Retail

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Illinois Leasing Activity Midwest Retail

Steinhafels Signs 70,737 SF Retail Lease in Schaumburg, Illinois

by Kristin Harlow April 20, 2023

SCHAUMBURG, ILL. — Steinhafels, a Milwaukee-based furniture and mattress retailer, has signed a 70,737-square-foot retail lease at 915 E. Golf Road in the Chicago suburb of Schaumburg. Steinhafels will occupy space formerly home to Bed Bath & Beyond. Joe Parrott and Sean McCourt of CBRE represented building ownership, Necessity Retail REIT. Steinhafels currently operates three stores in Chicagoland and 14 overall.

April 20, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Negotiates $5.4M Sale of Walgreens-Occupied Property in Canal Winchester, Ohio

by Kristin Harlow April 20, 2023

CANAL WINCHESTER, OHIO — Marcus & Millichap has negotiated the $5.4 million sale of a 14,560-square-foot retail property occupied by Walgreens in Canal Winchester, a southeast suburb of Columbus. The building is located at 6266 Gender Road near other retailers such as Walmart, Dollar Tree and AutoZone. Jesse Limon of Marcus & Millichap represented the seller, a limited liability company, and the buyer, an all-cash REIT.

April 20, 2023

Development Office Retail Texas

Triten Real Estate Completes Redevelopment of 216,500 SF Mixed-Use Complex in Dallas

by Taylor Williams April 20, 2023

DALLAS — Houston-based investment and development firm Triten Real Estate Partners has completed the redevelopment of Work/Shop, a mixed-use complex in Dallas that features 135,000 square feet of office space and 81,500 square feet of retail, restaurant and entertainment space. Work/Shop also houses 30,000 square feet of open and green space with views of the Prestonwood Country Club. The redevelopment involved major renovations to the south office building, including a redesign of the 65,000-square-foot building’s façade and common areas, as well as the addition of new amenities. Triten is also upgrading various components of the retail space. CBRE has been tapped to lease the renovated office space.

April 20, 2023

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $4.7M Sale of Shopping Center in Harrisburg, Pennsylvania

by Taylor Williams April 20, 2023

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.7 million sale of Brandywine Plaza, a 44,241-square-foot shopping center located in Harrisburg. The property was fully leased to 21 tenants at the time of sale. Craig Dunkle and Mher Vartanian of Marcus & Millichap represented the seller. Dunkle and Vartanian also secured the buyer, an undisclosed developer.

April 20, 2023

Development Industrial Retail Southeast Top Stories

Ingka Group to Invest $2.2B in New IKEA Locations, Omnichannel Growth Across US

by Katie Sloan April 20, 2023

LEIDEN, NETHERLANDS — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are smaller stores dedicated to kitchen, bedroom and living room planning. Plan and Order is an extension of IKEA’s existing planning studio business and is a relatively new endeavor for the company, with only two locations currently open in England. Ingka Group’s new stores will be primarily located in the Southern United States, a region where IKEA currently has a smaller concentration of locations, according to reports by The Wall Street Journal. These stores will create over 2,000 jobs upon completion. IKEA US, the American subsidiary of the retailer, has also announced new locations in San Francisco and Arlington, Va., that are set to open this summer. The $2.2 billion investment …

April 20, 2023

Market Reports Midwest Midwest Market Reports Nebraska Retail

Today’s Retail Landscape in Omaha is Different, But Healthy

by Kristin Harlow April 20, 2023

By Holly Jones and Trey MacKnight, Cushman & Wakefield/The Lund Co. The world of retail real estate in the Midwest has been rapidly evolving over the past few years, with the pandemic serving as a catalyst for more change. As we move further into 2023, it’s becoming increasingly clear that the retail landscape is different than in years past, yet healthy in numbers. In this article, we’ll explore and explain some of the latest trends, developments, absorption and vacancy, and how this is impacting the industry as a whole. Whether you’re a retailer, landlord or investor, it’s essential to stay up to date with the current market and future developments. Omaha’s retail market recorded 350,931 square feet of positive absorption in the fourth quarter, bringing the year-to-date absorption total to 1 million square feet. Throughout 2022, there were 34 buildings delivered, increasing the retail inventory by 379,733 square feet. At the close of the year, more than 86 percent of the new construction was occupied, creating a very healthy environment. While there were sizable deals inked throughout the year, just over 85 percent of the new leases signed were under 5,000 square feet. Many of the leases were signed by …

April 20, 2023

Acquisitions Content Partner Features Industrial Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Tax-Efficient Investment Strategies Open New Opportunities Despite High Interest Rates

by Sarah Daniels April 20, 2023

The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …

April 20, 2023

Leasing Activity Retail Texas

Puttshack Opens 26,000 SF Entertainment Center in Downtown Houston

by Taylor Williams April 19, 2023

HOUSTON — Puttshack, an entertainment concept centered on minigolf, has opened a 26,000-square-foot center at The Highlight at Houston Center, a retail and office complex located at 1200 McKinney St. in the downtown area. The venue offers four nine-hole minigolf courses, two bars serving craft cocktails and beers, a formal dining area and a private event space that can accommodate more than 100 guests. Brookfield Properties owns The Highlight, which also houses an Immersive Gamebox entertainment center.

April 19, 2023

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