WHEATON, ILL. — Hyper Kidz has signed a 26,941-square-foot retail lease at Main Street Plaza in the Chicago suburb of Wheaton. Brad Belden and Chris Irwin of Colliers represented the landlord, RMS Properties Inc. Brendan Watt of Great Street Realty represented Hyper Kidz, which offers an indoor playground, attractions and play zones. The lease brings the 116,759-square-foot property to 75 percent occupancy. Jewel-Osco is the anchor tenant.
Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …
MIAMI — Target has opened a new 50,000-square-foot store at Sawyer’s Walk, a 1.5 million-square-foot mixed-use development underway in Miami’s Overtown neighborhood. SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, is the master developer. Construction on the 3.4-acre development began in summer 2021. The project includes a 578-unit apartment community that is predominantly reserved for low-income seniors; 130,000 square feet of offices anchored by MSC Group that will serve as the North American headquarters for MSC Cruises; and 175,000 square feet of retail space. In addition to Target, Sawyer’s Walk will soon be home to Burlington (38,000 square feet), Aldi (25,000 square feet), Five Below (10,000 square feet) and Ross Dress for Less (26,000 square feet). The property also features a 25,000-square-foot public plaza and parking for 1,000 vehicles.
SAN ANTONIO — Dallas-based EōS Fitness has signed a 42,500-square-foot retail lease in San Antonio for its first Central Texas location. The space is located within The Shops at Redland Road in the city’s Stone Oak neighborhood, and the new facility will consist of 40,000 square feet of indoor space and 2,500 square feet of contiguous outdoor space. The opening is scheduled for 2026.
CHESTERFIELD TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sale of Waterside Marketplace, a 276,244-square-foot shopping center in the northeast Detroit suburb of Chesterfield Township. The sales price was undisclosed. The property, located at the interchange of I-94 and 23 Mile Road, is 93 percent leased to tenants such as TJ Maxx, Sierra, Burlington, Best Buy, Ulta, DSW and Old Navy. Ben Wineman, Emily Gadomski and Daniel Stern of Mid-America represented the seller, New Orleans-based PMAT Real Estate Investments. Alpharetta, Ga.-based Octave Holdings and Investments was the buyer.
DEER PARK, ILL. — Ancho & Agave and Bluemercury are slated to open next week at Deer Park Town Center in the Chicago suburb of Deer Park. Ancho & Agave is a Mexican restaurant that is opening its second Illinois location. The restaurant totals 8,500 square feet. Luxury beauty retailer Bluemercury occupies 2,543 square feet. Deer Park Town Center also welcomed Victoria’s Secret, The Shade Store, Aerie and Clean Juice to the shopping center earlier this year. Managed by JLL, the outdoor lifestyle center is home to more than 60 retail, restaurant and service brands.
FENTON, MICH. — Einstein Dog Training has leased 2,000 square feet at Fenton Town Center in Fenton, about 58 miles northwest of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group. There are still a few vacancies left at the shopping center, which is located at the intersection of North Leroy Street and Dauner Road.
NEW YORK CITY — Primark will open a 78,760-square-foot store within the PENN District in Midtown Manhattan, its first in the borough. The apparel and accessories retailer will backfill a space at 150 W. 34th St. that was formerly occupied by Old Navy. Vornado Realty Trust (NYSE: VNO) owns the building, which according to LoopNet Inc. was originally constructed in 1900 and renovated in 1998. A tentative opening date was not announced.
DALLAS — Goldman Sachs has provided a $227 million loan for the refinancing of The Union, a 505,994-square-foot office and retail property in Uptown Dallas. The Union’s 21-story office building was completed in 2018 and offers amenities such as a fitness center, tenant lounge and conference facility. Tenants include Salesforce, Invesco, Akin Gump and Weaver. A Tom Thumb grocery store anchors the property’s retail component, which is also home to restaurants The Henry and North Italia. Jim Curtin, Greg Napper and Rex Cruz of JLL arranged the loan on behalf of the borrower, a joint venture between KB Asset Management and RED Development. The Union also houses a 309-unit apartment community.
WASHINGTON, D.C. — The National Geographic Society has announced plans to open a 100,000-square-foot public attraction at its campus, which currently occupies a city block in downtown Washington, D.C. Dubbed the National Geographic Museum of Exploration, the attraction is scheduled to open in 2026. Upon completion, the venue will feature curated exhibitions, immersive and educational experiences, a 400-seat theater, restaurant and a retail store. The project team will include JLL, HITT Contracting and architect Hickok Cole. Design for the public attraction will feature a focus on accessibility, with instructional text in Braille, tactile and sensory maps, American Sign Language (ASL) interpretations of media, all-gender restrooms, wellness rooms and exhibition text in both English and Spanish. “The Museum of Exploration marks a historic chapter in the Society’s mission to advance exploration, science, education and storytelling,” says Jill Tiefenthaler, CEO of the National Geographic Society.
