Refinanced Boulder center opens with 90% occupancy
NewMark Merrill Mountain States this week issued a double-barreled press release: It closed on a $62 million refinancing of the Village at the Peaks and opened the Boulder-area center at close to 90% capacity.
The $100 million, 442,000-sq.-ft. had been under development for five years in a public/private partnership between NewMark Merrill and the city of Longmont. New financing was provided by Allianz Real Estate of America.
Tenants includes national brands like Whole Foods, Regal Cinemas, Gold’s Gym, Party City along with a complete roster of dining and necessity-based retailers like T-Mobile, Parry’s Pizzeria, Longmont Modern Dentistry, Jersey Mike’s Subs, and Brain Balance Achievement Centers.
”We are extremely proud of Village of the Peaks as a community center which we believe will provide extraordinary shopping, food, services and serve as a gathering place for a long time to come," said NewMark Merrill CEO Sandy Sigal.
Art Van rounds out Illinois Power Center
Art Van Furniture will take over a 34,000-sq.-ft. space vacated by H.H. Gregg at Gurnee Town Center in Illinois, according to owner Retail Properties of America, Inc. The electronics chain filed for Chapter 11 bankruptcy protection earlier this year.
Art Van will bring the center to 98% occupied, according to RPAI, joining DSW, Old Navy, Starbucks, Ross Dress for Less, Five Below, and Bath & Body Works at the center west of Waukegan.
One of the Midwest’s largest furniture retailers, Art Van operates more than 100 furniture showrooms and PureSleep stores in Michigan, Illinois, Ohio, Iowa, and Indiana.
Stacy Short, VP of leasing in RPAI’s western division, credited her company’s proactive leasing approach for being able to quickly fill the hole left by Hhgregg.
“We are thrilled to add the home furnishings category to this already great retail mix," Short said.
Foo Fighters to headline opening of The Wharf in D.C.
Washington, D.C.’s biggest new development, as well as its first waterfront development in decades, will open in grand fashion on Oct, 12 with an appearance by the Foo Fighters.
The Wharf is a $2.3 billion project co-developed by Madison Marquette and PN Hoffmanthat covers 24 acres on nearly a mile-long stretch of the Washington Canal, a long neglected section of the nation’s Capital. But the developers are confident that its location off Interstates 395 and 695 ensure its success as a luxury residential and retail complex.
The Wharf opens with two office buildings, two apartment towers, two luxury condominium residences, and three hotels — a new Hilton concept called Canopy by Hilton, an Intercontinental, and a Hyatt. It sports four entertainment piers extending into the Potomac — one of which will be outfitted with an ice rink in the winter. A Transit Pier will accommodate water taxis and a water jitney service.
Retail tenants committed so far are dominated by boutiques and have a distinctly local flair. They include District Hardware, Politics & Prose bookstore, Patrick’s Fine Linen and Home Décor, District Doughnuts, Blue Bottle Coffee, and the French Furniture chain Ligne Roset.
The Foo Fighters will christen Anthem, a 6,000 seat concert hall that promises to draw from the entire metro area. The developers report that Anthem will be equipped with cutting-edge acoustics and interiors from architect and designer David Rockwell.