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DevelopmentMixed-useNewsNorth Carolina

Joint Venture to Break Ground on 2.5 Million-Square-Foot Mixed-Use Project in Raleigh-Durham, Announces First Wave of Retailers

by Alex Tostado

Cary, N.C. — A joint venture between Hines, Columbia Development Group LLC and USAA Real Estate will break ground on Phase I of Fenton, a 69-acre, 2.5 million-square-foot mixed-use development in Cary, North Carolina, this summer. The first phase will include a 99,000-square-foot Wegmans grocery store; 263,000 square feet of specialty retail, including a movie theater and food hall; a 146,000-square-foot office loft; 350 apartment units; and a 175-room hotel. Additionally, the first retail tenants have been announced. These include Crawford Brothers Steakhouse, a new concept from five-time James Beard …

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FloridaInvestment salesNewsRetailers

Sleiman Enterprises Acquires 200,000-Square-Foot Shopping Center in North Florida

by Alex Tostado

Jacksonville, Fla. — Sleiman Enterprises has acquired Lakewood Promenade, a 200,000-square-foot shopping center in Jacksonville’s Lakewood neighborhood. The property was 82 percent leased at the time of the sale to 47 retailers and food providers, including anchors Stein Mart, Tijuana Flats, Winn-Dixie and Starbucks Coffee. The seller and sales price were not disclosed, but the Jacksonville Daily Record reports the seller was Kite Realty Group Trust.

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FinanceNewsRetailersTexas

JLL Arranges $10.5 Million Loan for Refinancing of Retail Center in Lubbock

by Alex Tostado

Lubbock, Texas — JLL has arranged a $10.5 million loan for the refinancing of Rockridge Plaza, an 86,500-square-foot retail center located in the West Texas city of Lubbock. The property was 95 percent leased at the time of sale to a mix of national retailers and local businesses. Jimmy Board and Wes Wallace of JLL arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, Graco Real Estate Development.

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ColoradoFinanceMixed-useNews

Unico Properties Receives $10.2 Million for Refinancing of Mixed-Use Property in Denver

by Alex Tostado

Denver — Unico Properties has received $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 E. 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan …

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CaliforniaInvestment salesNewsRetailers

Progressive Real Estate Partners Negotiates $2.6 Million Sale of Retail Building in Inland Empire

by Alex Tostado

Apple Valley, Calif. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley, California. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented …

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DevelopmentFinanceMixed-useNewsWashington DC

MRP Realty Receives $191.8 Million in Development Financing for Mixed-Use Project in Washington, D.C.

by Alex Tostado

Washington, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the …

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DevelopmentNewsRetailersTexas

Seritage Breaks Ground on Redevelopment of Former Mall in North Dallas

by Alex Tostado

Dallas — Seritage Growth Properties has broken ground on Park Heritage, a mixed-use project located at the intersection of the LBJ Freeway and Preston Road in north Dallas that could ultimately span as much as 2 million square feet. Seritage is the master developer, and KDC currently plans to develop about 1.1 million square feet of Class A office space. Toll Brothers Apartment Living will construct the first phase of the project’s multifamily component, which calls for roughly 300 units. At full build-out, Park Heritage could span as much as …

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DevelopmentNewsTexas

Essentials PetCare to Include Clinics at Nine Walmart Stores in Dallas Area

by Alex Tostado

Dallas — Essentials PetCare will open nine walk-in clinics in Dallas-Fort Worth area Walmart stores in the coming weeks. Essentials PetCare opened its first Walmart location in 2016 in Port Richey, Florida. In Texas, the clinics will be located in Anna, Cross Roads, Fort Worth, Frisco, Gainesville, Kaufman, Prosper, Royse City and Weatherford. The clinic in Kaufman will open May 22 with the other clinics following in June. The company’s clinics provide routine vaccinations and treatment for a variety of minor illnesses such as ear infections, common skin conditions and urinary issues. More …

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Quote: Menifee is looking to attract many sit-down restaurants
CaliforniaIndustry ContentRetail Insight

Menifee, California, Reaches New City Heights

by SCB Staff

“Menifee is the fastest growing city in Southwest Riverside County and seventh fastest growing city in Southern California,” says Gina Gonzalez, economic development director with the City of Menifee, California. “The city’s population is projected to grow by 8 percent by 2021, reaching more than 106,000 residents.” She notes, “With an average age of 37, an average income of $80,000, and a sales leakage of more than $800 million in every business cluster, Menifee has the recipe for business expansion success.” Gonzalez has growth on her mind. That extends to …

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Investment salesNewsRetailersTexas

Global Fund Investments Sells 89,769-Square-Foot Shopping Center in Houston

by Alex Tostado

Houston — Global Fund Investments LLC has sold Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property was fully leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller in the transaction. Wu Investments acquired the center for an undisclosed price.

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