Saks Chain To Open State Street Store

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Office Depot is out, and a Saks Fifth Avenue Off 5th is in at a property in the heart of the State Street shopping district.

Saks Off 5th, the retailer’s discount chain, is opening a store at 6 S. State St., in a 23,527-square-foot space that Office Depot occupied before closing its store there in the past year. The new store, which is expected to open next spring, would be the sixth in the Chicago area for Saks Off 5th.

It’s one of the biggest retail leases in the past year on State Street, a shopping strip that’s flourishing amid a rebounding economy and rising residential development and tourist traffic in the Loop. The Loop’s retail vacancy rate was 10.8 percent last year, the lowest since at least 2002, giving landlords leverage to hike rents.

“We are very excited to be opening a store in one of Chicago’s most vibrant retail corridors,” Jonathan Greller, president of outlets at Hudson’s Bay, the Canadian company that owns the Saks chain, said in a statement. “This location provides us with an ideal balance of accessibility, visibility and density.”

The lease will boost the value of the State Street property, a 55,000-square-foot building across from the Target store that will be fully occupied after Saks Off 5th moves in next year. Last summer, a joint venture between New York-based Madison Capital and Bethesda, Maryland-based ASB Capital Management paid $60 million, or more than $1,090 per square foot, for the building, whose other tenants are Urban Outfitters and Forever 21.

“Madison Capital’s thesis about the State Street corridor is confirmed by the addition of this tenant,” Madison Capital Director Jill Grabel Kirby said in a statement. “We had a centrally-located retail space to offer, surrounded by major tourist attractions and a lively business district, and we’re confident that Saks Fifth Avenue Off 5th will be a huge success.”

Saks Off 5th will occupy about 4,000 square feet of the building’s first floor and its entire basement. Saks Off 5th also has stores in Gurnee, Schaumburg, Rosemont, and Skokie, according to its website. Its only store in the city now is at 700 N. Michigan Ave.

Brokers Luke Molloy and Danny Jacobson, senior directors at Cushman & Wakefield, represented Madison Capital and ASB in the lease.

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Cushman & Wakefield Set To Make Chicago Retail History With 669 Mag Mile?

699-mag-mileDan Rafter / Rejournals.com

Cushman & Wakefield might be on the verge of some Chicago retail history now that it is marketing the three-building portfolio known as 669 Mag Mile.

The company is handling the sales efforts of three prime properties located on the destination shopping strip of Chicago’s North Michigan Avenue: 663, 669 and 673 N. Michigan Ave. The properties together include about 148,000 square feet of space. They’re home, too, to the flagship stores for Nike, Cole Haan and Garmin.

The top-end stores and the desirable location mean that when the buildings sell, the odds are high that they’ll fetch one of the largest retail sales prices in Chicago’s history.

Michael Marks, senior director of retail investment advisors for Cushman & Wakefield and a leader of the team marketing the Michigan Avenue properties, said that the chance to represent such prime retail space is a rare one, and one that he isn’t taking for granted. “It is rare any time a significant asset on Michigan Avenue becomes available and is fully delivered to the market,” Marks said. “Any time you have the chance to compete for an assignment of this caliber, you bring all of your resources to bear.”

The 699 Mag Mile package comes with a special advantage: The buildings have no historic-landmark regulations. This means that the new owners can get creative should they decide to rework the retail space. “Not having any limitations is important,” Marks said. “The way retail and retailers are evolving today, you are seeing more creativity.

By not having those historic limitations, retailers will have the chance to open up walls, change the storefront or rework the visibility of the windows and signage. It provides a tremendous amount of flexibility when you are looking for a new flagship user.” And a new flagship user will soon be coming to the store.

Garmin last year announced that it is ready to leave its 15,607-square-foot space at 663 N. Michigan Ave. before its lease officially expires in 2016. Danny Jacobson, a senior director with the Cushman & Wakefield Retail Services Group — and another member of the team marketing the properties — said that North Michigan Avenue remains a special place for retailers. This is reflected in how much retailers are willing to pay to open locations on this fabled stretch. Cushman & Wakefield’s Main Streets Around the World report released late last year said that ground-floor rents on North Michigan Avenue average about $485 a square foot a year.

This ranks North Michigan Avenue as the eighth-highest of markets in North America and South America. “There is such enormous foot traffic and tourism on that street,” he said. “You can do some real building of your brand if you open a store on the Magnificent Mile.

North Michigan Avenue gives you the opportunity to open a showcase location to help define your brand.” Under Armour, the athletic apparel-maker based in Baltimore, has done just that with its 30,000-square-foot store at 600 N. Michigan Ave., a showcase location that the company opened in March of this year. Under Armour’s shop boasts such extras as a five-sided video screen and a wall covered in ivy.

That wall, of course, is a tribute to Wrigley Field. With Garmin ready to leave, another retailer will have its own chance to make a splash on North Michigan Avenue. “The size, upside potential and irreplaceable location of this particular asset will make it one of the most high-profile retail assets ever sold in Chicago’s history,” said Luke Molloy, senior director of retail services for Cushman & Wakefield.

See more at: http://www.rejournals.com/2015/04/22/cushman-wakefield-set-to-make-chicago-retail-history-with-669-mag-mile/#sthash.R8UQNPA5.dpuf

More Zoup For You

Fareeha Ali, www.chicagobusiness.com

Good news, Chicago: More Zoup for you.

Zoup, the Southfield, Michigan-based fast-casual soup chain, is opening a second Chicago location in the Loop in November as part of an overall expansion strategy, the company said in a statement. The other Zoup in the city opened at Clark and Adams streets last fall.

Zoup features 12 soups a day that rotate from among its hundreds of recipes, which include lobster bisque, chicken pot pie and a tomato-based bowl with spinach and brown rice. The menu lists sandwiches and salads as well.

Founded in 1998, Zoup has 68 franchises across North America, and is targeting Illinois in its expansion strategy. The chain has outlets in Aurora, Downers Grove, Glenview, Orland Park and Warrenville. The new location will be in the first level of the Washington-Madison-Wells parking garage.

— Credit: Fareeha Ali, www.chicagobusiness.com

Penn Station Subs Signs Lease For New Shop In Skokie

Cushman & Wakefield announced that Penn Station East Coast Subs has executed a direct lease for 1,586 square feet in Skokie, Illinois for the company’s fifth Chicago-area restaurant.

Brent Wayburn of C&W’s Retail Services group represented Penn Station in the transaction.

Penn Station has gained notoriety for its grilled cheese steaks, fresh-cut fries, and other menu items. The shop will be located in Village Crossing shopping center at Touhy Avenue and Niles Center Road / Carpenter Road in Skokie, Illinois.

The shopping center has around 20 existing retail and restaurant tenants including AMC Theaters, Jewel-Osco, Best Buy, Dick’s Sporting Goods, Chipotle, and Corner Bakery, as well as numerous smaller retailers and restaurants.

With close to 30 years experience in business and annual sales of more that $160 million, the company is planning to open more Chicago-area locations. Potential future shop locations include the Loop, Lincoln Park, Streeterville and River North in Chicago, as well as suburban locations such as Oak Park, Evanston, and Niles. The Penn Station sub shop at Village Crossing plans to open later this year.

– See more at: http://www.rejournals.com/2014/07/29/penn-station-subs-signs-lease-for-new-shop-in-skokie/#sthash.MGmmZf0G.dpuf

True Religion Signs Lease For Michigan Avenue Store

CHICAGO – JULY 22, 2014 – True Religion Brand Jeans has executed a direct lease on 1,437 square feet of retail space at The Shops at North Bridge, located at 540 North Michigan Avenue.

Senior Director, Meredith Oliver, and Director, Brent Wayburn, of Cushman & Wakefield, the world’s largest privately held commercial real estate services firm, represented True Religion Brand Jeans in the transaction.

The Los Angeles-based retailer plans to open its first ever Michigan Avenue store in their new space at The Shops at North Bridge. In addition to this planned downtown Chicago store, the retailer’s Chicago-area presence includes several suburban stores and outlet locations.

The Shops at North Bridge is a shopping complex that stretches six blocks along Michigan Avenue, Ohio Street, and Grand Avenue in Chicago’s famous Magnificent Mile shopping district. The complex houses over 50 retail shops and numerous dining establishments. Notable retail brands in the complex include Nordstrom, Sephora, A/X Armani Exchange, and Hugo Boss. The Shops at North Bridge is owned by Macerich, a REIT that owns, operates and develops retail properties.

True Religion Brand Jeans will be moving into half of the space previously occupied by Vineyard Vines, which vacated the space in May of this year to relocate to a larger space on Michigan Avenue. Opening of the new True Religion Brand Jeans store is planned for Fall 2014.

 

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About Cushman & Wakefield Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.

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C&W Named Exclusive Leasing Agent

Now Leasing! Cushman & Wakefield has been named as the exclusive leasing agent of 5 exceptional shopping centers in the Chicago market.

 

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Crate & Barrel Pop-Up Stores Featured In WJS

(www.crateandbarrel.com)

(www.crateandbarrel.com)

(Credit: online.wsj.com)

As the holiday season approaches, temporary stores selling Halloween, Thanksgiving and Christmas merchandise are sprouting up in malls across the country. But whether pop-up stores are a positive or negative trend for retail landlords is an open question.

The issue took on new significance when home-furnishing retailer Crate and Barrel said it would operate pop-up stores for the first time in its roughly 50-year history. The temporary stores, which will be much smaller than a typical Crate and Barrel store, are set to open this and next month in Las Vegas, Des Moines, Nashville and Albany, N.Y.

Small retailers, artists and craftsmen have long operated pop-up stores, kiosks and carts to sell seasonal products in malls. But as a rising number of large retailers embrace pop-ups, some landlords and analysts worry the trend is another sign of a declining need for permanent retail space.

The pop-up concept “has tremendous cost advantages for the retailer without the financial risk,” said Burt Flickinger III, a managing director with the Strategic Resource Group, a consulting firm that specializes in consumer goods and retail. He said pop-ups, along with the growth in Internet shopping, are sparking a “retail revolution that’s making land-based retail less relevant every year.”

A spokeswoman for Crate and Barrel declined to discuss its strategy except to say these temporary stores were a good way to test markets.

For retail landlords, pop-ups can help fill a void. Crate and Barrel recently leased 6,700 square feet in the Town Square Las Vegas mall. Jamiesen Mapes, Town Square’s marketing director, said he would prefer to sign tenants to long-term leases because they provide predictable cash flow. But with just over 80% of the mall’s 900,000 square feet of retail space occupied, the mall is willing to consider leasing space on a short-term basis, he said. Besides, Crate and Barrel’s short-term lease eventually could turn into a permanent one. “You want to fill [the space] permanently but if it’s sitting vacant it isn’t doing you or your center any good,” said Mr. Mapes.

 

 

Protein Bar Coming Soon To Lincoln Park

(www.theproteinbar.com)

(www.theproteinbar.com)

Protein Bar coming soon to Lincoln Park.

Opening in 2014:
1953 N. Clybourn
Chicago, IL 60614

Check out more at, www.theproteinbar.com

 

Announcing 8 New Lease Transactions With Pure Barre

(purebarre.com/il-bucktown)

(purebarre.com/il-bucktown)

C&W Retail Services announces 8 new lease transactions with Pure Barre:

  • Bucktown
  • Deerfield
  • Evanston
  • Geneva
  • Kildeer/Deer Park
  • Naperville
  • Orland Park
  • Wheaton