Real Estate

The address of Under Armour’s new brand house in Detroit — 1201 Woodward Avenue — is an historic one in retail. There, in 1917, S.S. Kresge, the forerunner of Kmart, opened its first Detroit “five-and-dime.” The Kresge Building figures in recent retail history, too, as one of the bloc of buildings purchased by Quicken Loans founder Dan Gilbert in his quest to revitalize Detroit’s blighted downtown.  

PGA Tour Superstore is betting on Las Vegas.   The retailer has signed a lease to open its first store in the Las Vegas market, a 30,000-sq.-ft. space in downtown Summerlin.   The location, expected to open later this year, is the company's 31st store. It will be staffed with PGA teaching professionals, have five state-of-the-art swing simulators, multiple practice hitting bays, an expansive putting green and a junior putting green along with an in-house club-making and repair facility.

Phillips Edison has acquired another grocery-anchored center, this on in Bakersfield, California.   Riverlakes Village is a 92,212-sq.-ft. neighborhood center anchored by Von’s Supermarket and augmented by a classic necessity-based mix of CVS, Verizon Wireless, Bank of America, Supercuts, Steak and Grape’s, and Chipotle.    The center is 97% leased, according to broker CBRE, which did not disclose the sale price.  

Kimco Realty has sold the Ambassador Plaza neighborhood center in Lafayette, Louisiana, to Westwood AC Properties for $5.3 million.   According to Transwestern VP Fred Victor, who brokered the deal for Kimco, the property benefits greatly from being shadow-anchored by an Albertson’s grocery store. Ambassador Plaza boasts a wide variety of dining options, including Subway, Little Caesars, and Fruiti Smoothie.  

West Elm is expanding its hotel portfolio — even before it opens its first location.   The retailer, a division of Williams-Sonoma, announced Portland, Maine as the newest location for its West Elm Hotels collection. Expected to open in 2020, the 150 room, full-service boutique hotel  will be developed on Portland’s waterfront by Portland Foreside Development Company LLC, and operated by hotel development and management company DDK, which is West Elm Hotels’ exclusive operator.  

The Plaza at Harmon Meadow in Secaucus, New Jersey, has a new managing agent charged with revitalizing the 192,000-sq.-ft. property.   Levin Management Corporation has taken over day-to-day operations at the center, which is located in a busy entertainment, transportation, and business corridor in the New Jersey Meadowlands. It is directly accessible off the New Jersey Turnpike and Route 3 and minutes from routes 17 and 46, I-80, the George Washington Bridge, and the Lincoln Tunnel.  

Formed just three years ago, an aggressive acquirers of grocery-anchored centers has purchased its 34th property.   New Market Properties, a wholly-owned subsidiary of Preferred Apartment Communities, has acquired Irmo Station, a Kroger-anchored center in Columbia, South Carolina. The company targets high-yield suburban markets in Texas and the mid-Atlantic and Southeast regions and market-leading grocery anchors such as Publix, Kroger, and HEB.  

The willow is associated with weeping, and the appearance of WillowTree Plaza in Cookeville, Tennessee, is certainly sad by modern standards. But now the center near Tennessee Tech University has a new owner and, soon, will get a new look.   Boca Raton-based Fimiani Partners has purchased the 110,000-sq.-ft. center for $4.2 million and plans to invest in a new roof, a repaved parking lot, and a new paint job for Willow Tree.