CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced a slate of new retailers and restaurants at Cherry Hill Mall, located outside of Philadelphia in Southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.
JOHNSTOWN, COLO. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 60 minutes north of Denver. The development, which is the company’s first location outside of the South, is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot Buc-ee’s Johnstown will offer 120 fueling positions and a store with thousands of snack, meal and drink options, including Texas barbecue, homemade fudge, kolaches, jerky and fresh pastries, for travelers. The location will be the most western and highest altitude Buc-ee’s to date. Founded in 1982, Buc-ee’s has 35 stores across Texas. The company begin its multi-state expansion in 2019 and now has locations in Florida, Georgia, Alabama, South Carolina, Kentucky and Tennessee.
Confluence Cos. Sells Lydian Mixed-Use Building in Denver to Cohen Rojas Capital Partners for $66.2M
DENVER — Confluence Cos. has completed the disposition of The Lydian, a Class A mixed-use property located at 2590 Welton St. in Denver. Cohen Rojas Capital Partners acquired the asset for $66.2 million. Built in 2018, The Lydian features 129 apartments; 8,176 square feet of ground-floor retail space occupied by a yoga studio and upscale cocktail lounge; 14,500 square feet of designated co-working office space; a rooftop lounge and pool; fitness center; coffee bar; underground parking; and bike storage. Twenty-two of the apartments are rent restricted for those earning up to 80 percent of area median income. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop Investment Sales completed the sale on behalf of the seller. Justin Nelson and Jay Thomas of Walker & Dunlop’s Capital Markets Group arranged the acquisition financing for the buyer.
GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use retail and medical office property in Glendale. An undisclosed seller sold the property for $12.5 million. Consisting of five one- and two-story buildings, the asset was 96 percent leased at the time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining space is occupied by medical, wellness and professional office tenants. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix negotiated the sale.
SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.
By Taylor Williams The factors that have long enticed Texas retailers and restaurants to locate in mixed-use environments are back in full force, such that these users are once again willing to pay a premium for spaces built-in density and walkability. In some ways, this trend never really disappeared in Texas, one of the first states to reopen during the early months of COVID-19. Through measures passed in 2020 like sanctioning to-go alcohol sales and allowing businesses to stay open, albeit at reduced capacities, Texas has worked to minimize retail and restaurant closures and prevent large volumes of these spaces from being returned to markets. Neither has the state’s job and population growth slowed during the 22-month global health crisis, allowing developers across all asset classes to push forward. In addition, the newfound desire from consumers and businesses to work, shop and dine outdoors as much as possible has kept trains rolling on mixed-use projects, which inherently connect different uses through external features like trails, open streets, pocket parks and plazas. From a design standpoint, those connective features remain critically important, says Barry Hand, principal in the Dallas office of global architecture firm Gensler. “Pocket or linear parks are viewed …
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
OVERLAND PARK, KAN. — IHOP and Paris Baguette will open new locations at a pad development site fronting Oak Park Mall in Overland Park. Currently, a 34,371-square-foot office building is undergoing demolition to make way for the construction of the new pad development. IHOP will occupy 4,500 square feet and Paris Baguette will lease 1,500 square feet of the 6,000-square-foot building. Additionally, negotiations are underway with a national bank to occupy the corner pad. Alex Block of Block & Co. Inc. Realtors represented the tenants, while colleagues Daniel Brocato and David Block represented ownership. Paris Baguette is a rapidly expanding bakery café concept with dozens of locations nationwide. This will be the first location in metro Kansas City for the brand.
AUSTIN, TEXAS — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and some lifestyle retail space. “We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible,” says Brett Ames, managing principal of Inspire Development, as well as president and CEO of Austin-based Ames Design Build. “Frankly, we feel a true sense of obligation to get it fully right.” The Pearson Ranch site is located on 156 acres at the corner of State Highway 45 and West Parmer Lane, which is approximately two miles north of Apple’s new $1 billion corporate campus. Other nearby employers include Dell, PayPal, Amazon and Visa. Pearson Ranch will include a 48-acre …
AUSTIN, TEXAS — Karlin Real Estate has opened The Pitch, a dining and entertainment venue at the training facility of Austin FC, the city’s professional soccer team. The venue features food and beverage concepts Ranger Burger, Taco Flats, Sand Bar, Coffee Club and Corner Kick Bar. In addition, The Pitch houses a 1,200-seat stadium with an artificial soccer field, a five-acre pond with jogging trails and sand volleyball courts, an events center and a TV viewing area. Mark Odom Studio and STG Design served as the project architects. Corner Kick Hospitality Group operates the venue.