Lewisville, Texas — Eight new food-and-beverage concepts have signed leases at The Realm at Castle Hills, a 324-acre mixed-use development currently underway in Lewisville in the Dallas-Fort Worth metro. Upon completion, the project will feature 1.5 million square feet of retail, office and restaurant space, in addition to multifamily units, a boutique hotel and an outdoor entertainment district. The new tenants include a dual Marble Slab Creamery/Great American Cookies shop, which will occupy 1,600 square feet, as well as Voodoo Brewing Co., which will occupy 4,346 square feet. Cocinero Mexican Restaurant, …
Alpharetta, Ga. — Japanese ramen chain Kyuramen has opened a new restaurant in Alpharetta, a suburb of Atlanta. Totaling 4,200 square feet, the space can accommodate up to 110 guests. This marks the third location in the state for the brand, which currently operates 26 stores throughout the U.S., with plans to open 100 more restaurants by the end of 2024.
Marcus & Millichap Secures $96 Million Refinancing for Three Shopping Centers in Southern California
Bakersfield, North Hollywood and Ventura, Calif. — Marcus & Millichap Capital Corp. (MMCC) has secured a $96 million loan for the refinancing of three shopping centers located in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.
Southern Pines, N.C. — BWE has arranged a $24.3 million loan for the construction of Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJ’s Wholesale Club. Phase I of Morganton Park South is occupied by tenants including Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a …
Richmond, Va. — Northpond Partners has acquired Parkside Marketplace, a 52,948-square-foot retail center in Richmond. The $17.4 million purchase marks the first acquisition for Northpond’s new $200 million investment vehicle, which is focused on retail centers in the Southeast and select Sunbelt markets. Tenants at the center, which was 98 percent leased at the time of sale, include West Marine, Five Guys, AT&T and M&T Bank. Catherine Spangler and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller, Stavins & Axelrod, in the transaction.
Atlanta — Five new tenants have signed leases at High Street, a $2 billion mixed-use district currently underway in Atlanta. The retailers will open within the first phase of the development, which will comprise 150,000 square feet of retail space. Eatertainment concept Jaguar Bolera will occupy 21,500 square feet, and restaurants Nando’s PERi-PERi and Velvet Taco will occupy 3,300 and 2,300 square feet, respectively. Allen Edmonds will also open at the property, with a 1,800-square-foot store, and Skin Spirit will open a 2,300-square-foot medical spa. GID Development Group is the developer …
Visalia, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $3.4 million sale of a 2,000-square-foot single-tenant property located in Visalia. Starbucks Coffee occupies the building, which was constructed on 0.6 acres in 2023 and features a double drive-thru. Sean Cox, Alexander Moore, Bill Asher and Kevin Fryman of Hanley represented the developer and seller, Stock Five Development, in the transaction. David Mouallem of D.M. Realty Inc. represented the buyer, a Los Angeles-based private investor.
Riverside, Calif. — SRS Real Estate Partners has expanded its Southern California presence with the addition of Nick Wirick as senior vice president and managing principal; Chris Beauchamp as vice president; Miranda Montgomery as senior associate; and Jessica Henderson as marketing and transaction coordinator. Based in Riverside, the team is part of SRS’ first Inland Empire office. The Wirick team has completed more than $900 million in deal volume in recent years. The team focuses on tenant and owner services primarily in the Inland Empire. The team will work alongside …
New York City — Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. …
Cheshire, Conn. — Regency Centers has acquired land in Cheshire, with plans to develop a 152,000-square-foot retail center at the site. Dubbed Cheshire Crossing, the property will comprise the retail component of the master-planned Stone Bridge Crossing community. Whole Foods Market will anchor the center, which will also feature a 23,000-square-foot T.J. Maxx, 18,000 square feet of junior anchor space, five outparcels and 38,000 square feet of inline shop space.