Retail

Opus Group Starts Construction of 285,000 SF Mixed-Use Development in Boise

by Amy Works October 17, 2019

BOISE — The Opus Group has started construction of a mixed-use project in downtown Boise. River Caddis Development and Standard Capital, a division of Standard Cos., are developing the project. Slated for completion in summer 2021, the eight-story, 285,000-square-foot project will feature 173 apartments in a mix of micro, one- and two-bedroom floor plans, as well as 3,000 square feet of street-level retail space. The second, third and fourth floors will primarily serve as parking with 400 parking stalls and bike storage that will be privately managed by Ada County, Idaho. The remaining floors will consist of apartments, a fitness center and a landscaped rooftop courtyard. The development is located at the corner of South Third and West Myrtle streets. Opus is serving as design-builder, interior designer, architect and structural engineer of record. River Caddis and Standard Capital are co-developers and co-owners and GGLO is the design architect of the project.

October 17, 2019

Development Retail South Carolina Southeast

Halpern Delivers Two Retail Buildings within Piedmont Marketplace in Upstate South Carolina

by Alex Tostado October 17, 2019

GREER, S.C. — Halpern Enterprises Inc. has delivered two build-to-suit retail buildings within the 131,000-square-foot Piedmont Marketplace in Greer. The first delivery is a 6,000-square-foot building that Rack Room Shoes opened in August. The second project is a 2,500-square-foot building that Stanton Optical is expected to open later this fall. Piedmont Marketplace is located at 1326 W. Wade Hampton Blvd., two miles west of downtown Greer. Kohl’s anchors the retail center, which is fully leased. Other tenants include Ross Dress for Less, Ulta Beauty, Five Below and Tractor Supply.

October 17, 2019

Acquisitions New York Northeast Retail

NuRealty Arranges Sale of 22,735 SF Retail Center in Yonkers, New York

by Alex Patton October 17, 2019

YONKERS, N.Y. — NuRealty has arranged the sale of 778 Yonkers Ave., a 22,735-square-foot retail center in Yonkers, a northern suburb of New York. The property, which is valued at $4.9 million, is located one block from the Empire City Casino. Tenants include HSBC Bank, Beck Chevrolet and Paradise Lanes bowling alley. Ludlow Avenue Corp., a locally based limited liability firm, acquired the property, as part of a larger $5.6 million transaction. Lukasz Przybylek of NuRealty Advisors represented the undisclosed seller in the transaction.

October 17, 2019

Development Northeast Pennsylvania Restaurant Retail

Taco Bell to Open 2,700 SF Restaurant in Wind Gap, Pennsylvania

by Alex Patton October 17, 2019

WIND GAP, PA. — Taco Bell will open a new 2,700-square-foot restaurant in Wind Gap, located approximately 70 miles north of Philadelphia. The building will be constructed on the former site of the Wind Gap Professional Center and will be the first Taco Bell in the area. Scott Horner of Colliers International brokered the deal.

October 17, 2019

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Agrees to Sell Las Vegas Resorts Bellagio, Circus Circus for $5B

by Alex Patton October 16, 2019

LAS VEGAS — MGM Resorts International (NYSE: MGM) has agreed to sell its Bellagio and Circus Circus resort assets on the Las Vegas Strip in two different transactions for a combined price of approximately $5 billion. Blackstone Real Estate Income Trust (BREIT) will acquire Bellagio in a $4.25 billion sale-leaseback deal. As part of the transaction, BREIT and MGM will form a joint venture ownership agreement, with BREIT owning 95 percent. MGM will continue to lease, manage and operate the property, with an initial annual rent of $245 million. MGM also agreed to sell its Circus Circus Las Vegas resort to an affiliate of Treasure Island Hotel and Casino owner Phil Ruffin for $825 million. Both sales are expected to close by the end of 2019. “We will use the proceeds from [these transactions] to build a fortress balance sheet and return capital to shareholders,” says Jim Murren, chairman and CEO of MGM Resorts International. “These transactions enhance the company’s strategic and operational flexibility and reinforce its commitment to targeted new growth opportunities, including securing and investing in one of the integrated resort licenses in Japan and becoming an industry leader in sports betting in the U.S.” The sale-leaseback deal …

October 16, 2019

Acquisitions Nevada Retail Western

CIRE Equity Acquires Sparks Galleria Retail Center Near Reno for $40.6M

by Amy Works October 16, 2019

SPARKS, NEV. — CIRE Equity has purchased Sparks Galleria, a grocery-anchored retail center located in Sparks, a suburb of Reno. Pine Tree Commercial Realty sold the asset for $40.6 million. Anchored by Sprouts Farmers Market and Marshalls/HomeGoods, Sparks Galleria features 212,647 square feet of retail space. Additional tenants include Starbucks Coffee, Qdoda Mexican Eats, See’s Candies and Kay Jewelers. Colliers International, in collaboration with Newmark Knight Frank, represented the seller in the deal.

October 16, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $23.3M Sale of The Shoppes at Southside in Jacksonville

by Alex Tostado October 16, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot retail center in southern Jacksonville. The property was fully leased at the time of sale to tenants including anchors Best Buy and Urban Air Trampoline, as well as Adventure Park, David’s Bridal, Cold Stone Creamery, Deerwood Jewelers, Moe’s Southwest Grill and three separate parcels leased to Starbucks, Chick-fil-A and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Blvd., the center is located 14 miles south of downtown Jacksonville. Brad Peterson, Whitaker Leonhardt and Michael Brewster of JLL represented the seller, Brixmor Property Group, in the transaction. Core Investment Management acquired the property.

October 16, 2019

Development Northeast Pennsylvania Retail

Victory Brewing Co. to Open 14,000 SF Brewery, Taproom in Philadelphia

by Alex Patton October 16, 2019

PHILADELPHIA — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an innovation hub for new beers. Local development firm Pearl Properties owns the building, and Gerner Kronick + Valcarcel is designing the facility in collaboration with Victory. The facility is slated to open in late 2020.

October 16, 2019

Leasing Activity New Jersey Northeast Pennsylvania Retail

Wingstop Signs Two Retail Leases in Philadelphia, Ewing, New Jersey

by Alex Patton October 16, 2019

PHILADELPHIA AND EWING, NEW JERSEY — Dallas-based fast casual restaurant Wingstop has signed retail leases in Philadelphia and Ewing, New Jersey. Wingstop will open a 1,650-square-foot store in Philadelphia’s Morrell Plaza, a 103,251-square-foot retail center with tenants including ShopRite and T-Mobile. The company will also open a 2,200-square-foot store in Ewing, New Jersey’s Capitol Plaza, a 354,993-square-foot shopping center with tenants including Marshalls, Dollar Tree and Planet Fitness. David Dunkelman of Soloff Realty & Development Inc. represented Wingstop in the Philadelphia negotiations, and Sidney Singer of Levin Management Corp. (LMC) represented the landlord. Marta Villa of JLL represented Wingstop in the Ewing negotiations , and Andrea Kyriacou of LMC represented the landlord.

October 16, 2019

Acquisitions Retail Texas

JLL Brokers Sale of 40,612 SF Vintage Plaza Retail Center in Metro Austin

by Taylor Williams October 16, 2019

ROUND ROCK, TEXAS — JLL has brokered the sale of Vintage Plaza, a 40,612-square-foot retail center. The property is located within the 330-acre La Frontera master-planned development in Round Rock, a northern suburb of Austin. Built in 2003, the asset was approximately 93 percent leased at the time of sale to tenants such as Men’s Wearhouse, Bamboo Nails & Spa and Burn Boot Camp. Cathy Nabours, Walter Saad, Kyle Shaffer and Josh Villarreal of JLL represented the seller, Ironwood Real Estate, in the transaction. SITE Centers Corp. purchased the asset for an undisclosed price.

October 16, 2019

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