More than half of the retail space at American Dream Meadowlands in East Rutherford, NJ, will be dedicated toward entertainment.There's more vacant retail space than ever. But it's contained to a relatively small number of chains.
Retailers say they plan to close a record 111 million square feet of space across the country this year, according to a CoStar analysis. That exceeds last year’s previous record of 105 million square feet.
Just five...
Retail Vacancies Hit All-Time High, But Don't Panic
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Icon Entertainment Group Pays $5.8M for Nashville Retail Bldg.
The 20,000-square-foot retail building at 132 2nd Ave. N. in Nashville.
Icon Entertainment Group purchased a 20,000-square-foot retail building in Nashville from Marietta, Georgia-based C. Eugene Gilbert Real Estate for $5.75 million, or about $288 per square foot.
The local company will occupy 50 percent of the building at 132 2nd Ave. N., which is one block from Music City Star Riverfront Station. The Class B, four-story structure was built...
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Nowhere to Go But Up: First U.S. Multistory Warehouses to Open as Amazon Ponders Airborne Fulfillment Centers
Bridge Development and Dov Hertz plan to create a multistory warehouse at this site in Brooklyn, New York.Amazon, the online innovator that changed retailing, now has plans for a futuristic airborne fulfillment center where it would use drones to deliver goods. The e-commerce giant was granted a patent for the concept last month, and it has another pending for a vertical warehouse that looks more like a skyscraper than a distribution center.
The...
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Fully Leased Retail Center Near Detroit Sells for $6.1M
The 36,600-square-foot Canton Townplace retail building at 43473 Ford Road in Canton, Michigan.
A private local investor purchased a 36,600-square-foot retail building in Canton, Michigan from a joint venture between Janko Group and ACG Equities. Canton Townplace sold for $6.1 million, or about $167 per square foot.
The single-story structure at 43473 Ford Road was built in 2007. The Class B building spans nearly three acres less than 13 miles...
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LaSalle Canadian Property Fund Reaches $1 Billion
Minto Place at 180 Kent St. in downtown Ottawa.LaSalle Investment Management has reached $1 billion in assets in its Canada property fund, purchasing a Calgary shopping centre for $56.25 million and buying one-third of Minto Place in Ottawa for $135 million, as first reported by CoStar News.
On July 31, the fund acquired Market at Quarry Park on a wholly-owned, all-equity basis. The grocery-anchored shopping centre in the Quarry Park neighbourhood...
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Detroit’s Retail Scene is Taking Off
Renaissance Center in Detroit.
Most everyone downtown is familiar with Detroit’s pronounced apartment and office scene. However, the lesser-prioritized retail sector is solidifying itself quite nicely, and could become the next big focus, according to one of Detroit’s premier commercial real estate firms.
Kees Janeway, managing partner of Iconic Real Estate, said a primary reason locals are seeing rampant proliferation of retail is opportunity...
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San Diego Brokers Tackle Empty Big Box Stores
This Babies R Us store, spanning 48,000 square feet in San Diego’s Mira Mesa neighborhood, is among the largest of nine locations recently vacated in the local market by Toys R Us.
A solution to the nationwide problem of how to fill empty big box store properties is developing in the sun-drenched hills around San Diego. Brokers are filling vacancies by luring chains that are embarking on national expansion.
The San Diego region had nine vacant...
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Korean Grocer to Open First Location in San Francisco
H-Mart will open its first location in San Francisco after reaching a deal to backfill the former Albertson's location at the Oceanview Village Shopping Center.
The Korean grocer signed a sublease for the 42,168-square-foot storefront at 3995 Alemany Boulevard., a location that has stood vacant for the last five years. The company will invest roughly $8.5 million to renovate and remodel the space.
The largest Asian American grocery chain in...
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Vestar Snaps Up Petaluma Shopping Center in $55 Million Deal
One of the largest privately held shopping center owners in the western United States has boosted its holdings to more than 30 million square feet with its latest investment.
Vestar, a Phoenix-based firm that owns, manages and develops retail and entertainment real estate, paid $55 million to acquire East Washington Place, a 340,000-square-foot shopping center located roughly 40 miles north of San Francisco in Petaluma, California. The seller was...
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How Slate Asset Management Pulled Off a 97-Property Deal With Cominar
Brady (left) and Blair Welch, co-founders of Slate Asset Management.With 97 properties selling for 1.12 billion Canadian dollars, it was one of the most complex deals of the past year in the United States or Canada.
But it was when Slate Asset Management immediately turned around and started selling the real estate it had just agreed to buy from Quebec City-based Cominar Real Estate Investment Trust that some eyebrows immediately raised.
Exactly...
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Big-Box Shopping Center Expansion in Katy Adding 4 National Brands
As big-box stores shutter across the country, four more are opening at Grand Morton Town Center in the population boomtown of Katy, Texas, a western suburb of Houston.
NewQuest Properties will break ground on a 66,000-square-foot expansion of the retail project, preleasing the lion's share of the Class A retail space to HomeGoods, Michaels, Petco and Hallmark.
HomeGoods will occupy 22,200 square feet; Michaels 21,760 square feet; Petco 12...
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Thinking Inside the Box: New Life For Dead Space
This former Macy's department store in Minnesota is now an ice rink.In Portland, Oregon, entertainment company Live Nation is converting an abandoned Nordstrom's department store at Lloyd Center mall into a live music venue. In St. Paul, Minnesota, a vacated Macy's department store now houses an ice rink used by the NHL’s Minnesota Wild.
Empty big-box stores can be difficult to repurpose because of their size, shape or location, but developers...
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Panera Bread-Anchored Shopping Center Near Memphis Sells for $4.2M
The Panera Bread-anchored shopping center in Bartlett, Tennessee.
A private investor purchased a fully leased, two-building shopping center totaling 10,000 square feet in Bartlett, Tennessee, from 64 Kate Hyde Partners. The Panera Bread-anchored center sold for $4.18 million, or about $418 per square foot.
The single-story buildings at 8340 US-64 and 2916 Kate Hyde Blvd. are less than three miles from Colonial Country Club, which is the host...
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Medical, Educational and Religious Uses Fortify Southeastern Shopping Centers
Alex Munoz, managing director with Atlanta-based retail real estate firm, The Shopping Center Group.
Courtesy: The Shopping Center Group.On the eve of the International Council of Shopping Centers' Florida conference, an expert who oversees 360 properties in the Southeast U.S. says he's bullish on retail, thanks to the wave of non-retailers filling up shopping centers.
Alex Munoz of The Shopping Center Group said he's seeing more non-r
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California Investor Pays $14.7M for Laguna Village in Chandler
The 102,033-square-foot Laguna Village shopping center in Chandler, Arizona.
A private investor based in La Jolla, California, purchased a 102,033-square-foot shopping center in Chandler, Arizona, from a private investor based in Los Angeles. Laguna Village sold for $14.7 million, or about $144 per square foot.
The 90 percent occupied center at 5965 W. Ray Rd. is anchored by Christ’s Church of the Valley. The Class B property is two miles...
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TJX Companies Plans to Add 2,000 More Stores
TJX Companies, which operates the T.J. Maxx brand, is adding brick-and-mortar stores.TJX Companies, the off-priced retailer that operates brands including T.J. Maxx and Marshalls, plans to open more than 2,000 stores "long-term," according Chief Executive Ernie Herrman.
The company’s "extremely wide customer demographic" gives it the ability to open new stores in urban, suburban and rural locations across the country, Herrman said on a call discussing...
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Lowe’s to Close All 99 Orchard Hardware Stores
Lowe's will close all Orchard Supply Hardware stores by the end of February.
Lowe’s Cos. said it will close all Orchard Supply Hardware stores nationwide in the wake of stagnant sales as the retailer embarks on a review of its real estate portfolio.
The Orchard chain has 99 stores in California, Florida and Oregon that will all be closed by the end of February, the company said.
The decision will "allow us to focus on our core home improvement...
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Joint Venture Team Snaps Up More Brooklyn Retail Properties
Brooklyn-based developer RedSky Capital and U.K.-based joint-venture partner JZ Capital Partners are snapping up more parcels along North Sixth Street in the Brooklyn neighborhood Williamsburg.
The two firms -- which formed a $1 billion team under the moniker RedSky/JZ in 2012 and then began expanding in the Brooklyn and Miami markets -- have acquired three additional freestanding retail buildings at 124-136 North 6th Street.
CoStar News can...
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A Moving Target: Smaller Stores, New Fulfillment Options Power Strong Performance
Target Corp. is adding more stores with drive-up and delivery capabilities.
Target Corp. is rapidly adapting its real estate to keep up with growing consumer demand for in-store pickups and urban locations.
The Minneapolis retailer is on track to add fulfillment and online-order pickup capabilities to 1,100 stores by 2020 and to increase fivefold its small, urban-format stores next year, the company said.
In the second quarter, those initiatives...
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Tacoma Town Center: A Microcosm of Downtown Tacoma’s Renaissance
An aerial image of the Tacoma Town Center development site off of Tacoma Avenue. Construction on the mixed-use development began in October 2017 and is expected to be completed by 2019.
This past cycle, downtown Tacoma, Washington looked a lot like a typical blue-collar city’s downtown with vacant retail space, large plots of unused land and hardly any foot traffic on a typical Friday night.
Fast forward 10 years and this is a much different place...
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