Retailers

URW Opens Expansion at $1.1 Billion Silicon Valley Retail Destination

by Alex Tostado March 6, 2020

San Jose, Calif. — Unibail-Rodamco-Westfield (URW) has opened a 500,000-square-foot expansion at Westfield Valley Fair, the French developer’s $1.1 billion retail destination in San Jose. The retail center is part of a redevelopment project that replaced two 1950s-era shopping centers. The project now encompasses 2.2 million square feet in total, with more restaurant and store openings planned for 2021. A three-level flagship Bloomingdale’s luxury apparel department store anchors the new expansion, alongside other apparel retailers including Anthropologie, Club Monaco, Fabletics, Indochino, Jimmy Choo, John Varvatos, Longchamp, Rodd and Gunn, Urban …

March 6, 2020

Development Finance Hawaii News Retailers

George Smith Partners Secures $51.7 Million Construction Loan, $16.2 Million Mezzanine Debt for Niumalu Marketplace in Hawaii

by Alex Tostado March 6, 2020

Kona, Hawaii — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction …

March 6, 2020

Investment sales News Pennsylvania Retailers

GBT Realty Sells Dollar General Retail Portfolio in Pennsylvania for $36 Million

by Alex Tostado March 6, 2020

Brentwood, Tenn. — GBT Realty Corp. has sold a 26-property retail portfolio leased to Dollar General for $36 million. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the Brentwood-based seller, which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a …

March 6, 2020

Investment sales News Retailers Wisconsin

NKF Negotiates $15 Million Sale of Four-Property Retail Portfolio in Metro Milwaukee

by Alex Tostado March 6, 2020

Milwaukee — Newmark Knight Frank (NKF) has negotiated the $15 million sale of a four-property retail portfolio in metro Milwaukee. The portfolio totals 97,259 square feet. The properties include Harvard Square and Northfield Shopping Center in Brookfield, Lincoln Plaza in West Allis and Mitchell Bank Plaza in New Berlin. Kevin Schnoldt and Brian Vanevenhoven of NKF represented the sellers, which comprised various entities associated with William Reilly and Leon Joseph. Baceline Investments purchased the assets.

March 6, 2020

Company news Michigan News Retailers

Midwest Retailer Art Van Furniture to Close All Stores

by Alex Tostado March 5, 2020

Warren, Mich. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. …

March 5, 2020

California Development News Retailers

United Development Starts Construction of French Valley Marketplace in California

by Alex Tostado March 5, 2020

French Valley, Calif. — Southlake, Texas-based United Development Co., in partnership with Pasadena, Calif.-based Halferty Development Co., has started construction of French Valley Marketplace, a shopping center in French Valley, approximately seven miles northeast of Temecula. Situated on 22 acres, French Valley Marketplace will offer 132,500 square feet of leaseable space in 16 buildings, with 44,300 square feet of retail space still available, four drive-thru pads for ground lease or build-to-suit and 5,000 square feet of grocery store and planned pharmacy space. Pre-leased tenants include Grocery Outlet, LA Fitness, McDonald’s, …

March 5, 2020

Entertainment Investment sales Massachusetts News Retailers

Marcus & Millichap Brokers Sale of 12-Screen AMC Theater in Tyngsboro, Massachusetts

by Alex Tostado March 5, 2020

Tyngsboro, Mass. — Marcus & Millichap has brokered the $7 million sale of a 12-screen AMC Theater in Tyngsboro, located approximately 35 miles northwest of Boston. Located at 440 Middlesex Road, the 39,474-square-foot theater originally opened in 1991. The building was recently renovated to improve all 12 screening rooms, the roof and the parking lot, and now includes a full bar. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the undisclosed seller in the transaction. Russell Wachtler, also with Marcus & Millichap, represented the buyer, a …

March 5, 2020

Development Entertainment News Retailers Texas

EVO Entertainment to Open 80,000-Square-Foot Venue at Escala in San Antonio

by Alex Tostado March 4, 2020

San Antonio — EVO Entertainment, an entertainment retail concept that combines bowling, movies, games, food and beverages, will open an 80,000-square-foot venue at Escala in San Antonio. The center will feature 10 movie screens, 12 bowling lanes, a restaurant and bar, arcade and virtual reality games, a ropes course and private event space. Metro Dallas-based N3 Real Estate is the developer of Escala, a shopping center located at the intersection of State Highway 151 and Military Drive on the city’s northwest side. The venue will be the seventh for EVO, …

March 4, 2020

Investment sales News Retailers Texas

Baker Katz Acquires 139,926-Square-Foot North Park Plaza Shopping Center in Beaumont

by Alex Tostado March 4, 2020

Beaumont, Texas — Houston-based retail brokerage and investment firm Baker Katz has acquired North Park Plaza, a 139,926-square-foot shopping center in Beaumont. The property is situated on 14.3 acres across from Parkdale Mall, which is being redeveloped by Tennessee-based CBL Properties. Target anchors the center, which also houses tenants such as Kirkland’s, Spec’s Wine & Spirits, Skechers, Mattress Firm and Longhorn Steakhouse. Ryan West of JLL represented the seller, Weingarten Realty Investors, a Houston-based REIT, in the transaction.

March 4, 2020

Development Grocery-anchored News Retailers Tennessee

Whole Foods Opens 44,500-Square-Foot Store in Downtown Nashville

by Alex Tostado March 4, 2020

Nashville, Tenn. — Whole Foods Market has opened a 44,500-square-foot store in downtown Nashville. Whole Foods employs about 120 full- and part-time workers at the new store, which is situated at 1202 Broadway. The store will be open 7 a.m. to 10 p.m. daily. The new location features a full-service coffee bar called BroadBrews, offering coffee, espresso, cold brew, teas, beer, wine and pastries. The new Whole Foods is situated at the ground level of 1200 Broadway, a 26-story, 313-unit apartment complex. This is Whole Foods’ third location in metro …

March 4, 2020

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