Retail

Red River Street Canopy Walk to Connect Fairmont Austin with Austin Convention Center

by Haisten Willis September 14, 2016

AUSTIN, TEXAS — Manchester Texas Financial Group, the developer of the Fairmont Austin, has unveiled a design that will be built between the hotel and Austin Convention Center. Known as the Red River Street Canopy Walk, the 33-foot elevated connection will enable Fairmont Austin hotel guests and the public to cross Waller Creek while traveling to and from the second level of the Austin Convention Center. The walkway will also be publicly accessible from the Waller Creek Trail and streets below. Construction recently began on underground infrastructure for the project. Work on the above-ground connection is slated to start in early 2017 and wrap up in May 2017. Manchester Texas Financial worked with the Waller Creek Conservancy to create the concept. New York-based Thomas Phifer and Partners designed the walkway. Austin-based dwg. is serving as the local landscape architect, and Big Red Dog is the project’s civil engineer.

September 14, 2016

Retail Texas

US Property Trust Acquires South Main Shopping Center in Houston

by Haisten Willis September 14, 2016

HOUSTON — US Property Trust has acquired South Main Shopping Center in Houston. Shadow anchored by Target, South Main’s tenants include Chase Bank, FedEx, Schlotzsky’s, T-Mobile, Papa John’s, State Farm and Wing Stop. The 17,233-square foot property is located on Main Street near NRG Stadium, the Houston Medical Center and Rice University. Tom Clarkson of West Star was the broker for the transaction. Orr Commercial was the seller.

September 14, 2016

Midwest Minnesota Retail

Marcus & Millichap Brokers $3.9M Sale of Retail Property in West Saint Paul

by John Nelson September 14, 2016

WEST SAINT PAUL, MINN. — Marcus & Millichap has brokered the $3.9 million sale of Wentworth Plaza, a 12,793-square-foot retail property located at 1590 S. Robert St. in West Saint Paul. National retailers occupy about 75 percent of Wentworth Plaza. Matthew Hazelton, Sean Doyle, Cory Villaume and Adam Prins of Marcus & Millichap’s Minneapolis office represented the seller, a regional developer/owner, in the transaction. The team also secured the buyer, a limited liability company.

September 14, 2016

Indiana Midwest Retail

Faris Lee Investments Completes $2.6M Sale of Retail Property Leased to CVS in Indiana

by John Nelson September 14, 2016

ANDERSON, IND. — Faris Lee Investments has completed the $2.6 million sale of a freestanding, 10,125-square-foot, single-tenant retail property triple net-leased to CVS/pharmacy in Anderson. Built in 1998, the property is situated on 1.7 acres at 2419 Nichol Ave. at the intersection of Nichol Avenue/State Road 32 and Raible Avenue. CVS/pharmacy has two years remaining on its lease. Jeff Conover of Faris Lee Investments represented the seller, Indiana-based Copper Development, in the transaction. Nick Cuneo of Clement Partners represented the 1031 exchange buyer, Cuneo Trust.

September 14, 2016

California Retail Western

Baskin-Robbins Continues L.A. Area Expansion

by Nellie Day September 14, 2016

LOS ANGELES — Baskin-Robbins, the world’s largest chain of ice cream specialty shops, has signed a multi-unit store development agreement with new franchisee Sharooz Setareh to develop three new ice cream shops in Santa Monica and Beverly Hills over the next few years. Currently, there are more than 460 Baskin-Robbins shops located throughout California. Setareh owns a beauty supply chain and clothing manufacturing company, which he still operates today. The first shop under the Baskin-Robbins agreement opened in Santa Monica earlier this year. Setareh plans to open his second shop in 2017, with the third location following in 2018. Baskin-Robbins also sold two completed, ready-to-operate stores so far this year. Existing franchisee Harpreet Gill purchased the first turnkey shop in Porterville and opened it earlier this summer. New franchisee Alejandro Kochergane purchased the second shop in Imperial Beach with plans to open early next year. Founded in 1945, Baskin-Robbins has more than 7,700 retail shops in nearly 50 countries. Headquartered in Canton, Mass., Baskin-Robbins is part of the Dunkin’ Brands Group.

September 14, 2016

Market Reports New York Northeast Northeast Market Reports Retail

NYC Retail Development Pipeline Expands as Job Growth, Tourism Drive Demand

by Jaime Lackey September 14, 2016

New York City’s retail outlook is sunny, as steady labor market expansion — bolstered by substantial Fortune 500 hiring — has spurred retailer demand for existing and new spaces in all five boroughs. Strong retail property performance in the City That Never Sleeps has supported continued rent and price growth, which will result in higher sales velocity over the short- and mid-terms. Employment Gains, Tourism Underlie Performance During the first six months of 2016, New York City employers created 33,600 new jobs. This pronounced job growth, which has been characteristic of the current cycle, reduced the unemployment rate to 5 percent by the end of the first quarter. This is the lowest rate unemployment rate the city has seen since November 2007. By the end of the year, area employers will add 90,000 workers, with the education and health services and professional and business services sectors projected to post the greatest increases. The leisure and hospitality sector will also contribute significantly to employment gains this year, as greater tourism spending prompts organizations in the sector to ramp up hiring. Another important indicator of NYC’s economic health is strong retail sales, which represent one of the best paces of retail spending …

September 14, 2016

California Restaurant Retail Western

Ballast Point Tasting Room & Kitchen to Open in Long Beach

by Nellie Day September 13, 2016

LONG BEACH, CALIF. — Ballast Point Brewing & Spirits is set to open a new 11,427-square-foot brewery at 110 N. Marina Drive, adjacent to Alamitos Bay Landing in Long Beach’s Seaport Village. Ballast Point Tasting Room & Kitchen will be the brewer’s largest location and will offer seating for 670 customers. The location will feature three bars and a large outdoor patio offering views of Catalina, Seal Beach and Alamitos Bay. Keith Kropfl and Michael Ganz of Avison Young and Jeff Chasin of Voit Real Estate Services represented Ballast Point as well as the landlord, Bancap Seaport Village Inc., in the leasing transaction.

September 13, 2016

California Mixed-Use Multifamily Retail Western

Marcus & Millichap Arranges Sale of 5,104-Square-Foot Mixed-Use Building in LA for $1.1M

by Nellie Day September 13, 2016

LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.

September 13, 2016

California Retail Western

Petco Opening 13 New Stores in September

by Nellie Day September 13, 2016

SAN DIEGO — Petco will open 13 new stores across the country and relocate one store in Paso Robles, Calif., in September. In addition, the company will also transition 31 existing Unleashed by Petco stores to smaller format stores this month. The rebranding of 31 select Unleashed by Petco stores are located primarily in Colorado, Georgia and Texas. The stores will transition to smaller format Petco stores. In addition, based on consumer feedback and demand, UnleashedbyPetco.com will become an informational site for consumers, with all online product sales moving to Petco.com. The former Unleashed by Petco locations will continue to operate as smaller format Petco stores and will include most of the same brands, products and amenities — such as self-serve dog wash and dog training services — that are available under the Unleashed by Petco banner. Petco operates more than 1,470 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico.

September 13, 2016

Restaurant Retail Texas

Nobu, Fig & Olive to Debut at the Houston Galleria

by Haisten Willis September 13, 2016

HOUSTON — Restaurants Nobu and Fig & Olive will open at The Galleria in Houston. The property, which is owned by Simon Property Group, includes more than 75 retail stores and restaurants. Nobu, in a transaction that was brokered by RKF, will open its first location in Houston and second in Texas at The Galleria in fall 2017. The restaurant will serve Peruvian-Japanese fusion cuisine in a 10,000-square-foot space formerly occupied by Saks Fifth Avenue. New York-based Fig & Olive is a French-style restaurant that will also open in fall 2017. It will be the brand’s first location in Texas and the lease was also brokered by RKF. Fig & Olive will occupy more than 7,000 square feet.

September 13, 2016

Newer Posts

Older Posts