MISSION — FREEBIRDS World Burrito is opening a new 2,705-square-foot restaurant, located at 2521 E. 83, Ste. 600 in Mission. Concept owner, Emeryville, Calif.-based Tavistock Restaurants, operates 56 FREEBIRDS restaurants in Texas and California. The restaurant will be open to the public on Nov. 10.
SANDY SPRINGS, GA. — A joint venture between Tribridge Residential and Stockbridge Capital Group has purchased the 298-unit Century Perimeter Park, located at 6210 Peachtree Dunwoody Rd. in Sandy Springs, from Centennial Holding Co. for $39.7 million. The property is located in the Perimeter Center submarket of Atlanta. Derrick Bloom, David Gutting, Vince Lefler and Porter Jones of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
NEW YORK CITY — In spring 2012, construction will begin on the $400 million renovation of the 2.2 million-square-foot Macy’s flagship store, located at Herald Square in New York City. The four-year project, which will create 1,600 construction-related positions, is slated for completion in the fall of 2015. The iconic flagship store opened in 1902 on the corners of Broadway and 34th Street, and Seventh Avenue and 34th Street. Three phases of expansion occurred between 1902 and 1931, when the store reached its current size. The renovation will impact both the interior and the exterior of the building. Highlights of the remodel include: – A 100,000-square-foot expansion of selling space, to total 1.2 million square feet. – Creation of a 63,000-square-foot women’s shoe department (including stockrooms). It will be the largest women’s shoe department in the world. – Expansion of men’s merchandise, which will span 200,000 square feet on seven floors upon completion. – A 1,100-seat table-service restaurant on the sixth floor with window access to Broadway and views of the Empire State Building and Midtown Manhattan. – The addition of home merchandise on the eighth and ninth floors, including a demonstration kitchen and De Gustibus Cooking School. – Addition …
SAN ANTONIO — Stockholm, Sweden-based Skanska USA has signed an $80 million contract to construct Phase II of Wilford Hall Ambulatory Surgical Center at Lackland Air Force Base in San Antonio. The project includes a 27,700-square-foot addition for the U.S. Army Corps of Engineers. Skanska is expected to begin construction in November and completion is slated for September 2013.
The combination of a reeling stock market, weak consumer confidence, and an escalating European debt crisis has led to growing concerns about the possibility of a double-dip recession. Not so fast, says Ethan Penner, a self-described contrarian. The president and founder of CBRE Capital Partners is convinced that the deeply gloomy outlook for the U.S. economy held by many Americans means that now is the ideal time to turn bullish. “I would say there probably has never been a Depression or a market crash when everyone is bearish. Think about the last big crash we had, which was 2007 and 2008. Everyone was incredibly bullish, incredibly optimistic.” The comments from Penner came during his keynote address delivered Sept. 27 in Atlanta as part of a commercial real estate finance conference hosted jointly by law firm Morris, Manning & Martin and France Media. “I’m known for being an inveterate bear, but this pervasive bearishness is causing me to reconsider that. The next surprise is more likely to be on the upside than the downside,” Penner told attendees. Still, the global macro economic climate and financial system are in extremely bad shape, Penner acknowledged. To help prop up the weak housing market, …
SAN JOSE, CALIF. — DHL Solutions (USA) has renewed its lease at two warehouse facilities in the Prologis Trimble Park in San Jose. The total amount of space the company is leasing here totals 82,800 square feet. The first warehouse/distribution building is 49,733 square feet and located at 450 Trimble Road. The second facility is 33,067 square feet and located at 470 Trimble Road. Greig Lagomarsino of Colliers International’s Oakland office represented DHL Solutions. Prologis is the landlord.
MANSFIELD — Memphis-based MAA has acquired the 456-unit Legends at Lowe's Farm, an apartment community located at 1400 N. State Hwy. 360 in Mansfield, which falls into the Dallas/Fort Worth MSA. The property was developed in 2008 and features a pool, a fitness center, a business center, garages and upscale interior amenities. The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under current credit facilities. Roberto Casas and Bill Miller of Holliday Fenoglio Fowler's Dallas office represented the seller, Alliance Residential. The property was formerly known as Broadstone Lowe's Farm.
CHICAGO — Summit Design + Build has completed a $20 million, 91,000-square-foot headquarters and product distribution facility for Testa Produce, located at 4555 S. Racine Ave. in Chicago. The facility sits on 11 acres in the Chicago Stockyards Industrial Park. Testa Produce will relocate from its existing facility at 1501 N. Blue Island Ave. in Chicago.
BEACHWOOD, OHIO — Beachwood-based shopping center developer Developers Diversified Realty Corporation (NYSE: DDR) plans to officially change its name to DDR Corp., adopting its New York Stock Exchange ticker symbol and most commonly-referred identity, DDR, as its official brand name. The company also unveiled a new logo, tagline and brand identity, including in the launch of the new brand the tagline “Think Retail. Create Value.” “Our new name accurately reflects the fact that we have simplified our strategy, portfolio and capital structure,” said Daniel B. Hurwitz, president and chief executive officer of DDR. “The words 'developers' and 'diversified' no longer have primary significance in our company strategy. Ground-up development of new shopping centers, while still part of our business, no longer warrants top billing in our name. Furthermore, our focus on open-air, value-oriented shopping centers renders the word 'diversified' inaccurate.” DDR is an owner and manager of 546 primarily open-air shopping centers, operating a total of 126 million square feet in 41 states, Puerto Rico and Brazil, concentrated in high barrier-to-entry markets with stable populations and high growth potential. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company. DDR will remain an Ohio corporation, …
The market for soft and hard goods remains somewhat weak due to uncertainty in the economy and labor market (although the Houston job market is generally stronger than the rest of the country). However, in the last several months, many big boxes that went dark due to bankruptcies and/or downsizing have been absorbed, either in the totality or because of the lack of 50,000-square-foot tenants in the market. Landlords have had to get creative and divide larger spaces to accommodate smaller tenants. Generally, the most active tenants in this arena have been health clubs, discount stores, dollar stores and non-traditional retailers. Landlords, eager to fill dark spaces, are making very aggressive deals (low base rents, extra tenant allowances, more free rent, etc.). On the other hand, fast casual (FC), quick-serve restaurants (QSRs) and casual dining remains robust. As such, many companies are aggressively seeking locations in Houston. It has been increasingly difficult to find locations that can accommodate FC, QSR’s (especially users with a drive-thru) and casual dining needs because quality locations have become scarce and parking requirements can’t be adequately met. Alternatively, fine dining has been spotty with good thru-puts but lower average checks. Many restaurateurs have been reluctant …