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.
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 …
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 …
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.
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.
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.
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 …
ST. PETERS, MO. — Knoebel Construction has completed a new $5 million Fresh Thyme grocery store in St. Peters, a suburb of St. Louis. The 28,720-square-foot store features an extensive bulk food section with more than 400 bins of items. Approximately 25 percent of the store’s floor space is dedicated to fresh produce. Approximately 95 people will work at the new store. Fresh Thyme, a Midwest-based specialty retailer, operates other St. Louis-area stores in Kirkwood, Ballwin, South St. Louis and O’Fallon, as well as Fairview Heights, Ill. InSite Real Estate was the developer. NORR was the project architect.
SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Westlake Village, a shopping center located at 3501-3511 Del Paso Road in Sacramento. The sale also included 4.3 acres of developable land. Donahue Schriber Realty Group sold the 31,980-square-foot property to a San Francisco-based family trust for an undisclosed price. Built in 2007, the center was 92 percent occupied at the time of sale. Tenants include Walgreens, Allstate Insurance, AIM Mail Center, Chase Bank, Creative Nail Spa, Donahue Schriber, Subway and Westlake Hair Studio. Bill Asher and Ed Hanley of Hanley Investment, in conjunction with Ten-X, represented the seller, while Eric Vu, also of Hanley, represented the buyer in the deal.
CARROLLTON, TEXAS — Idaho-based discount grocer WinCo Foods will open an 82,077-square-foot grocery store within Trinity Valley Shopping Center in Carrollton on March 29. The store will occupy an anchor space that was previously leased to Target and was redeveloped following that store’s closing in 2015. For WinCo Foods, an employee-owned grocer, the Trinity Valley location will be its 120th overall.