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Real Estate

  • Retail phase of 65-acre Florida project is approved

    Metropica, a 65-acre community planned for Sunrise, Florida, will begin building 370,000 sq. ft. of retail, dining, and entertainment space after getting the go-ahead from the town’s Planning and Zoning Committee.   Tenants waiting to fill the space include iPic Theaters, Anthropologie, Fogo de Chao, Kings Bowl, and Kona Grill. Also approved as part of this first phase of construction phase were a 345-unit apartment building, a 240-room hotel, and 140,000 sq. ft. of office space.  

  • Report: Retailers balk at through-the-roof rents on Fifth Avenue in Manhattan

    Are landlords on Manhattan’s Fifth Avenue shooting themselves in the foot by demanding record new rents for the famed shopping address?    The availability rate on Fifth Avenue increased to 15.9% in the third quarter, up from about 10% from a year earlier, according to Cushman & Wakefield Inc., Bloomberg reported.    

  • Austin named top town for real estate development

    Texas is the go-to state for real estate developers in the U.S. and Canada, according to PwC and the Urban Land Institute.   In the 38th annual edition of the joint study, “Emerging Trends in Real Estate,” investment companies surveyed named Austin and Dallas/Fort Worth as the top two cities for development. The Northwest put in the second-best showing, with Portland and Seattle coming in at numbers three and four.  

  • New J.C. Penney location emerges in San Bernardino

    In an age when mall owners’ overriding challenge is what to do with the space left by departed department stores, one 50-year-old center in California landed a new one.   Penney last week opened a 119,000-sq.-ft. location at Inland Center in San Bernardino, joining co-anchors Macy’s, Sears, and Forever 21. The fully renovated space it occupies was last home to Gottshalks.   

  • High street rents go, well, sky-high

    Current retail thinking that the high and the low ends are driving the industry has gotten a boost from CBRE Group.   High street rents are off the charts worldwide, according to company’s just-released Global Retail Rents report. Rents in prime shopping locations during the second quarter were up 30% in Rome, 24%, 20% in Milan, and 14% in Sydney and New York.  
     

  • Raley’s ‘Park’ gets OK from Sacramento planners

    Raley’s, the Northern Californian grocery chain, got one step closer to its vision to build a neighborhood “hub” in Sacramento.   According to a report in the Sacramento Bee, the city’s Planning and Design Commission voted 12-to-1 to approve the chain’s plans for “The Park,” a 108,000-sq.-ft. open-air center ringed by a metal canopy and featuring large store windows and shrub-filled “green screens.”  

  • Specialty outdoors retailer opens community-minded D.C. flagship

    The venue where the Beatles performed their first concert in the United States now houses REI’s newest flagship location.  

  • Round One to open first New York location

    Round One, Japan’s answer to Dave & Busters, announced it will open its first New York State location at the Galleria at Crystal Run in Middletown.    The entertainment brand offers bowling, karaoke, billiards, and darts, as well as food. Other new locations in Colorado, Georgia, and Pennsylvania will bring its U.S. store total to 14. Round One spaces are generally 80,000 sq. ft.; the Middletown store will be only 45,000 sq. ft.  
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