Wednesday, December 18, 2024
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Alex Tostado

FloridaInvestment salesNewsRetailers

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by Alex Tostado

South Miami, Fla. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust, Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River …

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DevelopmentEntertainmentNewsPennsylvania

CBL Properties Opens $150 Million Live Casino Pittsburgh Destination at Westmoreland Mall

by Alex Tostado

Pittsburgh — CBL Properties, a Tennessee-based retail REIT, has debuted Live! Casino Pittsburgh, a $150 million entertainment destination that operates out of the company’s Westmoreland Mall in metro Pittsburgh. The Cordish Cos. of Baltimore developed the 100,000-square-foot casino and will operate it under its Live! brand, which is known for baseball-themed entertainment destinations in Atlanta; St. Louis; and Arlington, Texas. The two-level destination replaces a former Bon-Ton department store and offers an array of entertainment and fresh dining concepts, including American Kitchen + Craft Bar from celebrity chef Guy Fieri. …

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DevelopmentFinanceMixed-useNewsRetailersUtah

Columbia Pacific Advisors Provides $31.1 Million Construction Loan for Development of Campus SLC in Salt Lake City

by Alex Tostado

Salt Lake City — Columbia Pacific Advisors Bridge Lending, a subsidiary of Columbia Pacific Advisors, has provided a $31.1 million loan for the construction of Campus SLC, a 130,000-square-foot property that will feature anchors winter sports retailer Evo and rock climbing gym The Bouldering Project. The property will also feature local retailer L9 Sports, an art gallery, dining options, a skatepark and other recreational activities. Campus SLC will be situated at the former site of an industrial plant in Salt Lake City’s Granary district. Will Nelson of Columbia Pacific Advisors …

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FloridaLeasingNewsRetailers

Conn’s HomePlus to Open Two Stores in Metro Tampa

by Alex Tostado

Tampa and Bradenton, Fla. — Conn’s HomePlus, a furniture, mattress and home appliances retailer, will open a store in Tampa’s Horizon Park shopping center and Bradenton’s Cortez Plaza on Feb. 5. The stores will combine to span more than 87,000 square feet. Horizon Park is located at 3908 W. Hillsborough Ave., six miles northeast of downtown Tampa. Cortez Plaza is situated at 4495 14th St. W., 43 miles south of downtown Tampa. Conn’s plans to host grand opening events at each store this spring. The Woodlands, Texas-based retailer operates 149 …

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NewsWashington DC

NRF: Holiday Sales Jumped 8.3 Percent over Previous Year

by Alex Tostado

Washington, D.C. — Retail sales during the 2020 holiday season — the period from Nov. 1 to Dec. 31 — grew 8.3 percent year-over-year and beat expectations, according to the National Retail Federation (NRF). The association had predicted holiday shopping sales to grow between 3.6 and 5.2 percent year-over-year. “Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” says NRF president and CEO Matthew Shay. “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted …

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CaliforniaCompany newsNewsRetailers

Petco Ends First Day of Trading 63 Percent Higher than IPO Price

by Alex Tostado

San Diego — Petco ended its first day of trading on Nasdaq on Thursday at $29.40 per share, 63 percent higher than its initial public offering (IPO). The San Diego-based pet care retailer is trading under the stock symbol WOOF. Petco priced its IPO at $18 per share, and the stock price opened at $26 per share Thursday. Petco operates more than 1,500 stores in the United States, Puerto Rico and Mexico and sells food, toys and healthcare needs for a variety of pets. Additionally, more than 100 Petco locations …

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Grocery-anchoredInvestment salesNew JerseyNewsRetailers

Marcus & Millichap Arranges Sale of 138,445-Square-Foot Retail Property in Vineland, New Jersey

by Alex Tostado

Vineland, N.J. — Marcus & Millichap has arranged the sale of Maintree Shopping Center, a 138,445-square-foot retail property located in the Southern New Jersey city of Vineland. The asset sold for $13.1 million. A 60,000-square-foot Acme grocery store anchors the property along with a Dollar Tree store. Kodi Traver, Joseph French Jr., Thomas Dalzell and Mark Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.

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FinanceIllinoisNewsRetailers

Aries Capital Arranges $3.4 Million Loan for Acquisition of Restaurant Building Occupied by Hampton Social in Chicago

by Alex Tostado

Chicago — Aries Capital has arranged a $3.4 million loan for the acquisition of an 8,700-square-foot restaurant building located at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The Hampton Social fully occupies the property. Neil Freeman and Brandon Perdeck of Aries arranged the five-year, fixed-rate loan on behalf of the borrower, Rüger Holding, which is a Germany-based real estate owner and developer. A local bank provided the loan, which features an interest rate under 4 percent, a 60 percent loan-to-value ratio and a 25-year amortization schedule. Chicago-based Parker Restaurant …

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Grocery-anchoredInvestment salesNew JerseyNewsRetailers

Sterling Organization Acquires 94,550-Square-Foot Grocery-Anchored Retail Center in Sewell, New Jersey

by Alex Tostado

Sewell, N.J. — Sterling Organization, a Florida-based private equity firm, has acquired Mill Pond Village, a 94,550-square-foot, grocery-anchored retail center located in the Southern New Jersey community of Sewell. ShopRite is the anchor grocer at the center, which is located approximately 14 miles outside of Philadelphia. The seller was EDENS, a national retail development firm. Jim Galbally, Chris Munley and Colin Behr of JLL brokered the transaction. The property was 95 percent leased at the time of sale.

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MichiganNewsRestaurants

Indoor Dining Expected to Resume Feb. 1 in Michigan

by Alex Tostado

Lansing, Mich. — The State of Michigan has continued its ban on indoor dining but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16 to 31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university …

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