LAS VEGAS — A joint venture between Shopoff Realty Investments and Contour has secured entitlements for the full development of Dream Las Vegas, a previously announced resort and casino on the Las Vegas Strip. Situated on 5.2 acres at 5051 S. Las Vegas Blvd., the 19-story development will feature 526 guest rooms and suites, gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms, and a fitness center. Completion is slated for third-quarter 2024. The property will be branded and managed by Dream Hotel Group. McCarthy Construction will manage the design and construction of the resort and casino, with excavation for the project set to start in the second quarter of 2022.
NEW CANEY, TEXAS — Target (NYSE: TGT) will open a 136,000-square-foot store at Valley Ranch Town Center, a 240-acre shopping, dining and entertainment destination located in the northeastern Houston suburb of New Caney. The Minneapolis-based retailer joins a tenant roster that includes Kroger, Burlington, Academy Sports + Outdoors, T.J. Maxx, Hobby Lobby and Cinemark Theatres. Karla Smith of SRS Real Estate Partners represented Target in the lease negotiations. Brody Farris represented the landlord, Signorelli Co., on an internal basis. The space is under construction, and a tentative opening date has not yet been established.
HOUSTON — California-based brokerage firm Hanley Investment Group Real Estate Advisors has arranged the sale of eight single-tenant net-leased (STNL) retail properties located throughout the Houston area. Louetta Automotive & Tire Service occupies all the properties, which sold to eight separate private investors for a combined price of $20.7 million. Louetta Automotive is now operating as Sun Auto Tire & Service and is backed by Los Angeles-based private equity firm Leonard Green & Partners.
KATY, TEXAS — Weitzman has begun leasing Porter Lake Crossing, a 40,130-square-foot shopping center under construction in the western Houston suburb of Katy. Cornerstone Development Group is developing the project, which will consist of three multi-tenant buildings and a 6,000-square-foot pad site. Construction of the first building is expected to be complete next fall.
COLUMBUS, OHIO — Nine new retailers and restaurants are now open at Easton Town Center in Columbus. Levi’s has opened its first NextGen store in the state of Ohio. NextGen stores offer shoppers the opportunity to customize new looks and work directly with in-store stylists. Dr. Martens opened its second retail location in Ohio and its first in Columbus. Customers can shop a wide range of boots, shoes and accessories. Urban Outfitters has opened its only Columbus location. Fay’s Crepes, which serves specialty crepes and waffles, debuted its only Columbus location. Italian restaurant Sono Wood Fired and Vietnamese restaurant Pho Social opened their first locations in Ohio. Boss Gal Beauty Bar has debuted its third central Ohio location. The space features a facial bar and private medical treatment rooms. Grandview Heights, Ohio-based Glenn Avenue Soap Co. opened its second retail location. Lastly, Solich Piano, a fast-growing piano dealer in the Midwest, has opened its only Columbus location, which spans 8,100 square feet. Easton Town Center, co-developed by L Brands, The Georgetown Co. and Steiner + Associates, is home to more than 250 shops, restaurants and entertainment concepts.
BRANSON, MO. — Outside the Lines (OTL), a design-build company specializing in water features, fountains, rockwork and themed environments, is building a show fountain within the lake at Branson Boardwalk in Missouri. The 12,500-square-foot lake is adjacent to the Aquarium at the Boardwalk. The $55 million project, the first attraction to be developed at the Branson Boardwalk, includes a 34-ton, 55-foot octopus sculpture by Demiurge. The octopus will be integrated into the show fountain with color-changing LED lights. Kuvera Partners is the owner and operator of both the Branson Boardwalk and Aquarium at the Boardwalk.
SILVER SPRING, MD. — Brentwood, Tenn.-based GBT Realty Corp., in partnership with Baltimore-based Cana Development, plan to open Commas, a food hall within the 350,000-square-foot Ellsworth Place shopping center in downtown Silver Spring. Opening in spring 2022 on the second level of Ellsworth Place, Commas will take up 13,000 square feet of space and include a collection of 12 food and beverage merchants. Commas expects to create a diverse menu of food from Ethiopia to Korea, Malaysia to El Salvador and Italy to New Jersey. Designed by Washington, D.C.-based architecture and interior design firm GrizForm Design Architects, Commas will offer a range of seating options and special event capabilities. In addition to the permanent restaurant spaces, the food hall will also feature a central bar experience. Design plans also include seven communal seating areas, open kitchen installations with window peeks and chef counters and a light-toned color palette with natural wood furniture.
MANDEVILLE, LA. — Stirling Properties has signed Target to join the tenant lineup at Premier Centre, a 273,000-square-foot shopping center located on U.S. Highway 190 in Mandeville. Target will occupy roughly 58,000 square feet of retail space, backfilling the former Stein Mart store, as well as the adjacent space currently housing Rack Room Shoes and an additional 13,000 square feet of new building expansion area in the rear of the building. Rack Room Shoes will expand and relocate next to Whole Foods Market in the former Forever 21 Red space. Rack Room Shoes is expected to reopen in its expanded space this fall. Premier Centre is located at the corner of U.S. Hwy. 190 and North Causeway Boulevard on the Northshore of Lake Pontchartrain in St. Tammany Parish. The center was 97 percent leased at the time of sale to tenants such as Bed Bath & Beyond, T.J.Maxx, Barnes & Noble, Old Navy, Gap, American Eagle Outfitters, Banana Republic, LOFT, Bath & Body Works, Trek Bikes, Earthsavers, Blu Spero, Buckle, J.Jill, Jose Bali Jewelry, Chili’s, La Madeleine and The Big Squeezy. Electric car charging stations are also available in the parking lot near Whole Foods. Stirling Properties developed Premier Centre …
WASHINGTON, D.C. — Wegmans Food Markets is opening its first store in Northwest Washington, D.C. at City Ridge. Located at the intersection of Wisconsin Avenue and Rodman Street, the Wegmans Wisconsin Ave. store will be part of the historic building formerly occupied by Fannie Mae’s headquarters. Roadside Development and North America Sekisui House LLC are the developers of the City Ridge development. Wegmans Wisconsin Ave. is part of the $640 million City Ridge development, which includes commercial, residential and retail facilities. The 84,000-square-foot Wegmans supermarket will include a Market Café, coffee shop and the casual restaurant called The Burger Bar. The store site will include parking below and residential units above. The new store is slated to open in the summer of 2022. Wegmans plans to employ approximately 450 people at the City Ridge location, including 150 full-time positions. Wegmans now operates 106 stores in seven states and has more than 50,000 employees chainwide. The company is set to open three Mid-Atlantic locations in 2022: in Alexandria, Va.; Washington, D.C.; and Wilmington, Del.
HELENA, MONT. — Citivest Commercial Investments and Sage Investco have purchased a former department store building in Helena for an undisclosed price. The 116,992-square-foot asset also includes two pad development opportunities, with one ground finalized and another in negotiations. Shopko formerly occupied the building, which is situated within a larger center anchored by Albertsons, Target, JoAnn, Ross Dress for Less and other retailers. The buyers plan to implement a renovation program, including updating paint colors, landscaping and signage to maximize the center’s value. The name of the seller was not released.