New York City — Warby Parker, a retailer of prescription glasses and sunglasses, has signed a 1,350-square-foot retail lease in Brooklyn. The two-story building is located on North 6th Street in the Williamsburg neighborhood, and the store is the retailer’s second location in the borough. The store is open now. Brian Katz and Scott Sher of Katz & Associates represented Warby Parker in the lease negotiations. Hank O’Donnell of Good Space represented the landlord, RedSky Capital LLC.
Hanover, Mass. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also …
Philadelphia — On Thursday, Sept. 19, a joint venture between PREIT and Macerich will launch Fashion District Philadelphia, a 900,000-square-foot retail district housing dozens of shopping, dining and entertainment destinations. The $400 million project is a redevelopment of the old Gallery mall. A range of clothing and accessory retail options include Aeropostale, Burlington, Columbia and ULTA. The Fashion District will also house coworking spaces from REC Philly and Industrious. Other notable anchors of the district include City Winery, AMC Theaters, rotating art installation Wonderspaces, Market Eats food hall, mini theme …
Chicago — JLL has arranged a $140 million loan for the refinancing of Gallagher Way, a recently completed mixed-use development adjacent to Chicago’s Wrigley Field. The project includes more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an 8,000-square-foot open-air entertainment plaza. Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar of JLL arranged the 30-year, fixed-rate loan on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family. Barings, an international investment management firm …
York, Pa. — Meridian Capital Group and an affiliate of CBRE have arranged a $9.8 million acquisition loan for Two Guys Commons, a 110,000-square-foot, five-tenant retail center in York. The 10-year CMBS loan features a 3.9 percent fixed interest rate and three years of interest-only payments. Two Guys Commons was fully leased at the time of the acquisition to anchor tenant Aldi, Ashley Furniture HomeStore, Tractor Supply Co., Old Country Buffet and Crunch Fitness. Bryan Kallenberg, and Meyer Ovadia of Meridian represented the borrowers, RW Capital Partners Inc. and Vastgood …
Throughout history, new generations have come along with fresh attitudes and expectations that differ from those of previous generations. By taking a deeper dive into the demographics and psychographics of Generation Z, retailers can alter the way they utilize their brick and mortar locations and the function of these stores in driving overall sales. “Gen Z” refers to those people born between the mid-1990s to the mid-2000s. Gen Z is increasing demand for experience and thought leadership within Atlanta’s fast-growing retail scene. These digital-age youth, who are quickly on track …
Maynard, Mass. — Market Basket Supermarket will anchor the 306,000-square-foot Maynard Crossing mixed-use development currently under construction in Maynard, located approximately 23 miles west of Boston. The 70,000-square-foot store plans to hire 250 associates and will feature a full-service butcher and café with sandwiches, pizza and sushi. Capital Group Properties is developing Maynard Crossing, will include additional retail tenants and a 180-unit apartment complex called The Vue at Maynard Crossing. Maynard Crossing is slated for completion by the end of 2019. Additionally, Hawthorn Retirement Group is developing a 143-unit senior …
Lake Forest, Calif. — Foothill Ranch LLC has completed the disposition of a portion of Foothill Ranch Towne Center, a 1 million-square-foot, master-planned regional retail center in Lake Forest. A private family trust acquired a 121,883-square-foot portion of the retail center, located at 36532 Towne Center Drive, for $22.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction. At the time of sale, five tenants fully occupied the sold portion: At Home, PetSmart, Chipotle Mexican Grill, Red Robin Gourmet Burgers and …
Sylacauga, Ala. — Marcus & Millichap has arranged the $15.7 million sale of Payton Park, a 231,820-square-foot retail center in Sylacauga. Walmart Supercenter anchors the property, which also includes tenants such as Burkes Outlet, CATO, Shoe Show and Sally Beauty. The center is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Zach Taylor, Andrew Margulies and Don McMinn of Marcus & Millichap represented the seller, an affiliate of Brixmor Property Group, in the transaction. The buyer was Chattanooga, Tenn.-based Rise Partners.
Goldsboro, N.C. — RCG Ventures LLC has sold Ashley Plaza, a 160,356-square-foot retail center in Goldsboro, for $15.2 million. Hobby Lobby anchors the property, which was 98 percent leased at the time of sale to tenants including Planet Fitness, Ashley Furniture HomeStore, Harbor Freight Tools, Shoe Show, Chuck E. Cheese and Smart Repair Center. Ashley Plaza is located at 201 N. Berkeley Blvd., adjacent to Seymour Johnson Air Force Base. Thomas Kolarczyk and Jim Hamilton of JLL represented RCG in the transaction. The buyer was Medalist Diversified REIT Inc., an investment and …
