Retail

Pottery Barn to Open at Westfield Old Orchard Mall Redevelopment in Skokie, Illinois

by Kristin Harlow December 18, 2023

SKOKIE, ILL. — Home furnishing retailer Pottery Barn is relocating its store at Westfield Old Orchard, joining Arhaus, Puttshack and Zara in the former Lord & Taylor space set to open in summer 2024. Unibail-Rodamco-Westfield owns Westfield Old Orchard shopping mall, which is undergoing redevelopment. The center is set to welcome six new retailers over the next year. Jewelry brand Little Words Project and Canadian women’s fashion brand Aritzia are opening in December. Urban Outfitters is opening in January, and Italian intimates store Intimissimi is slated to open in the spring. Westfield Old Orchard will also welcome new dining options next year, including local all-day lounge Cupitol and Cafe Castemila, an independently owned café and bakery. The redevelopment of the former Lord & Taylor department store is part of a multi-phase plan at Westfield Old Orchard that was first announced in 2022. Plans also call for new residences, dining establishments, wellness facilities and outdoor amenities such as a public park and event space. More detailed plans will be unveiled in 2024.

December 18, 2023

Acquisitions Illinois Midwest Retail

SVN Chicago Brokers $2.4M Sale of Retail Center in West Chicago

by Kristin Harlow December 18, 2023

WEST CHICAGO, ILL. — SVN Chicago Commercial has brokered the sale of Tower Station Center in West Chicago for $2.4 million. The 11-unit retail center, located at 956 N. Neltnor Blvd., is 73 percent occupied. Aldi shadow anchors the property. Ron Weissenhofer and Karen Kulczycki of SVN represented the undisclosed seller. After six months of negotiations, the property sold to an out-of-state buyer completing a 1031 exchange.

December 18, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Arranges $2.4M Sale of Kum & Go-Occupied Property in Sarcoxie, Missouri

by Kristin Harlow December 18, 2023

SARCOXIE, MO. — Marcus & Millichap has arranged the $2.4 million sale of a 5,118-square-foot property net leased to Kum & Go in Sarcoxie, a city in Southwest Missouri. The gas station and convenience store has operated at the property for 16 years. The triple-net lease features annual rental increases and a corporate guarantee. Austin Weisenbeck, Sean Sharko and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the buyer, an out-of-state private investor.

December 18, 2023

Indiana Leasing Activity Midwest Retail

Starbucks, Chipotle Sign Leases at Planned Shopping Center in Fort Wayne, Indiana

by Kristin Harlow December 18, 2023

FORT WAYNE, IND. — Starbucks Corp. and Chipotle Mexican Grill have signed 10-year leases to open at the planned Wood Creek Commons shopping center in Fort Wayne. The retailers are slated to open in the second quarter of 2024. Dave Horacek and Steve Chen represented the landlord, an entity doing business as BRV-V LLC, in both leases. Starbucks leased a 2,540-square-foot standalone building, while Chipotle leased a 2,325-square-foot standalone building.

December 18, 2023

Louisiana Market Reports Restaurant Retail Southeast Southeast Market Reports

Retailers in New Orleans Leverage Unique Experiences, Both In-Town and Suburbs

by John Nelson December 18, 2023

The New Orleans retail market is in a state of flux like other markets across the country. The retail experience is changing for the end user, with an increase in online shopping, “try before you buy” customers and quicker walkthroughs. Retailers are left in an odd position, caught between experiential interactions with customers and trying to have them remember to purchase later at home. While the retail market is changing, the Greater New Orleans area is different due to the scarcity of space available for new construction and a stable flow of stores closing or relocating. Our market creates a streamlined experience where consumers have “retail corners” they can visit to shop — such as downtown New Orleans, especially the iconic streets of Canal and Magazine — but also the suburbs that include Metairie, Elmwood and the Westbank. With the concentrated shopping setup of the market, customers can shop more efficiently, and retail investors see the New Orleans market as a more demanding and creative place to build and open stores. Submarket by submarket The retail customer in New Orleans detests spending unneeded time in the car, so when customers can shop locally, get what they need and get it …

December 18, 2023

Acquisitions Florida Retail Southeast

CRC Sells Cypress Run Marketplace Shopping Center in Coral Springs, Florida for $23.3M

by John Nelson December 15, 2023

CORAL SPRINGS, FLA. — Continental Realty Corp. (CRC) has sold Cypress Run Marketplace, an 87,000-square foot retail center located at 10599 W. Atlantic Blvd. in Coral Springs, a city in South Florida’s Broward County. The Q.V.H. Corp. acquired the property for $23.3 million. Walmart Neighborhood Market anchors the center, which was constructed in 1989. Popeye’s Louisiana Kitchen recently signed a 15-year lease at the center, bringing the property to full occupancy. CRC originally acquired Cypress Run Marketplace in 2015 for $13.6 million and executed more than 17,000 square feet of leases during its ownership. Dennis Carson, Sriram Rajan and Casey Rosen of CBRE represented CRC in the transaction.

December 15, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $4.6M Sale of Chipotle-Occupied Retail Property in Margate, Florida

by John Nelson December 15, 2023

MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.

December 15, 2023

District of Columbia Retail Southeast

Holiday Retail Sales Will Meet Expectations, Predicts NRF

by John Nelson December 15, 2023

WASHINGTON, D.C. — Retail spending in November aligned with expectations and portends a strong holiday season, reports the National Retail Federation (NRF). Citing information for November provided by the U.S. Census Bureau, the NRF says that core retail sales — excluding automobile dealers, gasoline stations and restaurants — were up 3.3 percent year-over-year on a three-month moving average. According to the bureau, overall retail sales in November were up 4.1 percent year-over-year. The NRF predicts that holiday retail sales, which fall between Nov. 1 and Dec. 31, will meet the federation’s forecast and increase between 3 percent and 4 percent relative to 2022, reaching between $957.3 billion and $966.6 billion. The Wall Street Journal reports that the deceleration of inflation might “make consumers feel better” and “weigh on retail revenue.” The consumer price index (CPI) slipped from 3.2 percent in October to 3.1 percent in November, according to the U.S. Bureau of Labor Statistics.

December 15, 2023

Development Retail Texas

Costco to Open 154,648 SF Store at Grand at Aliana in Richmond, Texas

by Taylor Williams December 15, 2023

RICHMOND, TEXAS — Costco will open a 154,648-square-foot store at The Grand at Aliana, a 400,000-square-foot, 80-acre mixed-used development in the southwestern Houston suburb of Richmond. The Washington-based discount retailer purchased the 20-acre site on which the store will be located. The opening is slated for next summer. The store will be Costco’s 39th in Texas and third in the Houston area. Locally based developer NewQuest Properties owns The Grand at Aliana.

December 15, 2023

Development Mixed-Use Multifamily Nevada Restaurant Retail Western

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works December 15, 2023

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

December 15, 2023

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