TREO Group secures financing for Miami project
Miami-based TREO Group has secured a loan for in excess of $30 million from FirstBank of Florida for construction of Regatta Harbour in the Coconut Grove section of Miami.
The mixed-use project on Dinner Key will feature more than 100,000 sq. ft. of retail and services. In the plans are three waterfront restaurants, rooftop event space overlooking Biscayne Bay, a 253-space parking garage, and a marina with dry storage slips for some 400 vessels.
The first continental naval air station operated on Dinner Key from 1918 until the 1930s, and TREO will take advantage of the historical connection to theme the site. Hangars will be renovated to accommodate a food hall, a specialty market, and a fitness or entertainment concept.
TREO principal Otto Boudet-Murias said that the loan will enable the construction of a “momentous project that will breathe new life into the vibrant waterfront destination and create an around-the-clock, upscale locale for community members and visitors to dine, shop, and relax.”
The retail area is set to open in the summer of 2019, with the restaurants following in 2020. Commercial leasing is being handled by the Koniver Stern Group.
Surplus Family Dollar assets going up for auction in October
Twenty former Family Dollar retail stores and land parcels are going on the selling block.
Hilco Real Estate announced the portfolio sale of the surplus assets of the North Carolina-based retailer. The sites are located in Alabama, Arizona, Florida, Georgia, Illinois, Kentucky, Michigan, Mississippi, North Carolina, Ohio, Oklahoma, Texas and West Virginia. The online auction will open at 9:00 a.m. (CT) on October 23, 2018 and will close at 3 p.m. (CT) on October 24, 2018.
“While these are surplus assets, many are positioned at the ‘main and main’ of the cities in which they are located,” said Jeff Azuse, senior VP of Hilco Real Estate. “Another important consideration for buyers is that the average size of a Family Dollar store is approximately 7,000 sq. ft. This versatile footprint makes these assets ideal for a variety of retail reuses. The auction represents a tremendous opportunity for savvy investors or end users to pick up one or more of these locations.”
To bid during the auction, buyers will need to register online at Hilco Real Estate’s website. Once registration is completed, buyers will receive email verification. One on-site inspection date will be held for buyers to inspect the improved properties on Oct. 18 from 11 a.m. to 1 p.m. (in accordance with local time zones).
Stein Mart expanding
Stein Mart is beefing up its presence in the Chicago area.
The off-price retailer will open a 33,600-sq-ft. store at the redeveloped Deerbrook Mall, and a 31,200-sq.-ft. store at Willowbrook Town Center, in a redeveloped Kmart location. The new locations will up Stein Mart’s presence in the market to seven locations.
“We like to be in better regional shopping centers with other retailers that appeal to our customer, so these centers were clear choices for us,” said Hunt Hawkins, CEO, Stein Mart, which operates 289 stores across 30 states.
This news follows the company’s recent announcement of its second quarter earnings and the turnaround in its business.