MERRICK, N.Y. — Marcus & Millichap has brokered the $2.1 million sale of a 2,431-square-foot retail asset net leased to Wendy’s in the Long Island city of Merrick. Michael Tuccillo and Matthew Klang of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Wendy’s has 14 years remaining on its lease.
NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of Men’s Wearhouse and Jos. A. Bank, filed in a district court in Texas. Le Tote acquired Lord & Taylor about a year ago for $100 million from Hudson’s Bay Co. At that time, Lord & Taylor operated about 40 department stores around the country. Approximately half of those stores will now close. In mid-March, Hudson’s Bay Co., the Canadian firm that also owns Saks Fifth Avenue, also sold a 660,000-square-foot office building in Manhattan that had served as Lord & Taylor’s office hub. Amazon bought the property for $1.15 billion to serve as its New York City headquarters. Just two weeks ago, Tailored Brands unveiled a corporate restructuring plan that …
CANTON, MASS. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton, Mass.-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25. Dunkin’s stock price opened at $68.61 per share on Friday, July 31, down from $81.58 per share a year ago.
LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $103.4 million construction loan for two new buildings at Logan North Industrial Park, a 3.2 million-square-foot development in Logan Township, located south of Philadelphia. Building E will span approximately 189,000 square feet and is preleased to cold storage operator Preferred Freezer Services. Building H is preleased to Target and is expected to house operations that will create about 1,300 new jobs. Provident Bank provided $34.4 million in construction financing for Building E, and Wells Fargo provided the $69 million loan for Building H. John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger of Cushman & Wakefield arranged the funds on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development.
NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.
MANAHAWKIN, N.J. — New Jersey-based developer Walters Group Apartments has completed the last of five buildings at Grassy Hollow, a 60-unit affordable housing project in the coastal city of Manahawkin. The property features one-, two- and three-bedroom units ranging in size from 729 to 1,289 square feet for renters earning 60 percent or less of the area median income. Amenities include a fitness center, children’s play area, basketball court and a community clubhouse with computer workstations.
NEW YORK CITY — Polestar, the electric car manufacturing division of Volvo, has signed a lease for a 4,000-square-foot showroom at 5 E. 59th St. in Manhattan. Polestar, which has also opened pop-up showrooms in Los Angeles and San Francisco, will use the space to educate consumers about electric vehicles. Visitors can also schedule test drives and configure their own Polestar vehicle at the showroom’s digital atelier table. Andrew Kahn and Christian Stanton of Cushman & Wakefield represented the landlord, Capstone Equities, in the lease negotiations. Jason Greenstone, also with Cushman & Wakefield, represented Polestar.
MECHANICSBURG, PA. — Pet food provider Nestlé Purina will invest $167 million in the expansion of its manufacturing and distribution facility in Mechanicsburg, located southwest of Harrisburg. The project will add new processing and packaging lines to the operation. Purina, which currently employs about 320 people at this facility, expects to hire about 95 more workers following the completion of the expansion. A construction schedule was not released.
ROCHELLE PARK, N.J. — Locally based development and management firm Tulfra Real Estate has begun construction of an 816-unit self-storage facility within Village Center at Rochelle Park, located northwest of New York City. The facility spans 113,000 gross square feet and is being constructed on a 1.4-acre site that formerly housed an AT&T data center. Mancini Duffy is designing the project, and The Lane Group is the general contractor. Completion is slated for the first quarter of next year.
BRANCHBURG, N.J. — Lollicup USA, a manufacturer and distributor of hospitality and foodservice products, has purchased a 187,500-square-foot industrial facility in Branchburg, about 45 miles west of New York City. J.G. Petrucci Co. developed the facility, which is situated on 18.4 acres and features 31 loading docks, 36-foot clear heights and ample trailer and automobile parking spaces. Joel Lubin and Brian Golden of JLL represented J.G. Petrucci in the sale. Mindy Lissner and David Gheriani of CBRE represented Lollicup USA.