Warrendale, Pa. — Rue21, an apparel and accessories retailer based in the Pittsburgh area, has filed for bankruptcy and will close all its stores in the coming months, according to reports from multiple news organizations such as CNN, Reuters and The Business Journals. All three of those media outlets report that this is the third bankruptcy filing in the history of Rue21, which operates about 540 stores nationwide, down from more than 1,000 at the height of its existence. Following Rue21’s 2017 bankruptcy filing, the company closed some 400 stores. The retailer also shed about …
Marble Falls, Texas — A group of developers doing business as Flatrock Development Partners LLC has announced plans for The Shops at Flatrock Crossing, a $130 million retail center in Marble Falls, about 50 miles northwest of Austin. Developers include Bob Berryhill of Empirita Development (developer of record) and Bobby Johnson of Twenty Two 10 Group. Academy Sports + Outdoors will anchor the 330,000-square-foot center. Other tenants will include T.J. Maxx, Ulta Beauty, Five Below, Famous Footwear, James Avery and Maurices. Construction is scheduled to begin in early June. United Commercial …
Columbus, Ohio — New retailers and restaurants are scheduled to open within Easton Town Center’s reimagined Fashion District in Columbus. Openings at the development, which totals 100,000 square feet, will include expanded flagship stores for Louis Vuitton, Sephora, L’Occitane and lululemon, as well as locations for new tenants including Chanel Beauty, David Yurman, Golden Goose, BOSS, Alo Yoga, Jo Malone, Faherty, Buck Mason, Bluemercury, Tecovas and Breitling. Other tenants at the property include Mastro’s, PBR Cowboy Bar + Smokehouse and Cooper’s Hawk Winery & Restaurant, which has been significantly remodeled. Cameron …
Waynesboro, Va. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy represented both the buyer and seller in the transaction.
Highlands Ranch, Colo. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the $26.7 million sale of Promenade at Highlands Ranch, a 136,521-square-foot shopping center located in Highlands Ranch, roughly 20 miles outside Denver. Ryan Bowlby and Drew Isaac of IPA represented the California-based seller in the transaction. JCR Cos. acquired the center.
San Francisco — JLL Capital Markets has arranged the $9.4 million sale of 2145 Market Street, a 29,762-square-foot retail center located in San Francisco. Pacific Capital acquired the property from an undisclosed seller. The center, which comprises a two-story building, was fully leased at the time of sale to tenants Walgreens and Live Fit Gym. Eric Kathrein, Warren McClean, Andrew Spangenberg and Jen Mistretta of JLL represented the seller in the transaction.
Inglewood, Calif. — Three new tenants have signed leases totaling 128,500 square feet at Hollywood Park, a mixed-use development currently underway in Inglewood, approximately 13 miles outside downtown Los Angeles. JD Sports and Iconix Fitness will occupy 7,500 and 56,000 square feet, respectively, beginning this summer. Cosm will also open a 65,000-square-foot experiential venue at the property this summer. Upon completion, Hollywood Park — which is being developed by Los Angeles Rams Owner and Chairman E. Stanley Kroenke — will feature up to 890,000 square feet of retail space, as well …
Los Angeles — Progressive Real Estate Partners has negotiated the sale of a 6,300-square-foot retail center located at 728 W. Vernon Ave. in Los Angeles. A Los Angeles County-based investor acquired the three-tenant property from the seller, also based in Los Angeles County, for $3.5 million. Tenants at the center include 7-Eleven, Boost Mobile and a laundromat. Brad Umansky and Lance Mordachini of Progressive represented both parties in the transaction.
Wayne, N.J. —Sportime Pickleball will open a 50,000-square-foot facility in the Northern New Jersey community of Wayne. The venue will feature 18 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball in the lease negotiations. Curtis Nassau and Patrick Brake of RIPCO Real Estate represented the landlord, Kimco Realty. The opening is scheduled for the first quarter of 2025.
Though construction headwinds persist, the potential of mixed-use projects motivates many developers to keep going. Some of today’s most successful projects can be described as a melting pot of sorts. That’s because they internalize the three Fs: flexible, financeable and functional — or, should we say, multi-functional. “Mixed-use concepts, in particular, seem to be the 401(k) of real estate development,” says Matt Silvers, vice president of Project Management Advisors in Austin, Texas. “They provide a bit of everything for everyone, including investors, and the mix of uses nicely hedges market …