Transactions
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Nordstrom Considers LA Location
Nordstrom, Inc. signed a letter of intent for a 120,000-sq.ft., two-story store at The
Grove at Farmer’s Market in Los Angeles. Being developed adjacent to the historic
Farmers Market, The Grove is a 640,000-sq.ft. retail/entertainment center on 20 acres
being planned by Caruso Affiliated Holdings; it is scheduled to open in 2001.
Rick Caruso, president of Caruso Affiliated Holdings, says that letters of intent have
also been received from Crate & Barrel, Banana Republic and The Gap. In addition to
apparel and accessories, Banana Republic will offer a new line of linens, tableware and
home decor items at its Grove location; The Gap, in conjunction with all current concepts,
will debut its new line of skin care and spa products, Gap Body.
In addition to retail tenants, The Grove will also house Maggiano’s, a Chicago-based
Italian restaurant, and Pacific Theatres’ new Arc Light movie experience, planned as
a 10-12-screen complex offering reserved seating in state-of-the-art stadium-style
auditoriums. The cinema will also include cafe-style restaurants and a cocktail lounge.
Caruso is courting retailers and eateries to round out the tenant roster. For leasing
information, contact Sandra Yavitz, Caruso Affiliated Holdings, 310-458-0202, or James
Ashton, AFC Commercial Real Estate Group, 805-371-8484, ext. 100.
Deer Park Breaks Ground
| Poag & McEwen Lifestyle Centers and Developers Diversified Realty broke ground on Deer Park Town Center in Deer Park, Illinois, a northwestern Chicago suburb. The new lifestyle center is planned as a 500,000-sq.ft. retail and entertainment venue. Scheduled to open in fall 2000, Deer Park will be managed by Poag & McEwen. |
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Tenants will include Banana Republic, Williams Sonoma,
Pottery Barn, Restoration Hardware, Ann Taylor, Talbots, Talbots Petites, J. Crew, Eddie
Bauer, GAP, GAP Kids, BabyGAP, GAP Body, Abercrombie & Fitch, Coldwater Creek,
Chico’s, Bailey Banks & Biddle Jewelers, Custom Shop, Shirtmakers,
Yankee Candle, Origins, White House/Black Market, Noodle Kidoodle, Mimi Maternity,
Victoria’s Secret, Bath & Body Works, Barnes & Noble, The Bombay Company, and
the Walking Company.
Negotiations are currently underway for a 16-screen movie theater and several restaurants
and specialty food concepts.
For leasing information, call Dana Hansen, Poag & McEwen, 901-761-7604.
Red Bank Retail Heats Up
Restoration Hardware is the newest retailer to open its doors in the retail renaissance
taking place in Red Bank, New Jersey. The national chain, which specializes in items for
the home, took over 12,000 sq.ft. left vacant by the closing of a Woolworth’s.
The leasing deal was secured in a collaborative effort between Broad Street Partners, LLC;
Square Foot, LLC; the Harberg Masinter Company; and Brothers Commercial Realty. Broad
Street Partners, the landlord, is a group of investors who target out-of-favor retail
locations in need of creative leasing. Square Foot is a downtown/urban revitalization
company that focuses on marketing and retail real estate development, currently also
working with other New Jersey cities Newark, Clifton and Long Branch to successfully
implement retail revitalization. Harberg Masinter is the exclusive master broker for
Restoration Hardware. Brothers Commercial Realty represented the owner.
Since August, 1995, when New Jersey Monthly Magazine named Red Bank “the hippest town
in the state,” the riverside town near the Jersey shore has changed from a town with
a retail vacancy rate of 35 percent into one of the New Jersey/New York/Connecticut metro
area’s hottest retail venues. Consistent efforts by the City of Red Bank and its
special improvement district have started to show results. In addition to the recent
opening of Restoration Hardware, a BonTon location is scheduled to open soon and
negotiations are underway with several other national chains.
For more information, contact Marta Person, Square Foot, LLC, 732-530-8410; Richard Bogen,
Broad Street Partners, LLC, 201-768-1300; Jonathan A. Seigel, Harberg Masinter Company,
214-750-0011; Geoff Brothers, Brothers Commercial Realty, 732-747-5575.
Divaris Closes Restaurant Deals
Ed Jennings of Divaris Real Estate, Inc.’s Richmond, Virginia office represented Hops
Restaurant and Microbrewery in the purchase of a 4,800-sq.ft building on 1.34 acres of
land located at 9498 West Broad Street in Richmond. The building, purchased from
Black-Eyed Pea Restaurant, sold for $1.1 million. Hops Restaurant and Microbrewery, a
Tampa-based chain of casual restaurants, has been in business for 10 years
and currently operates 38 locations, mainly throughout Florida. The Richmond site will be
the company’s second Virginia location, with the first operating in Crystal City.
DRE’s Rob Hicks, assisted by the City of Norfolk Development Department, represented
Jack Quinn’s Irish Pub and Restaurant in the leasing of space at the Port Lock
Building located at 241 Granby Street in downtown Norfolk. The pub will occupy the first
two floors of the six-story building, which is adjacent to the new Hawthorne Hotel and
Suites currently under renovation and scheduled to open by the end of the year. Jack
Quinn’s will have 250 seats and will be equipped, from bar stools to mirrors, with
items from Dublin, Ireland. The bar/eatery will look like a traditional Irish pub with
mahogany and hand-stencilled walls. Two other Jack Quinn’s have opened in historic
buildings in Colorado Springs, Colorado and in Covington, Kentucky.
For more information, contact Gerald S. Divaris, president, Divaris Real Estate, Inc.,
757-497-2113.
Mall of Georgia Opens
The Mall of Georgia, developed in a partnership effort between Indianapolis-based Simon
Property Group, Inc. and Atlanta developers Ben Carter Properties and Scott Hudgens, has
opened. The facility combines shopping, entertainment, historical and educational
components into a unique venue.
Dillard’s, JCPenney and Lord & Taylor have opened as the mall’s anchor
tenants, joined by Bed, Bath & Beyond, Galyan’s and Haverty’s as junior
anchors. Nordstrom is scheduled to open in March 2000 and a fifth anchor, Rich’s,
will open in fall 2000.
The center encompasses more than 1.7 million sq.ft. of enclosed retail space. It is
divided into five regions representing the uniquely diverse geography of Georgia,
including fine architectural portals, murals, kiosks, museum-quality artifact displays,
banners, and descriptive historic panels that create an educational walking tour within
the mall. A 140,000-sq.ft. village reminiscent of early 20th-century Georgia is
immediately adjacent to the mall and includes brick sidewalks, an interactive fountain, a
500-seat ampitheater and green space surrounded by four vintage buildings containing
destination retail and dining venues.
Other unique components of the Mall of Georgia include the state’s only 3-D IMAX
theater along with a 20-screen Regal megaplex and an 80-acre nature park. An interactive
nature center will be built in the spring of 2000 with architecture suggestive of a
working grist mill. To the west of the mall is Mall of Georgia Crossing, a 440,000-sq.ft.
power center that includes anchors Target, Best Buy, Staples, TJMaxx ‘n More, and
Nordstrom Rack.
For leasing information, call Kevin Compton or Barry Ellison, Simon Property Group, Inc.,
317-636-1600.
Scheels Enters Nebraska
Scheels All Sports, a comprehensive sports and athletic retail store, broke ground on its
first Nebraska location at SouthPointe Pavilions in Lincoln. The 80,000-sq.ft., two-level
store is scheduled to open during April 2000.
Company president Steve Scheel describes the concept: “It is a destination place for
the entire family, with items for just about every indoor and outdoor sports or athletic
interest, from canoeing, fly fishing, kayaking, and hunting to football, basketball,
soccer, running, bicycling and skiing.”
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Scheels All Sports will feature more than 90,000 items in 63
“specialty shops,” each dedicated to a specific sport. Associates in each shop
are experts in that area and continually receive training on the latest trends, techniques
and products through an organized “Scheels University” program. Plans for the
new facility include: an “Outfitters” gift lodge with extensive lines of
merchandise and items from national and local artists; a premium gun room, with specialty
and rare firearms to buy or sell; and licensed apparel items for local teams and popular
national sports programs.
Based in Fargo, North Dakota, Scheels was founded in 1902 by Frederick A. Scheel in Sabin,
Minnesota. Today Steve Scheel, grandson of the founder, oversees operations of the
company’s 20 stores, which are located in six states, including Iowa, Minnesota,
Montana, North Dakota, South Dakota and Wisconsin.
For more information, contact Steve Scheel, Scheels All Sports, 701-232-3665.