NEW YORK CITY — Golfzon Social, an entertainment concept that centers on golf simulation, will open an 18,000-square-foot center at 11 Hoyt, a 57-story residential development in Brooklyn by Tishman Speyer. The venue will offer 16 hitting bays, screens for watching live sports, a chef-driven menu, craft cocktails and beers and an onsite professional for private lessons. Don Cafero of JLL represented Golfzon Social in its site selection and lease negotiations. Tishman Speyer was self-represented. The opening is scheduled for the fall.
DETROIT — Elia Group has unveiled two new dining concepts, Experience Zuzu and Upstairs Bar. Both are slated to open this July in the company’s 511 Woodward building in downtown Detroit. Inspired by the destinations of Miami and Las Vegas, Experience Zuzu features eclectic Asian cuisine. Menu items include hand-rolled sushi, appetizers, wok-fired specialties and exclusive dishes from the charcoal oven and wood-fired grill. In addition to a full bar, Experience Zuzu will showcase bespoke cocktails, premium bottle service and a selection of sake, champagne and wine. The second floor will feature Upstairs Bar, a luxurious lounge and club serving craft cocktails, small plates and sushi.
WESTMINSTER, CALIF. — Shopoff Realty Investments has released plans to redevelop the Westminster Mall into a 26-acre mixed-use property. Located in the Orange County city of Westminster, the project will include housing, walkable green spaces, dining, retail and a hotel in place of the old Sears and Macy’s stores. Shopoff plans to break ground on the new project, named Bolsa Pacific at Westminster, in 2025. The entire transformation is set to include more than 1,000 apartments across three buildings; 100 for-sale townhomes; a 175-room hotel; 25,000 square feet of retail stores; a food hall; and 2.5 acres of green space, including an amphitheater, dog park, pickleball courts and food kiosks.
LOS ANGELES — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located largely in California and Washington, Napa Auto Parts occupies all the properties on a net-lease basis. Brandon Perez and Bill Pedersen of Los Angeles-based Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.
CHICAGO — Walmart has announced that it will close four stores in the South and West sides of Chicago. Crain’s Chicago Business reports that the stores are located in the city’s Kenwood, Lakeview, Little Village and Chatham neighborhoods. Walmart cited a lack of profitability as the reason for the closures, reporting that the locations collectively lose tens of millions of dollars a year. The company recently invested $70 million to upgrade the stores and built two new Walmart Health facilities and a Walmart Academy training center. “It was hoped that these investments would help improve our stores’ performance,” said the company. “Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”
WAUWATOSA, WIS. — Best Buy has signed a 10,921-square-foot retail lease at 2545 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Scott Satula and Emily Smits of Mid-America Real Estate represented the landlord, an entity doing business as GP Wisconsin LLC.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant property located in Ontario. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development, in the $3.5 million transaction. Fast5Xpress Car Wash occupies the property, which comprises a 4,446-square-foot building situated on 1.2 acres, on a 35-year, absolute triple-net ground lease.
NEW YORK CITY — VITAL, a full-service fitness and climbing gym, will open a 45,000-square-foot facility at Essex Crossing, a mixed-use development on Manhattan’s Lower East Side. The three-story facility will offer bouldering, yoga, cycling, open weightlifting, fitness classes and climbing instruction. The opening is slated for spring 2024. A joint venture between Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns Essex Crossing.
CONSHOHOCKEN, PA. — David’s Bridal LLC and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Both the brand’s nearly 300 physical stores, as well as its online platforms, will remain open and operational, according to the company. The Conshohocken-based retailer is seeking customary “first-day” relief authorizations from the United States Bankruptcy Court for the District of New Jersey to continue payment of employee wages and benefits, maintain certain customer programs and honor vendor obligations. The company had previously filed for bankruptcy in November 2018 and re-emerged under new ownership in early 2019. The retailer’s current ownership group comprises lenders led by global investment manager Oaktree Capital Management. Also in 2019, Brookfield Asset Management acquired a majority stake in Oaktree Capital Management. David’s Bridal has retained Gordon Brothers to assist with inventory sales. The company will also continue to evaluate its physical footprint and explore the sale of some or all of its assets. “Our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward,” says James Marcum, CEO of David’s …
DALLAS — Tom Thumb, a division of Idaho-based grocer Albertson’s, will open a 50,000-square-foot store at The Shops at Redbird in Dallas. Located on the city’s southwest side and owned by locally based developer Russell Glen Co., The Shops at Redbird is a mixed-use redevelopment of the former Southwest Center Mall. Construction is scheduled to begin late this year and to be complete in summer 2024. Russell Glen is also constructing 30,000 square feet of adjacent neighborhood retail and restaurant space.