Retail

Restoration Hardware Opens 60,000 SF Gallery at Easton Town Center in Columbus

by Kristin Harlow December 17, 2019

COLUMBUS, OHIO — Restoration Hardware has opened RH Columbus, The Gallery at Easton Town Center. The three-story, 60,000-square-foot concept includes a rooftop restaurant, wine and barista bar and landscaped park. On level two, visitors will find RH Modern, an assortment of modern furnishings, lighting, textiles and décor, as well as the RH Interior Design Firm & Atelier. RH Columbus is located at 4120 Worth Ave. within Easton Town Center, a 1,300-acre shopping center and mixed-use destination. “RH Columbus reflects our vision to create architecturally inspiring spaces that blur the lines between residential and retail, indoors and outdoors, home and hospitality — spaces that activate all of the senses and create an immersive experience that cannot be replicated online,” says Gary Friedman, RH chairman and CEO.

December 17, 2019

Acquisitions Kansas Midwest Retail

MAG Capital Partners Acquires 43,000 SF Kansas Retail Building in Sale-Leaseback

by Kristin Harlow December 17, 2019

OVERLAND PARK, KAN. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.

December 17, 2019

Loans Midwest Missouri Office Retail

NorthMarq Arranges $3.5M Acquisition Loan for Office, Retail Property in St. Louis

by Kristin Harlow December 17, 2019

ST. LOUIS — NorthMarq has arranged a $3.5 million loan for the acquisition of Balmoral Plaza in St. Louis. The two-story property comprises 12,720 square feet of office space above 12,020 square feet of retail space. It is located at 443-465 N. New Ballas Road. Jeffrey Chaney of NorthMarq arranged the 10-year, fixed-rate loan on behalf of the borrower, Cape-Jackson SLB LP. A life insurance company provided the loan.

December 17, 2019

Acquisitions Georgia Retail Southeast

CW Capital Sells Publix-Anchored Shopping Center in Metro Atlanta for $14.8M

by Alex Tostado December 16, 2019

LAWRENCEVILLE, GA. — CW Capital has sold Village Shoppes of Sugarloaf, a 149,805-square-foot retail center in Lawrenceville, for $14.8 million. Publix anchors the property, which is located at 3330-3410 Sugarloaf Parkway, 30 miles northeast of downtown Atlanta. Village Shoppes was 63 percent leased at the time of sale. Scott Israel, Adam Sklaver and Phil Kates of CBRE represented the Bethesda, Md.-based seller in the transaction. Atlanta-based Branch Properties acquired the asset at a 5.5 percent cap rate.

December 16, 2019

Development District of Columbia Leasing Activity Retail Southeast

Whole Foods Signs 40,000 SF Retail Lease for The Parks at Walter Reed in D.C.

by Alex Tostado December 16, 2019

WASHINGTON, D.C. — Whole Foods Market has signed a 40,000-square-foot retail lease to anchor the Hartley apartment building within The Parks at Walter Reed in northwest Washington, D.C. The Parks is a 3.1 million-square-foot mixed-use development from the partnership of Hines, Urban Atlantic and Triden Development. The Hartley will be the third new construction at the site, alongside two currently underway projects: The Brooks condominiums and the Vale apartments, featuring 18,000 square feet of retail. The Hartley features 323 rental units, including 32 affordable units, and 58,000 square feet of retail space. The apartment building will be part of the project’s Town Center, which will include 100,000 square feet of dining, shopping, and entertainment fronting Georgia Avenue. Construction on The Hartley is expected to begin in early 2020 with completion of the project set for early 2022. Torti Gallas + Partners is the architect for The Hartley, with interior design by Hickok Cole Lifestyle and landscape design by Oehme van Sweden. Retail broker CBRE + Streetsense will lease The Parks. The campus already contains a firehouse and schools, as well as housing for seniors and veterans.

December 16, 2019

Acquisitions California Restaurant Retail Western

Hanley Investment Group Negotiates $4.7M Sale of Starbucks-Occupied Asset in Mammoth Lakes, California

by Amy Works December 16, 2019

MAMMOTH LAKES, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail property located in Mammoth Lakes. A Los Angeles-based private partnership sold the to a San Diego-based private investor for $4.7 million, or $1,065 per square foot. Built in 1984 and renovated in 2018, the 4,435-square-foot, single-tenant building is situated on 1.22 acres at 2935 Main St. Starbucks Coffee occupies the drive-thru property on a long-term lease with rent increases every five years. Bill Asher, Kevin Fryman and Jeff Lefko of Hanley Investments represented the seller, while Blake Tagmyer of Cushman & Wakefield’s San Diego office represented the buyer in the deal.

December 16, 2019

Development New York Northeast Retail

Convene to Open 73,000 SF Event Venue at Brookfield Place in Manhattan

by Alex Patton December 16, 2019

NEW YORK CITY — Flex and meeting-space provider Convene has opened a 73,000-square-foot event venue at Brookfield Place, an office and retail center in Manhattan. Commonly referred to as the World Financial Center, Brookfield Place is situated across the street from the World Trade Center and houses numerous retail, restaurant and entertainment tenants. Convene’s new event space is located at 225 Liberty St., backfills the vacant Saks Fifth Avenue store and contains two large event spaces with capacity for 500 people each, as well as a coffee shop and café. Brookfield Properties is the landlord.

December 16, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $2.5M Sale of Net Leased CVS Property in Ohio

by Kristin Harlow December 16, 2019

WASHINGTON COURT HOUSE, OHIO — Marcus & Millichap has brokered the $2.5 million sale of a 10,125-square-foot property net leased to CVS Pharmacy in Washington Court House, located between Columbus and Cincinnati. The building is located at 1795 Columbus Ave. CVS recently extended its lease for 15 years. Dan Yozwiak and Nathan Coe of Marcus & Millichap secured the buyer, a partnership completing a 1031 tax-deferred exchange. Doug Brooks of Marcus & Millichap Capital Corp. arranged long-term, fixed-rate acquisition financing.

December 16, 2019

Market Reports Nevada Retail Western Western Market Reports

What’s Happening in Las Vegas’ Retail Market?

by Taylor Williams December 14, 2019

There are no guarantees in commercial real estate. For commercial real estate owners, developers and investors, however, betting on the continued strength of the Las Vegas marketplace has been as close to a sure thing as it gets in recent years. The Vegas commercial market is as strong as it’s ever been as we head into 2020. Delivery on new projects is up 800,000 square feet over 2018. About 1.2 million square feet of retail space will have been added to the market by year’s end, while retail rental rates are up 4.6 percent in 2019. What’s really exciting isn’t just the top-line numbers, but the evolving nature of a market that is becoming more diverse. Las Vegas is preserving its gaming and entertainment dynamism while introducing more robust retail and mixed-use elements that expand well beyond the iconic Strip. Consequently, Vegas market performance isn’t just strong, it’s sustainable. A market overview reveals some of those reasons for optimism, as well as a deeper understanding of what’s driving that commercial real estate evolution. It never hurts to be the entertainment capital of the world, and there’s no doubt that gaming, hospitality and entertainment remain the foundation of the city’s appeal. …

December 14, 2019

Development New Jersey Northeast Retail

IT’SUGAR Opens 22,000 SF Store at American Dream in East Rutherford, New Jersey

by Alex Patton December 13, 2019

EAST RUTHERFORD, N.J. — Candy and sweets retailer IT’SUGAR has opened a 22,000-square-foot store at American Dream, a newly opened entertainment and retail destination in East Rutherford, a western suburb of New York City. The official opening was Saturday, Dec. 14. The first floor of the three-story store offers giant candy, sugar sculptures and more than 5,000 square feet of candy bins with a variety of sweets. The second floor houses branded candies, including Sour Patch Kids, Swedish Fish and Reese’s. In spring 2020, a café called Oreo TWISTiD will open on the third floor, which overlooks the theme parks of American Dream’s entertainment atrium.

December 13, 2019

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