Real Estate

Millennials and boomers are driving an urban push

Generations after people deserted cities for the suburbs, young millennial-generation adults and older baby-boomer adults are moving back downtown.

Retailers aren't far behind, and new, seemingly instant neighborhoods — complete with housing, retail, offices and other forms of real estate — are springing up in redevelopment areas of cities across the country.

Alpharetta, Ga. — McAlister’s Deli, a fast casual restaurant, has announced its largest franchise deal so far. The Saxton Group has signed an agreement to develop 30 new restaurants in three states over the next six years in Texas, Oklahoma, Kansas, and Missouri. The primary focus will be in the Dallas-Fort Worth and Kansas City markets.

Three locations included in the agreement have already opened in Midwest City, Okla., Dallas and Sherman, Texas.

McAlister’s has more than 320 restaurants in 23 states.

 

Houston — Transwestern has announced that Amber Strang has joined the firm as executive managing director of tenant advisory services. In her newly created role, Strang will pursue multi-market business and work to enhance client services. Strang will also serve on Transwestern’s board of directors and executive committee.

Bentonville, Ark. – A new Sam’s Club store will open in Glen Carbon, Ill.. on Aug. 29. The store will feature a full-service pharmacy, an optical department and also debut the new Sam's Club Hearing Aid Center, offering technology in hearing aid and personal listening devices with access to a certified audiologist.

The 136,000-sq.-ft. store will use LED lighting, including in the cooler, freezer box doors and jewelry counter that is 70% more efficient than traditional fluorescent lighting.

 

WOODBURY TOWN CENTER

Location: Irvine, Calif. (SR 133 —the Laguna Freeway and the I-5 Santa AnaFreeway)

Size: 462,000 sq. ft.

Developer: Irvine Co. Retail Properties

Grocery anchors: Ralphs Fresh Fare, Trader Joe's

Key tenants: Home Depot, LA Fitness, Walgreens, Staples

Status: Open and operating since 2007

New York -- American Dream Meadowlands, the much-delayed shopping and entertainment complex adjacent to Metlife Stadium in East Rutherford, N.J., is close to signing several major retail tenants, according to Crain’s New York.

The complex, originally called Xanadu, was started in 2004, and never completed. It has gone through several changes in ownerships, eventually falling into default. In July, it was acquired by Canadian developer Triple Five Group.

Bakersfield, Calif. — Foot Locker and Victoria’s Secret have expanded and remodeled at the 1.1 million-sq.-ft. Valley Plaza Mall in Bakersfield, Calif. Victoria’s Secret has also opened a new store for the popular PINK brand.

The newly remodeled Foot Locker, now spanning 5,000 sq. ft., plans to introduce an exclusive department called House of Hoops. It will feature elite athletic apparel and footwear.

The Woodlands, Texas – Conn’s Inc. opens two new HomePlus stores on Tuesday in Tempe, Ariz., and Houston. The new Conn’s HomePlus store format showcases furniture and mattresses in addition to consumer electronics and home appliances.

The stores are located at 5000 Arizona Mills Circle, Tempe, and 9567 South Main Street, Houston. The Arizona Mills Mall location is Conn’s third new store in the Phoenix metropolitan market and fourth location in Arizona.