Mechanicsville, Va. — WEDGE Acquisitions LLC has purchased a 1.73-acre parcel in Mechanicsville for $690,000 for the development of a retail strip center. Upon completion, the property will comprise 6,500 square feet. Dunkin’ Donuts will anchor the center. Nathan Shor represented WEDGE in the transaction and Douglas Tice, III represented the seller, Lisa Waitman. It should be WEDGE, yes?
Louisville, Ky. — Brookfield Properties has completed a 30,000-square-foot addition and renovations to Oxmoor Center, a regional mall in east Louisville. The project, which also included the addition of 27 acres of surface parking, is the redevelopment of a big box space formerly occupied by Sears. Topgolf recently opened within the space, which features room for nine additional tenants. The development team for the project included Hoar Construction, Strong Tower Exterior Envelope Wall Systems, Louisville Paving & Construction Co. and Hobbs+Black Architects. Oxmoor Center spans nearly 900,000 square feet and …
Big Bear Lake, Calif. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center. Upon completion, Big Bear Lake Shopping Centerwill be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space. Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024. Charley …
Knoxville, Tenn. — Monday Night Brewing will open a taproom within Kern’s Bakery Food Hall at Kern’s Bakery, a 16-acre mixed-use development currently underway in Knoxville. The taproom, which will mark Monday Night’s sixth location and second in Tennessee, will comprise 3,000 square feet with access to a patio and 7,000-square-foot event lawn. Monday Night will also manage the primary bar for the development’s food hall, two separate rooftop patio bars and a smaller bar near the interior performance stage. The food hall comprises the second phase of Four Stones …
Miami —BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be updated, BH3 Management and Merrimac Ventures intend to develop within the same footprint …
Leiden, Netherlands — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are …
Dallas —Triten Real Estate Partners has completed the redevelopment of Work/Shop, a mixed-use property in Dallas that features 135,000 square feet of office space and 81,500 square feet of retail, restaurant and entertainment space. Work/Shop also houses 30,000 square feet of open and green space with views of the Prestonwood Country Club. Renovations included updates to retail spaces, and CBRE has been tapped to lease the renovated office space.
Rialto, Calif. — CBRE and NewMark Merrill Cos. have completed the preleasing of Rialto Village, a 96,000-square-foot shopping center currently underway in Rialto. Everytable will occupy the final, 1,400-square-foot space at the development, which the companies broke ground on in August of last year. Other tenants include Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental. Brian McDonald, Walter Pagel and Hannah Curran of CBRE and Greg Giacopuzzi of NewMark Merrill …
Westminster, Calif. — Shopoff Realty Investments has announced plans for Bolsa Pacific at Westminster, a 26-acre mixed-use redevelopment of Westminster Mall in Westminster. Upon completion, the property will feature 1,000 apartments and 100 townhomes, a 175-room hotel and 25,000 square feet of retail and restaurant space. Additionally, the development will include 2.5 acres of green space that will host an amphitheater, dog park, pickleball courts and food kiosks. The groundbreaking for the project, which is designed by AO with landscape architecture by MJS, is scheduled for 2025.
Metairie, La. — Arhaus will open a 14,000-square-foot showroom at the Feil Organization’s Lakeside Shopping Center, a 1.2 million-square-foot property located roughly eight miles outside New Orleans in Metairie. Scheduled to open later this year, the showroom will be located next to Dillard’s and feature two entrances, one interior and one exterior.
