Retail

Holland Partner, MVE + Partners Complete 285,415 SF Mixed-Use Project in Long Beach

by Amy Works July 29, 2021

LONG BEACH, CALIF. — Holland Partner Group and architecture firm MVE + Partners have completed Volta on Pine, a 285,415-square-foot, mixed-use, infill development in downtown Long Beach. Located at 635 Pine Ave., Volta on Pine features 271 apartments, 1,300 square feet of ground-floor retail space, subterranean parking and extensive sidewalk space. Residential units range from 629 square feet to 1,400 square feet in a mix of studio, one-, two- and three-bedroom layouts. Eleven apartments are dedicated as median-income affordable housing. Apartments include custom-finish packages, keyless entry, Nest thermostats, LED-lit vanity mirrors, soft-close drawers and cabinets, in-home washers/dryers, high-end kitchen counters and appliances, solar mesh roller shades, soaking tubs, and large balconies and windows. Community amenities include a rooftop terrace and sky lounge, fitness center, swimming pool with sun deck, hot tub, outdoor grills and firepits, parcel lockers, electric vehicle charging stations, bike storage and three levels of subterranean parking offering a total of 341 parking stalls. LRM served as landscape architect and Arial Fox provided interior design services for the project.

July 29, 2021

Acquisitions Illinois Midwest Retail

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

by Kristin Harlow July 29, 2021

ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local investor.

July 29, 2021

Acquisitions Florida Retail Southeast

Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1M

by Julia Sanders July 29, 2021

ST. PETERSBURG, FLA. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller. Currently, about 7,000 square feet of the retail space is leased to BurgerFi and Watts Dental, which are open now. Related Group constructed the 368-unit ICON Central on an entire city block along Central Avenue. As part of its redevelopment, Related renovated the bank building, which was originally constructed in 1926, for commercial use. Scott Wadler and Alec Fox of Berkadia arranged $9.9 million in acquisition financing on behalf of Tricera. Money360 provided the financing.

July 29, 2021

Development New Jersey Northeast Retail

Advance Realty, Invesco Open 450,000 SF Redeveloped Retail Center in Roxbury, New Jersey

by Taylor Williams July 29, 2021

ROXBURY, N.J. — A joint venture between Advance Realty Investors and Invesco Real Estate has opened The Shops at Ledgewood Commons, a 450,000-square-foot open-air lifestyle center that is a redevelopment of the former Ledgewood Mall. The property is located in Roxbury, about 45 miles west of New York City. Anchored by a 164,087-square foot Walmart Supercenter that opened in October 2020, the property also houses retailers such as Marshalls, Ashley HomeStore, Men’s Wearhouse, Ulta Beauty, Five Below and Burlington. Restaurant users include Wendy’s, Chipotle Mexican Grill, Five Guys, Panda Express and Starbucks. Jeffery Realty is the leasing agent for the property.

July 29, 2021

Acquisitions Kentucky Retail Southeast

SVN | Stone Secures $17.4M Sale of Mist Lake Plaza Shopping Center in Lexington, Kentucky

by Julia Sanders July 28, 2021

LEXINGTON, KY. — SVN | Stone Commercial Real Estate has brokered the $17.4 million sale of Mist Lake Plaza, a 217,292-square-foot shopping center in Lexington. Matt Stone, Justin Ryder and Nathan Dilly of SVN | Stone represented the seller, DF Lexington Properties LLC. Jim Powell of The Gibson Co. represented the buyer, S & P Holdings LLC. The center will be the future home of Lexington Motorsports, a motorcycle dealer in Kentucky. Mist Lake Plaza is located near Man O’ War Boulevard, Saint Joseph East Hospital and Hamburg Pavilion. The City Council of Lexington approved the lifting of a deed restriction that would allow Lexington Motorsports to operate on the site. Lexington Motorsports will occupy about 125,442 square feet of the facility. Built in 1992, Mist Lake Plaza is 89 percent occupied. The other tenants at the property include Nay’s Hair Braiding, Gabe’s, Hibbett Sports, Texas Roadhouse, Check Advance, H&R Block, Pro Nail Salon and Rent-A-Center.

July 28, 2021

California Development Multifamily Office Retail Top Stories

Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose

by Julia Sanders July 28, 2021

SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed. The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project will be 282 feet tall, while the apartment complex will be 267 feet tall. The apartment units will sit above 8,500 square feet of ground-floor retail. The project’s two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas. Additionally, the towers will have four levels of parking that will hold up to 1,134 cars. Located at 147 E Santa Clara St., Icon/Echo encompasses about two acres of land and is located close to City Hall and a future Bay Area Rapid Transit (BART) station. The Icon/Echo towers will be located half a mile from the San Jose Museum of Art and about 0.4 miles from San Jose State University. One of the sites …

July 28, 2021

Acquisitions Retail Texas

Newport Capital Partners Buys 103,030 SF Stassney Heights Shopping Center in South Austin

by Taylor Williams July 28, 2021

AUSTIN, TEXAS — Newport Capital Partners, a retail investment and management firm with offices in Chicago and Dallas, has purchased Stassney Heights, a 103,030-square-foot shopping center located about seven miles south of downtown Austin. Anchored by Houston-based ethnic grocer Fiesta Mart, Stassney Heights was 93 percent leased at the time of sale. Other tenants include Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana. CBRE represented the undisclosed, Northeast-based seller in the transaction. Newmark arranged acquisition financing through Wintrust Bank on behalf of Newport Capital Partners.

July 28, 2021

Leasing Activity Restaurant Retail Texas

PuttShack to Open 26,000 SF Minigolf Course, Restaurant in Downtown Houston

by Taylor Williams July 28, 2021

HOUSTON — Puttshack, an entertainment concept that combines tech-infused minigolf with food and beverage offerings, will open a new, 26,000-square-foot venue at The Shops at Houston Center in the city’s downtown area. Puttshack recently opened its first venue in Atlanta and has plans to open additional facilities in Chicago, Miami, Boston and Nashville. The opening of the Houston facility is slated for late 2022. Brookfield Properties owns The Shops at Houston Center in partnership with Spear Street Capital.

July 28, 2021

Acquisitions Illinois Midwest Retail

Old Second to Acquire West Suburban Bank for $297M

by Kristin Harlow July 27, 2021

AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a news release, the merged company will have approximately $6.2 billion in assets with 70 branches and will create the largest community bank under $10 billion in assets in the Chicago market. The merger is expected to close in the fourth quarter of 2021.

July 27, 2021

Features Retail

How Retail Landlords Can Create Value for Tenants in the Post-COVID World

by Taylor Williams July 27, 2021

By Jonathan Fishman, co-founder, Bizydev Every business-oriented publication for the last 18 months has almost certainly churned out dozens, if not hundreds, of articles detailing how they believe COVID-19 will or has or might affect their market or industry. Real estate publications have exhaustively covered the deceleration of commercial office leasing, the population outflow in urban cities and corresponding battering of the multifamily market and the lack of business travel and tourism resulting in catastrophic conditions for the hotel sector. And of course, analysts and experts have been quick to note the sharp decline in physical retail space success thanks to the onslaught of e-commerce, further fueled by social distancing measures. Facing these challenges, many retail landlords have been forced to ask themselves what advantage they provide for their tenants. Given the realities of the commercial real estate market, landlords must explore ways to create value for their tenants and seek common ground with them to keep afloat. It’s no longer acceptable for landlords to just provide a storefront, a door and a raw space if they expect to be competitive in the retail leasing market today. They need to find new ways to market their spaces and highlight their …

July 27, 2021

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