NEW YORK CITY — Primark will open a 78,760-square-foot store within the PENN District in Midtown Manhattan, its first in the borough. The apparel and accessories retailer will backfill a space at 150 W. 34th St. that was formerly occupied by Old Navy. Vornado Realty Trust (NYSE: VNO) owns the building, which according to LoopNet Inc. was originally constructed in 1900 and renovated in 1998. A tentative opening date was not announced.
DALLAS — Goldman Sachs has provided a $227 million loan for the refinancing of The Union, a 505,994-square-foot office and retail property in Uptown Dallas. The Union’s 21-story office building was completed in 2018 and offers amenities such as a fitness center, tenant lounge and conference facility. Tenants include Salesforce, Invesco, Akin Gump and Weaver. A Tom Thumb grocery store anchors the property’s retail component, which is also home to restaurants The Henry and North Italia. Jim Curtin, Greg Napper and Rex Cruz of JLL arranged the loan on behalf of the borrower, a joint venture between KB Asset Management and RED Development. The Union also houses a 309-unit apartment community.
WASHINGTON, D.C. — The National Geographic Society has announced plans to open a 100,000-square-foot public attraction at its campus, which currently occupies a city block in downtown Washington, D.C. Dubbed the National Geographic Museum of Exploration, the attraction is scheduled to open in 2026. Upon completion, the venue will feature curated exhibitions, immersive and educational experiences, a 400-seat theater, restaurant and a retail store. The project team will include JLL, HITT Contracting and architect Hickok Cole. Design for the public attraction will feature a focus on accessibility, with instructional text in Braille, tactile and sensory maps, American Sign Language (ASL) interpretations of media, all-gender restrooms, wellness rooms and exhibition text in both English and Spanish. “The Museum of Exploration marks a historic chapter in the Society’s mission to advance exploration, science, education and storytelling,” says Jill Tiefenthaler, CEO of the National Geographic Society.
BRANDON, FLA. — Cushman & Wakefield has arranged the sale of The Collection at Brandon Boulevard, a 222,406-square-foot shopping center in Brandon. Tenants at the property, which was fully leased at the time of sale, include Home Centric, Crunch Fitness, Chuck E. Cheese and Kane’s Furniture. Substantially redeveloped in 2019, the property features three outparcels and a 30,000-square-foot anchor space that is currently unoccupied but subject to a long-term lease with Kroger. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of SITE Centers Corp., in the transaction. Alto Real Estate Funds was the buyer.
FALLS CHURCH, VA. — Hoffman & Associates has signed two new retail tenants to join West Falls, a 10-acre mixed-use development in Falls Church that will comprise 1.2 million square feet at full build-out. The new businesses coming to the development include Dok Khao Thai Eatery and a Chase Bank branch. The restaurant is slated to open at 180 West Falls Station Blvd. in August, and the bank is set to open at 118 West Falls Station Blvd. in April. West Falls will feature more than 120,000 square feet of shops and restaurants, as well as The Alder apartments, The Reserve at Falls Church seniors housing community, a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.
LEWISVILE, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Valley Square, a 57,812-square-foot shopping center located in the northern Dallas suburb of Lewisville. The center was fully leased to 21 tenants at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Dallas-based LRIC Properties, in the transaction. Will Walters of DuWest Realty represented the undisclosed buyer, which purchased the asset via a 1031 exchange.
VERNON HILLS, ILL. — Marcus & Millichap has negotiated the $10.5 million sale of Hawthorn Village Commons in the Chicago suburb of Vernon Hills. The 51,815-square-foot retail strip center was built in 1981. Tenants include Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a privately held Chicagoland investment group, and procured the buyer, a local investor completing a 1031 exchange. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.
NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property. Additional terms of the transaction were not disclosed.
DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.
THORNTON, COLO. — Pinnacle Real Estate Advisors has directed the sale of Shops at Highpointe Park in Thornton. A Colorado-based private investor sold the asset to a Pennsylvania-based institutional investor for $6.3 million. Located at 9740 and 9760 Grant St., Shops at Highpointe Park consists of two adjacent retail strip centers built in 2008 and totaling 19,622 square feet. Justin Krieger represented the seller and procured the buyer in the deal.