Retail

CHICAGO — Lamar Johnson Collaborative (LJC), a full-service architecture firm based in Chicago, has released renderings for a transformative vision for Michigan Avenue’s Magnificent Mile retail corridor in downtown Chicago. The Magnificent Mile Association commissioned the plan, known as MM2050, to explore innovative solutions for addressing vacancies spurred by the pandemic. LJC created a series of conceptual renderings, guided by four design pillars: people, place, technology and experience. The renderings showcase ideas for enhancing public spaces, improving pedestrian connectivity and encouraging sustainable, mixed-use development. The MM2050 renderings are currently on display at the Chicago Architecture Center (CAC) as part of a newly launched exhibition titled The New Magnificent: Visions to Renew and Reconnect the Mag Mile. The exhibit is part of the CAC’s Loop as Lab: Reshaping Downtowns initiative, which explores post-pandemic ideas for revitalizing Chicago’s central business district. The LJC designs are one of two concepts from architectural firms on display. LJC’s vision focuses on four points of improvement along the mile-long corridor:

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CHICAGO — Roti, a Mediterranean fast-casual restaurant group based in Chicago, has filed for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances. Roti intends to keep its locations across Chicago, Minneapolis and the Washington, D.C. metro areas operating. “After careful consideration, filing for bankruptcy protection was the best way to address our challenges, including financial performance, higher costs, mixed location performance and tough market conditions,” says Justin Seamonds, CEO and prime minister of fun at Roti. Roti says it was disproportionately affected by the COVID pandemic as 50 percent of its restaurants are based in downtown districts. The company states that the current restaurant climate is mired in a consumer spending downturn.

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PASADENA, TEXAS — Harbor Freight Tools has signed a 20,810-square-foot retail lease in Pasadena, an eastern suburb of Houston. The California-based hardware and home improvement retailer is backfilling a space formerly occupied by Goodwill. Jeff Scarborough of Scarborough Commercial Real Estate represented Harbor Freight in the lease negotiations. Bob Conwell represented the landlord, locally based developer NewQuest Properties, on an internal basis. The store is expected to open before the end of the year.

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HALLANDALE BEACH, FLA. — New office and retail tenants have signed leases totaling 43,000 square feet at the third phase of Atlantic Village, a 308,253-square-foot mixed-use development located in Hallandale Beach, roughly 13 miles south of Fort Lauderdale. Retailers Mitch’s Bagels (1,985 square feet), Holy Shakes (1,067 square feet), Club Pilates (2,562 square feet), Zen Zone (2,086 square feet), The Spot Barbershop (1,215 square feet), La Maison H (2,260 square feet), Genia’s Keratin Spa (1,370 square feet) and 54D (8,146 square feet) have opened at the development, which is situated at 601 to 801 N. Federal Highway. Casa Crudos (1,629 square feet), The Wagyu House (2,681 square feet), Murano by Ferraro’s Kitchen (2,600 square feet) and Drunken Dragon (7,746 square feet) have also signed leases at Atlantic Village. Office tenants now open at Phase III of the development, which is currently 83 percent leased, include The Worx (10,911 square feet), Skin and Cancer Dermatology (3,731 square feet), Glowing Smiles Pediatric Dentistry (2,450 square feet) and Ciocca Dermatology of Hallandale (5,608 square feet). Phase I of Atlantic Village, which is fully leased, features 34,710 square feet of retail space. Phase II comprises 27,486 square feet and 10,380 square feet of retail …

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DAVIE, FLA. — JLL Capital Markets has arranged the $22.3 million sale of Ridge Plaza, a shopping center in the South Florida city of Davie. JBL Asset Management acquired the property from Baltimore-based Continental Realty Corp. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. Located at 9000-9200 W. State Road 84, the property totals 138,554 square feet. Tenants at Ridge Plaza, which was 98.6 percent occupied at the time of sale, include Paragon Theaters, Goodwill and Off The Wall.

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LAKE OSWEGO, ORE. — Gantry has secured a $15.5 million permanent loan for the refinancing of Lake View Village, a mixed-use office and retail property in downtown Lake Oswego, a suburb south of Portland. The master-planned project is located at State Street and A Avenue and offers 91,000 square feet of rentable office and retail space in six village-style buildings ranging from one- to three-stories. Tenants include dining, retail and professional services tenants. Blake Hering and Alicia Sabanero of Gantry represented the borrower, a private real estate investor and the center’s original developer. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 30-year amortization at a fixed interest rate.

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SPENCERPORT, N.Y. — New York-based brokerage firm Legacy Realty Group Advisors has negotiated the sale of Spencerport Village Plaza, a 99,096-square-foot shopping center located on the western outskirts of Rochester. Tops Friendly Markets anchors the property, which is also home to tenants such as Dollar Tree, M&T Bank and Lamont Awards & Apparel. Jacob Baruch and Daniel Baruch of Legacy Realty represented the buyer and seller, both of which requested anonymity, in the transaction.

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NEW YORK CITY — New York-based nonprofit organization Innovative Resources for Independence has purchased a 9,227-square-foot retail building in the Rego Park area of Queens. The sales price was $5.2 million. The building, which previously housed a Rite-Aid, is located at 65-35 Woodhaven Blvd. and includes 21 parking spaces. Andrew Jaworski, Dean Rosensweig, Chris Betting and Jojo Lewis of CBRE represented the undisclosed seller in the transaction.

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NEWTOWN, PA. — Norman’s Hallmark has signed leases to open nine stores that will range in size from 5,000 to 7,000 square feet in New Jersey and Pennsylvania. The New Jersey stores are located in Princeton, Somers Point, Marlton, Ocean Township, Manalapan, Turnersville and Mays Landing. The Pennsylvania stores are located in Allentown and Wyomissing. Rose Urban of Equity Retail Brokers represented the Pennsylvania-based home décor retailer in all lease negotiations.

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DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.8 million acquisition loan for Sam Moon Center, a 126,513-square-foot retail property located at 11814 Harry Hines Blvd. in North Dallas. The shopping center was built in 2003. Robert Bhat of MMCC arranged the financing through an undisclosed local bank on behalf of the borrower, which also requested anonymity. The loan carried a 7 percent interest rate, 10-year term, 25-year amortization schedule and 12 months of interest-only payments.

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