Retail

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Amy Works August 3, 2022

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …

August 3, 2022

Acquisitions Illinois Midwest Retail

Greenstone Partners Arranges $3M Sale of Retail Center in Suburban Chicago

by Jaime Lackey August 3, 2022

CRYSTAL LAKE, ILL. — Greenstone Partners has arranged the $3 million sale of a nearly 12,000-square-foot retail property in the Chicago suburb of Crystal Lake. The building, located at 5899 Northwest Highway, is 77 percent occupied with two vacant units. Jason St. John and AJ Patel of Greenstone represented the seller, a local, private partnership. The duo also procured the buyer, a private partnership completing a 1031 exchange.

August 3, 2022

Development Hawaii Retail Western

KZ Cos. Breaks Ground on 45,737 SF Ho’omaka Marketplace in Kapolei, Hawaii

by Amy Works August 3, 2022

KAPOLEI, HAWAII — Irvine, Calif.-based KZ Cos. has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Cos. All money generated through the ground lease proceeds will benefit Kapolei Community Development Corp. (KCDC), a nonprofit that serves Hawaiian homestead areas. KCDC will use the proceeds to support facilities, scholarships, education, childcare, emergency services and job creation for native Hawaiian families. The marketplace is minutes away from University of Hawaii West Oahu, Ka Makana Ali’I and Ho’opili, an 11,750-residence master-planned community. The retail center is also across the street from Ka Makana Alii, a 1.4 million-square-foot regional mall. The development team includes KZ Cos., KCDC and the Department of Hawaiian Home Lands. Architects Hawaii Limited and Wilson Okamoto are designing the project, which is slated for completion by summer 2023.

August 3, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $85.7M Sale of Upland Square Shopping Center in Pottstown, Pennsylvania

by Taylor Williams August 3, 2022

POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction. The property was 95 percent leased at the time of sale.

August 3, 2022

Acquisitions Alabama Retail Southeast

IPA Arranges Sales of Inverness Corners, Inverness Plaza Shopping Centers in Birmingham for $48.4M

by John Nelson August 3, 2022

BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”

August 3, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $85.7M Sale of Upland Square Shopping Center in Pottstown, Pennsylvania

by Taylor Williams August 3, 2022

POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction.

August 3, 2022

Development Hawaii Restaurant Retail Western

KZ Companies Breaks Ground on 45,737 SF Ho’omaka Marketplace in Kapolei, Hawaii

by Amy Works August 3, 2022

KAPOLEI, HAWAII — Irvine, Calif.-based KZ Companies has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Companies All money generated through the ground lease proceeds will benefit Kapolei Community Development Corp. (KCDC), a nonprofit that serves Hawaiian homestead areas. KCDC will use the proceeds to support facilities, scholarships, education, childcare, emergency services and job creation for native Hawaiian families. The marketplace is minutes away from University of Hawaii West Oahu, Ka Makana Ali’I and Ho’opili, an 11,750-residence master-planned community. The retail center is also across the street from Ka Makana Alii, a 1.4 million-square-foot regional mall. The development team includes KZ Companies, KCDC and the Department of Hawaiian Home Lands. Architects Hawaii Limited and Wilson Okamoto are designing the project, which is slated for completion by summer 2023.

August 3, 2022

Affordable Housing California Development Hospitality Mixed-Use Multifamily Restaurant Retail Top Stories Western

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

August 3, 2022

Affordable Housing California Development Hospitality Mixed-Use Multifamily Restaurant Retail Top Stories Western

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

August 3, 2022

Development Florida Leasing Activity Mixed-Use Office Restaurant Retail Southeast

Tricera Capital Signs New Tenants at The Press Mixed-Use Project in West Palm Beach

by John Nelson August 2, 2022

WEST PALM BEACH, FLA. — Tricera Capital has signed new office and retail tenants to join The Press, a mixed-use redevelopment of the former Palm Beach Post campus in West Palm Beach. The project comprises two components: the 120,000-square-foot Shops at the Press and the 136,000-square-foot Workspaces at the Press. The new tenants, which combined will occupy 68,000 square feet, include Salons by JC, interior design firm Calico, health concept Restore Hyper Wellness, Raw Juice, self-storage investor SROA Capital, coworking concept Knotel and mortgage broker Blue Sky Financial. In addition to the new leases, Miami-based Tricera Capital has upsized its loan with Chicago-based Monroe Capital by $19 million to help fund tenant and site improvements. Jason Krane of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera Capital.

August 2, 2022

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