Issaquah, Wash. — Barnes & Noble has signed a 25,000-square-foot lease at Issaquah Commons, a retail center located in Issaquah, roughly 15 miles outside Seattle. Scheduled to open this fall, the new store will be situated between Sephora and Chipotle Mexican Grill. The store will include a café and feature a new layout and design. Avison Young manages and leases Issaquah Commons, which totals 373,603 square feet. Other tenants at the property include Safeway, Target, Trader Joe’s, REI, Athleta, WildFin American Grill, Panera Bread, Tutta Bella Neapolitan Pizzeria and Just Poke.
Sterling Heights, Mich. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries. The project is also set …
Columbus, Ohio — Ohio-based BWE has arranged loans totaling $40.2 million for four properties located in California. The deals included a $12.3 million bridge loan for the acquisition and redevelopment of a retail property located in Rancho Palos Verdes. The property, which was 67 percent preleased at the time of financing, is anchored by O’Reilly Auto Parts. Other tenants include Habit Burger, Mattress Firm, Urbane Café and California Fish Grill. Mike Guterman of BWE secured the financing through Calmwater Capital on behalf of the borrower, West Hive Capital. BWE also secured …
Dallas — JLL has brokered the sale of Muse Shops at Midtown, a 112,162-square-foot shopping center located in Dallas. Built in 1999 and renovated in 2022, the four-building property was 58 percent leased at the time of sale. Tenants at the center include Starbucks Coffee, Land Design, United Real Estate and Natuzzi Editions. Adam Howells, Erin Lazarus, Megan Babovec and Keenan Ryan of JLL represented the undisclosed seller in the transaction.
Houston — Four new tenants have signed leases at CITYCENTRE, a 47-acre mixed-use property located in Houston. Star Cinema Grill opened at the center last month, in a space formerly occupied by Studio Movie Grill. Additionally, American Threads, Rowan and Southern Tides have signed leases at the property. The concepts will open stores totaling 1,800; 1,000; and 1,500 square feet, respectively. Each of the openings is scheduled for this summer. TriGate Capital is the landlord of the property, which was developed by Midway and is managed by Parkway.
Tampa, Fla. — Strategic Property Partners LLC has unveiled the next phase of Water Street Tampa, the company’s $3 billion mixed-use neighborhood underway in downtown Tampa. The next phase will comprise three separate buildings with residential, office and hospitality/entertainment space. The third building will feature a select-service hotel, parking garage and entertainment uses, including food-and-beverage options and a live music venue. The office complex will also feature ground-floor retail space. The road and utility infrastructure work for these additions is currently underway and expected to be complete in spring 2025. Last …
Sumter, S.C. — First National Realty Partners has acquired Sumter Square, a 66,765-square-foot shopping center in Sumter, roughly 45 miles east of Columbia. A 39,365-square-foot Piggly Wiggly grocery store anchors the center. The acquisition of Sumter Square marks First National Realty’s entry into South Carolina. David Robinov of Ackman-Ziff represented the undisclosed seller in the transaction.
West Hollywood, Calif. — Marcus & Millichap has arranged the $27 million sale of The Abbey Food & Bar and The Chapel at The Abbey, two retail properties located in West Hollywood. Tristan Schukraft acquired the properties, which are situated on neighboring parcels, from David Cooley. Brandon Michaels and Matthew Luchs of Marcus & Millichap represented the seller and procured the buyer in the deal. The previous ownership transformed a small coffee shop into The Abbey Food & Bar — now a well-known bar, restaurant and event venue — and opened …
Miami — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital …
Bentonville, Ark. — Walmart has decided to shutter all 51 Walmart Health locations, as well as the Walmart Health Virtual Care service. The Bentonville-based retail giant stated that the business model, which was formally launched in 2019, was not sustainable. The company cited a lack of profitability due to “the challenging reimbursement environment and escalating operating costs.” Walmart Health locations are situated in six different states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas — according to the Walmart Health online directory. The company didn’t offer a timeline for when …