Portland, Texas — Houston-based investment firm McLeod Sears has begun construction on a seven-acre retail redevelopment project in Portland, a city in South Texas near Corpus Christi. The project will convert a site that previously housed an 82,939-square-foot Kmart into a 25,200-square-foot high-end shopping center that will also feature a number of restaurant and retail pad sites, one of which has been leased to Chick-fil-A. McLeod Sears expects to complete the project by summer 2021.
Houston — Fidelis Realty Partners is underway on construction of Brookhollow Marketplace, a 200,000-square-foot retail power center that will be located at the site of the former Exxon campus in Houston. Fidelis acquired the site in 2016 and has now completed demolitions. Located at the corner of Highway 290 and Dacoma Street, Brookhollow Marketplace will house retailers such as Burlington, Michaels, Ross Dress for Less, T.J. Maxx, Ulta, Old Navy, Rack Room Shoes and Five Below. Store openings are slated for this fall. An 80,000-square-foot Floor & Décor is also scheduled to open …
Glen Allen, Va. — VCC Partners LLC and Shamin VCC LLC have acquired a 109,813-square-foot former Macy’s within Virginia Commons Mall in Glen Allen for $2 million. The buyers plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.
Atlanta — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The unveiling of the plans follow months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the …
Monroe, Ga. — MAB American Management plans to break ground in the first quarter on Monroe Pavilion, an $80 million shopping center situated on a 100-acre site in Monroe, an Atlanta suburb in Walton County. The property’s leasing agent, Retail Specialists, has signed several retailers to join the tenant roster of the 350,000-square-foot project, including Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Beau Young of Retail Specialists is also targeting restaurants and service-based retailers for the shopping center and its outparcels. MAB American …
Philadelphia — Five Below Inc. plans to open 180 stores this year, which would grow the Philadelphia-based retailer’s footprint by 20 percent. The announcement came during the company’s fourth-quarter earnings call. Specific plans for the openings were not disclosed. At the same time, Joel Anderson, president and CEO of Five Below, said the company also acquired the e-commerce platform, fulfillment operation and certain other assets of Hollar.com.
Annapolis, Md. — Unibail-Rodamco-Westfield (URW), the owner of Westfield Annapolis mall, has unveiled plans to renovate and improve the mall, while adding new tenants. URW will convert the mall’s 110,000-square-foot former Lord & Taylor department store into a new shopping district composed of boutiques, home design stores and experience-driven offerings. The new section of the mall is slated to open to the public in 2021. URW’s mall-wide renovation program will include a new pedestrian gallery connecting the property’s Macy’s store and its Pottery Barn and Nordstrom wings. The gallery is …
Parkview Financial Funds $19.8 Million Loan for French Valley Commons Project in Southern California
Winchester, Calif. — Parkview Financial has provided a $19.8 million loan to Temecula, California-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned …
Allen, Texas — CityRow, a boutique fitness concept based in New York, plans to open its first Texas studio at 1314 W. McDermott Drive in Allen. Set to open Feb. 8, CityRow Allen will feature personal instructors leading 50-minute classes that utilize water-based rowing machines and weighted strength training. David Regelean is the owner of CityRow Allen. The studio will be situated within McDermott Towne Crossing, a Kroger-anchored shopping center.
Rochester, N.Y. — The University of Rochester (UR) will develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility will be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, will sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, …