Retail

CBRE Secures Construction Financing for Publix-Anchored Shopping Center in Metro Nashville

by John Nelson July 12, 2024

NOLENSVILLE, TENN. — CBRE has secured $38.6 million in construction financing for the development of Village Green, a 90,525-square-foot shopping center currently underway in Nolensville, roughly 20 miles outside Nashville. Upon completion, the development will comprise nine buildings situated on a 17-acre site at the intersection of Nolensville and Rocky Fork roads. Publix will anchor the center. Other tenants at the property will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan through ServisFirst Bank on behalf of the borrower, Watkins Real Estate Group. Construction is scheduled for completion in summer 2025.

July 12, 2024

Development Restaurant Retail South Carolina Southeast

North America Sekisui House Breaks Ground on 35,000 SF Retail, Restaurant Development in Metro Charleston

by John Nelson July 12, 2024

SUMMERVILLE, S.C. — An affiliate of North America Sekisui House (NASH) has broken ground on Marketplace at Nexton, a new retail and restaurant project at the company’s Nexton master-planned community in the Charleston suburb of Summerville. Upon completion, the development will total 35,000 square feet of retail and restaurant space across six one-story buildings ranging from 3,500 to 10,000 square feet in size. Tenants at Marketplace at Nexton will include Dunkin’, sweetFrog, El Patron, Rotolo’s Craft and Crust Pizza, Dance Moves of Charleston, Shimmer and a liquor store. SL Shaw & Associates is the project designer and builder. Bridge Commercial manages leasing for the project, which is scheduled to open in 2025.

July 12, 2024

Leasing Activity Retail South Carolina Southeast

Three New Retailers Open at Beaufort Station in Coastal South Carolina

by John Nelson July 12, 2024

BEAUFORT, S.C. — Three new tenants have opened at Beaufort Station, a shopping center situated about 30 miles north of Hilton Head Island in Beaufort. Hobby Lobby, Five Below and Rack Room Shoes have opened stores at the property, which is anchored by T.J. Maxx and HomeGoods. Additionally, Ross Dress for Less, PetSmart, Ulta Beauty, Old Navy, Aldi, Mattress Firm, Surcheros, Panda Express, Americas Best and Chicken Salad Chick have signed leases at the center. The Morgan Cos. is the landlord.

July 12, 2024

Leasing Activity Retail Texas

AA Gymnastics Academy Signs 10,355 SF Retail Lease in Metro Houston

by Taylor Williams July 12, 2024

FRIENDSWOOD, TEXAS — AA Gymnastics Academy has signed a 10,355-square-foot retail lease at Baywood Plaza Shopping Center in Friendswood, a southwestern suburb of Houston. The tenant is backfilling a space formerly occupied by CVS. Kelly Hutchinson of Colliers represented the landlord, MDDS Properties, in the lease negotiations. The tenant was self-represented.

July 12, 2024

Acquisitions Indiana Midwest Restaurant Retail

Faris Lee Investments Arranges $2.4M Sale of Hardee’s-Occupied Restaurant Property in Bloomington, Indiana

by Kristin Harlow July 12, 2024

BLOOMINGTON, IND. — Faris Lee Investments has arranged the sale of a Hardee’s-occupied restaurant property in Bloomington for $2.4 million. The sales price represents a cap rate of 5.95 percent. The deal included a long-term triple net lease with Hardee’s, a subsidiary of CKE Restaurant Holdings Inc. Nick Miller of Faris Lee represented the buyer, a California-based 1031 exchange investor. The transaction closed simultaneously with a Longhorn Steakhouse-occupied property in Marietta, Ga.

July 12, 2024

Leasing Activity New York Northeast Retail

Rooftop Hospitality Group Signs 12-Year Retail Lease Extension in Manhattan

by Taylor Williams July 12, 2024

NEW YORK CITY — Rooftop Hospitality Group has signed a 12-year retail lease extension at 230 Fifth Ave. in Manhattan. The tenant occupies the roof of the New York Market Center building, where it operates the 230 Fifth Avenue Rooftop Bar concept. The bar originally opened in 2006 and comprises 32,050 square feet of indoor and outdoor space. Jane Gural-Senders, David Kaye and Harvey Richer internally represented the landlord, GFP Real Estate, which has owned the building since 1958, in the lease negotiations.

July 12, 2024

Development Hospitality Illinois Midwest Mixed-Use Retail Top Stories

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago

by Hayden Spiess July 12, 2024

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar. In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings. In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

July 12, 2024

Civic Development Retail Texas

El Paso City Council Approves $80M Concert Venue, Partners With Operator

by Taylor Williams July 11, 2024

EL PASO, TEXAS — The El Paso City Council has approved a proposal to develop an $80 million concert venue and has formed a public-private partnership with the operator, Colorado-based hospitality firm Venu (formerly known as Notes Live). The site spans 17 acres of city-owned land and will anchor the Cohen Entertainment District on the city’s northeast side. The venue will be known as Sunset Amphitheater and will have a seating capacity of 12,500. The City of El Paso is providing $30.6 million in performance-based incentives under the terms of the partnership deal. Construction is set to begin this fall and to be complete in 2026. Venu is also planning to open a $220 million concert venue in the northern Dallas suburb of McKinney.

July 11, 2024

Leasing Activity New Jersey Northeast Restaurant Retail

Four New F&B Operators Sign Leases in Jersey City’s Bergen-Lafayette Neighborhood

by Taylor Williams July 11, 2024

JERSEY CITY, N.J. — Four new food-and-beverage (F&B) operators have signed leases at apartment buildings in Jersey City’s Bergen-Lafayette neighborhood. Breakfast café Eggs Up will open a restaurant in the 24-story Atlas high-rise building. MochiDough and BoberTea, both of which are Japanese concepts, have committed to Starling, a rental building with 39 units. Cheeky’s, a concept known for New Orleans-style sandwiches, will open at The Hazel, a 201-unit building. All openings are slated to occur before the end of the year. A partnership between between locally based developer Fields Grade and New York City-based Alpine Residential owns the buildings.

July 11, 2024

Development Midwest Missouri Retail

Keystone Construction to Build $60M CarShield Sportsplex in Chesterfield, Missouri

by Kristin Harlow July 11, 2024

CHESTERFIELD, MO. — Keystone Construction Co. will build the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. The development will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 children and 45 teams in metro St. Louis. The 325,000-square-foot facility will offer four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. Construction is scheduled to begin in October and wrap up in January 2026. The project team includes civil engineer Stock & Associates and architect Gray Design Group.

July 11, 2024

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