Retail

Five Below, HomeGoods to Open at PREIT’s Repositioned Magnolia Mall in Florence, South Carolina

by Camren Skelton April 9, 2018

FLORENCE, S.C. — An 8,500-square-foot Five Below and a 20,000-square-foot HomeGoods will join the tenant mix at PREIT’s Magnolia Mall in Florence. The first-to-region retailers join Burlington, which opened in 2017, backfilling the space formerly occupied by Sears. In addition to these openings, H&M will open later this year, Chick-fil-A is expanding its location to include indoor seating and Texas Roadhouse will lease an outparcel location at the mall. PREIT has also renewed a 10-year lease with Belk, which will undergo a store remodel. Philadelphia-based real estate investment trust PREIT owns and operates more than 22.5 million square feet of retail space located primarily in the eastern United States.

April 9, 2018

Leasing Activity Restaurant Retail Texas

Pinstripes Opens 30,000 SF Bowling Alley, Restaurant in Fort Worth

by Taylor Williams April 9, 2018

FORT WORTH, TEXAS — Pinstripes, a Chicago-based food and entertainment concept, will open a 30,000-square-foot, two-story bowling alley and restaurant in Fort Worth. Located within The Shops at Clearfork on the city’s southwestern side, the venue will feature 12 bowling lanes, six bocce ball courts and private event space. Larry Leon of Venture Commercial represented Pinstripes in the lease negotiations. This location will be the company’s ninth in the country and first in Texas.

April 9, 2018

California Retail Western

Pacific Retail Opens 1.4 MSF Mall Redevelopment in San Jose

by Nellie Day April 9, 2018

SAN JOSE, CALIF. — Pacific Retail Capital Partners (PRCP) has reopened Eastridge Center, a 1.4 million-square-foot mall in San Jose. The redevelopment of the property includes a full interior remodel, new family areas, a new look for the food court, vehicle charging stations, new entrances, community gathering spaces and four exterior murals by local artists. Eastridge Center is home to tenants such as Macy’s, JCPenney, Red Robin, a 15-screen AMC IMAX Theater, Round 1 Bowling & Amusements, H&M, Victoria’s Secret and Forever 21 RED.

April 9, 2018

Acquisitions Midwest Missouri Retail

Select Strategies Realty Acquires 700,000 SF Retail Portfolio in Metro St. Louis

by Kristin Harlow April 9, 2018

ST. LOUIS — Select Strategies Realty has acquired a five-property retail portfolio in metro St. Louis for an undisclosed price. The portfolio spans 700,000 square feet. The properties are located at 955 Woodcrest Executive Drive, 4650 Lansdowne Ave., 1000 Lemay Ferry Road and 8901 Page Ave. Overall, the portfolio is 97 percent leased to tenants such as The Home Depot, Fresh Thyme Farmers Market, Office Max, Kohl’s, HomeGoods, Dick’s Sporting Goods, Burlington, Hobby Lobby and Planet Fitness. Jeremy Sain of HFF arranged acquisition financing on behalf of the borrower. Prime Finance provided the loan.

April 9, 2018

Development Midwest Ohio Restaurant Retail

Kroger to Open its Second Restaurant This Fall in Metro Cincinnati

by Kristin Harlow April 9, 2018

ANDERSON TOWNSHIP, OHIO — The Kroger Co. has unveiled plans to open its second Kitchen 1883 restaurant this fall. The standalone restaurant and patio will be located in Anderson Township, a neighborhood in greater Cincinnati. Kitchen 1883 features a menu inspired by American and international flavors, handcrafted cocktails and a community-centered atmosphere. The restaurant will operate for lunch and dinner daily along with brunch on the weekends. The first Kitchen 1883 opened in Kentucky in November 2017. Kitchen 1883 is one way for Kroger to redefine the customer experience through innovative concepts, according to Daniel Hammer, Kroger’s vice president of culinary development and new business. The name stems from the company’s foundation in 1883.

April 9, 2018

California Retail Western

L’Occitane Introduces Traveling Retail Truck

by Nellie Day April 9, 2018

LOS ANGELES — L’Occitane en Provence, a prestige beauty brand based in Los Angeles, has introduced the L’Occi Truck, a traveling shop experience for the brand. The retail store on wheels presents a new direct-to-consumer shopping model. Inspired by the vintage French Citroën H Van, often used by small-town French farmers, the retro truck is cladded in L’Occitane’s signature Provençal sunshine yellow and is approximately 16 feet long by 7 feet high. Two openings, featured at the truck’s side spanning across the entire length and rear, invite customers to view an internal shelving display filled with an assortment of product as well as relevant campaign imagery. A tester-rail and foldable display counter anchored under the truck’s side opening will feature an interactive station for passerby to test-and-play with product.A large exterior screen will display video content showcasing the Provençal lifestyle and brand history. At each destination, beauty associates will accompany the truck to guide the guests through demonstrations. The truck debuted in Washington, D.C. at the Cherry Blossom Festival on April 7. The L’Occi Truck will offer support for future store closings due to renovations.

April 9, 2018

Acquisitions New York Northeast Office Retail

Meridian Arranges $23M Sale of Commercial Building in Brooklyn

by David Cohen April 6, 2018

NEW YORK CITY — Meridian Investment Sales has arranged the sale of a newly renovated commercial building at 2857 West 8th St. in Brooklyn for $23 million. David Schechtman and Rich Velotta of Meridian represented the undisclosed seller and procured the unidentified buyer in the transaction. Located in the West Brighton neighborhood of Brooklyn, the 52,302-square-foot office building is fully leased. The tenant roster includes New York City Human Resources Administration, Blink Fitness and Dollar Tree. The two-story building also has a Verizon cell and GPS tower on the roof. The property was recently renovated to include a new façade, an updated plumbing system and electrical upgrades.

April 6, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $3.5M Land Development Loan in Plymouth

by David Cohen April 6, 2018

PLYMOUTH, MASS. — Fantini & Gorga has arranged $3.5 million in land development financing for a 40-acre parcel in Plymouth. The lender was a major Massachusetts-based banking institution. Harald LLC, the borrower, plans to add roads and utilities, and then subdivide the commercially zoned land into five or six parcels, to be sold for additional development.The site, about 40 miles south of Boston, is located near the Grove at Plymouth shopping center. Tenants at the retail center include a 130,000-square foot Home Depot store, West Marine, Ethan Allen Furniture and Mattress Firm.

April 6, 2018

California Retail Western

SRS Brokers $2.4M Sale of Ground Lease in Orange County, California

by Nellie Day April 6, 2018

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the $2.4 million sale of a ground lease in the Orange County community of Costa Mesa. The 0.8-acre parcel of land currently houses a 13,200-square-foot property. The asset is triple-net leased to a Los Angeles-based entity that subleases the property to multiple tenants. Michael Walseth of SRS represented the undisclosed, Orange County-based seller in the transaction. The buyer, also based in Orange County, represented itself. The ground lease had approximately 14 years remaining.

April 6, 2018

California Retail Western

Marcus & Millichap Arranges $1.3M Sale of Retail Property in Southern California

by Nellie Day April 6, 2018

RIVERSIDE, CALIF. — Marcus & Millichap has arranged the $1.3 million sale of a 13,200-square-foot retail property located at 9741 Magnolia Ave. in Riverside. Brandon Michaels of Marcus & Millichap arranged the transaction on behalf of both the seller, a limited liability company, as well as the buyer, 4GT Group LLC.

April 6, 2018

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