REAL ESTATE

RadioShack opens first custom New York concept store Feb. 1

BY Dan Berthiaume

Fort Worth, Texas – RadioShack is opening its first custom concept store in New York on Saturday, Feb. 1. Situated steps from Grand Central terminal, this location and its design evoke a sleek 1960s-retro feel, paired with a modern product assortment.

Interactive areas throughout the store encourage shoppers to discover personalized solutions, connect with sales associates and realize the unlimited potential of technology. All RadioShack concept stores showcase an upgraded shopping experience with:

• A speaker wall controlled by in-store tablets, empowering customers to experience a dozen different speakers.

• Interactive displays that encourage shoppers to compare products, including headphone demo stations; a remote control toy exploration center; and a GoPro camera display, demonstrating the capabilities of several camera models.

• Idea Center where consumers can bring their ideas to life through collaboration with store associates at a convenient work space.

• Technology that makes shopping interesting and playful, including touch-screens and apps to help shoppers understand product benefits.

Every detail within this custom concept store is customized to celebrate RadioShack’s history and the heritage of the 1964 New York World’s Fair in a modern, exciting way. Design elements unique to this location include:

• A hanging globe that pays homage to the 12-story steel Unisphere, which stands in Queens as a symbol of the 1964 World’s Fair.

• Custom videos throughout the store highlight the sights, sounds and architecture that symbolize the heritage of the 1964 World’s Fair.

• Mid-century modern aesthetic reflected throughout the store’s interior featuring vintage art, a custom color palette and materials reminiscent of 1960s architecture.

The 150 E. 42nd St. store is the second custom-designed location to open in the nation and the twelfth concept store to open in the New York metro area, since RadioShack’s concept stores debuted in 2013. These new stores reflect the company’s strides toward reinvigorating its stores, revamping its product assortment and repositioning the brand. The other custom concept store is in Ft. Worth, Texas, near RadioShack headquarters.

RadioShack continues to make improvements at its more than 4,300 stores throughout the nation to ensure consumers have an even better shopping experience. Stores are receiving a range of updates, from updated signage, to bright, redesigned interiors, to interactive product displays for comparing new products.

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REAL ESTATE

CIG acquires Garden Park in Lewisville, Texas

BY Michael Fickes

Los Angeles — CIG Retail Properties has acquired the 170,739-sq.-ft. Garden Park Shopping Center in the Dallas, Texas, suburb of Lewisville, for an undisclosed amount. CBRE’s private capital group in Dallas negotiated the sale on behalf of the seller, a special servicer.

World Gym and Thrift City anchor the center. The tenant line-up includes Precision Sports Nutrition, Edward Jones, The UPS Store and Lewisville Soccer.

According to CBRE, the center has picked up nine new tenants in the past 12 months, boosting the occupancy rate to 83% at the time of the sale.

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REAL ESTATE

Pine Tree buys two centers, breaks ground on four

BY Michael Fickes

Northbrook, Ill. Pine Tree Commercial Realty has acquired two shopping centers, one in Nevada and the other in Missouri. The developer has also broken ground on four properties, two in Illinois, one in Idaho, and one in California.

The activity brings Pine Tree’s current portfolio to 3.2 million sq. ft. in 24 properties.

The new properties, representing an investment of $101 million, include the Sparks Galleria Shopping Center in Sparks, Nevada, near Reno. Acquired in partnership with Wanxiang America Corp., the investment totaled $26.2 million. Pine Tree plans to redevelop the 213,900-sq.-ft. center and add 120,000 sq. ft. of new retail space. Prime Financial provided the acquisition funding, which as arranged by Draper & Kramer.

The second acquisition, purchased for $17.6 million in partnership with Wanxiang America Corp. and Osprey Real Estate Capital, is Shoppes at Shoal Creek in Kansas City, Mo. Best Buy and Office Max anchor the 97,085-sq.-ft. center that was built in 2005. A new La-Z-Boy store, now under construction, plans to open this summer. Associated Bank provided the acquisition and construction financing, which was arranged by Draper & Kramer.

Pine Tree has also broken ground on the redevelopment of Times Square Mall in Mt. Vernon, Ill., in partnership with The Sansone Group and Wanxiang America Corp. Anchors of the 281,000-sq.-ft. property include J.C. Penney, Hobby Lobby, Ross Dress for Less and Big Lots. Associated Ban provided the acquisition and construction financing, which was arranged by Draper & Kramer.

Pine Tree and Inland Real Estate Corp., partnering with IBT Group, the project’s spearhead, are developing the 92,512-sq.-ft. Evergreen Promenade shopping center in Evergreen Park, Ill. Mariano’s Fresh Market and Petsmart will anchor the property. PNC Bank is financing the project.

In partnership with Inland Real Estate Corp., Pine Tree is redeveloping Southshore Marketplace in Boise, Idaho. Gordmans Department Store will anchor the 103,000-sq.-ft. redevelopment of a former Kmart on the property.

In San Marcos, Calif., Pine Tree is building the retail portion of Palomar Station, a 370-unit apartment complex.

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