Retail

WinnDevelopment, GDD Properties Break Ground on $200M Redevelopment of The Sibley Building in Rochester

by Katie Sloan June 14, 2016

ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …

June 14, 2016

Features Multifamily Office Retail Top Stories

Walkability On the Rise in America’s Major Cities, Study Finds

by Haisten Willis June 14, 2016

A new report from George Washington University finds that metropolitan areas in the United States are shifting toward developing more walkable areas, reversing a trend that dates back more than half a century. Christopher Leinberger and Michael Rodriguez of The George Washington University School of Business wrote the report, titled “Foot Traffic Ahead, Ranking Walkable Urbanism in America’s Largest Metros.” “The end of sprawl is in sight,” the authors write. “The nation’s largest metropolitan areas are focusing on building walkable urban development.” For what may be the first time in 60 years, the report finds that walkable urban places (WalkUPs) in all 30 of the largest metros are gaining market share over their drivable suburban competition, which is often accessible only by car. This has been coupled in recent years by substantially higher rental premiums in the office and retail sectors. The 30 metro areas measured include 46 percent of the nation’s population (145 million of 314 million) and 54 percent of the national GDP. They were measured based on the current percentage of occupied walkable urban office, retail and multifamily rental square feet in their WalkUPs. The top walkable metro areas are as follows: The study found that walkable …

June 14, 2016

Restaurant Retail Texas

Developers Sell Phase II of Willow Bend Commons in Plano

by Haisten Willis June 13, 2016

PLANO, TEXAS — A partnership controlled by Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC has sold Phase II of Willow Bend Commons. The retail property is located at 1885 Dallas Parkway in Plano, and was sold to an undisclosed buyer. The newly constructed, 6,000-square-foot building is leased to Verts Mediterranean Restaurant and Ideal Dental. The partners purchased a 5.2-acre site from Costco two years ago for the development. Phase I was a 14,000-square-foot retail center that was 100 percent leased upon completion, and subsequently sold in 2015. Phase I tenants include Torchy’s Tacos, Shell Shack, Jersey Mike’s Subs, LA Bikini, Wok Box and Salada. In addition to the retail center, one pad site was sold to Randolph-Brooks Federal Credit Union, whose facility also opened in 2015.

June 13, 2016

Retail Texas

M&M Arranges Sale of 8,500 SF Net Leased Retail Property in McAllen

by Haisten Willis June 13, 2016

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of an 8,500-square-foot retail building net leased to Mattress Firm in McAllen. Vincent Knipp of the firm’s Dallas office procured the private buyer, which utilized a 1031 tax-deferred exchange. Mattress Firm is situated on 1.3 acres at 1304 E. Expressway 83 northeast of Jackson Avenue.

June 13, 2016

New York Northeast Office Retail

Marcus & Millichap Arranges $6M 1031 Exchange in Brooklyn

by Amy Works June 13, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of net-leased property located at 310 E. Houston St. in Brooklyn as part of a 1031 exchange. An undisclosed New York-based purchaser acquired the 4,753-square-foot property, which is 15-year absolute net-leased to Manhattan AltSchool, for $6 million. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller, a developer. Barbara Dansker and Matt Fotis, also of Marcus & Millichap arranged the sale of property that was relinquished by the buyer.

June 13, 2016

California Retail Western

National Geographic, iP2 Entertainment to Develop Family Entertainment Centers Worldwide

by Nellie Day June 13, 2016

NORTH HOLLYWOOD, CALIF. — North Hollywood-based iP2 Entertainment has partnered with National Geographic Partners LLC, a joint venture between National Geographic Society and 21st Century Fox, to develop a series of indoor, interactive exploration centers worldwide. Each National Geographic-branded family entertainment center will offer themed attractions, interactive demonstrations and hands-on workshops. Content will be geared toward families with school-aged children, ages five to 12-years-old. The partnership has teamed with K11 to develop its first location in Shenyang, China. The branded center will occupy 4,013 square meters in the Shenyang K11 Art Mall. The location is set to open in summer 2017. A portion of the proceeds from the entertainment centers will support the National Geographic Society’s work in conservation, exploration, research and education.

June 13, 2016

Nevada Retail Western

Cushman & Wakefield Arranges Sale of Four Grocery-Anchored Centers in Metro Las Vegas

by Nellie Day June 13, 2016

HENDERSON AND NORTH LAS VEGAS, NEV. — Cushman & Wakefield has arranged the sale of four grocery-anchored shopping centers located in Henderson and North Las Vegas. The properties, totaling 336,096 square feet, were sold in four transactions to individual buyers. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Donahue Schriber Realty Group, in all four transactions. Assets include Smith’s Food and Drug Store-anchored Pebble Marketplace, Paseo Verde Plaza, Eldorado Plaza and Trader Joe’s-anchored Green Valley Plaza. The centers are home to tenants including Chase Bank, Jack in the Box, Starbucks Coffee, Dollar Tree and Big 5 Sporting Goods.

June 13, 2016

Loans Louisiana Retail Southeast

Wells Fargo Provides $73M Loan for Fremaux Town Center in Louisiana

by John Nelson June 13, 2016

SLIDELL, LA. — Wells Fargo has provided a $73 million, 10-year loan for Fremaux Town Center, a roughly 635,000-square-foot open-air retail shopping center located at the southwest corner of I-10 and Fremaux Avenue in Slidell. Fremaux Town Center is currently 95 percent leased and jointly owned by affiliates of CBL & Associates Properties Inc. and Stirling Properties LLC. The borrowers used proceeds from the loan to retire two existing construction loans.

June 13, 2016

California Restaurant Retail Western

Johnny Rockets To Open 14 New Restaurants in Malls in 2016

by Nellie Day June 13, 2016

LAKE FOREST, CALIF. — Johnny Rockets plans to open 14 additional mall locations this year. In honor of its 30th anniversary, Johnny Rockets recently announced a brand refresh, which included a new restaurant design and logo. The new restaurant design, which was first introduced at Destiny USA Mall in Syracuse, N.Y., includes modern technology, a fresh design and enhanced staff uniforms. Since the refresh, the Destiny USA Mall location has experienced a nearly 22 percent growth in sales, according to the company. In addition to its mall franchise program, Johnny Rockets has expanded into outlet centers, which now attract more shoppers with higher-end retail stores and food offerings according to recent trends. The brand currently operates 18 outlet locations and is planning an additional five in the near future. Founded in 1986, Johnny Rockets operates more than 350 franchise and corporate locations in 28 countries around the world.

June 13, 2016

New York Northeast Office Retail Top Stories

French Billionaire Buys Manhattan Office, Retail Building from Thor Equities for $525M

by Nellie Day June 13, 2016

NEW YORK CITY — French billionaire Marc Ladreit de Lacharrière has purchased a 100,000-square-foot office and retail building in Manhattan for $525 million. The building is located at 693 Fifth Ave. in Midtown’s Plaza District. The 20-story property’s retail component houses the flagship store of international luxury brand Valentino. It includes four full levels of retail space with 50 feet of Fifth Avenue frontage. Notable office tenants include Carpenters Workshop Gallery, Louis Licari and Phillips Auctioneers. Thor Equities acquired the building in 2010 from Japanese department store Takashimaya for $142 million. Thor then restructured the interior to create a multi-level retail space, which Valentino occupied in 2013. The renovation included a modern floor-to-ceiling window façade from the ground level through the eighth floor. Thor also worked with designer David Chipperfield to create a new building lobby. Thor Equities owns a number of other properties on Fifth Avenue including 685 Fifth Ave., the future home of the new Coach global flagship store. “We continue to believe strongly in the retail and office market on Fifth Avenue and throughout New York City,” says Joe Sitt, Thor’s CEO. “However, after successfully implementing our business plan of improving this prime retail and office location …

June 13, 2016

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