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Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Simon Welcomes New Tenants to Wrentham Village Premium Outlets in Southern Massachusetts

by Taylor Williams

WRENTHAM, MASS. — Simon Property Group has welcomed several new tenants to Wrentham Village Premium Outlets, located near the Massachusetts-Rhode Island border. Apparel retailer Hollister Co. featuring Gilly Hicks is now open, and Italian luxury fashion brand Moncler plans to open a store in the coming weeks. Additionally, Shake Shack will open a restaurant in late winter.

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DevelopmentFloridaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Swire Properties Announces 11 New Tenants at Brickell City Centre in Miami

by John Nelson

MIAMI — Swire Properties has announced 11 new tenants as part of the North Block expansion at Brickell City Centre, a mixed-use development located at 701 S. Miami Ave. in Miami’s Brickell district. The new deals total 65,800 square feet and feature a mix of recent openings and openings for later this year and 2025. The new tenants joining Brickell City Centre include an anchor store for H&M (open); Black Tap Craft Burgers & Beer (open); FP Movement; 7 For All Mankind (open); Anthropologie; John Varvatos; Lacoste; Marc Jacobs; Nespresso; Mango; and Aritzia. Brickell City Centre is a $1 billion, 4.9 million-square-foot mixed-use development comprising two residential towers, two mid-rise office buildings, the EAST Miami hotel and 500,000 square feet of retail and restaurants.

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AcquisitionsRestaurantRetailSoutheastTennessee

Marcus & Millichap Brokers Sale of New Restaurant in Metro Memphis Leased to Whataburger

by John Nelson

MEMPHIS, TENN. — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the sale of a newly built restaurant in a southern suburb of Memphis. Whataburger occupies the 3,318-square-foot property on a 14-year, corporate-guaranteed ground lease with rent increases in the initial term and extension options. The restaurant serves as an outparcel to a Walmart Supercenter. Don McMinn of Taylor McMinn represented the seller, a Tennessee-based firm that is a preferred development partner of the Whataburger brand, in the transaction. The buyer was an all-cash investor from California that purchased the restaurant for an undisclosed price in a 1031 exchange. “You can’t underestimate the importance in the relationship between price point and cap rates in today’s market,” says McMinn. “Lower price point deals will get significantly more activity and trade more aggressively.”

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DevelopmentLeasing ActivityMixed-UseRestaurantRetailSoutheastVirginia

Hoffman & Associates Signs Two Retailers to Join West Falls Mixed-Use Development in Northern Virginia

by John Nelson

FALLS CHURCH, VA. — Hoffman & Associates has signed two new retail tenants to join West Falls, a 10-acre mixed-use development in Falls Church that will comprise 1.2 million square feet at full build-out. The new businesses coming to the development include Dok Khao Thai Eatery and a Chase Bank branch. The restaurant is slated to open at 180 West Falls Station Blvd. in August, and the bank is set to open at 118 West Falls Station Blvd. in April. West Falls will feature more than 120,000 square feet of shops and restaurants, as well as The Alder apartments, The Reserve at Falls Church seniors housing community, a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.

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DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Game Show Challenge to Open 3,889 SF Entertainment Venue at Lee + White in Atlanta

by John Nelson

ATLANTA — Entertainment retail concept The Game Show Challenge has signed a 3,889-square-foot lease at Lee + White, an adaptive reuse development located in the West End of Atlanta. Kelly Wilson of Ackerman Retail arranged the lease on behalf of the developers, Ackerman & Co. and MDH Partners. Located in Building 1000, the space will feature two studios with interactive games. The venue is scheduled to open later this year and marks the third location for The Game Show Challenge, which also operates outposts in Columbia and Greenville, S.C. Ackerman & Co. and MDH Partners acquired the Lee + White mixed-use property, which totals 442,562 square feet, in 2019. The latest phase of development includes a food hall, creative office space, retail space and a “Great Lawn” with gathering and event space.

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Rockefeller-Center
LoansNew YorkNortheastOfficeRestaurantRetailTop Stories

Tishman Speyer Completes $3.5B CMBS Refinancing of Rockefeller Center in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Dechert LLP advised Bank of America and Wells Fargo on the transaction. Rockefeller Center was originally developed in the 1920s and comprises more than a dozen buildings across 22 acres between 48th and 51st streets. The campus features office, retail, restaurant and entertainment space, as well as a 24,000-square-foot park atop Radio City Music Hall. Tishman Speyer is currently nearing completion of a redevelopment of the property. The office component of Rockefeller Center is currently 93 percent leased to global occupiers such as Deloitte, Lazard, Christie’s, Simon & Schuster and J.P. Morgan Chase. Retail and entertainment users include LEGO, Banana Republic, Anthropologie, Michael Kors, Catbird, FAO Schwarz and Nintendo. The lineup of …

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AcquisitionsColoradoRestaurantRetailWestern

CenterSquare Acquires 18,938 SF Shops at Highpointe in Denver

by Amy Works

DENVER — CenterSquare has purchased Shops at Highpointe, an essential service retail (ESR) shopping center in Denver. Terms of the transaction and the name of the seller were not released. Located at the northeast corner of Grant Street and 97th Avenue, Shops at Highpointe offers 18,938 square feet of retail space that was 88 percent occupied at the time of sale. T-Mobile, Dickey’s BBQ and Red Wing Shoes, along with several long-term local tenants, occupy the property, which was built in 2008.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $3.1M Sale of Andy’s Frozen Custard-Occupied Property in Illinois

by Kristin Harlow

SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.1 million sale of a 2,090-square-foot property net leased to Andy’s Frozen Custard in Saint Charles, about 45 miles west of Chicago. The single-tenant building is located at 2630 E. Main St. and serves as an outparcel to the Foxfield Commons shopping center. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based development firm, and the buyer, a local real estate group. The asset features a 15-year lease that commenced in 2023 following the completion of construction.

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Leasing ActivityMarylandMixed-UseRestaurantRetailSoutheast

New Tenants Open at Collection at Chevy Chase Mixed-Use Center in Metro DC

by John Nelson

CHEVY CHASE, MD. — A new wave of tenants have opened at The Collection at Chevy Chase, an upscale, multi-story mixed-use development in metro Washington, D.C.’s Friendship Heights district. Located on Wisconsin Circle in Chevy Chase, The Collection’s new tenants include Porsche Studio (3,756 square feet), Brooks Brothers (5,722 square feet), Bright Horizons (11,638 square feet) and a kiosk for Dunkin’ (400 square feet). The Chevy Chase Land Co. is the owner and landlord of The Collection. Built in 2006, the center is home to tenants including Tiffany & Co., Amazon Fresh, Capital One Bank, Giorgetti, Capital Laser & Skincare, Clyde’s Restaurant, The Hunter’s Hound, Junction Bistro, Bar & Bakery, Joy by Seven Reasons and Merritt Gallery, among others.

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