CHICAGO — Five Iron Golf, an indoor golf and entertainment experience, has signed a lease to occupy 11,000 square feet at the shopping, dining and entertainment destination known as Block 37 in Chicago’s Loop. The new location, the company’s second in Chicago, will offer golf simulators, high-speed cameras, a putting green and entertainment offerings such as a full bar, kitchen, widescreen TVs and games. Technology helps capture data, analyze each golf swing and provide real-time feedback for guests. Five Iron Golf operates nine locations across the country.
MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of a retail space located at 2251 NE Glisan in Portland. Colton-based First Church of Christ, Scientist, Portland acquired the property from Taoist Tai Chi Society of The United States of America Inc. for $2.4 million. Originally built as a warehouse in 1946, the 4,000-square-foot property has undergone extensive renovations and features a full commercial kitchen and hood, refinished wooden beams, ADA-compliant bathrooms and ample private parking. The property was most recently used as a Taoist shrine and center for the teaching and practice of Taoist Tai Chi. The First Church of Christ, Scientist intends to use the property as a bookstore and learning center. Matt Lyman and Jack Schaub of Portland-based Norris & Stevens represented the seller, while Jim Lewis of Cushman & Wakefield represented the buyer in the transaction.
SOUTHLAKE, TEXAS — EVO Entertainment, an Austin-based entertainment concept that combines bowling, movies, games and food and beverages, will open a 68,733-square-foot venue at Southlake Town Square, a 130-acre mixed-use development near Fort Worth. The entertainment center, which is scheduled to open at the end of the year, will be EVO’s first in the Dallas-Fort Worth metroplex. This location will feature a full restaurant and bar with outdoor patio space, seven movie screens, arcade games, bowling lanes, a laser tag arena, rock climbing wall, ropes course and private party rooms. Retail Properties of America, an Illinois-based REIT, owns Southlake Town Square.
MONROE, MICH. — Cohn Commercial Properties has brokered the sale of a former Target store spanning 96,000 square feet in Monroe, about 40 miles southwest of Detroit. The building is located at 2121 N. Monroe St. The sales price and seller were undisclosed. Harry Cohn of Cohn Commercial represented the buyer, Richmond Main LLC, which will occupy the building for its auto parts business.
By Kevin Fryman, Executive Vice President, Hanley Investment Group British entrepreneur and adventurer Sir Richard Branson, head of Virgin Group Ltd., said, “Every success story is a tale of constant adaption, revision and change.” Certainly, as retailers grappled with the impact of COVID-19 restrictions, those that could quickly pivot and adapt were the winners. Even Charles Darwin said, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” Looking back on the past few years in retail, American consumers were already shifting their purchasing habits. These shifts include experience-spending versus material goods and homes; casual fashion in response to more relaxed dress codes; convenient online ordering, delivery services and drive-thru pick-up for time-starved consumers; as well as the rise of e-commerce, mostly in the form of competition from Amazon.com and Walmart. However, once the lockdowns occurred in response to the pandemic, emerging trends such as online ordering, mobile delivery and omnichannel became permanent. Other 2020 trends that made nearly daily headlines were the number of retailers and restaurant companies that had filed for bankruptcy or were closing stores. Coresight Research reported 8,953 closures last year as the COVID-19 pandemic …
NEW YORK CITY — The Lego Group has unveiled its new “retailtainment” concept with the opening of a 7,175-square-foot flagship store within Rockefeller Center in Midtown Manhattan. The Danish toymaker spent two years developing the new retail concept and found that consumers wanted opportunities to play with bricks, participate in brick-inspired activities and personalize their experiences. To that end, the two-level store features a new array of merchandise and experienced-based attractions, including a virtual reality experience, storytelling table and a personalization studio.
ATLANTA — Developer North American Properties (NAP) has opened Politan Row, a new food hall at Colony Square in Midtown Atlanta. The food hall is located at the corner of 14th and Peachtree streets and features space for 11 independent food and beverage concepts, a central bar, an event space and a hidden bar. An entity known as Politan Group operates the food hall. The nine open purveyors at Politan Row include Belli Pizzeria, Bun Mi Grill, Federal Burger, Gekko, Locale Cafe, Pretty Little Tacos, Tandoori Pizza and Wing Co., Unbeliebubble and YŌM. The last two concepts are still in the planning stages and more information about them will be released later. Politan Row at Colony Square’s interior space, which can seat 250 guests, makes up approximately 20,000 square feet. Colony Square’s outdoor space encompasses 22,000 square feet and includes three designated areas known as The Plaza, The Patio and The Grove. The Plaza will host Colony Square’s 200 plus annual events. The Patio features a variety of covered seating, an outdoor bar and shuffleboards. The Grove includes seating underneath a canopy of trees. Anchoring the new food hall is Bar Politan, a 40-seat bar whose program includes craft cocktails, …
MONROE, WIS. — Marcus & Millichap has arranged the sale of a 61,136-square-foot property occupied by Pick ’n Save in Monroe, about 40 miles south of Madison. The net-leased asset sold for $9.6 million. Pick ’n Save recently signed a 10-year lease extension through the end of 2030. Jeff Rowlett of Marcus & Millichap represented the seller, a private investor, as well as the buyer, a REIT.
By Stuart Zall, President, The Zall Company No matter how you look at it, Colorado is in a great position for strong post-pandemic recovery and growth. People are moving here from around the country at historic numbers. With low interest rates and an influx of buyers prepared to pay well over asking prices, the residential real estate market is experiencing unprecedented activity, and we expect the commercial market to follow suit. Now that the vaccine has created less concern about COVID-19, people are getting out again and we’re seeing a lot of pent-up demand as businesses reopen, eateries expand capacity and restrictions on crowd size are lifted. Downtown Denver Takes Action To Lure People Back Within the Front Range retail market, downtown Denver took the biggest pandemic hit by far. Prior to 2020, downtown served a population of more than 150,000 daytime workers, the convention center was booked for years out, bringing thousands of conventioneers from all over the country, and sports and tourist venues like Elitch Gardens attracted huge crowds. Now the city is working hard to bring back workers. The Downtown Denver Partnership recently launched the Denver’s Ready campaign to encourage employers and employees to return to in-person work. Enticements include extension …