AUSTIN, TEXAS — PINSTACK, an entertainment concept that combines bowling with other activities, as well as food and beverages, will open a 50,000-square-foot venue at Tech Ridge Center in Austin. This will be the first location outside of the DFW metroplex for PINSTACK, which is owned by Entertainment Properties Group Inc. In addition to bowling, the Austin center will offer a rock climbing wall, virtual reality games, laser tag, bumper cars and a ropes course, as well as a chef-driven menu featuring craft cocktails, wine and draft beer. The opening is scheduled for late 2019.
Although the retail sector remains under pressure — evident by the spate of store closures and announcements since the start of the year — the job losses across the industry have not been severe, says Ken McCarthy, principal economist and senior managing director at Cushman & Wakefield. In fact, some retailers are in an aggressive hiring mode. Total employment in the U.S. retail industry has increased by 1.4 million jobs since 2010, according to McCarthy, who was quick to add that the sector has shed approximately 140,000 jobs over the past two years. The Bureau of Labor Statistics (BLS) reports a net loss of 11,700 retail jobs in March, which came on the heels of a revised loss of 18,500 jobs in February. (The retail numbers from the BLS exclude restaurants.) “Store types that have seen substantial job losses include those that are most vulnerable to competition from the e-commerce industry, including electronics and appliances, sporting goods, apparel and accessories, and more recently general merchandise stores,” explains McCarthy. “While we would not characterize the job losses as that severe, those store types and product types that are most vulnerable to e-commerce are likely to remain under pressure.” According to Challenger, …
AIKEN, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 about 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.
NEW YORK CITY — Cushman & Wakefield has arranged the $1.6 million sale of a retail building in Ridgewood, Queens. Located at 57-45 Myrtle Ave., the three-story property is currently operating as a pet store but the tenant is expected to vacate the space. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the seller, Robert F. Gentile, in the transaction. The buyer was investor Isaac Azizian.
TUSTIN, CALIF. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin. Built in 1990 and situated on 2.4 acres, the three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.
CINCINNATI — VICI Properties Inc. (NYSE: VICI), together with a subsidiary of Hard Rock International, has entered into a definitive agreement to acquire the Jack Cincinnati Casino in downtown Cincinnati for approximately $745 million. VICI Properties will acquire 100 percent of the membership interests of a subsidiary of Jack Cincinnati that owns the land and real estate assets of the casino for $558 million. Hard Rock will acquire the operating assets of Jack Cincinnati for $187 million. Simultaneous with the transaction, VICI will enter into a triple-net-lease agreement with Hard Rock. Jack Cincinnati opened in 2013 and features 100,000 square feet of gaming space with approximately 1,800 gaming machines and 100 table games. The property also contains 33,000 square feet of meeting space, six restaurants and two bars. The transaction is expected to close late this year. Goldman Sachs & Co. LLC is serving as financial advisor and Kramer Levin Naftalis & Frankel LLP is serving as legal advisor to VICI.
DES PLAINES, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Fifth Third Bank ground lease in Des Plaines. The 4,224-square-foot building is located at 510 Metropolitan Way. Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller. An outside broker represented the out-of-state, 1031 exchange buyer.
SAN ANTONIO — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located at the northwest quadrant of SE Military Drive and Interstate 37 in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. The new ownership will also assume leasing and management of the center.
LIVE OAK, TEXAS — HFF has negotiated the sale of Gateway Plaza, a 136,553-square-foot retail center located along Loop 1604 in the northeastern San Antonio suburb of Live Oak. Anchored by Burlington, the property was 98 percent leased at the time of sale to tenants such as Goodwill, Laser Legend, Furniture Now and Great Clips. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF marketed the property on behalf of the seller, Los Angeles-based private investment firm Tryperion Partners, in the transaction. The buyer was San Antonio-based Nooner Holdings.
PLANO, TEXAS — Los Angeles-based investment firm RPD Catalyst has acquired Preston Creek Shopping Center, a 79,730-square-foot retail property in the northeastern Dallas suburb of Plano. The developer of the center, ASG Realty, sold the center for an undisclosed amount. Chris Harden, Kris Von Hohn and Ryan Duffie of Cushman & Wakefield, along with Samer Keilani and James Hankins of ACR Realty, represented the seller in the transaction. RPD Catalyst was self-represented. Several restaurants, including Pei Wei Asian Diner, Modern Market and Cowboy Chicken, anchor the property, which was completed in 2006.