Houston — Three tenants have signed leases at Plazas at Midtown II, a shopping center located in Houston. Dough Zone Dumpling House will open a 4,503-square-foot restaurant at the property, marking the brand’s first Texas location. Additionally, nightclub Clover has opened a 1,848-square-foot space, and Upscale Cleaners will open an 824-square-foot location. Fifth Corner is the landlord.
Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing …
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 …
Iowa, Montana, North Dakota, Nebraska and Wisconsin — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.
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 …
Mentor, Ohio — Eastern Union has arranged $11 million in financing for the acquisition of two shopping centers located in Mentor, a northeast suburb of Cleveland. Together the properties total 312,866 square feet, with Erie Commons comprising 232,386 square feet and Great Lakes Plaza featuring 80,480 square feet. Marc Tropp of Eastern Union secured the financing through First Bank on behalf of the borrower, America’s Realty LLC. The overall purchase price for the two properties was $14.6 million.
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.
Canal Winchester, Ohio — Marcus & Millichap has negotiated the $5.4 million sale of a 14,560-square-foot retail property occupied by Walgreens in Canal Winchester, a southeast suburb of Columbus. Jesse Limon of Marcus & Millichap represented the seller, a limited liability company, and the buyer, an all-cash REIT.
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 …
