Retail

Drive Shack to Open 62,000 SF Golf, Entertainment Venue in New Orleans

by Camren Skelton April 16, 2018

NEW ORLEANS — Golf entertainment concept Drive Shack has unveiled plans to open a 62,000-square-foot venue at the site of the former Times-Picayune building at 3800 Howard Ave. in New Orleans. Drive Shack will demolish the facility to make way for the new three-story entertainment complex, which will feature 90 indoor driving range bays, a restaurant, corporate and group event space, additional lounge areas and parking. The $29 million project is expected to be up and running by 2019, according to local media reports. Ryan Pécot and Saban Sellers of Stirling Properties represented Drive Shack in the lease negotiations. The New Orleans facility is one of five planned locations in the United States. Drive Shack opened its flagship location in Orlando earlier this month. Other planned locations include West Palm Beach, Fla.; Raleigh, N.C.; Marietta, Ga.; and Richmond, Va.

April 16, 2018

Development Retail Texas

Weingarten Begins Work on 25-Acre Retail Project in San Antonio

by Taylor Williams April 16, 2018

SAN ANTONIO — Weingarten Realty, a Houston-based REIT, has begun work on the 25-acre retail portion of Stevens Ranch, a 2,400-acre master-planned community in San Antonio. The site will consist of a 20,000-square-foot retail shell, which broke ground in February, as well as five one-acre pad sites and one 18.3-acre pad site. Deliver is slated for the fall. Tenants that have preleased space at the property include Supercuts, Quarry Nails and Smilepoint Dental Group. Fulcrum Construction is serving as general contractor for the project, which is being designed by Lune Middleman Architects.

April 16, 2018

Acquisitions Mixed-Use Multifamily Retail Washington Western

ACME Realty Acquires Mixed-Use Property in Seattle for $17.7M

by Amy Works April 16, 2018

SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.

April 16, 2018

Acquisitions Illinois Midwest Retail Top Stories

Eldorado Resorts to Acquire Grand Victoria Casino in Illinois for $327.5M

by Taylor Williams April 16, 2018

ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $2.6M Sale of Retail Property in Parsippany

by David Cohen April 13, 2018

PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

April 13, 2018

Acquisitions Georgia Mixed-Use Office Restaurant Retail Southeast

Asana Acquires Krog Street Market, Atlanta Stove Works in Atlanta’s Inman Park Neighborhood from Paces Properties

by Camren Skelton April 13, 2018

ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.

April 13, 2018

Acquisitions Retail Texas

CBRE Negotiates Sale of 74,310 SF Retail Center in Denton

by Taylor Williams April 13, 2018

DENTON, TEXAS — CBRE has negotiated the sale of Shops at Colorado, a 74,310-square-foot retail center in the North Texas city of Denton. The property was 100 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Staples, Party City and Sherwin-Williams. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller, RCG-Denton LLC, in the transaction. Lincoln Retail Income & Growth Fund purchased the asset for an undisclosed price.

April 13, 2018

Development Retail Texas

Vista Completes 44,000 SF Retail Center in Metro Dallas

by Taylor Williams April 13, 2018

MESQUITE, TEXAS — Vista Property Co. has completed Frontera Plaza, a 44,000-square-foot retail center located at the southeast quadrant of Buckner Boulevard and Interstate 30 in Mesquite, an eastern suburb of Dallas. The property was fully leased upon completion to tenants such as Planet Fitness, Foot Locker and western apparel store Rancho Semental. The property is shadow-anchored by a Walmart and a Sam’s Club. An H-E-B grocery store is also being developed at the intersection.

April 13, 2018

California Retail Western

Marcus & Millichap Arranges $10.3M Sale of Two-Story Retail Property in Los Angeles

by Nellie Day April 13, 2018

LOS ANGELES — Marcus & Millichap has arranged the $10.3 million sale of La Brea Sunset Plaza, an 18,297-square-foot retail property in Los Angeles. Mike Malick and Aria Pournazarian of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and buyer. The two-story property was fully leased at the time of sale.

April 13, 2018

Georgia Leasing Activity Retail Southeast

Silverspot Cinema to Open 38,000 SF Theater at The Battery Atlanta

by Camren Skelton April 13, 2018

ATLANTA — Silverspot Cinema has unveiled plans to open a 38,000-square-foot theater with multiple screens at The Battery Atlanta, a 1.5 million-square-foot mixed-use development in Cobb County. Braves Development Co. (BDC) owns and operates the development, which is home to retail, restaurants, an Omni Hotel, The Coca-Cola Roxy concert venue, multifamily residences and a Comcast office tower. The mixed-use village surrounds SunTrust Park, the new home ballpark of the Atlanta Braves. Silverspot Cinema will feature a full bar, in-theater dining and a range of programming and events, including The MET Opera Series; Broadway musicals and plays; rock concerts and symphonic orchestras; and Flashback Cinema, a film series that brings classic films back to the big screen. Gary Lewis of Gary Lewis & Associates Real Estate represented BDC in the lease negotiations. Naples, Fla.-based Silverspot will open the new theater at The Battery in 2019.

April 13, 2018

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