DALLAS — Metropolitan Capital Advisors (MCA) has arranged two loans to finance RedBird Development Group’s redevelopment of RedBird Mall, an enclosed regional mall in southwest Dallas formerly known as Southwest Center Mall. MCA arranged a $7.1 million acquisition loan through Dallas-based Graham Mortgage for the mall’s former Sears department store. The University of Texas Southwestern Medical Center (UT Southwestern) has agreed to lease the entire 150,000-square-foot wing of the mall. The new RedBird Medical Center is slated to open in 2021. MCA also arranged a $12.7 million construction loan to finance the redevelopment of the former Dillard’s department store that will be occupied by medical office and job training users including Parkland Hospital, Work Ready U and Work Force Solutions. Origin Bank provided the construction loan. The Growth South Fund, a private equity fund that targets south Dallas, also provided financing for RedBird’s Mall redevelopment. RedBird Development Group is an entity headed by Peter Brodsky, Terrence Maiden and Jon Cochran. The new RedBird Mall will feature 300,000 square feet of office space, 400,000 square feet of retail and restaurants, apartments and a Courtyard by Marriott. Palladium USA is building the multifamily component, according to The Dallas Morning News.
GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and the Innsbrook Corporate Center office. Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshalls, OfficeMax and Shoe Carnival. CVS/pharmacy and a Men’s Wearhouse occupy freestanding buildings on outparcels of the center. Scott Bois of KeyBank Real Estate Capital originated a $15.5 million acquisition loan on behalf of the buyer. The CMBS loan features a fixed interest rate.
EWING, N.J. — Portuguese-inspired barbecue concept Pork Chop’s BBQ has opened a 2,700-square-foot restaurant at Capitol Plaza, a 355,000-square-foot retail center in Ewing, a northern suburb of Trenton. The restaurant will serve barbecue meats and seafood as well as a variety of sides and will also offer catering services. Capitol Plaza’s office segment, 1001 Spruce Office Center, anchors the retail center with hundreds of employees and visitors. Other tenants include Planet Fitness, Foot Locker, Marshalls and numerous retail and dining options. Levin Management Corp. handles leasing and management of the retail center.
AUSTIN, MINN. — Marcus & Millichap has arranged the $1.7 million sale of a 3,713-square-foot property net leased to Arby’s in Austin, approximately 40 miles southwest of Rochester in southern Minnesota. Tom Gommels of Marcus & Millichap’s Minneapolis office marketed the single-tenant building, located at 1305 18th Ave. NW, on behalf of the seller, a limited liability company. Chad Lieber of Marcus & Millichap’s Newport Beach office secured and represented the buyer, an individual trust based in California.
LAS VEGAS — California-based Passco Cos. has completed the disposition of Silver City Plaza, a retail center situated on the northern end of the Las Vegas Strip. Regal Acquisition acquired the property for $59.2 million. Located at 3001 S. Las Vegas Blvd., Silver City Plaza features 41,583 square feet of retail space. Current tenants include Ross Dress for Less, Walgreens, Denny’s and 7-Eleven. Rob Ippolito and Frank Volk of Newmark Knight Frank represented the seller in the transaction.
Much has been made about online retail — and rightly so — with Amazon now an integral part of everyday life in the United States. But e-commerce’s growth doesn’t mean brick-and-mortar retail is dead. Brick-and-mortar outlets can be viable and profitable, even as retail bankruptcies and store closings increase. Real estate professionals should battle the misconceptions behind retail in 2020 and beyond while keeping an eye on where the next generation of retail is headed. The mall of 1975 is no longer. But could these retailers reemerge in hotel lobbies, airports/transportation centers and medical centers? Total retail sales have increased at an average annual rate in excess of 4.35 percent since 1993, according to Trading Economics. Additionally, most retailers’ quarterly earnings statements — whether from Walmart, Target, Home Depot or major grocers — report increased physical same-store and online sales (with a few exceptions noted later). While online sales have yet to reach 10 percent of total retail sales, the growth is on track to make a material impact by 2025, with 20 to 25 percent of total retail sales projected at that time. If it’s not in-store sales lost to online consumption or recessed consumption post-Great Recession, what’s behind …
AUSTIN, TEXAS — Whitestone REIT has signed two new restaurant concepts to join Parkside Village South, a shopping center located at 5701 W. Slaughter Lane in southwest Austin. The two restaurants, Oasthouse Kitchen + Bar and Keepers, will occupy 8,043 square feet and share a kitchen. Local restaurateurs Amir Hajimaleki and Ali Hajimaleki created the two concepts. The Parkside Village South location will be the second Oasthouse restaurant, while Keepers is a new seafood concept. The brothers also operate District Kitchen in Austin, which opened in 2013. Parkside Village South’s tenant roster includes Alamo Drafthouse Cinema, Chase Bank, Orangetheory Fitness, Kumon Learning Center, ATX Bike Shop, Kid Spa Austin and Burger Fi.
FRISCO, TEXAS — MOOYAH Burgers, Fries & Shakes, a fast-casual burger chain based in Plano, has partnered with KidZania USA, an interactive 85,000-square-foot indoor “city” for kids ages 6 to 14, to be one of the featured restaurant experiences within KidZania’s first North America location. The indoor family entertainment center, which now has 29 locations in 22 countries, opened at Stonebriar Centre in Frisco. Brookfield Properties owns the mall. Guests at Mooyah can be their own chefs by creating their own hand-cut fries and real ice cream shakes. According to the Brookfield website, there are more than 100 occupations that children can utilize at the KidZania USA location.
MELROSE PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.
MILWAUKEE — Lou Malnati’s Pizzeria has leased 2,074 square feet at Riverpoint Village in Milwaukee. The Chicago-style pizza restaurant chain will occupy space at 8629 N. Port Washington Road. Fred Stallé of Mid-America Real Estate-Wisconsin represented the undisclosed landlord in the lease transaction.