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Katie Sloan

Company newsGeorgiaMassachusettsNews

Inspire Brands Agrees to Acquire Dunkin’ in $11.3 Billion Transaction

by Katie Sloan

Atlanta and Canton, Mass. — Inspire Brands has agreed to acquire fast-food breakfast chain Dunkin’ Brands (NASDAQ: DNKN) in a transaction valued at $11.3 billion. The deal is expected to close by the end of the year. Atlanta-based Inspire Brands is the parent company of restaurant chains such as Arby’s, Jimmy John’s, Sonic Drive-In and Buffalo Wild Wings. In addition to its namesake coffee and breakfast chain, Canton, Massachusetts-based Dunkin’ Brands also owns ice cream parlor chain Baskin-Robbins, which respectively have about 12,500 and 8,000 locations worldwide. The deal’s price tag equates …

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CaliforniaDevelopmentNews

Republic Urban Properties, Principal Real Estate Plan $401 Million Gateway at Millbrae Station Mixed-Use Project in Bay Area

by Katie Sloan

Millbrae, Calif. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae …

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Investment salesNewsVirginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4 Million

by Katie Sloan

Centreville, Va. — A partnership between Willard Retail, Declaration Partners and  Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Virginia. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Maryland. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

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Investment salesNewsVirginia

KLNB Arranges $21 Million Sale of Maplewood Center in Manassas, Virginia

by Katie Sloan

Manassas, Va. — KLNB has arranged the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

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MallsNew JerseyNewsRetailers

Toys ‘R’ Us Opens 6,500-Square-Foot Store in Suburban New York City

by Katie Sloan

Paramus, N.J. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access …

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DevelopmentMarylandMixed-useNews

Weller Development, Local Leaders Break Ground on $600 Million Phase of Port Covington Project in Baltimore

by Katie Sloan

Baltimore — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking Monday, May 13. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the first new buildings set to be delivered in fall 2021. Known as Rye Street Market, this portion …

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DevelopmentLeasingMixed-useNewsOhio

Bonobos to Open at Mixed-Use Development in Columbus, Ohio

by Katie Sloan

Columbus, Ohio — Bonobos has signed a new lease to occupy 1,500 square feet at a mixed-use development in Columbus. The Pizzuti Cos. is the developer for the property, which is located in the Short North Arts District. Founded in 2007 as an online-only retailer for men’s clothing, Bonobos began opening brick-and-mortar locations in 2012. This is the company’s first location in Columbus and third in Ohio. Bonobos will join office tenant Industrious at the four-story building. Industrious, a coworking space provider, will occupy 30,000 square feet on the third …

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DevelopmentLeasingMixed-useNewsTexas

Poké Concept to Open at 35,000-Square-Foot Food Hall Within Downtown Houston’s Capitol Tower

by Katie Sloan

Houston — SeaSide Poké has become the latest addition to the tenant roster at Understory, a 35,000-square-foot food hall and communal gathering spot within developer Skanska’s Capitol Tower office building in downtown Houston. SeaSide Poké, which will occupy approximately 500 square feet within the 9,000-square-foot culinary market, joins East Hampton Sandwich Co., Boomtown Coffee, Mama Ninfa’s Tacos y Tortas, MONA Fresh Italian Food and Flip ‘n Patties as the first six tenants at Understory. Nick Hernandez, Crystal Allen and Lacee Wilke of Transwestern represented Skanska and SeaSide Poké in the …

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LeasingMixed-useNewsTexas

Midway Adds New Retailers to 47-Acre Mixed-Use Development in Houston

by Katie Sloan

Houston — Local developer Midway has signed retail leases with three new tenants at CITYCENTRE, a 47-acre mixed-use development in Houston. New retailers include handbag and accessories retailer Brahmin, which will open a 1,000-square-foot store; City Bank, which will occupy 4,000 square feet; and Tiff’s Treats, which has signed a 1,430-square-foot lease. Lilly Golden and Blair Golden of Evergreen Commercial represented Midway in the lease negotiations. Brad Downs of The Auber Group represented Brahmin, and Jonathan Probst with The Retail Connection represented Tiff’s Treats, both of which are set to open …

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Features

Specialty Leasing Raises the Bar on Creativity

by Katie Sloan

Starwood Retail Partners recognizes that its centers are not only places that need to engage their communities, they’re also proving grounds for the retail trends of tomorrow. So through various channels, and increased investment in its specialty leasing teams and tools, the company is building off of successful programs to find inventive new tenants.  Starwood Retail Partners, backed by parent company Starwood Capital Group, manages 30 malls and lifestyle centers in large and medium-sized MSAs. They acquire properties in promising markets and improve their performance through capital physical upgrades and …

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