Retail

Experiential Art, Entertainment Complex AREA15 Opens in Las Vegas

by Amy Works September 21, 2020

LAS VEGAS — AREA15, an experiential art and entertainment complex in Las Vegas, is now open to the public. While the complex is free to enter, pre-registration and masks are currently required to manage capacities and ensure a safe environment. AREA15 offers art installations, socially distanced activities, unique retail, bars and eateries. The property houses 40,000 square feet of indoor and outdoor event space with more than 800 free parking spaces. Currently open retailers and experiences include Art Island, Birdly Virtual Reality Experience, Emack & Bolios, Gallerie 360 inside The Portal, Haley’s Comet, Oddwood, Sanctuary, Shogyo Mujo, The Beast Pop-up Food Experience, The SPINE, Valyrian Steel and Wild Muse Boutique. Additional experiences that are slated to open soon include Meow Wolf’s Omega Market, Lost Spirits Distillery, Dueling Axes, Emporium Bar and Arcade, Wink World, The Beast Food Hall by Todd English, Rocket Fizz candy shop, Intel Innovation Hub, Five Iron Golf and Virtualis. AREA15 is a collaborative venture between real estate development firm Fisher Brothers and creative agency Beneville Studios.

September 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of 7-Eleven Property in Alsip, Illinois

by Kristin Harlow September 21, 2020

ALSIP, ILL. — Marcus & Millichap has brokered the $5.1 million sale of a 4,000-square-foot property occupied by 7-Eleven in Alsip, a southern suburb of Chicago. The build-to-suit property is located on 127th Street. The tenant has a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. The duo also secured and represented the buyer, an out-of-state investor completing a 1031 exchange.

September 21, 2020

Arizona Development Leasing Activity Retail Western

Sprouts Farmers Market to Anchor 75,000 SF Sonoran Creek Marketplace Near Phoenix

by Amy Works September 21, 2020

MARICOPA, ARIZ. — Thompson Thrift Retail Group, a wholly owned company of Indianapolis-based Thompson Thrift, has inked a deal for Sprouts Farmers Market to anchor Sonoran Creek Marketplace, the company’s $30 million retail center under development in Maricopa. The Phoenix-based specialty grocery chain is expected to open its 23,293-square-foot location in September 2021. Situated on 14 acres at the intersection of John Wayne Parkway and Edison Road, Sonoran Creek Marketplace will feature 75,000 square feet of retail and restaurant space. Additional recently signed tenants include The Joint Chiropractic, State Farm Insurance, Jimmy John’s Gourmet Sandwiches and Filiberto’s Mexican Food. Also included in the development are Dutch Bros, Culver’s and Fast & Friendly Express Carwash, all of which are currently open for business. This is Thompson Thrift Retail Group’s first project in Maricopa, and the company’s 2021 Southwest pipeline is projected to include more than $120 million in volume across metro Phoenix.

September 21, 2020

Leasing Activity Retail Southeast Virginia

Trader Joe’s Signs 12,995 SF Lease at Shopping Center in Richmond

by Alex Tostado September 18, 2020

RICHMOND, VA. — Trader Joe’s has signed a 12,995-square-foot lease at Stony Point Village in Richmond. The 114,347-square-foot property is located at 3096 Stony Point Road, nine miles west of downtown Richmond. The Monrovia, Calif.-based grocer will join tenants such as Good Foods Grocery, Gelati Celesti Ice Cream and Einstein Bros. Bagels. Mount Pleasant, S.C.-based Ziff Properties Inc. owns the shopping center.

September 18, 2020

Company News New York Northeast Retail

WSJ: Ascena Retail Group to Sell Plus-Size Chain Catherines to FullBeauty Brands for $40.8M

by Taylor Williams September 18, 2020

MAHWAH, N.J. — Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, will sell its plus-size chain Catherines to FullBeauty Brands Operations LLC for $40.8 million, according to a new report from The Wall Street Journal. FullBeauty Brands is a New York City-based holding company whose brands include plus-size chains such as Woman Within, Jessica London Inc. and Swimsuits for All. Ascena Retail Group filed for Chapter 11 bankruptcy in July with plans to close an unspecified but “significant” number of stores.

September 18, 2020

Acquisitions Illinois Midwest Retail

Cushman & Wakefield Brokers $30M Sale-Leaseback of Crash Champions Portfolio in Metro Chicago

by Kristin Harlow September 18, 2020

CHICAGO — Cushman & Wakefield has brokered the $30 million sale-leaseback of a Crash Champions property portfolio in metro Chicago. Crash Champions is an auto body collision and paint repair company based in Chicago with additional operations in California and Ohio. Jack Chang of Cushman & Wakefield represented the seller and procured the undisclosed buyer. The sale includes multiple Crash Champions shops.

September 18, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Presidio Bay Ventures Takes Overs Construction of Mixed-Use Development in Menlo Park, California

by Amy Works September 18, 2020

MENLO PARK, CALIF. — San Francisco-based Presidio Bay Ventures has taken over construction, lease-up and stabilization of the 6.4-acre mixed-use development, located at 1300-1302 El Camino Real and 550 Oak Grove Ave. in Menlo Park. The strategic operation of the project, renamed Springline, was transitioned to Presidio Bay mid-construction in June. Since then, the firm’s development team has overhauled nearly all aspects of the project. Situated in Menlo Park’s pedestrian-oriented downtown city center, Springline will feature two 100,000-square-foot Class A office buildings, 183 residences, retail, dining, a dual-level subterranean parking garage and public outdoor space. Approved by Menlo Park City Council in early 2017, original construction for the project started later that year. Delivery of the commercial buildings is slated for fourth quarter and leasing of the residential component is scheduled to begin in second-quarter 2021. Christian Prelle, Mike Courson and Clay Jones of Newmark Knight Frank’s Palo Alto, Calif., office, along with Cassidy Zerrer of NKF’s San Francisco office, are handling office leasing efforts for the project.

September 18, 2020

California Leasing Activity Retail Western

T-Mobile Leases 1,300 SF Retail Space in Yucca Valley

by Amy Works September 18, 2020

YUCCA VALLEY, CALIF. — T-Mobile has signed a lease to occupy 1,300 square feet of retail space at 57750 Twentynine Palms Highway in Yucca Valley. The end-cap location is within a shopping center anchored by Starbucks Coffee and Applebee’s Neighborhood Bar and Grill. The corporate T-Mobile store is expected to open by year-end. Roxy Klein of Progressive Real Estate Partners represented the undisclosed landlord in the deal.

September 18, 2020

California Features Leasing Activity Restaurant Retail Western Western Feature Archive

Yelp: 61 Percent of Restaurants Closed Due to Pandemic Won’t Open Again

by John Nelson September 18, 2020

SAN FRANCISCO — A majority of U.S. restaurants and cafés that closed their doors in response to the COVID-19 pandemic will remain closed for good, according to crowd-source review giant Yelp. In its September economic impact report, the San Francisco-based firm tallied 32,109 restaurants that were open and operating on March 1 were closed on Aug. 31. Of that total, 19,590 (61 percent) indicated they were permanently closed. Yelp tracks business closures via business owners marking their business as closed, including by changing their hours or through a COVID-19 banner on its Yelp page. The tech firm concedes that closure counts are likely an estimate as businesses not included in the report include those that remain open with curtailed hours and staffing, or because they have not yet updated their Yelp business pages to reflect closures. Yelp only counts closures that have been vetted by its User Ops team or have been updated directly by a business owner. According to Yelp’s findings, breakfast and brunch restaurants, burger joints, sandwich shops, dessert places and Mexican restaurants are among the types of restaurants with the highest rate of business closures. Restaurants that work well for delivery and takeout — such as pizza …

September 18, 2020

Company News Georgia Restaurant Retail Southeast

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

by Alex Tostado September 17, 2020

LOUISVILLE, KY. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville, Ky.-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to Georgia. IT, supply chain and legal teams will remain in Louisville. The Louisville Courier-Journal reports that Papa John’s will keep its corporate headquarters in Louisville as well as a majority of its 750 jobs in Kentucky.

September 17, 2020

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