TULSA, OKLA. — Dallas-based Mohr Capital has acquired 20 acres at the corner of 71st and Elwood streets in Tulsa for the development of a 50,000-square-foot retail project that will be branded Tulsa Marketplace. Outdoor apparel and equipment retailer REI will anchor the center with a specialty, build-to-suit store, and Mohr Capital will target five national credit tenants to round out the roster. Completion is slated for spring 2024.
NEW YORK CITY — Luxury moviegoing concept LOOK Dine-In Cinemas will open an eight-screen theater at 625 West 57th Street in Manhattan. The space spans 25,000 square feet within the 32-story residential building, which is owned by The Durst Organization. The venue will be the first in New York City for LOOK Dine-In Cinemas. Theaters will range in size from 20 to 172 seats to support small screenings and major premieres. Eric Engelhardt, Ashlea Aaron and Karen Rose internally represented the landlord in the lease negotiations. Beth Rosen of RIPCO and Joseph Harbor HWGA Group represented the tenant. An opening date was not disclosed.
SAUGUS, MASS. — Marcus & Millichap has brokered the $5.8 million sale of a 17,069-square-foot retail property in Saugus, a northern suburb of Boston, that is net leased to Harbor Freight Tools. Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured an undisclosed, national REIT as the buyer. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
ATLANTA — C3 (Creating Culinary Communities), a food technology platform, and Legends have announced plans for Citizens Market, a 25,000-square-foot food hall set to open at Phipps Plaza in Atlanta in April. Featured eateries at the food hall will include Umami Burger, Krispy Rice, Sam’s Crispy Chicken, Kumi, Sa’Moto, EllaMia, Cicci di Carne, Plant Nation, El Pollo Verde, Stonie Bowls, Frankly by Snap-O-Razzo, Tastemade Me Tacos and Citizens Pizza. The joint venture also has culinary markets planned for this year in Chicago and Miami, as well as a food hall set to open in London next year.
CHARLOTTE, N.C. — Crescent Communities and Nuveen Real Estate are underway on the construction of Monarch Market, an 18,000-square-foot food hall located within One Independence Center in Charlotte. Hospitality HQ will operate the space, which is scheduled to open later this year and will feature 12 food stalls, one full-service restaurant, three bars and a private event space. The event space will include a cocktail lounge with outdoor space, semi-private space available for reservations and an indoor/outdoor bar. Food delivery and access to the tenant lounge will also be available to those who work at One Independence Center. Elmer Design is the architect and interior designer on the project, with JE Dunn serving as the general contractor. Cushman & Wakefield is providing consulting services, and PNC Bank, U.S. Bank and First National Bank of Pennsylvania have provided financing.
MORENO VALLEY, CALIF. — Ledo Capital Group has received $13.4 million in refinancing for District Moreno Valley, a shopping center in Moreno Valley. Completed in 2022, District Moreno Valley features 52,081 square feet of retail space. Current tenants include Sprouts Farmers Market, KFC, The Joint Chiropractic, WSS and Starbucks Coffee. Matt Stewart, Chris Jaff and Daniel Skerrett of JLL Capital Markets Debt Advisory secured the financing through Manufacturers Banks for the borrower.
CHINO VALLEY, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 89 West Road 2 in Chino Valley. A limited liability company sold the property to another limited liability company for $3.1 million. Sherwin-Williams occupies the 4,500-square-foot property, which was built in 2022, on a net-leased basis. Mark Ruble and Chris Lund of Marcus & Millichap represented the seller and procured the buyer in the deal.
PARKER, COLO. — Blue West Capital has brokered the acquisition of a single-tenant ground lease located at 9560 Twenty Mile Road in Parker. A Denver-based 1031 exchange investor acquired the asset from an Arizona-based development company for $2.1 million. Murphy Express occupies the site on a 20-year corporate ground lease that features 10 percent rental increases every five years and zero landlord responsibilities. Murphy Express (NYSE: MUSA) is the sixth largest convenience store chain in the United States with more than 1,500 locations. Brandon Gayeski of Blue West Capital represented the buyer in the transaction.
HOUSTON — California-based brokerage firm Hanley Investment Group Real Estate Advisors has negotiated the sale of Northwest Crossing Centre, a 180,000-square-foot shopping center in Houston. The property was built on 20 acres in 1993. At the time of sale, Northwest Crossing Centre was 94 percent leased to tenants such as Burlington, Dollar Tree, Marshalls, Planet Fitness, Hibbett Sports, pOpshelf, Chick-fil-A, James Coney Island, Red Lobster and Whataburger. Kevin Fryman and Ed Hanley of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, San Diego-based USA Properties Inc., in the transaction. The buyer was Houston-based Wu Properties.
It is hard to imagine that anyone could be insulated from the strife currently pervading the economic landscape. Likewise, the rise of e-commerce has for years been permeating everyday life and discussions of commercial real estate. One might think that these two factors in combination would spell depressed retailer expectations. But the opposite turns out to be true: Nearly 70 percent of retail store managers say they are bullish on the current state of retail and its future going into 2023. That’s according to the most recent Outlook Retail Sentiment Survey by Levin Management Corp. (LMC), an owner of 120 shopping centers. Survey respondents are store managers from LMC’s over 1,100 individual tenants. Undeniable obstacles With inflation reaching a 40-year high in June, and the Consumer Price Index (CPI) registering a 9.1 percent increase, a full 80 percent of survey respondents say that they have had to raise prices, with 34.7 percent anticipating further increases. Inflation has now cooled somewhat, with the CPI clocking in at 6.4 percent in January of this year. Nevertheless, it is a factor that continues to put strain on consumers and retailers alike. Considering this, in conjunction with supply chain issues, low supply of labor …