New York City — Whole Foods Market is set to open a 54,000-square-foot store at 63 Madison Ave. in Manhattan’s NoMad neighborhood on June 1. The store will offer 1,000 items local to New York City and the surrounding area, alongside organic, conventional and local produce; a specialty cheese department; full-service seafood and meat counters; a selection of more than 180 craft beers; a prepared foods section; bakery; and wellness and beauty products. The property will also feature on-site dining options including a quick-service Mediterranean restaurant named Za’atar; Nomad 63 …
Memphis, Tenn. — Poag Shopping Centers has signed 14 new tenants to properties across its retail portfolio. New tenants include Mayweather Boxing + Fitness, 9292 Korean BBQ and OVME at The Avenue Peachtree City in Peachtree City, Georgia; Nothing Bundt Cakes at The Avenue Viera in Melbourne, Florida; Sola Salon Studios at The Avenue West Cobb in Marietta, Georgia; LensCrafters at Deer Park Town Center in Deer Park, Illinois; The Crack Shack, Nando’s, SkinSpirit and The Shade Store at LaCenterra at Cinco Ranch in Katy, Texas; the Museum of Dream Space …
Livingston, N.J. — Azarian Realty Co. has signed two new tenants to leases at Livingston Town Center, a 65,000-square-foot shopping center in the Northern New Jersey city of Livingston. Spa concept Bleu Mirage Aesthetics has leased 1,886 square feet, and food and beverage user Mango Mango Dessert has leased 1,323 square feet. Kevin Pelio of Azarian Realty represented both parties in the first set of lease negotiations. Pelio and James Azarian represented both sides in the second deal.
DevelopmentEconomic DevelopmentEntertainmentFeaturesFinanceIndustry ContentInvestment salesLeasingRetail Insight
Physical Retail Focuses on Quality, Customers
Josh Williams, senior vice president and director of investments out of Cullinan Properties’ Houston office, has been closely monitoring the leasing, development and sales activity for brick and mortar since our national emergence from the pandemic began. Below are the trends he sees, and where he believes this market is headed. Retail Insight: What would you say is the overarching trend in retail real estate right now? Williams: As we emerge from the pandemic, we are seeing a wide variety of retail assets returning to pre-2020 activity levels, all with one overarching …
The Necessity Retail REIT, Inc. has closed on the acquisition of 77 open-air shopping centers and two single-tenant service retail properties as part of a previously announced 81-property, $1.3 billion portfolio acquisition. A strategic rebranding in February from American Finance Trust reflects a continuing focus on the shopping habits of today’s consumer, says Michael Weil, CEO of The Necessity Retail REIT, Inc. “Where America Shops.” And where America shops, according to Weil, is in the suburbs. “Whether they’re on their way home from work or taking the kids to school, …
Jensen Beach, Fla. — Simon Property Group has signed Elev8 Fun to a 115,000-square-foot lease to backfill a former Sears department store at Treasure Coast Square Mall in Jensen Beach, a suburb of Port St. Lucie. The entertainment venue will feature go-carts, arcade games, laser tag, 12 bowling lanes and axe throwing, as well as party rooms, meeting space and a restaurant with a full bar. This location will be the third Florida venue for Elev8 Fun, which has identified 15 potential locations at malls and shopping centers around the …
Irvine, Calif. — Bass Pro Shops has announced plans to open a 140,000-square-foot superstore in Irvine. The store will be located within Irvine Company Retail Properties’ Alton Marketplace. The property will offer a selection of boats and off-road ATV’s, alongside clothing and equipment for hiking, backpacking, wildlife viewing and camping. The store will also feature large aquariums and water features stocked with native fish species. The location is set to open in late 2022 or early 2023.
Brighton, Mich. — Three new tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all scheduled to open this summer. Athleta will occupy 4,400 square feet. F45 will occupy 2,838 square feet. US Mattress will lease 3,000 square feet. Green Oak Village Place is home to more than 50 retailers and restaurants. A joint venture between REDICO and Lormax Stern Development Co. developed the property.
Howell, Mich. — Metro Infusion Center has leased the remaining 1,458 square feet at Shops at Westbury in Howell, about 30 miles north of Ann Arbor. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Todd Schultz of Schultz Real Estate represented the tenant.
Charlotte, N.C. — Stonemar Properties is adding several new restaurants and service providers at Ballantyne Village, a mixed-use development in Charlotte that features offices, shops, restaurants and a 14-story AC Hotel. New tenants include Casa Del Tequila, a 2,623-square-foot Mexican restaurant and tequila bar; Vel Tree, a 2,503-square-foot vegan restaurant; and Deka Lash, a 1,082-square-foot eyelash extension and beauty shop. Vel Tree is open, and both Casa Del Tequila and Deka Lash are expected to open by early summer. Foundry Commercial oversees property management and office and retail leasing at …