RICHARDSON, TEXAS — KDC, a real estate development and investment firm, has announced that Good Union Urban Barbeque will open its first location at CityLine, the company’s 186-acre mixed-use project in Richardson. The restaurant will serve Texas barbeque. Meat will be smoked on an indoor fire pit equipped with ventilation to accommodate the building. There will be a patio facing the central plaza where guests can enjoy craft beers and premium cocktails from the full-service bar while listening to live music in the park. The 3,903-square-foot restaurant is scheduled to open in the fall of 2015. It will be located in the base of One CityLine at 1150 State St.
TYSONS CORNER, VA. — Finmarc Management Inc. and its partners have sold a 40,000-square-foot neighborhood shopping center located at 8459 Leesburg Pike in Tysons Corner for $31.1 million. Retail Properties of America Inc. purchased the asset, which was fully leased at the time of sale. The shopping center’s tenant roster includes Golfsmith USA, Chick-fil-A, Chipotle Mexican Grill, Roti Restaurant and Hamilton Sofa & Leather Gallery. Ken Goldberg of Uniwest Realty represented the buyer in the transaction.
POOLER, GA. — Developer Carolina Holdings Inc. has opened Mill Creek Landing, a retail strip center located at 6 Mill Creek Circle in Pooler, roughly 10 miles outside of Savannah. The property is located at the intersection of Pooler Parkway and I-95 in front of Sam’s Club and adjacent to the new Tanger Outlets Savannah, which opened in April of this year. Mill Creek Landing’s tenant roster includes Chipotle Mexican Grill and Five Guys Burgers and Fries, the first locations in Pooler for both restaurants. The development team included architect McMillan Pazdan Smith, civil engineer LeCraw Engineering and general contractor Harper Corp. GrandSouth Bank provided construction financing for the project.
NEW YORK CITY — TerraCRG has brokered the purchase of a development site located at 333 Johnson Ave. in Brooklyn’s Bushwick neighborhood. Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development purchased the site for $26.7 million. The buyers plan to develop a commercial complex on the site with retail, restaurant and office space. Additionally, the new property will feature 40,000 square feet of outdoor space and the restaurant space will be clustered on the White Street-facing courtyard with the opportunity for rooftop dining, as well as on-site artisanal food production space. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers, while Sydney Blumstein of Corcoran represented the undisclosed seller in the transaction.
The New Mexico retail market is continuing to change in a positive manner, which bodes well for property owners and businesses. There are new national, regional and local tenants looking at this market, moving in and around the shopping centers of New Mexico. New shopping centers are being built, while existing shopping centers are being redeveloped and traded. Some of the most significant transactions include Columbus Pacific acquiring Sierra Vista Shopping Center in Albuquerque and moving Stein Mart and Hobby Lobby into a former K-Mart space. Pete Daskalos Properties has also purchased Four Hills Village Shopping Center on Central and Tramway in the Southeast Heights submarket. The center now has a new movie cinema, among other changes to its anchors and tenant roster. A K-Mart building at Rio Rancho at Hilltop Plaza Shopping Center was also sold after the store vacated. The new landlord is looking to re-anchor that space as well. These big box vacancies have created redevelopment opportunities for existing shopping centers located in established trade centers while rents are increasing as the larger spaces are subdivided and leased to other tenants. This has created momentum in the market and upward pressure on asking lease rates. Other retailers …
GEORGETOWN, TEXAS — Marcus & Millichap has arranged the sale of a 14,490-square-foot, net-leased Walgreens property located in Georgetown. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. An outside agent represented the buyer who acquired the asset through a 1031 exchange. Walgreens is located at 3204 Williams Drive, one mile west of I-35. Built in 2002, the asset is situated on 2.15 acres north of Austin. At the time of listing, more than 12 years remained on the initial 15-year lease term.
HOUSTON — Houston-based Baker Katz, in collaboration with Lovett Commercial, has completed the sale of a 13,013-square-foot retail property in Houston. The building, currently occupied by a CVS Pharmacy, rests on over one acre located at 15411 Wallisville Road on the Northwest corner of Wallisville and Beltway 8. Nearby tenants include Walmart, Lowe’s and Buffalo Wild Wings. Baker Katz and Lovett Commercial originally purchased the property in 2007.
CANAL WINCHESTER, OHIO — Marcus & Millichap has arranged the $1.2 million sale of Ebright Self Storage, a 37,200-square-foot self-storage property located in Canal Winchester. The property is located at 5207 Ebright Road. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller and the buyer, both limited liability companies.
OCONOMOWOC, WIS. — Lee & Associates represented Anytime Fitness in the signing of a 5,880-square-foot lease at Summit Center Marketplace in Oconomowoc. Chris Etmanczyk of Lee & Associates Madison represented Anytime Fitness in the transaction. The new lease will fully occupy the shopping center. Anytime Fitness plans to open in August.
DAWSONVILLE, GA. — Blanchard Real Estate will develop a Kroger-anchored power center in Dawsonville, part of the Atlanta MSA. The Kroger Marketplace store will span 123,000 square feet and feature a fuel center. Blanchard has also secured commitments from national retail tenants totaling roughly 200,000 square feet. The new power center is located adjacent to the North Georgia Premium Outlets, which attracts roughly 7.5 million visitors annually. Blanchard is slated to break ground on the shopping center late this summer.