Retail

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

California Development Restaurant Retail Western

Regency Centers Selects Urbanspace to Operate Culver Public Market in Culver City, California

by Amy Works May 18, 2018

CULVER CITY, CALIF. — Regency Centers has selected Urbanspace to operate its Culver Public Market, a market hall located at the intersection of Washington Boulevard and Centinela Avenue in Culver City. The 26,000-square-foot hall will feature a variety of vendors, including artisans, entrepreneurs and chefs. Urbanspace connects small business owners and chefs with customers by reaching out to new communities and spaces. This is Urbanspace’s first entry into California. The company also operates Grand Central Holiday Fair and Union Square Holiday Market in New York City. Construction is slated to begin this fall with delivery in early 2020.

May 18, 2018

Development Florida Retail Southeast Top Stories

Triple Five Group’s $4B Mall, Theme Park in Miami Wins County Approval

by Kristin Harlow May 18, 2018

MIAMI — Miami-Dade County has approved the development of the American Dream Miami retail theme park. From Canadian developer Triple Five Group, the project is expected to cost $4 billion and span 6.2 million square feet. Located at the intersection of Interstate 75, Florida’s Turnpike Extension and Miami Gardens Drive, American Dream Miami will include a selection of retailers, restaurants, a performing arts center, multi-screen theater, hotel, theme park, indoor ski park, indoor waterpark, indoor skating rink, aquarium and submarine ride. The project is slated to become the largest mall in the United States and draw a large number of visitors each year. The site is located near both Miami International Airport and Ft. Lauderdale-Hollywood International Airport. “American Dream Miami will not only create jobs and attract investment to our community, but it will also contribute to the county nearly $60 million in impact fees, a transit center, new buses for Miami-Dade and Broward and $210 million for roads and interchange improvements to accommodate traffic,” says Miguel Diaz de la Portilla, attorney with Saul Ewing Arnstein & Lehr representing Triple Five on the project. Triple Five is the developer behind Minnesota’s Mall of America, Canada’s West Edmonton Mall and American …

May 18, 2018

Acquisitions Northeast Retail Rhode Island

HFF Negotiates Sale of 60,488 SF Shopping Center in Southern Rhode Island

by David Cohen May 17, 2018

RICHMOND, R.I. — HFF has negotiated the sale of 22 Kingstown Road, a 60,488-square-foot shopping center in Richmond. The property includes a Super Stop & Shop grocery store, Super Stop & Shop Fuel Center and a 5,000-square-foot Anytime Fitness. HFF represented the undisclosed seller in the transaction and procured the institutional buyer. The shopping center serves the surrounding communities of Narragansett, Block Island and Charlestown.

May 17, 2018

Development Retail Texas

HeyDay Entertainment to Open 42,500 SF Venue in Denison, Texas

by Taylor Williams May 17, 2018

DENISON, TEXAS — HeyDay Entertainment, a retail concept that offers laser tag, mini-golf, ropes courses and bowling, will open a 42,500-square-foot venue in Denison, about 75 miles north of Dallas. The new venue will anchor Gateway Village, a 94-acre mixed-use development that is part of a 700-acre master-planned community. Ryan Smith of Venture Commercial Real Estate represented the landlord and developer of Gateway Village, Covenant Development, in the lease negotiations. Bryan Cornelius and Tim Henson, also with Venture Commercial, represented HeyDay. This venue, which is scheduled to open in the fall, will be the Oklahoma-based company’s first location in Texas and third overall.

May 17, 2018

Alabama Development Leasing Activity Mixed-Use Restaurant Retail Southeast

RCP Signs Three Restaurant Concepts to Join $350M MidCity Project in Huntsville

by Camren Skelton May 17, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed three restaurant concepts to join the tenant lineup at MidCity, a $350 million mixed-use development under construction in Huntsville. Two celebrity-driven dining concepts — Wahlburgers and Rascal Flatts — will open first-to-market locations at the project. Wahlburgers, owned by reality TV and movie star brothers Mark, Donnie and chef Paul Wahlberg, will open a 4,000-square-foot location at the development. The location will be Wahlburgers’ second in Alabama. Construction on the restaurant is expected to begin this year, with a scheduled opening in 2019. Rascal Flatts — named for and endorsed by the country music band of the same name — will open a 7,500-square-foot restaurant that will feature a Southern-inspired menu, live entertainment, sound stage, a bar and retail space. Currently und er design, Rascal Flatts will be located across the bridge from Topgolf. Upon opening in 2019, the location will mark the restaurant’s first in the Southeast. In addition, Alchemy Lounge, a coffee house that offers an assortment of coffee, craft beer and other beverages and treats, will open at The Camp, MidCity’s music and arts outdoor entertainment venue. Currently under construction, the venue is scheduled to open in June. The new …

May 17, 2018

Kentucky Leasing Activity Retail Southeast

CBL Properties Inks Lease with Entertainment Retailer to Backfill Former Macy’s in Louisville Mall

by Camren Skelton May 17, 2018

LOUISVILLE, KY. — CBL Properties has signed a lease with Round1 Bowling & Amusement at Jefferson Mall, a 904,967-square-foot regional mall in Louisville. The announcement is part of the first phase of the property’s redevelopment plans. The new-to-market entertainment concept will backfill the space formerly occupied by Macy’s. Construction on the new space is currently underway. Round1 offers bowling, an arcade, karaoke, billiards, food and beverages. As of May 2018, the Japanese-based company had 21 locations in the United States. The new location at Jefferson Mall will be the retailer’s first in Kentucky. Chattanooga, Tenn.-based CBL Properties is also in the planning stages for the redevelopment of the Sears building at Jefferson Mall, which will include a mix of dining, entertainment and retail.

May 17, 2018

Acquisitions Arizona Retail Western

SVN Desert Commercial Arranges $5.2M Sale of Shopping Center in Phoenix

by Amy Works May 17, 2018

PHOENIX — SVN Desert Commercial Advisors has brokered the sale of Mountain View Plaza, a neighborhood shopping center located at 9812-9832 N. Seventh St. in Phoenix. Local restaurateurs Robert Brescia and Dino Brescia sold the property to Hawaii-based Rajan Watumull of Watumull Enterprises for $5.2 million. Situated on 2.7 acres, the property features 26,000 square feet of retail space. Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors represented the seller, while Brian Kocour of Kocour Cos. represented the buyer in the deal.

May 17, 2018

Acquisitions California Retail Western

Commercial Asset Group Negotiates Sale of 4,200 SF Retail Building in Los Angeles

by Amy Works May 17, 2018

LOS ANGELES — Commercial Asset Group has brokered the sale of a retail building located at 5520 San Vicente Blvd. in Los Angeles. A Burbank-based family partnership acquired the property from Wilshire Vista of Hollywood for $4.2 million. Built in the 1930s, the 4,200-square-foot, single-tenant property was renovated in 2014. Yummy.com Neighborhood Market, a chain of grocery stores with a large online/delivery presence, occupies the freestanding building. David Aschkensay of Commercial Asset Group represented the buyer and seller in the transaction.

May 17, 2018

Market Reports Michigan Midwest Midwest Market Reports Retail

In Detroit, the Retail Market Continues Upward Trajectory on Several Fronts

by Kristin Harlow May 17, 2018

Detroit’s economy is reinventing itself and slowly gaining its footing after the Great Recession and the city’s bankruptcy. Low interest rates supported record auto sales in 2016 and another strong showing last year, adding some stability to the metro area’s bellwether industry. A rejuvenated downtown and new, growing industries are invigorating the retail market. The story of retail in Detroit closely follows the overall narrative of the market — out with the old and in with the new. Because of this, well-known national retailers such as John Varvatos and Lululemon have made their way into downtown, while international retailer Zara established a presence in Troy, reiterating the market’s strengthened retail sector. Job growth is closely aligned with retail sales, and payrolls in the Motor City have been expanding, on and off, since mid-2009. At times, the snail’s pace of growth has proven frustrating for a market that bore an above- average burden due to population declines and the auto industry’s collapse. The outlook is positive, however, and total nonfarm payroll employment in metro Detroit eclipsed the 2 million mark last year for the first time since 2006. Manufacturing and professional and business services have provided the foundation for the local …

May 17, 2018

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