VANCOUVER, WASH. — HDA Partners has purchased Y Plaza, a shopping property in Vancouver, from Slosar Properties for $3.6 million. Located at 14602-14612 NE Fourth Plain Blvd., Y Plaza features 22,200 square feet of retail space. Deborah Ewing of Fuller Group Commercial Real Estate Services represented the seller, while Eric Garske of Marcus & Millichap represented the buyer in the deal.
VISTA, CALIF. — Voit Real Estate Services has negotiated the acquisition of a retail building at 825 Civic Center Drive in Vista, approximately 40 miles north of San Diego. Newport Beach-based Union Bank of California sold the asset to Vista-based Moonlight Cultural Foundation for $2 million. The buyer, a local theatre production company, will use the 6,360-square-foot building for youth training and prop storage. Peter Kies of Voit Real Estate Services’ Carlsbad office represented the seller, while Cushman & Wakefield represented the buyer in the transaction.
DALLAS — Locally based brokerage firm STRIVE has negotiated the sale of Gallery on the Parkway, a 146,612-square-foot shopping center in North Dallas. Bed, Bath & Beyond and Buy, Buy Baby most recently anchored the property, which was built on 12 acres in 1995. Other tenants include Nordstrom Rack and Cost Plus World Market. Chicago-based REIT Blue Owl Real Estate sold Gallery on the Parkway to Dallas-based investment firm Four Rivers Capital for an undisclosed price. Adam Gottschalk of STRIVE brokered the deal.
NEW YORK CITY — Electric Shuffle, a concept that features high-tech shuffleboard, food and drinks, will open a 10,000-square-foot entertainment center on the second floor of the new Virgin Hotel in Manhattan’s NoMad district. John Few of SRS Real Estate Partners represented Electric Shuffle in the lease negotiations. Adam Weinblatt of Newmark, along with internal agent Richard Tang, represented the landlord, The Lam Group. The opening is slated for next spring.
MECHANICSVILLE, VA. — VICI Properties Inc. has acquired 38 bowling alleys from Mechanicsville-based Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located across 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer (ROFO) term for VICI to purchase Bowlero’s real estate assets. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel LLP provided legal counsel. VICI Properties Inc. is an experiential REIT that owns one of the largest portfolios of gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. Bowlero is a publicly traded company that operates 325 bowling alleys across North America. Earlier this year, Bowlero acquired the Lucky Strike Entertainment LLC brand, which operated 14 locations across nine states. In 2019, the company purchased the Professional Bowlers Association.
BASKING RIDGE, N.J. — The Ferber Co., a South-Florida-based developer, is underway on a retail redevelopment project in the Northern New Jersey community of Basking Ridge. Known as The Shops at The Crossing, the project is part of the larger redevelopment of the 850,000-square-foot Burlington Center Mall, which shuttered in 2018 and was demolished in 2021. Tenants that have already committed include Raising Cane’s, Panera Bread, Freddy’s Frozen Custard & Steakburgers, Discount Tire and Sleep Number. The redevelopment will also feature three industrial buildings totaling 1.9 million square feet that will be developed by Baltimore-based MRP Industrial.
CHICAGO — Spa provider Bathhouse has signed a 40,000-square-foot, build-to-suit lease at 1010 W. Madison St. in Chicago. The property will feature two levels of amenities as well as a rooftop pool and restaurant. The design of the concrete and glass building will pay homage to old-world bathhouses. Bathhouse offers hot saunas, cold plunges and massages. Guests can choose between day passes and specific treatments. The developer of the project, Fulton Street Cos., acquired the site in September 2020 from a private investor. It was a parking lot at the time.
CHICAGO — Beity, a culinary concept inspired by Lebanese and French cuisines, and Voodoo Doughnuts, an Oregon-based doughnut chain, have signed new retail leases in Chicago’s Fulton Market. The Feil Organization owns both properties. Beity signed a 3,700-square-foot lease at 813 W. Fulton Market, a retail and residential development. Voodoo signed a 2,734-square-foot lease at 945 W. Randolph, a one-story, 12,400-square-foot retail space. Beity, which means “home” in Arabic, is the debut restaurant concept from Chef Ryan Fakih. Inspired by the cooking of his upbringing and the French cuisine that he honed while at Le Cordon Bleu in Paris, Fakih seeks to redefine French-Lebanese cuisine. The restaurant is expected to open in November. Quinn Thomas of Goldstreet Partners represented Beity in the lease. Voodoo’s lease marks its first location in Illinois. The doughnut company is known for its imaginative and creative confections. The Illinois location is scheduled to open in December. Sean Bossy and Ali Hicks of Tether Advisors represented Voodoo in the lease. Nick Dries represented Feil on an internal basis in both leases. The asking rent was $125 per square foot in both transactions.
VERNON, CALIF. — DP Vernon Retail has completed the disposition of Vernon Shopping Center, a retail property located at 2544-2550 Alameda St. in Vernon, just south of Los Angeles. Wimatex Inc. acquired the asset for an undisclosed price in a 1031 exchange. Built in 2017, Vernon Shopping Center features 14,000 square feet of retail space. At the time of sale, the property was 77 percent occupied. Current tenants include Jersey Mike’s Subs and Café Dulce. Chris Maling and David Maling of Avison Young represented the seller and procured the buyer in the deal.
Affordable HousingDevelopmentHospitalityMixed-UseMultifamilyNew YorkNortheastRestaurantRetailTop Stories
Soloviev Group Plans 1,325-Unit Apartment Complex in Mixed-Use Freedom Plaza Development in Manhattan
NEW YORK CITY — Soloviev Group has announced plans for two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to improve the proposal’s attractiveness amid opposition to the casino component. Soloviev is developing the casino in partnership with global entertainment owner and operator Mohegan. Mohegan is an extension of the Mohegan Tribe of Indians of Connecticut. The planned affordable housing component of the development will comply with New York City’s Mandatory Inclusionary Housing rules, as well as all other applicable affordability guidelines. Nearly 40 percent of the total unit count will be permanently affordable and reserved for residents earning 80 percent or below the area median income. According to Soloviev Group, the proposed project will be among Manhattan’s largest inclusionary housing initiatives. “Affordable housing, specifically the creation of new …