carlos Elegante, will open a new, 7,500-square-foot restaurant in the Preston Center area of North Dallas. The name and concept behind the restaurant were not disclosed, but the space is located on the ground floor of 8111 Douglas, a 225,000-square-foot office building owned by Lincoln Property Co. The restaurant opening is slated for late 2025.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentGeorgiaLeasing ActivityOfficeRetailSoutheast

The Athlete’s Foot Opens Corporate Headquarters, Flagship Store in Midtown Atlanta

by John Nelson

ATLANTA — The Athlete’s Foot, a shoe and sports apparel retailer with 400 stores in 24 countries, has opened its corporate headquarters and flagship store in Midtown Atlanta. The retailer’s new home at 931 Monroe Drive also includes a community center component that will serve as “cultural hub” for community engagement. The Athlete’s Foot’s new headquarters and flagship store is situated along the Atlanta BeltLine adjacent to Piedmont Park. Project partners included prominently Black-owned companies, including T. Dallas Smith & Co. (real estate advisor), J.M. Lee Construction Co. (general contractor) and Aysha Pennerman (mural artist).

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts