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Alex Tostado

Conference CoverageEntertainmentFeaturesLouisianaPop-Up RetailSCBlog

Pop-Up Stores Offer Reprieve to Retail Owners, Say Ancillary Retail Expo Panelists

by Alex Tostado

New Orleans — As legacy retailers continue closing stores and mall and mixed-use developers face the prospect — and reality — of vacant store spaces, specialty leasing and business development teams are becoming more important. The millennial consumer, who can buy almost anything online, needs a good reason to visit a property. Malls and shopping centers that will thrive in this climate will deliver exceptional ancillary retail experiences and come up with new reasons to attract visitors. “Ancillary” can mean pop-up stores, sponsorships, events or any other revenue sources outside …

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Company newsIndianaNewsRetailers

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6 Billion

by Alex Tostado

Indianapolis — Simon Property Group (NYSE: SPG) has agreed to acquire an 80 percent interest in Taubman Centers Inc. (NYSE: TCO), a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. The purchase price represents a 51 percent premium over Taubman’s closing price of $34.67 per share Friday, Feb. 7. Taubman’s existing debt, which Simon will assume, was factored …

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CaliforniaInvestment salesNewsRetailers

Poincare Group Acquires Bel Villaggio Retail Centers in Temecula for $26.1 Million

by Alex Tostado

Temecula, Calif. — Poincare Group has purchased Bel Villaggio I-II and Bel Villaggio III, two adjacent retail assets in Temecula. San Diego-based Pathfinder Partners sold the properties $26.1 million. Situated on more than 16.3 acres, the properties are located at 41501 and 41221-41493 Margarita Road, adjacent to Costco and Promenade Temecula. Kirk Brummer, Sean Heitzler and Philip D. Voorhees of CBRE’s National Retail Partners-West represented the seller in the deal.

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DevelopmentNewsRetailersTexas

Furniture Mall of Texas to Open 95,000-Square-Foot Store at Shops at Tech Ridge in Austin

by Alex Tostado

Austin, Texas — Furniture Mall of Texas will open a 95,000-square-foot store at Shops at Tech Ridge, a 519,354-square-foot retail power center in Austin. The opening is scheduled for this summer. Lance Morris and P.J. Kaminer of The Retail Connection represented the landlord, RD Management, in the lease negotiations. The store will be the company’s third. Other tenants at Shops at Tech Ridge include Floor & Décor, Fitness Connection, Conn’s HomePlus, Ross Dress for Less, Burke’s Outlet and PetSmart. The company will occupy a space formerly leased to Target.

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DevelopmentEntertainmentNewsNorth Carolina

Topgolf to Open Second Charlotte Location on City’s North Side

by Alex Tostado

Charlotte, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.

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FinanceFloridaNews

Ready Capital Provides $7.1 Million Refinancing for Retail Center in Miami

by Alex Tostado

Miami — Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls. Further details of the property were not disclosed.

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LeasingMichiganNewsRetailers

Gerdom Realty Negotiates Two Retail Leases at Shopping Center in Sterling Heights, Michigan

by Alex Tostado

Sterling Heights, Mich. — Gerdom Realty & Investment has negotiated two retail leases at Brookside Shopping Center in Sterling Heights. Rehab Without Walls outpatient clinic leased a 3,200-square-foot space and Luma’s Fashion and Alteration leased 1,600 square feet. Only one 10,220-square-foot space remains available for lease at the Planet Fitness-anchored center. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed landlord in the new leases.

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Investment salesNewsRetailersTexas

Direct Retail Partners Purchases 417,167-Square-Foot Shopping Center in Central Texas

by Alex Tostado

Harker Heights, Texas — Direct Retail Partners has purchased Market Heights Shopping Center, a 417,167-square-foot property in Harker Heights. Direct Retail Partners originally developed Market Heights when the company operated as Direct Development. Market Heights is situated on 62.2 acres at 201 E. Central Expressway, 10 miles east of Fort Hood. The property was 89 percent leased at the time of sale to tenants including Cinemark, Dick’s Sporting Goods, Barnes & Noble, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Bed Bath & Beyond. Adam Howells of JLL …

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Investment salesNewsRetailersWashington DC

Alto Real Estate Funds Acquires Shopping Center Near D.C. for $37.9 Million

by Alex Tostado

Woodbridge, Va. — Alto Real Estate Funds has acquired Prince William Square, a 232,957-square-foot shopping center in Woodbridge, for $37.9 million. The property was 89 percent leased at the time of sale to tenants including Ross Dress for Less, Mom’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools and Jo-Ann Fabrics. Prince William Square is situated at 14200-14520 Smoketown Road, 27 miles southwest of downtown Washington, D.C. Morgan Stanley provided the buyer with a $25 million acquisition loan that offers a seven-year term and a fixed interest rate. Walker …

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Investment salesNewsRetailersTennessee

DRA Advisors, RCG Ventures Sells 180,960-Square-Foot Retail Center in Western Tennessee

by Alex Tostado

Jackson, Tenn. — A partnership between DRA Advisors and RCG Ventures has sold West Towne Commons, a 180,960-square-foot retail center in Jackson. The property was 97 percent leased at the time of sale to tenants including TJ Maxx, Five Below, Dollar Tree, Petco, Stein Mart and Office Max. Academy Sports + Outdoors, Kroger and Target shadow-anchor the site, which is situated at 41 Stonebrook Place, seven miles north of downtown Jackson. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller in the transaction. An affiliate of Yale …

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