Magnolia, Texas — Gulf Coast Commercial is finalizing plans for Magnolia Village, a 60-acre mixed-use project that will feature residential, office, retail and restaurant uses in Magnolia, located northwest of Houston. Magnolia Village will be located directly across Spur 149 from Stratus Properties’ proposed 120-acre Magnolia Place mixed-use development, where construction of a new H-E-B grocery store is scheduled to begin in June. Phase I of Magnolia Village will span 36 acres and include both retail and office elements, as well as 300 multifamily units. Completion of Phase I is …
Sugar Land, Texas — A Crunch Fitness franchisee will open a 30,240-square-foot gym at a former Michaels store at First Colony Commons, a 410,000-square-foot retail power center in the southwestern Houston suburb of Sugar Land. The opening is set for Oct. 1. Neal Thomson of Houston-based NewQuest Properties represented the tenant in the lease negotiations. Kristen Barker of Wulfe & Co. Inc. represented the Dallas-based landlord, an entity doing business as TPP 306 First Colony LLC. New York-based Crunch Fitness currently operates 360 gyms across 30 states and five countries.
Phoenix — Macerich has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling …
Mount Airy, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town …
North Plainfield, N.J. — Marcus & Millichap has brokered the $3 million sale of a 13,222-square-foot retail asset net leased to Advance Auto Parts in North Plainfield, about 30 miles southwest of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The trio also secured a limited liability company as the buyer. Both parties requested anonymity.
Schaumburg, Ill. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.
College Park, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland-College Park (UMD), has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UMD campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park within the university’s Discovery District. The development project is set to cost over $300 million. The development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 …
Charleston, S.C. — Target has signed a 30,000-square-foot retail lease at Majestic Square, a mixed-use retail and office building located at 211 King St. in downtown Charleston. Dotan Zuckerman of Zuckerman Co., alongside Beach Commercial represented the landlord, an affiliate of The Beach Co. Rich Barta of CORE Properties represented Target Corp. An opening date will be announced closer to the store’s opening.
Seattle — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million. Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant. The …
Seattle — CBRE has arranged the sale of a 1.82-acre retail property located at 3020 NE 45th St. in Seattle’s University District. Albertsons Cos., parent company of Safeway, acquired the center for $25 million. The property is ground leased to Safeway, which has operated as a tenant at the site since 1976. Albertsons Cos. owns the surrounding 2.2 acres, with the transaction bringing its total holdings to more than 4 acres, creating one of the largest contiguous development sites in Seattle. The site is zoned for a range of uses, …