Retail

Yale Realty Acquires 47,663 SF Shopping Center in Terre Haute, Indiana

by Kristin Harlow May 17, 2017

TERRE HAUTE, IND. — Yale Realty Services Corp. has acquired the Sycamore Terrace shopping center in Terre Haute, 77 miles southwest of Indianapolis. The purchase price was not disclosed. The 47,663-square-foot retail center is located at the intersection of I-70 and U.S. 41 and is shadow-anchored by a Walmart Supercenter. Other tenants include Dollar Tree, Pet Supplies Plus, Rent A Center, Maurices, Monical’s Pizza, GameStop, GNC and Fantastic Sams. Sycamore Terrace is the company’s first acquisition in the state of Indiana as it continues to focus on acquiring shopping centers anchored by Walmart Supercenters in growing secondary and tertiary markets. Based in Westchester County, N.Y., the firm owns and operates a portfolio of high-yield retail properties in the eastern United States.

May 17, 2017

Michigan Midwest Retail

Watson’s to Open 25,000 SF Retail Store in Portage, Michigan

by Kristin Harlow May 17, 2017

PORTAGE, MICH. — Watson’s has signed a 25,000-square-foot retail lease for its first location in the Kalamazoo area. The national home living retailer will occupy the space at 6695 S. Westnedge Ave. in Portage, just south of Kalamazoo. Renovations to the former ABC Warehouse space are nearing completion, as Watson’s expects to open on May 27. The store will feature one of the largest displays of indoor and outdoor furniture, home recreation, pools and hot tubs in the area. Kara Schroer of NAI Wisinski of West Michigan brokered the lease transaction.

May 17, 2017

New Jersey Northeast Retail

M&M Brokers $4.5M Sale of Retail Property in Fort Lee, New Jersey

by Haisten Willis May 17, 2017

FORT LEE, N.J. — Marcus & Millichap has brokered the $4.5 million sale of 201 Main St., a 9,500-square-foot retail property located Fort Lee. Greg Babaian, Michael Lombardi and Steven Schiavello of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, another private investor.

May 17, 2017

New York Northeast Restaurant Retail

Eastern Consolidated Arranges Lease for Viand Cafe in NYC

by Haisten Willis May 17, 2017

NEW YORK CITY — Eastern Consolidated has arranged a lease for Viand Cafe at 517 Columbus Ave. in Manhattan. The restaurant has operated a location in the Hotel Beacon at 2130 Broadway for more than 15 years. The restaurant is taking a 1,856-square-foot space at the corner of 85th Street and Columbus Avenue previously occupied by Jackson Hole restaurant, which closed last year. Eastern Consolidated’s Ben Biberaj and Harris Bulow represented Viand Café in negotiating a 15-year lease for the retail space, which includes 70 feet of frontage and a 490-square-foot basement. Rafe Evans and Eric Fisher of Walker Malloy & Co. represented the landlord, Shared Equities LLC.

May 17, 2017

Alabama Retail Southeast

Hutton Sells 375,000 SF Open-Air Shopping Center in Mobile for $77.8M

by John Nelson May 17, 2017

MOBILE, ALA. — Hutton Co. has sold McGowin Park, an approximately 375,000-square-foot, open-air shopping center located at 3075 Government Blvd. in Mobile. Cole Credit Property Trust IV Inc. purchased the asset for $77.8 million. Completed in 2016, McGowin Park’s tenant roster includes Dick’s Sporting Goods, Field & Stream, HomeGoods, Ross Dress for Less, Hobby Lobby, Best Buy, Old Navy, Petco, Ashley Furniture HomeStore and Dollar Tree. The center is shadow-anchored by Costco and Regal Cinemas and features additional development opportunities with three outparcel pads and two restaurant pads. Richard Reid and Jim Hamilton of HFF represented Hutton Co. in the transaction. Kevin MacKenzie and Mark Sixour of HFF arranged a $42.8 million, seven-year, fixed-rate acquisition loan through a life insurance company on behalf of Cole Credit Property Trust IV.

May 17, 2017

North Carolina Retail Southeast

Kite Selects Hendrick Construction to Expand Target-Anchored Shopping Center in Metro Raleigh

by John Nelson May 17, 2017

HOLLY SPRINGS, N.C. — Kite Realty Group Trust has selected Hendrick Construction to expand Holly Springs Towne Center, a Target-anchored shopping center located at the intersection of N.C. 55 and New Hill Road in the Raleigh suburb of Holly Springs. The Charlotte-based general contractor will expand the retail center by 22,250 square feet to make way for retailers such as 02 Fitness. Existing tenants at Holly Springs Towne Center include Marshalls, Pier 1, Ulta Beauty, Dick’s Sporting Goods, Petco, Michaels, Bed Bath & Beyond, DSW and a nine-screen AMC Theatres location. Hendrick Construction expects the additional space to be ready for interior buildout this summer.

May 17, 2017

Florida Retail Southeast

SVN | South Commercial Arranges $7.6M Sale of Retail Center in South Florida

by John Nelson May 17, 2017

SINGER ISLAND, FLA. — SVN | South Commercial Real Estate Advisors has brokered the $7.6 million sale of Ocean Mall, an approximately 67,000-square-foot retail center located at 2401 N. Ocean Drive on Singer Island in South Florida’s Palm Beach County. Built in 2010, the center was 53 percent leased at the time of sale. The buyer is Boca Raton, Fla.-based Rosehill Group, a joint platform between Duncan Hillsley Capital and PEBB Capital. Mark King of SVN | South Commercial Real Estate Advisors represented the seller, New York-based Garrison Investment Group.

May 17, 2017

Market Reports New York Northeast Northeast Market Reports Retail

Retailers Take Advantage of New Opportunities in Manhattan

by Camren Skelton May 17, 2017

The news is rife with stories regarding retail bankruptcies, store closures, challenges facing conventional shopping centers, and consolidations by department and specialty stores. Although not immune to some of these challenges, the Manhattan retail environment has enjoyed much activity during the second half of 2016 and the first part of 2017. To be sure, some submarkets and certain retail corridors have seen an increase in vacancies and a corresponding fall in asking rents. However, a number of new retailers have entered the market and certain strong retail brands have right-sized or repositioned themselves in the market. One high-profile shopping center opened its doors, and there is considerable retail development underway. It’s a big story but here are some highlights. Lower Manhattan There has been considerable focus on Lower Manhattan in the past several years, and this continues. On the grand scale, the opening in August 2016 of Westfield’s World Trade Center was the culmination of years in planning, constructing and leasing this $1.4 billion development. This multi-level project contains an assortment of national and international tenants, including fast fashion and better retail stores, such as Victoria’s Secret, Sephora, H&M, John Varvatos and London Jewelers. A 60,000-square-foot Eataly is the principal …

May 17, 2017

Retail Washington Western

Goop, Nordstrom Launch Pop-Up Retail Concept

by Nellie Day May 16, 2017

SEATTLE — goop, a modern lifestyle brand founded by Gwyneth Paltrow, is partnering with Nordstrom to bring goop to Pop-In@Nordstrom in select stores across the country and online. goop-In@Nordstrom features a mix of wellness-focused products curated by the goop team, including apparel, accessories, beauty and home. Each shop is designed as an enclosed living space, with furniture and design by 1stDibs and custom Chinoiserie wallcoverings by Fromental. Pop-In@Nordstrom is the retailer’s ongoing series of themed pop-up shops at the retailer’s highest profile stores. Each shop transitions every four to six weeks to a new design. goop-In@Nordstrom is in the following Nordstrom store locations and online from May 12 to June 25: • Downtown Seattle, Seattle • Bellevue Square, Bellevue, Wash. • The Grove, Los Angeles • South Coast Plaza, Costa Mesa, Calif. Nordstrom, Inc. is a fashion specialty retailer based in the United States. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 354 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 221 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.

May 16, 2017

California Restaurant Retail Western

Cheesecake Factory CFO to Retire

by Nellie Day May 16, 2017

CALABASAS HILLS, CALIF. — The Cheesecake Factory Inc.’s executive vice president and chief financial officer, W. Douglas Benn, will retire from the company on July 7. He will be succeeded by Matthew Clark, who brings over 11 years of experience with the company, most recently serving as senior vice president, finance and strategy. In his current role, Clark has overseen the strategy, planning, treasury and risk management functions at The Cheesecake Factory. He also supported investor relations as well as corporate governance during his tenure, and most recently led the company’s minority investment in two external, high-growth restaurant brands. Earlier in his career, he held a number of finance positions of increasing responsibility at Groupe Danone, Kinko’s and The Walt Disney Company. Benn is a veteran of the restaurant industry having spent more than 25 years in management roles with restaurant companies. He joined The Cheesecake Factory as CFO in 2009 and helped grow the company to over $2 billion in annual revenues while adjusted earnings per share more than tripled. Benn also contributed to the achievement of several milestones, including the company’s international expansion. Prior to joining The Cheesecake Factory, he served as executive vice president and CFO of …

May 16, 2017

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