REAL ESTATE

Renaissance Place and City seek use for former Saks

BY Michael Fickes

Highland Park, Ill. — Executives with Renaissance Place are working with officials from the City of Highland Park, Ill., to identify the best use for a 49,000-sq.-ft. building that Saks vacated at the close of 2012.

One possible use is healthcare, which may involve interventional cardiology, MRI/radiology and other outpatient services. The Renaissance Place team is also considering national, regional and local retailers.

Uses that have been ruled out include boutique hotel, residential, art center and not-for-profit entity. None of these possibilities is considered economically practical.

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REAL ESTATE

Milan Capital buys Simi Valley shopping center

BY Michael Fickes

Simi Valley, Calif. — Milan Capital Management has acquired the Smart & Final Center in Simi Valley, Calif., for $16.9 million — $170 per square foot Marcus & Millichap Real Estate Investment Services represented Milan Capital and the seller, who had owned the property for 45 years.

Marcus & Millichap Capital Corp. arranged an interim refinancing of the seller’s existing conduit debt with a $7.5 million flexible bridge loan that permitted repayment without penalty. That mortgage was retired at closing with a new loan arranged by Milan Capital Management, providing leverage and construction money. The new owner anticipates undertaking a complete renovation including an expansion and extension of the anchor tenant’s lease.

Smart & Final, Tri-Counties Region Center, Theresa’s Country Feed, Pet and the Simi Valley Hospital anchor the 99,662-sq.-ft. center.

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REAL ESTATE

RadioShack opens Greenwich Village concept store

BY Dan Berthiaume

Fort Worth, Texas — RadioShack has opened another of its new concept stores, in Manhattan’s Greenwich Village neighborhood. It is Radio Shack’s fourth new format location in Manhattan.

The format feature an upgraded shopping experience, which showcases the company’s new look, and incorporates interactive areas designed to help shoppers improve their technology profile.

Some features include:

  • A speaker wall where customers can shop and compare 13 different speakers using music installed on in-store tablets;
  • Interactive displays that enable shoppers to find and compare products, including headphone demo stations where they can listen to leading brands, a remote control (RC) toy exploration center, and a GoPro camera display demonstrating the capabilities of several models of GoPro cameras;
  • Technology that makes shopping interesting and playful, like touch-screens and apps that help shoppers understand the benefits of products;
  • Newly configured displays highlighting in-demand brands like Apple, HTC and Samsung, as well as mobile carriers such as AT&T, Sprint and Verizon; and
  • A Do-It-Yourself area where consumers can plan projects.

RadioShack is opening a select number of these experiential stores in neighborhoods throughout the nation. This Manhattan location is one of more than a dozen concept stores to open since the company began converting to such stores. By the end of 2013, RadioShack will have more than 100 concept and brand statement stores open and will have made improvements to nearly all 4,300 stores throughout the nation.

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